Today's Market (2) Looking at today's capital flow... Honestly, $BTC feels like there's no real spot market players left except for ETFs... ETFs with daily net inflows and outflows of 100-200 million USD are basically dictating $BTC's price movement. Last week, daily net inflows of 100-200 million USD pushed the price up slowly. This week, net inflows have decreased + shifted to net outflows, and the price dropped immediately... --------- Coinbase's real premium is pretty messy today... Fluctuating between positive and negative, so it's basically noise—can't determine whether it's contributing to inflows or outflows today. But looking at CVD, Coinbase has been very consistent this week, with a nearly fixed downward slope. This suggests that big players (like ETFs) are slowly TWAP-selling... Even if Binance is buying, it can't pull the price back up... So today, we still have to keep an eye on ETFs... Watch how the U.S. stock market opens to see if the trend continues or reverses.