Instituições estão a comprar na baixa ou a comprar na baixa? Por trás da saída líquida de 700 milhões de dólares em um único dia de ETF de Bitcoin

【区块律动】Recent capital withdrawals have been quite aggressive. Yesterday, the net outflow of Bitcoin spot ETF on a single day reached 708.7 million USD, setting a new record for the largest single-day outflow in nearly two months. Ethereum ETF was no exception, with a net outflow of 286.9 million USD during the same period. Looking at these numbers, many people are beginning to worry that large institutions might be about to run away.

But the story is not that simple. This round of selling is more like a standard “risk reduction dance.” When the macroeconomic situation — the “shoe” still hanging in the air — with interest rates possibly continuing to rise, new developments in geopolitical tensions, and sudden spikes in market volatility, the first reaction of institutional investors is to withdraw from high-beta assets. In plain terms, this is an operation to quickly reduce risk exposure before uncertainty truly arrives.

It is worth noting that this is not a sign that the crypto assets themselves are having problems. Institutions are simply playing a standard asset allocation adjustment game — when the environment worsens, they first shrink their positions and wait for clearer signals before acting. In other words, they do not intend to completely abandon this asset class, just hit the pause button.