Today's market - Is the selling pressure in the past two days coming from old money within the cryptocurrency circle? liquidity conditions Endless tossing and throwing has begun again But this wave seems more like it's coming from within the cryptocurrency community. In the past few days, there has been a significant divergence among ETFs, with IBIT selling versus buying other ETFs. Or IBIT sales vs. other ETF sales The overall daily outflow is less than 100 million . (Figure 1) However, within the cryptocurrency circle, Binance's spot market has been constantly fluctuating . (Figure 2) So under such selling pressure, the short-term sentiment of the US Coinbase this week cannot save this market. You can also see such throwing pressure on the chain. On the 21st, a batch of dormant old coins on the chain suddenly moved (1.6W coins) and began quietly selling at this price point, concentrating a wave of profits If BTC is currently at a high level, I can say that this sign is that old money is being distributed gently. But now it's at the 6W position I can only say that I really don't know the reasons and judgments behind them .. I decided to only sell for one day, and there is currently no greater selling pressure on old coins on the 22nd. Considering the risk off in the US stock market these past few days and the significant drop in the South Korean stock market today, we are all waiting for the guidance that tomorrow's MU financial report may bring (MU's financial report directly shows the future order demand for storage, and whether this wave of CAPEX narrative can be sustained, etc.) Next article continues