I have noticed the comparison of data between the $BTC spot ETF and the gold ETF. From this perspective, the performance of the BTC ETF this year has not only exceeded expectations but has also outperformed the gold ETF in its first year after approval.

However, some have suggested that the buying pressure of the $BTC spot ETF may primarily be due to arbitrage operations by hedge funds. They buy the ETF while shorting in the CME market. This means that this capital is not truly purchasing power. Of course, I have not verified the specific scale of this type of capital or its specific impact on BTC prices.

In the long run, the capitalization trend of $BTC is inevitable, and it will gradually transform into a financial asset characterized by long cycles and low volatility.

Perhaps in the future, using on-chain data to analyze BTC may not hold much reference value anymore. Because in the chip structure, perhaps 99% are long-term holders.