#美联储回购协议计划 The Fed released approximately $6.8 billion in liquidity to the market yesterday, bringing the cumulative scale of funds injected over ten days to $38 billion. Where exactly has this money gone?

From the perspective of spot ETFs, Bitcoin has been in a net inflow state for four out of the last ten days. Even on days of outflow, the outflow rarely exceeds 500 million in a single day. Adding the outflows from Ethereum and altcoin ETFs, a rough estimate of the total outflow per day is about 1 billion, with a monthly outflow reaching up to 10 billion. So what about the remaining 28 billion? It has been injected into the market but hasn’t stirred any ripples—Is this setting a trap or playing Tai Chi?

Is the selling pressure in the market really that terrifying? Although many people are bearish, it doesn't make sense logically that such a huge amount of liquidity would only be used to maintain the status quo without collapsing. Since Bitcoin dropped on November 21, it has been stuck in a repeatedly oscillating range. Ideally, these newly added liquidity should target Bitcoin first.

But Bitcoin still hasn't stabilized above 90,000. Anyone with a discerning eye can see that this game is being played on a large scale. During the waiting period, there will inevitably be various voices disturbing the calm, but that is the essence of the market. If everyone looks in the same direction, then everyone becomes a target for being harvested. The market fluctuations are indeed tortuous, but a new upward cycle will eventually arrive, and that hasn't changed.