Retail investors are still stubbornly clinging to high-yield activities on certain leading exchanges, while leveraged gamblers are fighting fiercely on the leaderboard. But Wall Street folks have long seen through the outcome of this game from outside the chessboard.

Just now, while everyone's nerves were still trembling from stories of "up to 15% annualized returns" and "ranking bonuses," a set of data came from an office building on the East Coast—cold enough to make one's bones shiver.

Yesterday alone, Bitcoin ETF net outflows reached $188.6 million. Ethereum ETFs weren't spared either, with net outflows of $95 million.

In one day, $284 million evaporated.

No press releases, no official explanations, just this string of numbers sitting there, like a silent slap in the face.

Putting this $284 million alongside several other figures today, the picture becomes clear:

A major exchange is using "high interest" and various incentive policies to try to trap retail investors' last idle funds on the platform. A leading exchange, with $140 million in unrealized losses and $870 million in borrowed funds, has forcibly pushed itself into the top three Ethereum holdings. Industry giants are completing mergers and acquisitions worth $8.6 billion, quietly dividing market territory.

Can you see the pattern?

A three-act absurd drama is unfolding simultaneously:

**Act One: The Platform's Gentle Trap**

Exchanges wave the banner of "stable returns," using various promotional activities and digital Easter eggs to softly persuade you: "Stay here, don’t leave. Your money is safest with us, and it can earn interest." In essence, they are desperately building a psychological dam to prevent user funds from flowing out.

**Act Two: The Gambler's Leverage Meat Grinder**

The competition on the leaderboard, the frenzy of leverage multiples—all are consuming the last batch of daring retail gamblers.