[Viewpoint: Current Focus Should Be on ETF Net Inflows and the Size of Spot Exposure] BlockBeats News, October 6 – On-chain data analyst Murphy stated that by analyzing the unrealized profit and loss ratio (UPUL) on the Bitcoin blockchain, under normal circumstances, the higher the price, the greater the unrealized profit (UP), and the larger the UPUL. However, the current situation shows that as prices rise, UPUL is actually decreasing. This indicates that the market's upward movement is increasingly reliant on the continuous inflow of new funds rather than the holding confidence of existing tokens. Therefore, it is crucial to focus on ETF net inflows and the size of spot exposure. Once inflows slow down, short-term upward momentum will be limited. Swing traders are beginning to take profits in batches, which is reasonable. At the same time, there are no significant signs of a bearish shift in the bull market cycle so far.