Recent days' crypto market capital flow reveals some不可忽视的细节.

January 13th was particularly interesting. Bitcoin spot ETF saw a single-day net inflow of $627.5 million, Ethereum ETF followed with $76.7 million, even Solana attracted $5.9 million, and XRP saw an inflow of $15.04 million. Look at this inflow rhythm — it’s not just a single asset gaining popularity, but the entire crypto asset class being simultaneously allocated. What does this indicate? Institutional capital is shifting its approach; they are no longer betting on a single asset exploding but are instead positioning for the growth potential of the entire asset class. Market sentiment has shifted from cautious observation to active participation. This change is driven both by macroeconomic improvements and the rising regulatory expectations.

Analysts on social media are also discussing the uniqueness of this rally. They point out three key features: low leverage, low holding costs, and high ETF inflows. An interesting data point is that Bitcoin futures open interest has exceeded $138 billion, yet funding rates have not risen significantly — what does this imply? The rally is not driven by longs leveraging up wildly, but by genuine buying in the spot market supporting the price. This kind of upward structure is healthier than the frenzied pump of 2021 and is more likely to be sustainable.

However, beyond optimistic voices, there are cautious signals. Around January 13, some large funds established short positions of $35 million on Bitcoin, Ethereum, and Solana simultaneously. This reminds us that not all big players are bullish; internal market disagreements still exist.

So, how do I view this rebound now? I believe its trajectory ultimately depends on the actual policy direction of the Federal Reserve and the final version of the relevant US Senate bill. If both uncertainties are confirmed, the market could truly enter a major bull phase. Conversely, this might just be a technical rebound within a bear market. Stay vigilant, but don’t be overly pessimistic.