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Since mid-October, crypto ETPs have continued to come under pressure. According to data, the total outflow during this period has exceeded $3.2 billion, and investors' accounts are still deeply in the red. Last week, ETPs experienced a net outflow of $446 million, with the rapid decline attracting much attention. What does this set of data reflect? It is an undisputed fact that market sentiment has shifted to caution. While waiting for a rebound signal, investors' patience is gradually being exhausted. Whether the enthusiasm for crypto asset allocation will cool down as a result remains to be seen.