Friday's spot ETF data is still bad, with BlackRock investors selling the most BTC. I see a lot of friends saying this is BlackRock's sell-off, so the bull market is over. Let's not jump to conclusions about bull or bear markets yet. First of all, the ones selling are BlackRock's investors, not necessarily BlackRock itself. In fact, BlackRock's own holdings of IBIT aren't even that much. Secondly, while it's true that BlackRock investors have been leading the Bitcoin sell-off recently, the total amount sold is still far from the peak of BlackRock's holdings. The highest holdings this year were 805,467 BTC, recorded in October, and they still hold 790,069 BTC now. The actual sell-off volume is limited, and most investors haven't chosen to sell. This is already the 96th week of data. This week, all U.S. institutions collectively sold 11,266 BTC, slightly lower than the 11,929 BTC sold in the 95th week. While selling continues, there hasn't been any obvious sign of a sharp increase for now. Bitget VIP—lower fees, bigger perks!