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The capital flow chart best explains the situation. Smart money is relocating $ETH six-day OI net inflow +195 million U, with 119 million pouring in on 8/18 alone, and another 16.47 million added on 8/19. The open interest rose from 4.37 billion to 4.57 billion U. In contrast, $BTC saw a net outflow of -171 million U during the same period, with 112 million fleeing on 8/18 alone, and open interest shrinking from 7.05 billion to 6.88 billion U. This is not some sweet "first cup of milk tea in autumn" operation; it's real money moving from $BTC to $ETH. $BTC surged 3.5% from 8/17 to 8/18, but open interest contracted, indicating the rally was driven by shorts covering positions rather than new longs entering, raising doubts about sustainability. On the $ETH side, solid new money is coming in, showing strong confidence.