#比特币ETF产品 Seeing this set of data is a bit heartbreaking. The US spot Bitcoin ETF went from a massive influx in Q4 last year to net selling this year. The attitude has reversed in just a few months. What does this indicate? It shows that the previous "demand wave" has indeed peaked.

The key is that this rhythm is somewhat similar to the end of 2021——the growth of addresses holding between hundreds to thousands of BTC has fallen below the trend line, and the 365-day moving average has also broken. With both technical and demand-side confirmations, the bear market warning signals should be taken seriously.

But this actually presents an opportunity for copy trading strategies. The traders who chased hot trends and followed the crowd are now exposed, while those who survive are the experts with disciplined stop-loss strategies and the ability to adapt to cycle changes. I’ve recently been re-evaluating the copy trading list, reducing weights for those relying on one-sided trends, and increasing tracking of traders with hedging strategies and position management skills.

While the shift in ETF data may seem bearish, for professional players, it’s actually a golden opportunity—those who can maintain stable returns even when demand is weak are the real deal.