Redemptions of cryptocurrency funds are receding, but incremental funds have not fully recovered yet According to EPFR data, the latest week's net inflow of global cryptocurrency funds was approximately $1.5 billion, making it the week with strong capital inflows this year. The situation in the previous few months was completely opposite. From May to July, cryptocurrency funds experienced consecutive large redemptions, and the cumulative flow of funds over the past 12 months quickly dropped from a net inflow of approximately $6 billion in April to a net outflow of approximately $3 billion in June. In recent weeks, funds have flowed back again, and the cumulative net outflow has been basically filled in. The pressure on the fund side to continue redeeming, passively reducing positions, and selling cryptocurrency assets has significantly decreased compared to two months ago. However, the cumulative cash flow over the past 12 months is still around zero, and the proportion of cash flow calculated based on asset management scale is also close to zero. Therefore, the latest inflow of $1.5 billion is mainly to repair the gap left in the previous months, and has not yet formed a large-scale new buying market. This is still relatively favorable for the cryptocurrency market, especially for Bitcoin: native. In the past few months, fund funds have been dragging down the market, and now the selling pressure has gradually receded. If net inflows can be maintained for several consecutive weeks, then investor funds are likely to shift from selling to buying. But if the subsequent funds quickly turn negative again, this week's $1.5 billion may only be a low-level replenishment, rebalancing of positions, or a one-time purchase. After all, I have mentioned many times before that there is clearly a large amount of buying for Bitcoin when it is around $60000, and it needs to be re observed after rapidly rising to nearly $80000. In addition, EPFR statistics show that global cryptocurrency funds have a larger overall fund volume than US Bitcoin spot ETFs. @Gate Crypto、 US stocks, Hong Kong stocks, South Korean stocks, gold CFD、 Predicting one-stop trading in the market