The latest data is worth paying attention to. The US Bitcoin spot ETF saw a net outflow of $243.2 million yesterday, while the Ethereum ETF experienced a net inflow of $114.7 million. Behind this contrasting pattern, some interesting market changes are being revealed.

From on-chain performance, large Bitcoin holder addresses show signs of reduction, and exchange inflows are increasing, which usually indicates that some investors are taking profits or adopting a conservative stance. Meanwhile, Ethereum's on-chain activity remains high, with frequent smart contract operations and growing staking volumes, suggesting that funds are concentrating in this direction.

Market news provides some explanation. Recent protocol upgrades and ecosystem expansion for Ethereum have indeed attracted market attention, while Bitcoin may face short-term macro sentiment fluctuations, with large net outflows putting some pressure on its price.

From a broader perspective, this divergence may precisely reflect the market's rational rotation process. Bitcoin needs to absorb the pressure from outflows, but the influx of funds into Ethereum indicates that the market is not pessimistic but rebalancing. Continuously monitoring on-chain data changes and market sentiment evolution can often help us identify trend reversals earlier. Short-term fluctuations are inevitable, but fund flows usually do not lie.