$BTC
According to the latest ETF fund flow data, Bitcoin ETFs experienced a net outflow of $359 million in a single day, while Ethereum ETFs saw an unexpected inflow of $91.9299 million. This significant divergence may indicate that the main narrative of the market is quietly shifting. Here is my analysis logic:
The current bullish market pattern shows a clear institutional dominance. Wall Street capital manipulates the market through precise information control (such as leveraging the influence of public figures like Trump), combined with tight position layouts and market hype, forming a complete "ambush-lift-harvest" operation chain. In this environment, the voice of retail investors, especially Chinese investors, continues to weaken, leading most to choose conservative strategies—converting their assets into Bitcoin for defense.
However, the market often reverses where the consensus is most concentrated. I believe institutional funds are likely to implement a "rebalancing and harvesting" strategy in the next 2-3 quarters: when the market generally believes that holding Bitcoin is the safest, large funds may instead turn to operating Ethereum. This choice has three-fold advantages: 1) the market cap is large enough to accommodate big inflows and outflows; 2) the ecological narrative is rich, making it easy to create hotspots; 3) it can precisely target those conservative investors who have just exchanged altcoins for Bitcoin. This "mutual killing" game may become a typical feature in the later stages of the bull market.
