Viewpoint: The current focus should be on ETF net inflows and the size of spot exposure

According to Odaily Planet Daily, chain data analyst Murphy stated that an analysis of the unrealized profit and loss ratio (UPUL) on the Bitcoin chain shows that, normally, higher prices increase the UP and UPUL. However, the current situation is that the UPUL is actually lower as prices rise, indicating that market growth is increasingly dependent on the continued inflow of new funds rather than the confidence of existing stock holders.

Therefore, it's crucial to monitor ETF net inflows and the size of spot exposure. If inflows slow, short-term upward momentum will be limited. It's reasonable for swing traders to begin taking profits in batches. Furthermore, the bull market cycle has yet to show clear signs of a bearish turn.