#美国就业数据不及预期 Funds are migrating, not evaporating

On the eve of tariff policy implementation, market risk appetite has shown a clear divergence.

At first glance, the surface appears chaotic—US stock futures are pulling back, while the Nikkei index hits new highs; US Treasuries are strengthening, Japanese bond markets are under pressure; precious metals are soaring across the board, silver prices have broken historical highs, tin and copper are also at record levels, but crude oil is retreating.

Initially, each sector seems to be acting independently. But as long as you track the flow of funds, you can see what is really happening.

This is a typical "position reshuffling" phenomenon—institutions are rebalancing their holdings.

When large funds start operating this way, it’s often not just short-term emotional fluctuation. Some market signals are far more important than watching the main index. $BTC $ETH $SOL’s performance during this adjustment is worth paying attention to.

Remember, funds do not disappear into thin air; they are just looking for better places to settle.