Interestingly, the day before yesterday, the prediction that Tuesday's US Bitcoin spot ETF data would be good turned out to be far beyond expectations. On that day, institutional net inflows reached 8,529 Bitcoins, setting a single-day record since October 6, 2025. Who are the main players behind this wave of inflows? Fidelity and Bitwise each contributed four-figure inflows, becoming the main drivers of this rally. Such data often reflect the true attitude of institutions towards the market— the higher the scale and frequency of net inflows, the more confident large funds are in the subsequent market. From this perspective, this wave of institutional actions is quite insightful.