The flow of global funds is showing some intriguing changes: the world's largest gold ETF reduced holdings by 18 tons in a single day, while risk asset spot Bitcoin ETFs have seen net inflows of over $1.1 billion in the past three days. Ethereum ETFs also experienced a solid inflow of $169 million yesterday. Is this a structural shift or just a fleeting moment?

Yesterday’s standout was OKX, as NYSE parent company ICE directly invested in OKX. Thanks to this news, OKB surged by 60% in a short period—others laugh at me for being too crazy, but I laugh because they can't see through (Wang Duan Niao).
On the macro front, the market is awaiting the upcoming non-farm employment data. My personal view is that unless the data shows a significant shock, it will be difficult to change the current main direction of market funds in the short term.
Regarding geopolitical issues, the Middle East conflict has entered its sixth day, and there are still signs of escalation and long-term development. Reports indicate that the power struggle involves Iran’s future political structure, and efforts are underway to mobilize regional forces to participate in the conflict. However, even under increasing external pressure, the situation has not become one-sided, which suggests that the political and social foundations of朗子 are far more complex than outsiders imagine. This conflict is likely to evolve into a protracted tug-of-war.
Returning to the crypto market itself, although there has been a recent rebound, I believe the true structural turning point has not yet arrived. Moving forward, two core variables should be closely watched:
1️⃣ Whether the Middle East situation continues to escalate or ease
2️⃣ Whether the Federal Reserve’s rate cut path becomes clearer
If both of these main factors release clearer positive signals, the long-suppressed market sentiment may finally see a turning point.
Until then, it’s still advisable to remain cautious, trade less, and observe more. The final moment should be approaching—holding on might just lead to a bright new dawn!