Where is the money going? The ledger doesn't lie.
Here's the position-side cash flow: $BTC on 10/22, the day of the surge, saw an inflow of +368.5 million; on 10/23, an outflow of -431.3 million; on 10/24, another outflow of -236.2 million; on 10/25, a partial return of +124.4 million; on 10/26, another withdrawal of -188.4 million; as of this morning 10/27, a return flow of +146.7 million, with a cumulative net outflow of -216.3 million. Most of the money that entered at the high has already left, and the current inflow looks more like the residual heat of short covering rather than a large-scale entry of new bulls.
$ETH is even more straightforward: on 10/25, a large outflow of -171.2 million, with a cumulative -136.1 million. The second brother's bleeding started earlier and was more intense than the big brother's. The fees haven't gone crazy: $BTC latest +0.010%, $ETH +0.009%. Bulls are still paying protection fees on time, indicating that the bulls remaining in the market haven't been scared off, nor is it overly crowded—if a surge were really coming, fees would have already shot up above 0.05%.
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