Woofun AI reports that on-chain analyst Murphy highlights structural differences in the current cycle driven by traditional institutional funds via BTC spot ETFs. He explains that net flow data reflects authorized participant (AP) subscriptions and redemptions, which only register when secondary market selling pressure pushes prices away from net asset value beyond arbitrage costs.

Murphy notes that while January-February showed high volume with slight outflows, May-July exhibited low volume with significant net outflows. This pattern indicates an absence of marginal buying support rather than heightened selling, causing consistent discounts and AP redemptions. He characterizes this as a potential tail-end clearing phase, suggesting possible layout opportunities for retail investors despite uncertain duration.