Spot ETFs are a barometer for observing the sentiment of traditional funds, and the recent continuous decrease in inflows indicates that traditional investors are gradually shifting towards a wait-and-see attitude at high levels. Since 2025, although BTC prices have continued to rise, they are not accompanied by large-scale buying like in 2024. In other words, the attitude of traditional funds is more like 'not wanting to increase positions or sell', choosing to continue holding, with a neutral and cautious sentiment.