Yesterday, when the market showed no significant fluctuations, BlackRock purchased 12,000 Bitcoins, worth nearly 900 million. This portion of funds actually belongs to arbitrage funds, which buy in the spot market and then short in the futures market where there is a premium.
When such large-scale, high-level arbitrage funds start to enter the market, it often indicates that the market has entered its final phase.
Therefore, in our actual observations, we find that when ETF funds flow in massively, the market is likely at a peak; and when ETF funds flow out on a large scale, the market may be at a bottom.
