On Tuesday, the purchasing power of the $BTC spot ETF decreased again, returning to normal levels, which I expected. On one hand, funds are shifting towards $ETH, and on the other hand, the purchasing power of Bitcoin itself has indeed seen limited growth. There is a more detailed explanation in today's weekly report, and those interested can check the pinned tweet.

The main reason for the decline in the purchasing power of the spot ETF is that BlackRock's investors have reduced their purchases of BTC. At the same time, we also looked at the trading volume of $IBIT, which is indeed still near the moving average, indicating that investors' main focus is not on BTC.

The main rise of BTC is still following the U.S. stock market, along with a decrease in selling volume. In terms of purchasing power, BTC's advantage is not significant.

This article is sponsored by #Bitget ｜ @Bitget_zh

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