Last week’s key points: Capital reallocation, continued volatility, opportunities and outlook —

1️⃣ Continued Volatility:
The core contradiction in the crypto market over the past week is not sentiment but capital structure: $BTC and $ETH declines mainly stem from persistent net outflows in spot ETFs, indicating that the market is still in a state of fluctuation.

2️⃣ Institutional Performance:
Selling pressure is highly concentrated in high-fee/old products (GBTC, FBTC, ETHE). BlackRock’s IBIT and ETHA still maintain net inflows, suggesting that institutions have not exited but are reallocating their positions.

3️⃣ SOL Becomes the Relatively Strongest Narrative Carrier:
Against the backdrop of net outflows from BTC/ETH ETFs, SOL ETFs have experienced continuous net inflows, combined with the “ETF + Staking yield” packaging that traditional funds can understand.

4️⃣ Ethereum Opportunities:
Ethereum scaling is moving from a roadmap to actual implementation (blob capacity adjustment). While this may not immediately reflect in price in the short term, it will reshape the L2 cost curve and DA narrative in the medium term.

5️⃣ The Most Important Trading Clues Currently Are:
Monitoring whether ETF outflows are waning + whether SOL continues to attract incremental funds.

6️⃣ Macro and Geopolitics as “Volatility Amplifiers”:
Employment/rate expectations and tail risks like the Venezuela event can amplify pullbacks and spikes during weekends and low liquidity periods, but they are more like disturbances rather than trends themselves.

7️⃣ Opportunity Window:
If in the next one to two weeks, the total outflow of BTC/ETH ETFs significantly converges or even turns positive, while SOL ETFs still maintain net inflows, a structural market pattern may emerge where “capital first pulls into relatively strong assets, then rebalances into mainstream assets.” This presents a higher probability relative strength/rotation opportunity than simply betting on direction.