Today, I will write about BTC. Indeed, since Monday, both BTC and ETH have seen a significant number of investors reducing their holdings. Many friends also sent me Arthur Hayes' tweet today, suggesting that the recent drop in Bitcoin is related to the IBIT hedge fund, with a large number of holders selling IBIT, which has led to the decline in Bitcoin. There was indeed a considerable amount sold on Monday, but blaming it all on the ETF is not accurate.

Firstly, the ETF sales did not occur during the Asian time zone. We all know that after the US stock market closed yesterday, the price of BTC was still around $92,000. The main selling happened during the Asian time zone, and the amount from the ETF is simply not enough to cause such a severe market drop. The largest seller was not BlackRock, but Fidelity.

BlackRock sold less than 0.3% of the total supply of BTC, while Fidelity's sales accounted for 1.27% of the total supply. Fidelity did sell a bit more, but BlackRock's sales were not exaggerated. Instead, I think this reflects a normal change in investor sentiment.

Moreover, in the past 24 hours, US investors sold 5,688 BTC. Although this is quite a lot, such a volume of sales has occurred before, so blaming it on the ETF is not very reasonable. The more significant reasons should be the tariffs and restrictions on China's semiconductor industry, which have led to a decline in market confidence regarding interest rate cuts. Trump's tariff policy has indeed been unexpectedly tough.

Today, I saw a tweet stating that compared to Biden, Trump might actually be the killer of cryptocurrency.

The data has been updated, address: https://docs.google.com/spreadsheets/d/1N8YIm1ZzDN197hMAlkuvH3BgFb8es0x1y4AJLCbDPbc/edit?usp=sharing

This tweet is sponsored by @ApeXProtocolCN | Dex With ApeX

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