The outer circle is tightening with rumors everywhere.
Overnight, the three major US stock indexes all fell, with the Nasdaq down 0.92%; the 10-year US Treasury yield surged to 5.27%, the first time since 2007, and Wall Street directly called it a "revaluation of everything." On 9/29, A-shares saw extremely low volume, the Shanghai Composite Index opened low at 3816, touched a high of 3843, then fell back; the three major indexes closed slightly up, with sentiment just climbing out of the freezing point. The Hong Kong stock market's Hang Seng Index dropped 0.48%, the Hang Seng Tech Index fell 1.08%, and Tencent declined 1.77%. The crypto market's liquidity is actually "booming": $BTC spot ETFs last week attracted a massive $2.39 billion, the strongest week since October last year, and yesterday saw a net inflow of $31 million; $ETH ETFs had a net inflow of $624 million over seven days, with institutions continuously buying spot. But the futures market tells a completely different story—$BTC futures positions saw a net outflow of about $580 million over six trading days, $ETH futures shrank by $120 million in a week, with leveraged funds lining up to exit. Spot is strong, futures are weak; institutions and retail investors are playing separately, so prices can only hover in place.
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