The more alluring the narrative of ETF entry was back then, the more devastating the backlash is now. Total assets of BTC spot ETFs have fallen below $100 billion, a loss of over $80 billion from its peak of approximately $170 billion on October 6th last year, a drop of over 40%. Let me list some key figures: 1.ETF Investors are generally facing paper losses. According to Galaxy Research data, the average cost basis of US spot ETFs is approximately $84,000-$88,000. BTC is currently fluctuating between $65,000 and $70,000, meaning that almost everyone who bought ETFs has lost money. 2. Outflows are accelerating. January saw a net outflow of approximately $1.6 billion, the third worst month in ETF history. February saw even stronger outflows, with another $360 million flowing out in the first week and a single-day outflow of $545 million on February 4th. Year-to-date, ETFs have experienced a net outflow of at least $1.8 billion. Institutional funds are never believers; they're the first to flee when the macro environment shifts. Therefore, when prices fall, ETFs experience net outflows, forcing fund companies to dump shares in the spot market. As prices continue to fall, this triggers more redemptions and further dumping. Ultimately, ETFs integrated Bitcoin into the traditional financial system, but also fully introduced procyclicality and herding behavior. The higher ETFs were held in the past, the more decisively they are being abandoned now.

This proves what I said: every market cycle is a process of crypto-native cryptocurrencies ruthlessly crushing traditional money. Crypto-native cryptocurrencies are always the winners.