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The most dangerous illusion right now is seeing a few coins rebound and thinking that funds have returned. The total market capitalization is currently about 2.26 trillion USD, down 1.99% in 24H, while BTC dominance has actually risen to 57.2%; stablecoin supply is about 302 billion USD, indicating that funds remain highly concentrated rather than broadly diffusing into altcoins. More importantly, fund activity is cooling down: DEX volume has dropped 10.5% over the past 7 days, and perpetual contract volume has fallen about 25%. Institutional side is also starting to waver. On August 10, the US spot BTC ETF saw a net outflow of 144.6 million USD, ETH ETF simultaneously had an outflow of 14.6 million USD, ending the previous continuous inflow. So now it’s not about "chasing whichever coin has inflows," but rather observing: Whether BTC can hold core liquidity; Whether altcoin rallies have volume diffusion; Whether prices can sustain positive feedback after funds enter. This is the harshest aspect of a zero-sum market: Some assets lack price, some assets lack buyers. The latter is the real risk to avoid. $BTC #本周三CPI公布，9月加息定价会改写吗？ #AIInfraEarningsWatch #CPIToResetFedBets #AIInfraFundingDiverges