#BinanceABCs Independent market trends will come sooner or later.

In the crypto market, there are basically two sources of money: one is the on-chain players, and the other is traditional finance entering the space. What’s interesting about this cycle is that the scale of traditional capital inflow far exceeds the previous one, resulting in increasing market correlation.

On-chain funds are being continuously harvested in this process, and the space is getting smaller and smaller. Now, off-chain funds are starting to withdraw rhythmically, seeking the next big profit window.

A clear dividing point is the emergence of a certain themed coin — before that, off-chain funds kept increasing their positions, but afterward, the inflow slowed down significantly. The performance of $BTC $BNB clearly reflects this change.

Honestly, relying solely on on-chain trading cannot reach this scale, so everyone has both been harvested and benefited from it.

Think about it: if Bitcoin just rose like the US stock market and maintained a high correlation over the long term, would people still be trading coins? It’s precisely during times when prices diverge—when some assets lag behind or surge ahead—that excess returns explode. The more pronounced the divergence, the greater the opportunity.