📊 The correlation of BTC has soared to 0.80! Is it becoming "Tech Stocks 2.0"? The 30-day correlation of Bitcoin with the Nasdaq 100 has risen to 0.80 (a new high since 2022), indicating that its short-term movements are increasingly resembling those of a "super volatile tech stock." The average correlation over the past five years was only 0.54, while the correlation with cash and gold is nearly zero — which means that BTC's "digital gold" narrative is increasingly resembling that of a "tech growth asset" in pricing terms. 📉 Regarding ETFs: Net outflows for three consecutive weeks, but structural differences are significant. Last week, Bitcoin spot ETFs saw a net outflow of $1.11 billion, continuing for the third week. However, there is significant internal differentiation 👇 ARKB (Ark Invest × 21Shares): Net inflow of $1.68 million, with a cumulative inflow of $1.91 billion. IBIT (BlackRock): Net outflow of $532 million, but total net inflow remains as high as $63.79 billion. Current total net asset value of all BTC spot ETFs: $125.34 billion. Overall, funds are flowing out, but institutions have not "turned and run."