#Strategy加仓比特币 An interesting observation: recently, the net inflow data of Bitcoin on CEXs seems quite fake.

According to on-chain data analysis, the new government's tariff measures have become a clear bearish factor for Bitcoin since this year. This thing may seem macro, but it actually hits directly at three key areas—corporate profits, price expectations, and interest rate outlooks—causing risk asset appetite to shrink immediately. As a high-risk asset, Bitcoin was the first to be hammered.

Investors react incredibly quickly. Once doubts about economic growth and exchange rate trends arise, they immediately start reducing risk positions. At this point, Bitcoin has become a "stop-loss tool"—being rapidly sold off as a highly liquid asset, rather than a long-term store of value.

But there's an interesting detail: the inflow of funds into exchanges did see a short-term increase. At first glance, it looks like a sign before a large-scale sell-off, fitting the common pattern during adjustment phases. The problem is, this inflow wave didn't sustain. If there were structural selling pressure, it should have been continuous. Instead, it now seems like a gust of wind—indicating that the market's impulse to dump might not be that strong.