#加密货币ETF The capital flow of Bitcoin ETF is worth paying attention to. In the past two weeks, there has been a net outflow of nearly $1 billion, combined with the overall crypto market net capital flow turning negative to -$4.5 billion, indicating that institutional risk appetite is indeed declining.

A short-term rebound is possible, but I see several warning signals: first, apparent demand has turned negative to -3,491 BTC, the lowest since October; second, Coinbase premium index has fallen to -0.08, indicating that selling pressure in the US remains. These all point to the market being in a risk-averse phase.

Currently, Bitcoin is holding at the $84,000 support level, but it has been blocked four times near $90,000. The key is whether ETF capital can turn back into net inflows — this will be an important signal to judge whether the market can continue to rise. If it can effectively break through the $90,000-$92,000 range and demand recovers, a new upward cycle may begin. Otherwise, the current rebound is more likely a leveraged "dead cat bounce," with risks still present.

It is recommended to closely monitor ETF net flows and on-chain demand data, as changes in these two indicators will directly impact subsequent market judgments.