In the Bitcoin market, we often hear dramatic words such as "dumping", but the real market trend may be far more complicated than what we see on the surface. According to the latest data from Farside Investors, the performance of the US Bitcoin spot ETF is a vivid example - this is not only a revolution of digital currency, but also a strategic game of institutional investors.

Since the launch of the US Bitcoin spot ETF, the overall net inflow has exceeded US$17.5 billion, showing the strong interest and strong confidence of institutions in Bitcoin. BlackRock's IBIT ETF leads the way, with a cumulative net inflow of US$19.727 billion, showing the high trust of institutions in its management team. And Fidelity's FBTC ETF is not to be outdone, with a cumulative net inflow of US$9.992 billion, firmly standing in the camp of institutional investors.

But the market's "negative star" Grayscale GBTC has become a different story - the cumulative net outflow is as high as US$18.814 billion. This contrast makes people wonder whether there is some deeper market dynamics behind this? Does Grayscale's outflow mean that the market intends to reshuffle through "dumping", or is it just a strategic adjustment?

In any case, these data show a fact: the flow of Bitcoin has been firmly controlled by institutional investors, and the so-called "dumping" may only be a superficial phenomenon of market adjustment. The real core lies in how to find your own foothold in this game between institutions and retail investors.