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

When BTC and ETH spot ETFs first appeared in the market, despite the positive news, the coin prices did not immediately surge, which made many people feel pessimistic about the upcoming market trends.

However, in fact, most people did not grasp the deeper reasons behind this phenomenon. After the positive news was released, the market experienced awkward periods of decline or fluctuation, which is actually a necessary phase. The reason is that the absorption of selling pressure requires a process, specifically including:

1. Profit-taking: Investors, after holding assets and achieving certain profits, will choose to sell to realize their gains, which brings some downward pressure to the market.

2. Switching to low-fee platforms: To reduce costs, investors may transfer assets from high-fee platforms to low-fee platforms, which may also involve asset selling during this process.

3. Selling pressure is gradually digested by inflows from other ETFs: With the launch of new ETF products, new capital inflows will gradually absorb the selling pressure in the market caused by switching or profit-taking.

Looking back at the market's concerns that Genesis might face liquidation of GBTC due to the massive holes in its balance sheet, many even viewed it as a potential “gray” swan event that could trigger a significant market shock.

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