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Although the price of bitcoin has dropped nearly 50% since reaching its all-time high of $126,000 last October, and concerns about a "crypto winter" are intensifying, ETF experts point out that the outflows from spot bitcoin ETFs are mainly coming from hedge funds and short-term traders, rather than large-scale withdrawals by long-term investors. Matt Hougan, Chief Investment Officer at Bitwise, stated that ETF investors are not the main sellers; the market pressure mainly comes from crypto investors who have accumulated holdings over the years and short-term traders using ETFs. Mike Novogratz, CEO of Galaxy, mentioned that the "speculative era" of the crypto market may be over, and future returns will be closer to those of long-term investments. Will Rhind, founder of GraniteShares, pointed out that currently, "hard assets" such as gold are performing strongly, while bitcoin continues to decline, weakening the "digital gold" narrative. However, the scale of outflows over the past three months has not yet reached the level of inflows over the past year.

BlockBeats News, February 15, according to CryptoQuant analyst Darkfost's analysis based on the bitcoin 4-year simple moving average (SMA) indicator, the BTC price has now returned to the green (indicating undervaluation) zone and is approaching its 4-year moving average, which is currently around $57,500. Historically, this level has typically marked the final stage of each bear market, with the bitcoin price trading around this level for several months.

Many tourists from other provinces are specifically "flying in" to buy gold, and even list "Shuibei" as a must-visit destination in Shenzhen. According to the manager of a Shuibei gold store, business has been extremely busy recently, with store traffic increasing by more than 30% year-on-year. Experts point out that the combination of Spring Festival shopping demand and the holiday has driven both the volume and price of gold consumption to rise. (Yicai)