BTC has been consolidating at the bottom for 4 days, with almost no market fluctuations and few trading opportunities. It wasn't until today that a decent rebound occurred. In the past two or three days, there has been an interesting phenomenon—alerts about spot fund movements are concentrated outside the 24-hour window. What does this mean? It indicates that the accumulation of funds on the spot side is still ongoing and there hasn't been a large-scale outflow. From this perspective, there is still room for upward movement.

Here, a detail needs to be added: the main participants entering and exiting the futures market are traders, whales, and retail investors, while most of the funds accumulating in the spot market are ETF institutions and large capital. Interestingly, the directions of these two camps have diverged this time. The behaviors of institutions in futures and spot markets are exactly opposite, and the next trend will depend on whose chips are more stable. This is a confrontation of funds, and the outcome remains to be seen.