Personal experience with ETF data:
1. The focus is on Grayscale's selling. Fidelity, BlackRock, and Ark play a leading role due to their large size. Other funds with lower management scale are more sensitive to risks and can be used as weather vanes;
2. The main judgment is data trends and abnormal situations, weakening and strengthening of inflows and outflows, or a surge in trading volume, and also follow the technical principle of quantity and price;
3. ETF data represents the sentiment of the US stock market or traditional market. As the crypto market is a risk market, the spot price of BTC will be more sensitive. For example, if BTG rises significantly during the day, the ETF will open higher at night. At the same time, macro market data or hawkish behavior will be transmitted to the crypto market through ETFs;
4. From the situation after the ETF went online, the on-chain data showed that Grayscale started selling at the opening of the US stock market, so it would lower the price of BTC in the first half of the night, but in the second half of the night, it mainly depends on whether BlackRock and Fidelity absorb the absorption, which will cause the market to reverse and rise. If they do not absorb, it will go down or weak. This is the case with the 10,000-point correction reversal we experienced at the bottom period.
5. ETF data lags behind the market, and the public data lags by one day. The on-chain data is insufficient to display complete inflow and outflow data, so the technical aspect is still the main factor.
