Speaking of the recent market, it's always a bit hard to grasp. The Federal Reserve has injected a total of 38 billion in liquidity over the past ten days, and just two days ago, it added another 6.8 billion alone. According to previous patterns, the crypto market should have rebounded by now. But what happened? The market seems to have been muted—BTC sideways, ETH fluctuating, not even a decent rally in sight. Where did this money go?

Let's look at the data. How has BTC spot ETF performed over the past ten days? Four days of net inflows, and the days of outflows didn't exceed 500 million. Combining the outflows of ETH and SOL spot ETFs, the single-day gap peaked at 1 billion, and over ten days, the total was just over 10 billion. What does this mean? It indicates that out of the 380 billion, at least 280 billion didn't flow into the spot market at all.

280 billion is no small amount. Logically, even if it can't directly push up prices, it should at least stir some water, right? But the market's reaction has been surprisingly cold. So the key question is—who absorbed this 280 billion?

The most reasonable explanations point in two directions. First, large institutions are quietly accumulating assets, waiting for a better opportunity; second, the funds have flowed into derivatives markets, such as futures and options. Institutional investors may not be in a rush to sell off in the spot market—they focus more on long-term positioning and risk hedging. This wave of funds might be preparing for the next phase of the market.

So don't be fooled by the surface calm—this 280 billion in liquidity is here, just accumulating in another way.