After reviewing the recent on-chain data for BTC and ETH, the trends are not very promising. The performance of institutional investors further illustrates the issue—BlackRock's investors have once again become the main sellers, with single outflows exceeding five figures, and the net outflow from Grayscale is also quite evident. On the other hand, retail investors who chase gains and sell off quickly, as well as some Fidelity investors, have not shown obvious selling pressure. Based on these signs, my judgment remains unchanged: the enthusiasm of major players in traditional finance for crypto assets is indeed gradually cooling down. This is not just an emotional issue; it reflects the true attitude of the capital side.