During this time, the old leek sold about 900,000 BTC (including nearly 300,000 of the grayscale fund), and in the "new leek", other ETF institutions other than grayscale funds bought about 500,000 (plus the remaining 300,000 grayscale funds, the total position of ETF institutions exceeded 800,000).

In other words, long-term funds sold 900,000, ETF institutions outside Grayscale only took over 500,000 of them, and the remaining 400,000 were taken over by other retail investors, large investors, and institutions in the market. From this point of view, ETF institutions are only slightly stronger than other institutions in the market. Even without the ETF narrative event, bitcoin rose to the 70,000 mark, and the sell-off was much greater than the market takeover.
From the perspective of the daily net inflow of ETFs, ETF institutional funders seem to be a little weak during this period, after all, there is not so much money in the market. If ETF institutions do not buy much, the sentiment of other retail investors, institutions and large investors is affected, and they may not buy, or even sell, which may turn into selling pressure, which is one of the reasons why the market has been "weaker" recently.
Another point is that the outflow of grayscale funds far exceeds market expectations, for example, JPMorgan Chase originally expected an outflow of $3 billion from the Grayscale Fund after the ETF passed through, but now it has an outflow of $15 billion, and the position is directly cut off.
In our opinion, bitcoin rose from $15,000 to $70,000, an increase of nearly 5 times, but for those institutions it is almost 10 times the earnings, so their willingness to sell is stronger.
Historically, it is also normal for long-term holders to reduce their positions along the way to the bull market and then increase their positions on the way to the peak and fall.
But as the price of BTC continues to rise and the market capitalization skyrockets, even ETF funds have dried up. Another point: ETF funds can be redeemed, their redemption is the same as grayscale funds, need to sell BTC, so when the market expands to a certain extent, ETFs also have a day when they can't buy, when the stock funds game, the market will not only have a unilateral market.
After the ETF narrative, the next round of big market, it is estimated that it will have to wait for the Fed to release water, and the printing of real money is also the driving force of the trend.