#比特币ETF资金流入 When I saw this set of data, I paused in the office for a long time.

$25.4 billion flowing into an ETF with a 9.59% annual loss is completely unimaginable ten years ago. Back then, everyone chased gains and sold off in panic, running at the sight of red. But now things are different — institutional investors, during Bitcoin's drop from $126,000 to $88,000, are systematically accumulating on dips.

I've experienced the madness of 2017, seen the wave of bankruptcies in 2018, and witnessed the skepticism in 2020. Every cycle, I wondered: is this really different this time? The answer is becoming clearer — yes, it is truly different now.

Gold rose 65% in 2025 but was overtaken by the inflow of funds into Bitcoin ETPs. This is no coincidence. Wellington-Altus's analysis hits the mark — Bitcoin's "financialization" has been completed. It is no longer a gamble for speculators but has become a macro asset for institutional allocation. The ability of BlackRock's IBIT to absorb large amounts of capital during negative returns indicates a fundamental shift in mindset.

This reminds me of how gold took decades to earn trust. Bitcoin has achieved this in a much shorter time. Our steadfastness during the bear market was not because of foresight, but because we saw systemic developments taking shape — and now those things are becoming reality.

When the next bull market arrives, I am eager to see what kind of energy will be unleashed from the chips accumulated at lows. History always repeats itself, but never exactly the same.