First, let’s review the bad start that ETFs had when they reopened after a three-day break. Grayscale GBTC smashed 303 million.

Neither BlackRock nor Fidelity responded, with capital inflows of only 165 million and 44 million respectively. The capital inflows of several other ETF institutions were in the millions and could not help at all.

This also led to another outflow of funds from ETFs as a whole, with a net outflow of US$85.7 million.

Although the amount of funds is small, the destructive effect on market sentiment is very significant.

This may also be the trigger for yesterday's market plunge. The main players felt that the outflow of funds from ETFs may continue and chose to avoid risks in advance.

In addition, the macro aspect is also unfavorable to the market. The ISM manufacturing index in the United States unexpectedly expanded in March, ending 16 consecutive months of contraction. Prices, new orders, and production all increased.

This has also led to a significant reduction in the probability of the Federal Reserve cutting interest rates in June. After the data was released, the probability of CME's forecast once fell below 50%.

The current cumulative rate of interest rate cuts during the year has also dropped from the previous 75 basis points to below 65 basis points, affected by pessimistic expectations of interest rate cuts.

In addition, the trends of Fidelity's FBTC and IBIT are not considered healthy, as they are currently the largest water inlets in the market.

The daily inflow and outflow of ETFs plays a decisive factor in the rise and fall of the market. The Bitcoin ETF is an index that tracks the rise and fall of the market in the secondary market of U.S. stocks.

The rise and fall of the broader market also directly affects the rise and fall of ETF prices. Secondly, the rise and fall of ETFs are also related to market supply and demand, so retail investors like the rise but not the fall.

Many people would rather take orders at a high level than buy at the bottom when the market falls.

Therefore, it can be explained why the BTC inflow during this period has always been negative. #Meme #WIF #大盘走势