Today's Market Update (2) On the funding side, the past week has been pretty interesting. With the current low trading volume, just a daily net inflow or outflow of 100-200 million in ETFs is enough to move the market... Two weeks ago, ETFs had daily net inflows of 100-200 million, and the market trended upward. Last week, media reported a net outflow of 100 million, and the market dropped. But if you look at CVD, it seems like it’s not just about ETF volumes... Last week, Coinbase spot CVD dropped by over 3000... Meanwhile, Binance spot CVD bought up nearly 3000. Usually, when there’s this kind of divergence between the Asian and U.S. markets, Binance wins... But last week, Coinbase won for a change... ----------- So how this week plays out will depend on the Coinbase premium near the open... Only spot-driven moves can break out of the current range boxed in by contracts (62.5k~63.7k). ------------ For now, the strategy is to focus on spot buy/sell orders. If spot-driven momentum isn’t strong, then just keep playing within the contract-defined range... Intraday today, still watching the 62.5k and 63.7k levels. Once it enters the boxed range, watch for volume spikes and potential absorption/reversal... If spot is strong and breaks 63.7k or 62k... Then we can continue to monitor the two weekly observation ranges in Chart 2...