#比特币现货ETF Looking back at Bitcoin’s historical cycles, the volatility triggered by this ETF reminds me of the 2017 bull market. At that time, the launch of Bitcoin futures by CME and CBOE also generated a lot of market buzz and price increases. But in 2018, we experienced a prolonged bear market.

Now, seeing Glassnode’s analysis report mentioning that Bitcoin has entered a deeply oversold state and the market may be forming an early bottom structure, it makes me reflect. On the surface, the hype brought by ETFs seems to be fading, with funds continuously flowing out and trading volumes remaining weak. But from historical experience, it's often when everyone loses confidence in the market that a turnaround may be brewing.

However, we must also be wary of history repeating itself. Just like the sharp drop after futures went live back then, the short-term hype brought by ETFs may fade, and the market might still need some time to digest and adjust. On-chain activity is sluggish, unrealized losses are deepening, and these indicators are all reminding us that now is not the time for blind optimism.

As someone who has been through multiple bull and bear cycles, I advise everyone to stay calm and focus on fundamental changes. The ETF is just a trigger; what truly drives long-term growth is increased adoption and ecosystem development. Let’s watch patiently and wait for real signs of market stabilization to appear.