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Bitcoin ETF sees consecutive net outflows, but on-chain leverage is being stepped up—same market, funds are moving in two opposite directions.
On Thursday, spot Bitcoin funds recorded net outflows of about $95 million, while Ethereum funds also ended a five-day streak of net inflows. But on the other side, on-chain whales are going long ZEC and LIT with 10x leverage, and on-chain leverage surged around the period of SK Hynix’s listing.
ETF flows reflect institutional caution, while on-chain leverage reflects retail speculation. The divergence between the two suggests: the current rebound is not driven by consensus, but by localized battles under structural fragmentation.
What’s even more concerning is that on-chain leverage is spreading into traditional assets—monthly trading volume for tokenized stock perpetual contracts has surpassed $8.4B. The crypto market is no longer just a battleground for tokens; it’s becoming a parallel casino for traditional finance.
The risk is that if ETF outflows accelerate or macro sentiment cools, the high concentration of on-chain leverage longs could trigger cascading liquidations. The fragility of the rebound is precisely hidden in the split in capital flows.
$btc #eth #rwa #etf #on-chain data