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Being mentioned again, let's talk about spot ETFs. I've said since the BTC era that it's not a tool to evaluate BTC price movements but can serve as a reference for US investor sentiment. ETFs and CME more often represent the phased thinking of US investors. In the last two days, BTC spot ETFs have had net outflows but haven't affected BTC price increases; ETH spot ETFs have had net inflows but haven't affected ETH price declines. Does this really have no meaning? I don't think so. First, ETF data can reflect the purchasing power and sentiment of US investors. Secondly, and more importantly, is the selling volume of ETF investors. Although there has been net outflow in recent days, it only accounts for about 0.3% of the total volume each day, which won't cause too much impact on the market. However, if we find continuous large-scale selling of spot ETFs, it may represent signals from brokerages or consistent behavior of long-term investors.