Guess what?

In the five days you're hesitating whether "Bitcoin can be touched," American ETFs have bought up another 18,991 BTC.

Meanwhile, all the miners in the network have struggled to mine only 2,109 BTC.

Nine times more.

Demand is nine times the supply.

Do you think that's all?

The cumulative data is even more brutal—

The total holdings of BTC spot ETFs have already surpassed 500k coins.*

What does 500k coins mean?

More than 2.5% of the circulating supply, bought up in less than a year by the "American printing press."

And within this, there's a king bomb:

IBIT alone accounts for 74% of the inflow.

Others like Fidelity, Bitwise, ARK, and so on, together only fight for the remaining 26%.

Is there room for other ETFs to compete?

Yes. But that’s "leftover food" space.

It’s not that they will die, but:

The Matthew effect among top players is even more brutal in the ETF world than in the native crypto world.

Because traditional funds have a habit—

Only buy the ones with the highest trading volume.

Why?

Because large funds entering and exiting are most afraid of liquidity drying up.

IBIT is that "never-drying pond."

Imagine—

A family office fund manager opens their terminal and sees 5 BTC ETFs:

- One with a daily turnover of 5 billion

- Others with a few tens of millions to 1 or 500k

Which one does he choose with his eyes closed?

He wouldn't even look at the second page.

So don’t ask "Can other ETFs catch up?"

You should ask: When will IBIT eat up 90%?

What does this situation mean?

Bitcoin’s pricing power is being absorbed by IBIT.

It used to be miners and exchange whales called the shots.

Now?

IBIT’s daily buy volume is six times that of miners.

Dare miners dump?

IBIT just absorbs it all.

That’s why the price can’t move down—

It’s not that the technology is too strong, but that the buying volume is too fierce, and the selling volume isn’t enough.

So here’s the question—

Are you following IBIT to absorb, or watching it drain the market?*

Do you still hold BTC?

Or have you all switched to the anxiety of "waiting for a pullback"?

Don’t ask me if you can buy now.

I only have one thing to say:

Miners can’t out-mine ETFs, and you can’t out-wait institutions.#加密市场行情震荡 $BTC