There is an interesting phenomenon now: spot markets are continuously absorbing funds with little outflow, while the derivatives side is experiencing significant exits. The capital flows in these two markets are completely opposite. What does the stability of the spot market and the looseness of the derivatives market indicate? Market participants are voting with their feet — conservative investors are holding spot positions, while leveraged traders on the derivatives side are gradually liquidating. This divergence is worth paying close attention to, as it often signals subtle shifts in market sentiment.