Strength in U.S. stocks does not mean liquidity is easing. BTC has stronger inflow support than ETH, while demand for SOL and HYPE still needs to be validated. During U.S. trading on October 5, the S&P 500 rose about 0.50% and the Nasdaq rose 0.77%. The 10-year U.S. Treasury yield was around 5.328%, with high financing costs still weighing on valuations. (reuters.com) On October 2, spot BTC ETFs saw net inflows of USD 189.9 million, while ETH ETFs saw net outflows of USD 37.4 million—the latter marking four consecutive trading days of outflows, indicating divergent subscription demand. (farside.co.uk, farside.co.uk) The market cap of stablecoins on Solana was USD 16.587 billion, up 0.95% over seven days. DEX trading volume over the past seven days was USD 14.793 billion, down 13.32% from the previous week, so capital held on the network and trading activity have yet to grow in tandem. (defillama.com) Hyperliquid’s perpetuals trading volume over the past seven days was USD 41.526 billion, and the platform’s open interest was USD 8.370 billion. OI represents contract positions and should not be treated as spot buying of HYPE. (defillama.com) My assessment: short-term sentiment has some support, but the medium-term outlook still depends on sustained inflows and on-chain demand. If yields continue to rise and leverage grows faster than spot buying, volatility risks will increase. Can this week’s new inflows drive real usage? Verification: As of early October 6 Beijing time; on-chain data uses a seven-day period. Sources: Reuters, Farside, DefiLlama. $BTC $SPCX