Last night, the Bitcoin spot ETF swallowed another 226.7 million dollars! BlackRock's IBIT took 163.7 million, Fidelity's FBTC followed with 32.85 million, and Bitwise snapped up 25.16 million. It has seen net inflows for 13 consecutive days! But don't get too emotional. On-chain whales are moving chips to exchanges, and the long-short meat grinder is already warming up!

ETFs hide three hidden knives

1. Institutions play the hedging game: In June, ETF inflows totaled 1.13 billion dollars, but BTC price fell by 4.4%! What's the catch? The options market is aggressively selling put contracts, and the PUT/CALL ratio has skyrocketed. Large funds are buying spot while purchasing insurance, making profits even during crashes.

2. Grayscale GBTC slows down, hiding danger: In June, only 23 million dollars flowed out of GBTC, the lowest since January. While it appears that selling pressure has weakened, in reality, the market makers are holding back for a big move, with 380,000 BTC ready to crash the market; the 1.5% management fee scythe is not rusty!

3. Ethereum ETF suffers a bloodbath: In June, a net outflow of 80 million dollars! Institutions are voting with their feet: BTC is the favored child, ETH is the adopted one; at the slightest disturbance, they first cut altcoins.

Today, 139,000 BTC options expire, with a nominal value of 15 billion dollars and a maximum pain point at 10,200. What does this mean? The market maker wants to hit the price that causes the most liquidations! Above the current price of 107,000 is a graveyard; if the Fed hawks at 10 PM, dumping to 102,000 could harvest 15 billion!

Even more insidious are ETH options: 939,000 contracts are ambushed at the maximum pain point of 2,200, current price 2,430, with a crash potential exceeding 9%! The market makers have scripted this: using the Fed as a knife to harvest options traders into dumplings.

Operating guide: Follow the market makers, don't become the filling

Spot traders' life and death line

BTC breaks 106,500: cut positions to 50%, leave bullets for the graveyard at 104,800, the weekly whale investment zone

ETH breaks 2400 with volume: place a bottom-buy order at 2383.5, don't fully invest until it hits 2350

Altcoin forbidden zone: NO MEME coins or new mining coins! Funds are fully flowing back to BTC; altcoin season? Let's wait for the Fed to cut interest rates first.

Contract bloody discipline

Current price only shorts, not longs:

BTC rebounds to 107,450 to short, stop-loss at 107,800; ETH rebounds to 2,442 to short, stop-loss at 2,450! Tonight's options settlement + Fed = double kill situation;

Conditions for long position suicide:

Unless the following conditions are met: 1. Volume breaks 108,200 (BTC) / 2,460 (ETH); 2. Whales stop transferring to exchanges; 3. Funding rate > 0.01% — otherwise, it's all market makers' dismemberment knives!

13 consecutive days of inflows? Market makers are playing 'boiling frogs'! For every BTC BlackRock buys, a whale deposits 2 BTC into exchanges! Remember: ETFs are open bait to lure in, options are the hidden knives!

I am Old Zhao. If you feel helpless or confused trading in the crypto space right now, I hope my sharing can bring you some inspiration and help! Follow me! Let's tear apart the market makers' bottom lines! #加密市场回调 $BTC $ETH