The ETF recorded a net inflow of $11.2 billion within two months, while during the same period, the coin price only rose slightly by 10%. According to CoinAnk data, it has remained oscillating in the range of $100,000 to $110,000. This phenomenon reveals a deep change in market structure: the stable entry of institutional funds provides solid bottom support for the coin price, while the limited short-term increase reflects the existence of a clear 'sell on rallies' strategy in the market, with some investors choosing to take profits when the price rises. It is worth noting that although traditional large buyers have slowed down their accumulation pace, the ETF's continuous ability to attract capital highlights that Bitcoin is shifting from a high-risk speculative asset to a mainstream allocation asset.

From a market impact perspective, this divergence between funds and prices underscores the maturation process of the crypto market. On one hand, the continuous inflow into ETFs validates the long-term allocation demand of institutional funds under a regulatory framework, enhancing market stability; on the other hand, the short-term selling pressure arises from operational funding needs post-miner halving and retail investors' sensitivity to a high-interest environment, forming a balance between bulls and bears. In the medium to long term, the ETF channel allows Bitcoin to gain broader asset recognition, but the market still needs to digest short-term profit-taking and macro policy uncertainties (such as the pace of Federal Reserve interest rate cuts), which may lead to sustained high volatility until new catalytic factors break the balance.