Spot ETFs are a barometer for observing the sentiment of traditional funds. Recently, the inflow has continued to decrease, indicating that traditional investors are gradually adopting a wait-and-see attitude at high levels. Since 2025, although the price of BTC has been rising, it has not been accompanied by large-scale buying like in 2024. In other words, the attitude of traditional funds is more like 'not wanting to increase positions, nor wanting to sell', choosing to continue holding, with sentiment leaning towards neutral and cautious.