#Bitcoin saw an unexpectedly strong return of funds, but macroeconomic pressures continue. CPI data was unfavorable, so the inflows may not last!

Tuesday’s #BTC ETF data is out. It showed a daily inflow of $175.7 million, far exceeding my expectations on Monday. Looking at the daily flows alone, the rebound in inflows was quite strong.

The main net outflows came from IBIT, FBTC, and MSBT. FBTC saw a clear return of funds, which means Tuesday’s rebound in inflows was fairly solid.

Crypto market data looks relatively more optimistic than ETF data. So far, the decline has come with shrinking volume, clearly indicating that selling pressure has not been fully exhausted. Total funds have increased rather than decreased, rising by $100 million overall, with net outflows of $27 million from USDT and net inflows of $26 million into USDC.

Overall, ETF data is weak, while crypto data remains relatively stable. However, based on the data so far, the direction is still unclear. In particular, there has not yet been a decisive surge in either direction in fund flows, which means we are still some way from a turning point.

Whether a short-term rebound is topping out or a decline is bottoming out, the market needs to go through a process of expanding volume followed by contracting volume. Clearly, we are not there yet! #9月CPI来袭原油美债走势如何