The night before last, a piece of data appeared that made quite a few traders a bit nervous—the Federal Reserve has injected a total of $38 billion into the market over the past ten days, with $6.8 billion just yesterday. It seems like a significant move, but what happened next is a bit suspicious.

A rough calculation shows that Bitcoin spot ETF saw net inflows on four of these ten days. Even if we include outflows from Ethereum, Solana, and other coin ETFs, the total gap at most is around $10 billion. So where did the remaining $28 billion go? It’s like it evaporated into thin air, with no splash at all.

Where did this money go? Perhaps it was set up in some corner, waiting for retail investors to come in and take the bait? Or maybe it’s just propping up the market to prevent a complete crash? There are all kinds of theories, but the truth is probably more complicated than we think.

**Liquidity and Price Are Starting to Diverge**

Normally, with a $38 billion liquidity injection, the prices of mainstream crypto assets should react noticeably. But in reality, Bitcoin can’t even hold the $90,000 mark, and the scale of funds doesn’t match the market performance at all.

If the money isn’t flowing into mainstream crypto assets and isn’t significantly boosting traditional stock markets, where has it gone? Stashed in bank reserves? Poured into the government bond market? Or into some “funding black hole” we haven’t discovered yet?

**Sentiment and Capital Face Off**

On one side, there’s seemingly strong selling pressure; on the other, massive liquidity is quietly supporting the market. This contradictory situation usually signals an imminent major market shift. This strange phenomenon of “so much money but no price increase” might reflect something deeper than what’s visible on the surface.