Interesting phenomenon worth noting: In the 2025 liquidity ranking, $IBIT is the only ETF product with a negative annual return, yet it still ranks 6th. This contrast precisely illustrates the core issue — traditional investors are conducting a long-term holding experiment. On the surface, negative returns may attract criticism, but the real point of interest is that even in the face of losses, the fund inflow into this product still exceeds that of traditional safe-haven assets like $GLD. This reflects the firm confidence of institutional investors in Bitcoin's long-term value and their strategy of maintaining positions amid market volatility. Data doesn't lie, and the ranking itself is the best explanation.