The festive atmosphere of the World Cup has just faded, but the crypto market is still struggling in a downturn. In recent days, some positive signals have emerged in the market, prompting investors to wonder: Will funds return to the crypto space, sparking a wave of a “mini bull” run?

A recent piece of news has drawn traders’ attention—an anonymous entity withdrew 31 BTC (about $1.98 million) from the Wasabi Mixer, converted the funds into 1059 ETH, and then placed bets from a new account named “yamal19,” claiming that Spain will win the 2026 World Cup. This move has sparked discussion about the direction of fund flows—does it mean market sentiment is starting to recover?

However, the macro environment is not optimistic. Bitcoin’s recent price has fallen from last year’s peak of $115,758 to $64,127, experiencing sharp volatility. Some analysts also noted that after entering July, ETF inflows picked up slightly, but the $4.7 billion outflow in June is still a concern. All of this suggests that investors’ cautious stance remains dominant.

On-chain data also shows that although Bitcoin’s price appears to be recovering, the market leverage level is in the historical highest 5% range. Leverage pulse indicators suggest that current borrowed funds far exceed spot liquidity, creating potentially massive risks. If the price fluctuates, it can easily trigger cascading liquidations. Therefore, the current rebound may be built on a weak foundation and cannot support a long-term bull market.

For investors, given the current market conditions, it is essential to stay vigilant. It is recommended to adopt a more conservative strategy—reduce exposure appropriately and wait for clearer market signals. With policy uncertainty and key economic data (such as CPI) about to be released, it may be wise to combine short-term trading with long-term positioning, to avoid becoming an outlet for the market’s liquidity.

Although the market is full of uncertainty right now, some analysts believe that as leverage is gradually reduced, the market may enter a new accumulation zone, and in the short term some altcoins still show relatively promising potential. Therefore, investors are advised to watch changes in technical indicators and market sentiment to look for possible opportunities.

In short, the World Cup is like a microcosm of the crypto market—it brings brief joy but also signals the challenges ahead. Whether crypto funds will flow back remains to be seen. #世界杯