Stop comforting yourself. The current situation with $BTC and $ETH is not as optimistic as you think. Continuous large-scale outflows of ETF funds are the most direct negative signal.

According to the latest data, Bitcoin ETF has experienced a net outflow of over $300 million in the past week, with a single-day outflow of $263 million. Major institutions like BlackRock are leading the sell-off; Ethereum is even worse, not only recording its largest single-day outflow in history but also experiencing over $350 million in outflows in the past week, with the capital fleeing at a faster rate than Bitcoin.

The core support for the market previously was the incremental funds from ETFs. Now, not only is the capital not flowing in, but it’s also rapidly exiting, effectively shutting down the bullish engine and even turning into a drain, causing the market to be under constant downward pressure.

In this environment of collective institutional deleveraging, market liquidity is deteriorating. Even small sell orders push prices down, leveraged liquidations are common, and Ethereum’s decline is noticeably larger than Bitcoin’s, indicating that funds are accelerating their abandonment of these risk assets. This also drags down the entire crypto market, with altcoins suffering even more severe declines.

Currently, there are no positive catalysts to support the market, and the macro environment is unfriendly. The so-called bottom-fishing and rebound are mostly just trap setups. Continuing to be bullish on BTC and ETH likely only means facing ongoing downward risks. The short-term trend has already clearly weakened, and there’s no need to hold onto unrealistic hopes! #鲍威尔鸽派发言重燃降息预期
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