Analyst: Since last October, BTC ETF funds have decreased by 43%, from $169.5 billion to $96.4 billion

According to Odaily, monitoring by on-chain analyst Ember shows that since the introduction of spot ETFs, the prices of BTC and ETH have essentially been driven by ETF fund flows. That is: ETF fund inflows → price increase; ETF fund outflows → price decrease. It can be seen that the magnitude of the price decline is entirely consistent with the magnitude of the fund outflows:

1. From October last year to now, BTC ETF funds have decreased from $169.5 billion to $96.4 billion, a loss of 43%. During this period, the BTC price also dropped from $125,000 to the current $73,000, a decline of 41%.

2. From October last year to now, ETH ETF funds have decreased from $32 billion to $11.6 billion, a loss of 63%. During this period, the ETH price also dropped from $4,800 to the current $2,000, a decline of 59%. ETF funds have been flowing out for the past half month, and accordingly, prices have been falling for half a month.