Insight: The current focus should be on ETF net inflows and the size of spot exposure

BlockBeats News, October 6th. On-chain data analyst Murphy stated that, through analyzing Bitcoin's Unrealized Profit/Loss Ratio (UPUL), under normal circumstances, the higher the price, the larger the UP, and the UPUL would also be larger. However, the current situation is that, with a higher price, the UPUL is lower instead, indicating that the market's rise is increasingly relying on continuous inflow of new funds rather than the confidence of hodlers.

Therefore, it is necessary to pay close attention to ETF net inflows and the size of spot exposure. Once the inflow slows down, the short-term uptrend will be limited. Swing traders are starting to take profits in batches, which is reasonable. At the same time, there have been no clear signs of a bearish turn in the current bull market cycle.