BlackRock's stock continued to rise today, while the price of Bitcoin ($BTC ) also rose slightly. BTC spot exchange-traded funds (ETFs) maintain a large-scale purchase volume every day. As mentioned yesterday, there is no need to worry too much about who bought the spot ETF and whether the purpose of the purchase was for hedging. The most important thing is that these purchased ETFs still hold positions, which directly reduces the selling pressure in the market.

Data shows that institutions that buy spot ETFs are not selling in large quantities. From a weekly perspective, the number of BTC held by ETFs continues to increase, which means that the net inflow is greater than the net outflow. In other words, the buying volume is greater than the selling volume. Even the neutral funds of hedge funds, as long as they are not sold after buying, reduce the number of BTC circulating in the market in the short term, by about 957,000. This is the most direct and practical data.

Although we cannot predict when this part of the holdings will leave the market and the risks that may be brought about when leaving the market, at least there is no such sign at present, so there is no need to worry too much.

Judging from the BTC data, there is not much change. The large number of turnovers are mainly short-term holdings of $BTC , especially those who have made profits between $64,000 and $67,000. Early investors and those who have lost money are still holding, which shows that they have not chosen to leave because of the high price.

It should be noted that every time the price of $BTC exceeds $69,000, investors' emotions will become too excited, and they are worried that the price will hit a new high, which will trigger a fear of heights. At present, the support between $64,000 and $69,000 is still very solid, and the chip cleaning below $60,000 is also nearly completed. If there is no actual bad news, $60,000 may be the best bottoming price. It is not clear how much the price can rise in the future, but as long as the trend continues and there is no recession, the market performance in the fourth quarter is very worth looking forward to.