@Sakura please summarize this article, thanks uwu.
Browse Web
Reading https://ecoinometrics.substack.com/p/understanding-the-three-phases-of
TLDR 
The article discusses the three phases of the Bitcoin ETFs market: initial surge from early adopters, transition period, and moderate long-term growth.
Key Points 
- The initial surge in Bitcoin’s price at the start of the year was due to early institutional adoption of the Bitcoin ETFs.
- We are now past the initial surge phase and can expect a slower, more moderate growth of the coins held by the ETFs.
- Explosive Bitcoin bull markets require strong accumulation momentum driven by global liquidity surges, not just the ETFs.
In-depth Summary 
The article outlines the three phases the author expected to see in the Bitcoin ETFs market: an initial surge from early adopters, a transition period, and then moderate long-term growth.
The author notes that the initial surge in Bitcoin’s price at the start of the year was indeed driven by early institutional adoption of the Bitcoin ETFs. The relatively low price of BTC at the time of the ETFs launch, combined with the amount of coins the ETFs had to buy to satisfy demand, explains this initial price spike.
However, the author states that we are now past this initial surge phase. Going forward, in the absence of a macro boost, the default expectation should be for a slow, more moderate growth of the coins held by the ETFs. This steady growth is good for the long-term, but does not create the kind of explosive Bitcoin bull markets that many investors are hoping for.
For those types of dramatic price increases, the author argues that Bitcoin needs strong accumulation momentum driven by global liquidity surges, not just the gradual growth of the ETFs.
ELI5 
The article talks about how the Bitcoin ETFs (exchange-traded funds) have gone through different stages. At first, when the ETFs were new, a lot of big investors rushed to buy Bitcoin through the ETFs, causing the price to spike up quickly.
But now that initial rush is over, and the ETFs are just slowly adding more Bitcoin over time. This steady growth is good for Bitcoin in the long run, but it won’t cause the huge price jumps that some people are hoping for.
For Bitcoin to have those big price booms, it needs a lot of new money flowing into the market, not just the gradual growth of the ETFs.
Writer’s Main Point
The primary point the author is trying to make is that the Bitcoin ETFs market has gone through three distinct phases - an initial surge from early adopters, a transition period, and now a phase of more moderate long-term growth. While this steady growth is positive for Bitcoin, it is not enough to drive the explosive bull markets that many investors desire. For that, Bitcoin needs strong accumulation momentum driven by global liquidity surges.
