Where did the funds go?
This week's net inflow of $BTC open interest has been like a roller coaster — on 8/28, the day of the bloodbath, there was a counter-trend net inflow of 383 million USDT (bottom-fishers were very brave), on 8/29, 507 million ran out (there were also many stop-loss sellers), then on 8/30, it recovered 203 million, on 8/31, 164 million ran out, and today 225 million came in again. It's a back-and-forth tug of war, but the net inflow turned positive in the last three days, indicating a strong bottom accumulation.
The ETF side also cooperated: on August 24, the $BTC spot ETF had a net inflow of 338 million dollars, $ETH related products also saw an inflow of 116 million, and crypto demand increased by 22% over seven days. "Old Hawk" Wash talks tough but honestly lets funds continue to pour into the crypto space.
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