The performance of spot ETFs this week has indeed been difficult to describe. Major institutional investors like BlackRock and Grayscale haven't stopped—they've been continuously selling. The market did take a slight breather on Monday and Tuesday, but then it was pushed back to its original state. The most heartbreaking part is that traditional investors, once they come in, clearly follow the chasing gains and selling on dips strategy—buying when prices rise and selling quickly when they fall.

Data best illustrates the issue. In Week 104, US institutional net sales totaled 7,445 BTC, compared to a net inflow of 4,468 BTC in Week 103 just a week earlier. This shift is quite significant. Going from net inflow directly to large net sales reflects a rapid change in institutional investor sentiment. Under such volatile conditions, retail investors and traditional capital operate with completely opposite logic, and the market is being pulled back and forth like this. The key now is to see when institutions can settle down, otherwise, this large-scale volatility will continue.