According to ChainCatcher, Matrixport's latest report indicates that Bitcoin ETF net capital inflow is only slightly above zero, despite a strong performance at the beginning of the year with nearly $5.5 billion in inflows.

This phenomenon is quite unexpected, as Bitcoin has outperformed US tech stocks this year, and gold has also reached a historic high. It is worth noting that the total net inflow of Bitcoin ETFs is $35.5 billion, with BlackRock accounting for $39.6 billion and Fidelity accounting for $11.4 billion, together holding the vast majority of shares.

In comparison, the inflows from other ETF issuers are relatively limited. This suggests that the current buying pressure is more likely to come from specific institutional client groups, rather than being driven by widespread retail investor funds—if the latter were the case, capital inflows would be more evenly distributed among different ETF providers.