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

On October 6, on-chain data analyst Murphy stated that analyzing the unrealized PNL ratio (UPUL) on the Bitcoin blockchain shows that normally, the higher the price, the greater the UP, and the larger the UPUL. However, the current situation is that with higher prices, the UPUL is actually lower, indicating that the market's pump is increasingly reliant on the continuous inflow of new funds rather than the holding confidence of existing tokens. Therefore, attention should be focused on ETF net inflows and the size of Spot exposure. Once the inflow slows down, short-term highs will be limited. Swing traders are starting to take profit in batches, which is reasonable. Meanwhile, the bull run cycle has not shown any obvious signs of turning bearish so far.