Recent two trading days' capital flows have provided a significant hint.

Let's look at the hard data. On January 6th, the overall net outflow of spot BTC products was $243 million, but the details are quite interesting—iShares' product (IBIT) had an contrarian net inflow of $229 million, while Fidelity's product (FBCT) saw a large net outflow of $312 million. Grayscale's GBTC also experienced an outflow of $83.1 million. This picture looks like funds are repositioning, moving from some products to others.

However, on January 7th, the situation changed. The overall net outflow expanded to $486 million. More importantly, IBIT also started to outflow $130 million. Not just the major products, but ARKB, BITB, and others are also flowing out.

The difference over these two days is quite telling. The 6th seems more like "some are entering, some are exiting" repositioning, while the 7th has a bit of "everyone is moving out" vibe. This shift from localized rotation to a full-scale retreat is often an important signal—it may suggest the market has peaked in the short term, or at least is digesting the previous gains.

It's worth continuing to observe the subsequent capital flows.