Viewpoint: Currently, the focus should be on the net inflow of ETFs and the size of the Spot exposure.

BlockBeats news, on October 6, on-chain data analyst Murphy stated that when analyzing the unrealized PNL ratio (UPUL) of Bitcoin on the chain, normally, the higher the price, the larger the UP, and the UPUL would also be larger. However, the current situation is that with higher prices, the UPUL is actually lower, indicating that the market's rise is increasingly dependent on the continuous inflow of new funds, rather than the holding confidence of existing chips. Therefore, it is necessary to focus on the net inflow of ETFs and the size of the Spot exposure. Once the inflow slows down, the short-term surge will be limited. Swing traders have started to take profits in batches, which is reasonable. At the same time, there have been no obvious signs of a bear market in the bull run cycle so far.