Just entered the market and lost 21%, is the Bitcoin ETF becoming a 'retail investor harvesting machine'? Even the giants cannot escape the fate of being trapped!

Reality has harshly slapped fantasy in the face.

According to on-chain data, investors who bought the spot Bitcoin ETF from BlackRock and Fidelity are currently facing an average unrealized loss of 21%. Yes, you read that right — this 'smart money' from Wall Street charged in even more aggressively than retail investors, only to be trapped right from the start.

The ETF is not a safe haven; it is a 'free ride', not a lifeline against the wind.

Many people believe that the entry of giants equates to 'ironclad evidence of a bull market'. But the reality is: even top institutions can get caught at high levels, and the Bitcoin ETF is not a magic stone that rises mindlessly.

First, this surge is more about 'anticipating and cashing out expectations', not 'taking off after landing'.

Second, the main forces have not completely taken over, trading volume and on-chain sentiment are still in a cold zone.

Third, retail investors have not really entered the market yet; the ETF is merely the appetizer on the table.

But don't be too quick to sing a bearish tune. The real main upward wave often occurs after the 'trapped area is cleaned out'.

When these institutions begin to 'average down' and market sentiment warms up, that will be the starting point for the next wave.

The ETF is not the end; it is just the beginning. The giants will also be harvested, but they have the patience for 'adding positions and adjusting portfolios', while you — need to have your own strategy and rhythm. Don't just follow the crowd; learning to time your entries is the key!