The spot money is back, and the leverage in the contracts has been stacked to the extreme. How will the US stock market open tonight—it will determine which side admits defeat first.

First, look at the good news. On the last trading day, the net inflow for the BTC ETF was $189 million. Previously, there had been five straight days of outflows totaling $390 million—this marks a complete reversal. On the same day, the ETH ETF saw inflows of $71.47 million. The three categories of ETFs combined returned $260 million in a single day, bringing the total size back to $91 billion.

On the contract side, in the past 24 hours, liquidations across the entire market totaled $125 million, with shorts accounting for 78.8%. The short squeeze hasn’t stopped yet. The most典型 example is ETH: open positions increased by 4.13% in one day to $21.7 billion. In the same period, among the $81.2 million liquidated within 12 hours, shorts made up 91%. The accumulating longs are currently winning. The Fear and Greed Index rose from 31 to 46, recovering 15 points over three days.

But before the market opens, there are two signals that don’t match.

First, the last hour’s encryption has flipped: the liquidation of long positions is $1.08 million, with longs accounting for 53%. In PORTAL, over the past hour, the longs were lifted by 136,000 (13.6万) and 189 trades; retail longs are getting cut.

Second, over there in the US stock market, it’s all longs getting hit: in the past 24 hours, $65.39 million was liquidated in the stock category, with longs accounting for 71.8%. In the last hour, that proportion was 87.6%. In crypto there’s a squeeze, and in US stocks there’s slaughtering of longs. Tonight at 21:30 when the market opens, one of the two directions will have to change.

And there’s another leverage thermometer: BTW, BTC is up 63% in a day, with trading volume of 1.28 billion and open interest up 53%. The annualized median funding rate is 96%, which is 40 times that of BTC. HEMI open interest is up 78%. With this kind of funding-rate structure, every hour you chase longs you’re paying.

The ETF spot camp wins on direction; the ‘weird coin’ leverage camp wins on volatility. Which side are you standing on tonight?

$BTC $ETH $BTW #盘前思路 #ETF #liquidation data

View in real time: https://www.coinboss.com/etf