Recently, the flow of funds in the crypto market has been quite interesting. Bitcoin spot ETFs experienced a net outflow of $243 million yesterday, but a related product from a major asset management firm actually saw inflows of $229 million. This kind of divergence is quite rare. In contrast, Ethereum spot ETFs have been attracting capital for three consecutive days, showing a markedly different trend.

On-chain long and short battles are also very intense. Just now, a whale was monitored to have投入200万美元, directly using 40x leverage to short BTC, with a nominal position exceeding $33 million. Such high-leverage strategies usually mean that subsequent price movements could be amplified, leading to potentially sharp volatility in the short term.

From a certain perspective, this divergence and betting actually indicate that the market is undergoing normal rotation. When mainstream assets are hotly contested, some funds naturally flow into niche sectors with unique growth potential and certain community consensus. Market participants are voting with their feet, choosing the tracks they believe are more valuable.

What do you think about this wave of market activity? Feel free to discuss.