#加密货币ETF热潮 Recent ETF inflows have indeed provided some support for Bitcoin, but the impact has not yet reached a decisive level. On-chain data shows that about one-third of BTC supply is still at a loss, and short-term holders continue to face selling pressure. Selective accumulation by long-term holders and institutional investors, coupled with ETF buying, has jointly maintained the sideways range of $84,000 to $90,000. However, macroeconomic signals are complex, and the outlook for Federal Reserve policy remains uncertain, so the market needs to consider multiple possibilities at the same time. We will continue to monitor ETF capital flows and changes in on-chain holdings structure to assess market trends.