In this Bitcoin pullback, institutional buying definitely did not stay on the sidelines, but overall market demand remains weak, and selling pressure is still mainly in the hands of other participants and whales. ETF now seems to be the main support at the bottom, but the problem is that relying solely on it to hold up makes it difficult for the rebound to gain momentum. In the short term, $BTC still needs to digest the selling pressure first; don't interpret institutional inflows as an immediate sign of strength.