Christmas Eve, the performance of BTC spot ETFs has indeed been less than "peaceful." Data shows that US investors withdrew over 3,000 Bitcoins during this period, with major players like Grayscale contributing nearly 1,800 Bitcoins to the exit.

This is not an isolated incident. Historically, similar capital outflows have been repeatedly observed. The underlying issue reflects a deeper problem: traditional investors' enthusiasm for crypto assets seems to be waning. Not only is their willingness to hold decreasing, but even daily trading activity is also declining.

Is the market saturated? Or has the macro environment cooled down? Or are participants in this cycle gradually exiting? Currently, there are no clear signs of a fundamental shift. The signals from investors voting with their feet are already very clear.