Billions are flowing into Bitcoin ETFs, but why are the board prices remaining stagnant? This question has been frequently heard in the market recently. Analysts have started questioning why the expected correlation between investment flow and price movements is not occurring. Despite billion-dollar ETF inflows, the board prices are not reaching the desired levels. One analyst is trying to explain the reason: while large investors are taking positions through ETFs, selling pressure can also occur in the market at the same time. Institutional funds and retail investors move at different times. The board prices reflect the impact of this imbalance. Technical factors also play a role — liquidity distribution, derivatives market dynamics, and the difference between the spot market prevent the investment flow from translating directly into price increases. In summary, capital inflow does not always mean a price rise; the market mechanism is much more complex.