The moving company took on a big job this week
The capital flow drama is more exciting than the K-line. The fee rate turned negative on 10/06 and 10/07, the bears just popped champagne, then from 10/08 it rose three days in a row, today reaching +0.0052%—the bulls are spending money again, the atmosphere is warming up. Positions are more straightforward: -346 million on 10/06, -201 million on 10/08, -382 million in a single day on 10/09, with a net outflow of 655 million dollars over the week; on the contract side, over ten billion in leverage was more than half washed out; on 10/10 it turned positive with a return flow of 42 million, the volume is not large, but the direction has changed.
This round of retreat is not retail investors cutting losses, but a disciplined moving—fees didn’t collapse, liquidations didn’t happen en masse, it’s just positions withdrawing. After the withdrawal, new money starts to come in, coupled with Citibank raising the $BTC target price to 113,000 (12-month horizon), the smart money’s script is clearer than the K-line.
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