This week, the Bitcoin market has shown interesting trends. Despite the price drop, the US Bitcoin spot ETF has gone against the trend, purchasing 4,349.7 Bitcoins, worth approximately $423.6 million. This purchase amount far exceeds the 2,250 Bitcoins mined during the same period, indicating strong interest from institutional investors in Bitcoin. On-chain data analysis suggests that market participants are adopting different strategies amid price fluctuations, and the ETF's purchasing behavior may affect the supply and demand dynamics in the market. Investors need to closely monitor this trend to better understand market dynamics.