Today the market data looks quite scary, the total liquidation number across the network soared to 300 million dollars, and a bunch of people started shouting "It's over, we're going to crash." But I reviewed the on-chain data and capital flow, and found that this wave of operations is not a crash signal at all—it looks more like a carefully designed chip transfer game.

On the surface, it does seem very panic-stricken: the liquidation amount of three hundred million is almost all high-leverage long positions, coupled with the news that "the UK is going to investigate taxes" flying around, the market sentiment was instantly shattered. Retail investors saw this situation and hurriedly cut their losses and left the market. But the question arises — who is picking up the pieces?

I reviewed the changes in institutional positions and found that BlackRock quietly accumulated 4044 BTC in the last three days. Even more outrageous is the situation with XRP, where the net inflow of ETF funds is actually stronger than Bitcoin. This is not a sign of retreat at all; it is clearly a case of buying amidst the chaos.

Looking at the BTC market cap dominance data makes it clearer: although the price has broken through 92,000, the Dominance indicator is actually going down. This indicates that funds are flowing out of Bitcoin and into XRP and some Layer1 blockchain projects. The main players haven't left; they are just "changing lanes."

Those retail investors scared away by getting liquidated may have just provided smart money with an opportunity to get in. The market is always like this; it is often during times of panic that the best observation window arises.