Bitcoin Bridges: Rethinking the Real Risk What's everyone talking about with Beyond Tech lately? I had to dig in myself. For the longest time, I figured Bitcoin bridges were the weakest link in crypto's infrastructure—custodians, wrappers, all those moving parts looked like accident waiting to happen. Honestly seemed like the riskiest play in the whole ecosystem. But when I actually looked at what Beyond Tech built, that whole premise fell apart. Turns out, not every bridge carries the same risk profile. The deeper you go into the architecture, the clearer it becomes that the real vulnerabilities aren't always where you think they are. Sometimes the things we assume are breaking points actually hold up better than expected.

According to the latest data statistics, the US Bitcoin and Ethereum spot ETF markets experienced significant capital adjustments yesterday. The total net outflow for both types of ETFs exceeded $420 million, with BTC spot ETFs net outflow of $348 million and ETH spot ETFs net outflow of $72.06 million. This marks the second peak of outflows this week. It is noteworthy that during this round of adjustment, neither type of ETF experienced net capital inflows from individual products, indicating a market signal of strong selling pressure overall. **BTC Spot ETF Market Performance** In the Bitcoin spot ETF sector, large institutional products have become the main bearers of net capital outflows. BlackRock’s IBIT led with a net outflow of $99.05 million, corresponding to approximately 1,130 Bitcoins. Despite this, IBIT remains strong, with a total net inflow of $62.09 billion, demonstrating its continued attractiveness as a leading product. Ark&21Shares’ ARKB, Grayscale’s GBTC, and Fidelity’s FBTC followed closely, with net outflows yesterday of $76.53 million, $69.09 million, and $66.58 million respectively, equivalent to about 876, 791, and 763 Bitcoins. The concentrated outflows from these institutional-grade products reflect cautious attitudes among market participants amid price volatility. Additionally, Bitwise’s BITB, Grayscale’s BTC product, VanEck’s HODL, and Franklin’s EZBC also recorded varying degrees of single-day net outflows, at $13.76 million, $11.24 million, $6.79 million, and $5.05 million respectively. Overall, the total net asset value of Bitcoin spot ETFs has reached $113.29 billion, accounting for 6.47% of Bitcoin’s total market cap. Since their launch, these products have attracted a cumulative net inflow of $56.61 billion, indicating that institutional long-term demand for Bitcoin remains stable. **ETH Spot ETF Capital Pressure** The situation for Ethereum spot ETFs is similar to Bitcoin but with slightly greater pressure. Grayscale’s Ethereum product (Grayscale ETH) led with a net outflow of $31.98 million, corresponding to 10,790 ETH. More notably, since its launch, Grayscale’s series of products have recorded a total net outflow of $1.49 billion, reflecting a reassessment of certain product structures in the market. Fidelity’s ETHA and VanEck’s ETHV recorded net outflows of $21.51 million and $14.10 million respectively, equivalent to 7,250 and 4,760 ETH. Franklin’s EZET and Fidelity’s FETH had relatively smaller single-day net outflows of $2.25 million and $2.22 million. From the overall data, the total net asset value of Ethereum spot ETFs is $17.95 billion, representing 5.00% of Ethereum’s total market cap. The cumulative net inflow is $12.33 billion, which is relatively moderate, but the recent outflow trend warrants close monitoring. **Market Interpretation** In terms of capital flow, investors currently show a wait-and-see attitude toward crypto asset allocation. The continued net outflows from large institutional products may reflect cautious expectations about recent market trends. However, considering the absolute value of cumulative net inflows, long-term institutional demand for these products still exists. Future focus should be on whether capital flows will reverse and whether this will exert new pressure on cryptocurrency prices.

In recent months, the crypto market has been filled with bearish voices. When prices drop, some shout, "This time it's really over, liquidity is completely gone"; others say BTC is no longer viable and that buying property is the better choice. To be honest, this routine has always been the case in the crypto world—when prices fall, all kinds of negative news flood in; when prices rebound, people start dreaming of breaking through $1 million. This is nothing new, it's just the daily cycle in the crypto circle. The problem is, no one can truly see the road ahead. The crypto market started late, with very little historical data, and those so-called patterns are at best just coincidences. Trying to predict the future based on past trends? The market won't behave so obediently; when it’s time to surprise, it will surprise. Instead of being led by market sentiment, it's better to calmly observe your own rhythm.