#数字资产投资产品 Seeing that this week's net inflow of digital asset products is $864 million, I have to say one thing—don't be fooled by this number. Three consecutive weeks of moderate inflows do look good, but the details are where the traps lie.

The US accounts for $796 million, with Germany and Canada chipping in; this concentration itself is a risk signal. Bitcoin attracting $522 million sounds like a lot, but compared to $41 billion in the same period last year and only $27.7 billion this year—this is a significant contraction, not a recovery. Products shorting Bitcoin have seen outflows for two consecutive weeks, which seems to indicate that the bears have given up, but don’t forget, this is only at the institutional level; retail investors are still being cut.

Ethereum has an inflow of $13.3 billion this year, a 148% increase compared to last year. This number looks impressive at first glance, but ask yourself: does a high inflow mean the project is healthy? Solana only has $3.5 billion this year but has grown tenfold. What does such a hundredfold growth rate usually imply? It’s just a rebound from a low base, not a breakthrough.

What alarms me the most is the $14.1 million outflow from Hyperliquid—that kind of protocol-level fund withdrawal is often an early warning. Many people only look at the incremental change; I focus on which projects are starting to bleed. Fund flow data is like candlestick charts—trend is more important than a single point, and turning points deserve extra attention.

In this market, the longer you stay, the more you realize that the times when capital inflows are at their highest are often the times to be most cautious.