The net outflow of ETFs for half a month in a row is not a conspiracy theory wash, but a direct reaction to the depletion of macro liquidity! The expectation of the Federal Reserve raising interest rates remains high, and funds naturally pursue higher risk-free returns by pursuing profits. The core logic at present is the continuous withdrawal of institutional funds at a cost to avoid risks. At present, the market is engaged in a game of reduction, with top institutions taking the lead in drawing blood, resulting in extremely fragile market support. Blindly guessing the bottom during this stage where liquidity is continuously drained is meaningless. The technical support below is virtually non-existent in the face of the macro trend, and even a slight drop in pressure can trigger a high leverage chain stampede in the market. Before the liquidity crisis is resolved, do not forcefully take risks on the left side. Following the trend is the rigorous trading logic. You must patiently wait for institutional selling pressure to weaken and for the macro turning point to appear. The probability of the market continuing to decline and seeking real liquidity support is extremely high! In the near future, there will be repeated fluctuations around 60000 yuan. Radicals should wait until the panic market is completely shattered before patiently entering the market!