From the subtle changes in the data, it is not difficult to find that since the CPI data rebounded last Friday, the institutional investment performance of BTC spot ETF has been remarkable.

Especially on Wednesday and Thursday, the market's purchasing power surged like a tide. Fidelity, ARK and Bitwise jointly increased their holdings by more than 5,000 BTC, which undoubtedly injected strong confidence into the market.

However, as time goes by, the power of the market is also quietly shifting. Although the purchasing power of ARK and Bitwise has been slightly weak in the past 24 hours, the leader BlackRock has emerged like a dark horse, and its increase in holdings is particularly eye-catching.

On Thursday's trading day, BlackRock and Fidelity jointly increased their holdings by 2,462 BTC. Although the number seems ordinary, the meaning behind it is far-reaching. Their total holdings have reached 51.58%, almost occupying half of the market.

This change is undoubtedly a microcosm of the reshaping of the market structure

Looking back in the past, GBTC once led the way, with a holding ratio of up to 97%. However, four months later, this figure plummeted to 34.42%, with a staggering loss of 328,184 BTC. Most of these lost BTC were absorbed by the other nine ETFs. Now the gap between BlackRock's holdings and GBTC has narrowed to only 1.5%, less than 13,000 BTC. This can't help but foresee that in the next three months, BlackRock may reach the top of the market.

In addition to BlackRock and Fidelity, the other eight US ETFs also performed well, and even GBTC showed an increase in holdings. Behind this is the increase in purchasing power of American investors and even the world, and it also implies a positive change in market sentiment.

But all this is inseparable from the influence of the Fed's policies. If market sentiment reverses, purchasing power may be difficult to maintain; but if the expectation of interest rate cuts continues to be positive, I believe that the trend of BTC prices will remain stable. $PEOPLE $PEPE $DOGE

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