The market hasn't gone up or down, but there is one thing worth noting.

Many people think the recent market action is boring.

Bitcoin has been oscillating around $59,000, and Ethereum hasn't formed a real trend.

So some have started to wonder:
Is the bull market over?

I think what's really worth watching right now is not the price, but the capital.

Looking at today's data:

✅ Bitcoin about 58,942
✅ Ethereum about 1,580

Although the price hasn't broken out, market capital hasn't seen a significant outflow.

From the ETF data, spot ETFs are still holding nearly 750k BTC, indicating that long-term allocation capital remains in the market.

Looking at the derivatives data, open interest across the market remains at elevated levels, and funding rates stay positive, showing that there is still some long-side willingness in the market, but sentiment hasn't entered a frenzy.

What does this mean?

My understanding is simple.
It's more like waiting for direction, not that the trend has ended.

What really needs attention is:

Whether ETF capital continues to flow in;
Whether open interest keeps increasing;
Whether volume can pick up again.

If these three metrics start improving in sync, then the market might see a new breakout.

Otherwise, it will likely continue to oscillate, and patience remains more important than chasing rallies.

🦛 Lulu's View
Many people only stare at the candlesticks.
What's really worth watching is whether the money has left.
Prices can deceive,
But capital usually does not.#Sharplink增持1万枚ETH