According to data provided by HODL15Capital, since the launch of the Bitcoin spot ETF in the United States 50 weeks ago, BlackRock's IBIT has successfully absorbed all the selling pressure brought by Grayscale's GBTC.

When the BTC and ETH spot ETFs made their debut in the market, despite positive news, the prices did not soar immediately, which made many people feel pessimistic about the subsequent market trend.

However, in fact, most people did not realize the deeper reasons behind this phenomenon. After the release of good news, the market experienced a period of decline or volatility, which is actually a necessary stage. The reason is that the absorption of selling pressure requires a process, specifically including:

1. Profit taking: Investors, after holding assets and realizing certain profits, may choose to sell to realize gains, which can put some downward pressure on the market.

2. Switching to lower-fee platforms: To reduce costs, investors may transfer assets from high-fee platforms to low-fee platforms, and this process may also be accompanied by asset sell-offs.

3. Sell-offs being gradually digested by inflows from other ETFs: As new ETF products are launched, new capital inflows will gradually absorb the selling pressure in the market caused by transitions or profit taking.

Recalling the market's initial concerns about Genesis potentially facing liquidation of GBTC due to a huge hole in its balance sheet, many even regarded it as a "gray" swan event that could trigger a massive market shake-up.

But now it seems that was merely a trivial interlude in the long river of history. Although the course of history may temporarily slow down or encounter setbacks, it always moves forward in the predetermined direction, which cannot be changed or reversed. As the poem says: "The light boat has passed through ten thousand mountains," we have successfully crossed those seemingly insurmountable obstacles.