
                                    <div>
                                      <h3>Market View</h3>
                                      <p>Bearish on BTC, ETF buying power is declining and price is under pressure</p>
                                      <h3>Trading Strategy</h3>
                                      <p>Be cautious in the short term, wait for clearer macro expectations and increased risk appetite before considering positions</p>
                                      <h3>Core Logic</h3>
                                      <p>ETF and MSTR demand are weakening, narrowing basis leads to arbitrage capital exit, traditional capital is more risk-averse, negative feedback loop is suppressing BTC price</p>
                                    </div>
                                    

ETF为什么正在失去购买力？
在上一期推文中我们提到，MSTR和ETF是本轮周期中持续为BTC提供新需求的核心力量，也是价格能够持续上行的重要支撑（见引文）。

Signal Square

Glassnode 团队上线了一个新的功能数据 —— BTC企业持仓净变化；它统计了公司/企业主体，在某个时间其官方披露的BTC持仓是增加或减少了多少。用柱状图的形式表示，清晰简洁，一目了然！

Murphy

Twitter

Why are ETFs losing their buying power?

In our previous post, we mentioned that MSTR and ETFs are the core forces that have continuously provided new demand for BTC in this cycle, and are also important supports for the continued upward movement of prices (see quote).

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Author | @nataliebrunell
Compiled by Aki Wu Blockchain Blockchain. This article does not constitute any investment or financial advice. Readers are advised to strictly abide by local laws and regulations.
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