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#Bitcoin surged and then pulled back on Friday. As the price fell, does the data confirm the price trend? First, looking at ETF data: net inflows were 232.2 million on Wednesday, 242.3 million on Thursday, and a net outflow of 201.9 million on Friday. It is clear that starting Wednesday, ETF net inflows fell below the 300-500 million range, showing a slowdown in net inflows. Second, on Friday, the shift from net inflow to net outflow indicates that funds began to exit initially. According to ETF data, the net outflow mainly came from IBIT, which highlights the drawback I previously mentioned about ETF net inflows overly relying on a single channel. When fund flows are too concentrated in one channel, buying power does not spread, making optimistic sentiment hard to sustain. In the crypto market data, trading volume continues to decline, returning to the usual low levels before last week's short-term rally. Although funds still maintain net inflows, compared to ETF data, crypto fund liquidity lacks intuitive judgment. Next week, the focus will be on observing ETF and crypto fund flows. If ETF data continues to show net outflows, it will confirm the current downward price trend. Moreover, if mainstream crypto funds like USDT and USDC also show net outflows, the correction trend will become even more certain! #BTC高位多空拉锯，黄金联动增强