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ETF is still buying, but $BTC has not followed the inflow speed to continue rising. According to OKX market data, $BTC is currently quoted at $84,166, up 0.41% in 24 hours, down about 3.7% from this week's high of $87,399. ETH is quoted at $2,702, up 1.49%. The US BTC spot ETF has had net inflows for six consecutive trading days, totaling about $2.061 billion from Monday to Wednesday, and another $191 million on Thursday. The buying scale is not small, but daily inflows have dropped from $999 million to $715 million, $347 million, and $191 million, with marginal speed continuously declining. On the other hand, the US 10-year Treasury yield touched 5.2% intraday, so the opportunity cost of holding non-yielding assets remains high. On-chain medium-sized addresses have increased by about 113,950 BTC since July 15, but this statistic mixes custodial and exchange addresses, so it cannot all be regarded as new buying. Currently, stronger evidence is the continuous subscription of ETFs, while the weaker link is price feedback. There is another market-impacting event: Bitget was attacked, affecting some hot and warm wallets, while cold wallets were not affected. The current loss has reached over 350 million, and withdrawals are still suspended. If this triggers users to actively withdraw from centralized exchanges, it will reduce platform liquidity and amplify market volatility. The next step is to see if ETF inflows can recover to the scale of hundreds of millions of dollars and drive spot trading expansion. If inflows continue to decline, sustained selling pressure will still limit the upside.