Bitcoin ETFs have experienced a net outflow of $3 billion for 10 consecutive days, but after the whale Evaded took a $1.8 million profit by closing ETH and BTC short positions, he immediately opened a $31.88 million long position on Microsoft and Oracle with more than 10x leverage on Hyperliquid.

This is not an isolated event. Last week, another whale also closed crypto shorts and shifted to go long on U.S. tech giants. Dell surged nearly 40% pre-market, with AI capital expenditure expectations continuously upward revised, while the crypto market itself lacks new narratives—ETF outflows, declining on-chain activity, frequent Layer 2 failures.
A structural turning point in capital flows is forming. The AI industry has clear revenue growth and capital expenditure plans, whereas crypto assets currently rely more on liquidity expectations and speculative sentiment. When institutional funds choose between AI and crypto, the latter is temporarily at a disadvantage.
The risk is that this shift could reinforce itself: ETF outflows suppress prices, retail panic intensifies, further driving capital withdrawal. But extreme sentiment itself is also a contrarian indicator—when everyone sees funds fleeing, who is quietly accumulating?
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