Today, I saw a lot of information suggesting that this round of decline is closely related to BlackRock's IBIT liquidation. This should be analyzed in two parts. First, in the primary market, although there has indeed been a net outflow from BTC spot ETFs, the outflow volume isn’t significant. BlackRock investors’ outflow is less than 3,000 Bitcoins, which isn’t enough to impact the spot market trend. Even if all U.S. ETF institutions combined, the outflow is still less than 6,000 BTC. However, ETFs are not just about the primary market; there’s also the secondary market. It’s true that the secondary market has seen the largest trading volume in history, and there might have been some massive liquidations. But these liquidations are unrelated to BTC spot; they’re just clearances between ETFs. There hasn’t been any large-scale sell-off of the BTC backing these ETFs yet. @bitget VIP, lower fees, crazier perks.