#美国ADP就业数据表现超出市场预期 **What is happening in the market?**

Have you noticed that several signals have appeared simultaneously recently: the temporary funding bill finally passed, the Federal Reserve stopped shrinking its balance sheet, and rate cut expectations are back on the table. More importantly, the term "expanding the balance sheet" has started to appear again in various reports.

Looking at each one individually isn't surprising. But together? That’s no coincidence.

💧 **Where is the capital flowing?**

Bitcoin's recent performance is quite interesting — it surged to attract attention, but its market share is quietly declining. Many see this as a sign of weakness, but actually, the opposite is true. Mainstream funds never put all their money in one basket. After $BTC stabilizes market sentiment, liquidity will naturally find new outlets.

This is the logic behind altcoins. When major cryptocurrencies boost market sentiment, capital spillover effects will activate. Assets like $ETH and $FIL often start rotating during this phase.

📋 **Don’t overlook the ETF card**

The approval process for altcoin ETFs has been underestimated. Once approved, institutions will shift from "cannot touch" to "can allocate," even if only symbolically allocating a small position. The impact on the secondary market won't be insignificant.

This isn't just technical analysis; it's product innovation bringing in incremental funds.

⚡ **What should we do now?**

Don’t wait until all policies are implemented before acting — by then, most of the price movement will have already occurred. The market tends to complete capital transfer during the "doubt period," and panic often occurs at low-cost entry points.

Of course, don’t rush blindly either. Liquidity returning is a trend, but if you don’t grasp the rhythm, you could still get buried. Stay rational, watch capital flows, and don’t let FOMO drive your decisions.

💬 How do you see this round of liquidity shift? Share your investment ideas in the comments.