#比特币ETF产品 Seeing the ETF sell-off continuously weakening liquidity is a signal that must be taken seriously. Ban Mu Xia's words hit the point — now is really not a good time to be bullish.

This reminds me of the pitfalls I fell into early on when chasing gains. Every time I thought "opportunity is rare," it turned out I was just buying at a high. Later, I gradually understood that the best trading opportunities are often not about racing against time, but about those moments when the odds are clearly in your favor. If you have to strain to convince yourself that "it's worth participating," then it's basically a risk signal.

ETF products have changed the market structure over the past two years, and institutional capital inflows and outflows indeed have a profound impact. When a large number of ETFs are continuously selling during the adjustment phase, it indicates that institutions are also re-evaluating. At such times, retail investors going against the trend and being bullish? How high can their win rate be? I've seen too many people get trapped during periods of "market complex consolidation" because they always want to bet on that 0.5% reversal probability.

Not being bullish doesn't mean being bearish; it means waiting. Waiting until liquidity logic is re-established, waiting until the correction has a clear direction. When the probability is not high, the smartest move is to do nothing. This is a fundamental rule for surviving long on-chain.