#Gate广场四月发帖挑战 Recently, the core variable in the Bitcoin market is shifting from emotion-driven to fund-driven. On-chain and market data show that the flow of funds into spot ETFs has transitioned from continuous net outflows to a mild inflow, indicating that the passive selling pressure from institutional players has basically ended.

More importantly, this round of capital structure is different from the previous cycle: it is no longer dominated by purely trading-oriented funds, but by long-term funds with clear allocation attributes re-entering the market. These funds are characterized by—buying slowly and selling even more slowly.
At the same time, the BTC balance on exchanges continues to decline, indicating that chips are moving from the liquid side to cold storage and institutional custody systems, gradually locking up the market’s “tradable supply.”
This will lead to one result: the pace of price increases slows down, but the trend becomes more stable.
If the last cycle was a “fast bull driven by liquidity flooding,” then the current one is closer to a “slow bull driven by tightening supply and demand.” There won’t be a sudden surge in the short term, but the medium-term trend is gradually recovering upward.