According to HODL15Capital data, the US Bitcoin spot ETF has been online for 50 weeks, and BlackRock's IBIT has completely absorbed the selling pressure from Grayscale's GBTC——

At that time, after the launch of the BTC and ETH spot ETFs, the coin prices did not soar immediately, and many people thought the market had no hope.

In fact, most people did not understand that this awkward period of continuous decline or fluctuation, despite the favorable news, was inevitable. Because the process of absorbing selling pressure is——

1. Profit taking

2. Switching to low-fee platforms

3. Selling pressure being slowly eaten away by inflows from other ETFs

Back then, there was immense worry about whether Genesis would directly liquidate GBTC if it couldn't fill the huge hole on its balance sheet, becoming a giant "gray" swan.

Looking back now, that was just a small ditch on the broad road; the course of history can be delayed or have twists and turns, but it cannot be changed or reversed, and the light boat has already passed through thousands of mountains!