This week's market trend shows an interesting phenomenon: the surface appears lively, but beneath the surface, undercurrents are surging. A major exchange's spot Bitcoin ETF product experienced net outflows of 589.4 million this week, and big names like IBIT and GBTC are also bleeding out, looking extremely pessimistic. But to truly understand the market, simply focusing on ETF data is not enough.

Let's first clarify the real picture behind this wave of ETF withdrawals. On the surface, it looks like capital is fleeing, but the core driver is actually the short-term regulatory expectation change caused by the delay of the CLARITY Act — this is not a fundamental collapse of Bitcoin. Data more clearly illustrates the issue: retail investors showed a negative difference of $84 million this week, and mid-sized traders lost even more, reaching $172 million. But what are the big players doing at this moment? They are operating in the opposite direction.

Here's a more striking comparison. The entire crypto fund outflow this week was $952 million, which seems significant. But during the same period, institutional investors' accumulation efforts in the OTC market far exceeded this number. In other words, they simply don't care about the selling pressure at the ETF level and have long quietly positioned through other channels.

On-chain data further confirms this. Look at "shark-level" addresses holding 100-1000 Bitcoins — they疯狂ly increased their holdings by 54,000 coins this week, creating the fastest accumulation rate since 2012. Whale wallets don't lie — while they are rapidly accumulating coins, retail investors are rushing to sell. The true market story is often hidden in these contrasts.