Make sure to pay close attention to ETF fund flows! The biggest influx of capital in this market cycle has come from traditional finance. But the most noteworthy data recently is: ETF fund flows haven’t shown a clear rebound. Some institutions have even downgraded their future outlook for bitcoin:native and ETH, and the main reason is that ETF inflows are below expectations. A lot of people interpret this as bearish news. But I think what’s more worth pondering is: The market is transitioning from being 'liquidity-driven' to 'value-driven.' In the past, as long as there was new capital coming in, everything would go up. Now, capital is starting to make choices. Choosing BTC. Choosing ETH. Choosing Solana. Choosing HYPE XRP. This suggests that the logic for making money in the future might change: it’s not about finding the cheapest assets anymore, but about finding the assets that can consistently attract capital. This might be the real main theme of the next phase.