Short-term capital replenishment cannot change the mid-term outflow: continuing to be bearish today.
BTC spot net inflow in 4 hours is $4.54 million, contract net inflow is $281 million. Extending to 24 hours, spot net outflow is $131 million, contract net outflow is $423 million. Short-term buying has returned, but mid-term funds are still retreating.
ETH's structure is weaker, with a 24-hour spot net outflow of $123 million and contract net outflow of $518 million. The 30-day contract net outflow has expanded to $8.21 billion, indicating funds have not truly reversed.
SOL spot and contract 24-hour net outflows are $7.11 million and $63.39 million respectively, with short-term rebounds lacking sustained capital support. Although ZEC has a 24-hour spot inflow of $3.88 million and contract inflow of $59.77 million, and a one-week contract inflow of $224 million, the 30-day contract still shows an outflow of about $997 million, making the current strength seem more like a localized capital game.
My view remains bearish.
4-hour net inflows are only considered as short-covering and low-level rebound grabs; 24-hour and 30-day data have not reversed, so the market has not completed a trend reversal. BTC's rebound cannot drive overall capital return, while ETH, SOL, and ZEC continue to face downward pressure.
Disclaimer: OKX Orbit content is provided for informational purposes only. Learn more
