Last Friday, the buying volume of the spot ETF $BTC performed reasonably well, considering the price trend at that time was quite favorable. This once again reflects a commonality between some ETF investors and the majority of retail investors - the tendency to chase gains and cut losses. Data shows that U.S. investors had a net buying scale that was the second highest of the week, only behind last Monday, with BlackRock being the main buyer. This institution has maintained a net buying trend for 19 consecutive working days.
In addition to BlackRock, Fidelity's investors also made purchases, although their buying scale was relatively limited. Aside from these two leading institutions, among institutional investors of the spot ETF, only Grayscale and Bitwise saw a small outflow of funds, while the net flow for other institutions was zero. A slight FOMO sentiment is mainly evident among the investor groups of BlackRock and Fidelity.
Despite the significant increase in Bitcoin prices over the previous week (Week 69), the actual net buying volume was only half of the previous week (Week 68). This phenomenon indicates that while prices are rising, the purchasing power of ETFs is weakening, reflecting that more investors do not view this as a signal of a trend reversal, but are generally in a wait-and-see state.
