#链上资金流动 An interesting signal has been observed—the Bitcoin RSI is approaching oversold levels, with a 24-hour increase of 1.81%. The underlying capital logic behind this warrants close attention.

From an on-chain perspective, the current rebound is mainly driven by three factors: first, incremental funds from increased liquidity; second, rising anti-dollar trading indicating capital seeking alternatives to USD; third, capital transfer triggered by overheating in precious metals. These are all quantifiable on-chain indicators.

On the technical side, BTC has held its main support levels, and the weekly chart remains intact, but special attention should be paid to the impact of US employment data on Friday. Short-term buying pressure is pushing prices higher, but I am more focused on whether there is sustained institutional-level net inflow—that is the key to whether we can challenge the $125,000 level again.

ETH is even more worth watching. Capital is shifting from high-risk assets to high-quality altcoins, which is a typical signal of risk asset reallocation. If this trend continues, ETH’s appeal as a core asset will significantly increase.

In the short term, volatility will increase, but it is more important to identify the nature of the capital behind this rebound—whether it is a short-term technical correction or new institutional funds entering the market. It is recommended to closely track whale wallets and exchange fund flows, as this will better reflect market expectations.