Last Friday's ETF capital flow data is worth a close look. Both BTC and ETH experienced net outflows, with a single-day BTC outflow reaching $195 million, which indeed reflects institutions reducing risk amid macro uncertainties. But what's more interesting is the internal rotation of capital flows—XRP ETF accumulated inflows approaching $900 million, and altcoins like Solana are also seeing modest gains.

This is not a large-scale retreat but a selective positioning. Institutions are clearly re-pricing risk assets; while mainstream assets are under pressure, they are seeking alternative targets with stronger momentum or more defined narratives. As the year-end approaches and macro noise intensifies, the market has shifted from an "all-in risk assets" mode to a "selective investment" approach.

From an on-chain perspective, this rotation warrants ongoing monitoring—pay attention to whether these inflows into altcoins are sustained by whale accumulation and the true absorption capacity of these funds. Divergence often signals subsequent structural opportunities; the key is to identify which rotations are driven by genuine demand.