On-Chain Data Analyst Murphy recently pointed out an interesting phenomenon—Asian funds are leading the rebound of Bitcoin.

According to the RMMPC indicator (a tool that tracks the impact of regional capital flows on price movements), since December 19th, funds from Asian markets have been continuously flowing in, driving BTC to quickly rebound after retesting $85,000. It sounds promising, but there is a key issue—funds from the Americas haven't moved much yet.

Because of this, the strength of this rebound is actually relatively limited. Part of the reason is indeed the slowdown in capital flow caused by Christmas and New Year holidays.

Murphy compared this to the market situation in March 2025. Back then, Asian funds entered first, followed by the Americas, and the combined forces launched that strong rally, ultimately causing BTC to surge significantly. The current situation is a bit different—one hand is pushing, while the other hand hasn't exerted effort yet.

The RMMPC indicator is now playing a role, clearly reflecting these regional capital differences. From a technical perspective, Asian funds are indeed the main driver of the current rebound, while the timing of the Americas' entry will be crucial in determining whether the rally can continue.

In other words, what to watch closely next is: when will the Americas start to exert force? That will be the real moment of truth.