According to Svmuu, on-chain analyst Yu Jin observed that since the introduction of spot ETFs, the prices of BTC and ETH have been essentially driven by ETF fund flows. That is: ETF inflows lead to price increases; ETF outflows lead to price declines. It can be seen that the magnitude of price drops is perfectly aligned with the magnitude of capital outflows:
1. From last October to now, BTC ETF funds decreased from $169.5 billion to $96.4 billion, a loss of 43%. During this period, BTC prices also fell from $125,000 to the current $73,000, a drop of 41%.
2. From last October to now, ETH ETF funds dropped from $32 billion to $11.6 billion, a loss of 63%. During this period, ETH prices also fell from $4,800 to the current $2,000, a drop of 59%. ETF funds have been net outflowing for the past two weeks, and prices have been falling for two weeks accordingly.