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$BTC has pulled back, ETFs are still buying, but this is not a reason to chase the highs On September 24, the US spot Bitcoin ETF saw a net inflow of about $191 million in a single day, marking the sixth consecutive trading day of net inflows. BlackRock remains the main force, attracting about $163 million in one day, taking the lion's share. Interestingly, BTC just touched around $87,000 in the past two days and then clearly retraced, yet ETF funds did not turn away. What does this indicate? At least it shows that short-term volatility has not shaken some institutions' willingness to allocate, and incremental funds are still entering the market during the pullback. However, fund inflows do not mean prices will only rise without falling. US Treasury yields remain high, the macro environment is still challenging, and BTC is in a sensitive phase after a high-level pullback. Once the price surges again, institutions that bought at lower levels earlier may fully realize profits, and inflows could slow down or even reverse. Therefore, continuous net inflows into ETFs are a positive signal but should not be used as a reason to blindly chase the highs. The hotter the market, the more clear-headed you need to be: watch the funds, but also watch the macro; watch the trend, but also set proper risk controls. #FedResumesRateHikes, why does BTC still show resilience? #LongTermUSTreasuryYieldsKeepRising, financing pressure intensifies