#ETF资金流向 I saw Banmuixia's analysis on ETF fund flows, and it brought back memories of the critical moments I've experienced over these years. In late 2017 and late 2021, those seemingly impregnable highs were ultimately torn apart by capital withdrawals. What's different this time is that we have a clearer observation window — institutional fund movements have become transparent.

The current situation is quite interesting actually. Bitcoin is oscillating repeatedly around $82,000, with volatility compressed to the extreme, like a taut string about to release. Banmuixia is right — excessive bullishness is no longer appropriate, but don't rush to turn bearish either. These 1-2 months are precisely the golden window for observing ETF fund flows — if there's sustained net inflow, then short-term consolidation is accumulation; conversely, significant outflows are the real risk signal.

I've seen too many people panic-sell due to short-term fluctuations. That $71,000 level, though a low-probability event, historically these "low-probability" scenarios are often nightmares for those who haven't done their homework. The key is to focus on fund flows, not be swayed by emotions. March-April next year will be the real test period; the task now is to patiently wait for the trend to clarify, and remember — every turning point in each cycle is hidden in the most dull sideways consolidation.