Recently, there's a phenomenon worth pondering—over the past ten days, the Federal Reserve directly injected $38 billion into the market. The hope was that this "liquidity injection" could give the crypto market a boost, but when looking at the price charts, BTC hasn't even stabilized above the $90,000 level, as if this massive capital has vanished into thin air. This raises the question: is it a trap set by large institutions, waiting for retail investors to step in and buy the dip? Or is the market just barely holding on for survival?

Let's first do the math. In these ten days, the BTC spot ETF saw net inflows on four days, with the largest single-day outflow no more than $500 million. Even if we include all outflows related to ETH and SOL products, the total liquidity gap doesn't exceed $10 billion. What does this mean? Subtracting $10 billion from $38 billion leaves $28 billion that should have flowed into the market.

In previous years, such large-scale liquidity injections would have easily pushed BTC to new highs—after all, the crypto space is never short of capital sniffing out money. But the current situation is that funds seem to have fallen into a bottomless pit. Since the decline on November 21, BTC has been sideways, not only failing to break upward but not even managing a decent rebound.

Some might say, "Is it because the sell-off is too fierce?" But if that were the case, BTC would have already broken out of its range, and it wouldn't be lingering like this. The market's confusion lies here—on the surface, it looks like liquidity has failed, but the underlying logic might be more complex.