ETFs have been selling these two days. But the price of Bitcoin has not fallen much. At such a high position, with ETFs outflowing, the price has not fallen. Who is buying and who is pushing up the price? One is retail investors, who may be more optimistic now. Another is contracts, and the contract volume has reached a new high. This shows that there may be a large number of people who use contract arbitrage to eat the funding rate. He can use half of his money to buy spot and half to short, so as to hedge, and he can eat the funding rate for free. Then their behavior of buying spot will also push up the spot price. In short, the Fed's interest rate hikes and cuts are the decisive factors. For the trend of the market, the increase or decrease is directly determined by the release of water or not. In addition to ETFs, there seem to be other forces supporting the price. As for the so-called other forces, one is retail investors. Retail investors may think that the price will rise in the future. Now it is only halfway up the mountain. They may actively enter the market. Another part is arbitrageurs such as futures contracts. They eat the funding rate by buying spot contracts. Then there are some whales, some individuals with large funds. They may unite to push up the price to lure other retail investors to follow. Ah, anyway, I can't guess it, but generally speaking, ETFs are long-term purchases and long-term holdings. One is that he will buy for a long time. He will tend to buy a little every day. This is certain, and then hold for a long time. This is also certain. Grayscale was so miserable in 2022 that he didn't sell a single bitcoin. In this bull market, he sold more than half of it, 60%. $BTC $ETH $DOGE