Summary of Recent Ethereum Capital Movements by the Rebalancing Guru:

On January 20, Ethereum ETF experienced a net outflow of $230 million; on January 21 (up to 16:00), a net inflow of $74.4275 million was recorded, with on-chain data showing large amounts of funds transferring to exchanges, indicating increased selling pressure.

1. Capital Flow on January 20 (Tuesday)

- ETF Market: Total net outflow of $230 million.
- BlackRock ETHA: Net outflow of $92.3 million.
- Fidelity FETH: Net outflow of $51.5 million.
- Grayscale ETHE: Net outflow of $38.5 million.
- Grayscale ETH: Net outflow of $11.1 million.
- On-chain and Market: Whales and institutions transferred over $110 million worth of ETH to exchanges, signaling increased selling pressure; market panic intensified, ETH prices plummeted, and 24-hour contract liquidations increased significantly [__LINK_ICON].

2. Capital Flow on January 21 (Wednesday, up to 16:00)

- ETF Market: Total net inflow of $74.4275 million.
- BlackRock ETHA: Net inflow of $56.3138 million (highest of the day).
- Grayscale ETH: Net inflow of $12.4943 million.
- On-chain and Market: On-chain selling pressure persists, large amounts of funds continue to transfer to exchanges; ETH dropped below $3000, nearly 7% decline in 24 hours, with liquidation mainly in long positions, market sentiment remains bearish.

3. Key Trading Signals

- Large ETF outflow on the 20th plus on-chain selling pressure align with the “诱多-假突破-砸盘” (trap-up - false breakout - smash) bearish logic, indicating a clear signal to establish short positions.
- The ETF inflow on the 21st is a short-term rebound, but on-chain selling pressure remains, caution against “bull trap,” short positions can rely on the 3020 resistance level for defense, with support at 2880-2920; a break below could target 2800 and below.