Recently, I've seen a bunch of people interpret "ETF capital flow = cryptocurrency price direction" together with the risk appetite in the US stock market. Honestly, I'm a bit exhausted by it... The macro perspective is definitely there, but what often reaches us is the influence on position size—whether people dare to leverage more—then it affects the price. When interest rates go up, money becomes more selective, and the on-chain borrowing and lending heat cools down first. Implied volatility in options also becomes very emotional; it looks calm on the surface, but underneath, positions are shifting.