Odaily Report: Matrixport's daily analysis report states that the Bitcoin ETF has achieved great success, attracting $39 billion in inflows over 14 months. However, as Wall Street fully embraces Bitcoin, it is increasingly influenced by global liquidity, macroeconomic conditions, central bank policies, and institutional capital flows. The strengthening of the US dollar has led to a decline in this liquidity indicator, suggesting that Bitcoin prices may face downward pressure. Global liquidity peaked at the end of December 2024, and the sharp rise of the US dollar provides a clear explanation for the continued correction of Bitcoin. Looking ahead, the forward-looking nature of this time series suggests that once this correction ends (possibly lasting until March or April), Bitcoin may attempt to rebound to its previous highs. Analyzing macroeconomic trends and central bank policies gives us a clear advantage in predicting Bitcoin price trends. This analysis becomes particularly important as Wall Street investors begin to focus on these macroeconomic factors and actively participate in Bitcoin trading. Wall Street investors entering the Bitcoin market can be divided into two categories. One is wealth and asset managers who view Bitcoin as digital gold and a long-term investment. This group of investors is likely to represent the wallets holding 100-1,000 Bitcoins, which have now become the largest Bitcoin holders, surpassing the previously dominant whale wallets. The second category of Wall Street investors entering the Bitcoin market is hedge funds, who focus on non-directional returns through arbitrage strategies rather than betting on Bitcoin's long-term price appreciation. When crypto traders are bullish, they often use futures positions to drive up funding rates. This provides arbitrage opportunities for hedge funds, who short Bitcoin futures while buying Bitcoin spot or Bitcoin ETFs to profit from the funding rate differential. These hedge funds hold $10 billion in Bitcoin ETFs, while the total inflow has reached $39 billion, indicating that at least 25% of Bitcoin ETF funds are related to arbitrage trading. Calculations suggest that 55% or more of the ETF inflows may come from hedge funds focused on arbitrage, rather than investors truly believing in Bitcoin's long-term upside potential. Since the December FOMC meeting, the profit opportunities have declined significantly, leading to a decrease in trading volume, so it is not surprising that hedge funds are starting to unwind their arbitrage positions. This trend is reflected in the record outflows from Bitcoin ETFs as these funds exit the no longer profitable trades.