On July 4th, Ki Young Ju, founder and CEO of CryptoQuant, wrote on the X platform that this round of cycles is different, and the sources of funds are different. Spot Bitcoin ETFs currently account for a quarter of the total spot trading volume, which means that new entrants are more mature than ever, and I believe there will be more mature funds in the future. Mature funds usually have diamond hands. There are still many institutional capital waiting to enter the field, and the channel is now open for them.