U.S. spot Bitcoin ETF sees strong capital inflows again, with a net inflow of approximately $458 million in a single day, with BlackRock's Bitcoin ETF accounting for the majority. Despite retail investors' extreme panic, institutional investors continue to increase their allocations, indicating market divergence and potential confidence in Bitcoin among institutions. Various crypto asset ETFs also experienced capital inflows, reflecting rising market interest in institutional demand.

Bitcoin has recently experienced intense volatility, with the price dropping from $66,600 to $62,500 and then rebounding to $70,000, but it has currently fallen back to $66,000. Analysis indicates that selling pressure is not accidental but a continuation of cyclical adjustments, with bears holding the advantage. Although the MVRV Z-Score shows Bitcoin is undervalued, sentiment indicators have not bottomed out, and long-term holder data also indicate risks, potentially facing passive selling pressure.