The BTC ETF is experiencing a "death spiral" ⚠️: From $170 billion to less than $100 billion, a 40% loss (approximately $80 billion). Recalling the promising year of 2024, the high hopes of crypto natives for the Bitcoin ETF: We wanted "decentralized gold," but now we're getting "casino chips controlled by Wall Street." Even more alarming is the acceleration—a net outflow of $1.6 billion in January, and $360 million in the first week of February, with a single-day peak of $545 million. Key signal: The average cost of the ETF is $84,000-$88,000, while BTC is currently priced at $65,000-$70,000, meaning all ETF investors are collectively experiencing a 15-25% loss. When redemptions trigger a sell-off, the sell-off leads to more redemptions, and once this positive feedback loop forms, the $60,000 level may be far from the bottom. Can your position still hold?