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Why Did BTC Rise Despite Hot CPI? Yesterday, everyone was watching U.S. CPI. Inflation remained high. Core CPI rose 0.3% month-on-month, while market expectations for a Fed hike next week climbed above 85%. The 10-year Treasury yield approached 5%, and oil briefly moved above $100. The usual logic says: Hike expectations ↑ Liquidity tightens ↑ Risk assets weaken ↑ BTC should fall. But the market didn't fully follow that script. BTC bounced instead. So the real question isn't: “Can BTC keep rising?” It's: Who was buying? Price is only the result. Capital flow is the clue. If the move was mainly caused by short liquidations, the rally may not be very strong. But if we also see: Real spot demand increasing, Stablecoin liquidity holding up, Whales not sending large amounts of BTC to exchanges, and genuine spot buying, then yesterday's move means something very different. That's why I keep saying: Don't just watch the chart. Watch the money behind it. The global environment isn't easy either. Markets are repricing inflation, oil and interest-rate risks, while global equity funds have seen significant outflows. Yet BTC didn't simply follow the risk-asset playbook. That raises a bigger question: Is BTC still following macro liquidity—or is its own capital flow becoming stronger? We don't need to guess. Watch: ① ETF flows ② Stablecoin supply ③ BTC exchange inflows/outflows ④ Whale activity ⑤ Spot volume & futures OI ⑥ Liquidations Especially the last one. A rally isn't the important part. What's important is whether the move is driven by spot demand or leverage. Spot demand may represent real buying. Leverage may simply represent sentiment. The most dangerous moment isn't always a crash. Sometimes it's a sudden rally that makes everyone lower their guard. So here's the question: Who was really buying BTC yesterday? If you can answer that, you're no longer just watching a candle. You're tracking where the money is going. Prices move. News changes. But capital flows are always worth tracking. I don't make calls