Last year, ETFs supported the market for a while.
But that kind of funding is a one-time irrigation; once it flows out, it's gone.
This year is completely different. After regulators eased restrictions and removed compliance risks, DeFi, especially perpetual contracts and derivatives, has erupted. For example, Hyperliquid's trading volume reached 330 billion in July.
Now, the core driving force of the market is not the inflow and outflow of ETFs, but on-chain depth, positions, and spreads. Institutions and large players are willing to leverage on-chain, indicating a genuine optimism about the market outlook, rather than passively following ETF purchases～
