BTC ETF is not Smart Money, it is more like a collection of retail investors.

In fact, the first BTC spot ETF was Canada's Purpose, which was established in February 2021. At that time, Bitcoin was worth US$57,000, and two of them reached a scale of US$1 billion. Then it increased all the way to 1.7 billion US dollars, and then as Bitcoin turned bearish, it lasted for almost a year. When Bitcoin was more than 20,000 US dollars, 50% of the positions were cleared; a perfect interpretation of the four-character strategy of chasing the rise and killing the fall😅😅