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The Hong Kong stock market was lively this morning: The Hang Seng Index rose 0.56% at midday to 24,890, Alibaba surged 12.8% in early trading, Tencent rose over 1%, and innovative drug stocks collectively turned red; the A-shares remained indifferent this morning, with all the highlights stolen by the neighboring market. Sino-US economic and trade talks started on Sunday in New York, European diesel prices broke $200 per barrel, forcing the G7 to focus on strategic oil reserves. One macro event after another, but for the crypto circle, the biggest variable this week is actually "no macro data"—funds can finally focus on trading crypto. Who did the wallets vote for? The drama in open interest is even more interesting than prices: $ETH had a net inflow of $566 million last Friday, which was the real fuel for this rebound; today it had a slight outflow of $21 million, which is normal turnover at a high level. $BTC also saw an inflow of $460 million last Friday, but almost zero in the following two days—the throttle is clearly easing. On the spot ETF side, institutions' stance is just like the phrase "didn't talk about women": the previous outflow from the $BTC spot ETF was only half acknowledged, the attitude is very ambiguous; the $ETH ETF, however, has continuous inflows, and the other half of the sentiment can't even be hidden. Looking at both futures and spot, smart money is clearly betting on $ETH this round.