Last week, the keyword in the crypto market was "funds switching tracks." Behind the seemingly volatile market, the real issue is not emotional fluctuations but the adjustment of the capital structure.

The decline of BTC and ETH was not a sudden crash but rather a result of continuous net outflows from spot ETFs. This indicates that the market is still in a structural adjustment phase, with bulls and bears repeatedly clashing.

Interestingly, there is a divergence on the institutional side—selling pressure is mainly concentrated on high-fee and outdated products, such as GBTC, FBTC, and ETHE, which are facing continuous redemptions. In contrast, new-generation products like BlackRock's IBIT and ETHA are performing relatively steadily. This reflects institutional investors optimizing their product allocations, migrating toward lower-cost and more efficient options. Capital is flowing, and the landscape is being reshaped.