
                                    <div>
                                      <h3>Market View</h3>
                                      <p>Bearish on BTC, unable to regain strength for now</p>
                                      <h3>Trading Strategy</h3>
                                      <p>Be patient, avoid rushing in</p>
                                      <h3>Core Logic</h3>
                                      <p>Exchange funds are flowing out, US trading dominance is decreasing, Coinbase premium index deepening negative, USDC/USDT rate is rising, current trend is sideways or downward, slow short-term redistribution of positions</p>
                                    </div>
                                    

这4个数据告诉我们，BTC暂时还无法重回强势节奏。
在交易所资金持续净流出，美国主力交易时段主导性下降的前提下，以横代跌或震荡下行，就是最好的走势。
只要不是加速下跌，不是重回恐慌，逐步完成短期筹码再分配，一切就是朝着好的方向，只不过节奏慢一点而已。
不要着急，有的时候，慢就是快。
------------------------------------
图1：交易所稳定币净流出；
图2：RMMPC中美国区主导性降低；
图3：Coinbase 溢价指数负值加深；
图4：USDC/USDT汇率>1，且偏向越发严重；

Bitfinex Alpha is the professional institutional research report that I personally follow most closely, aside from Glassnode. Its analytical framework covering macroeconomics, on-chain data, technical analysis, and institutional fund flows is considered top-tier in the industry.

Murphy

Twitter

These 4 data points show that BTC isn't ready to reclaim its bullish momentum just yet.

With continuous net outflows from exchanges and declining dominance during US trading hours, sideways or mild downward movement is actually the best-case scenario right now. As long as we don’t see accelerated selling or a return to panic, gradual short-term redistribution is a positive sign—even if the pace feels slow.

No need to rush. Sometimes, slow and steady wins the race.

------------------------------------
Chart 1: Net outflow of stablecoins from exchanges  
Chart 2: Reduced US dominance in RMMPC  
Chart 3: Deepening negative Coinbase premium index  
Chart 4: USDC/USDT rate > 1, with the gap widening

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