Style Transition

1. The BTC ETF has seen net outflows for 4 consecutive days, and more unusually, the main ETF player BlackRock's IBIT also experienced a large outflow of 180 million USD on December 24. BlackRock has almost been buying for an entire year, and this is the first time they have made a large sell-off.

2. The ETH ETF has overall still been in a net inflow state for the past 4 days, especially BlackRock's ETHA, which continues to steadily increase its holdings. Institutions are already laying the groundwork for next year's style transition.