#加密货币衍生品市场 Looking back, I can't help but feel a surge of emotions. Since the birth of Bitcoin in 2009, the cryptocurrency market has experienced countless ups and downs. Now, seeing the wave of large-scale Bitcoin ETF redemptions, I can’t help but recall the days of the futures and perpetual contracts markets. Back then, every major derivatives launch would trigger dramatic market volatility.

Citi’s research results are quite interesting—every $1 billion net outflow causes a 3.4% drop. This reminds me of the situation in December 2017 when CME and CBOE launched Bitcoin futures. Many thought it would spark a big rally, but the opposite happened, kicking off nearly two years of a bear market.

The current wave of ETF redemptions, to some extent, also reflects institutional investors’ views on the market. Especially noteworthy is the withdrawal of hedge funds engaged in “basis trading.” After all, they tend to have a keen sense of the market.

However, the market always moves forward in cycles. Even if the short-term outlook is bearish, the long-term view remains positive. The key is to learn from these historical events and improve risk awareness. While derivative tools can bring liquidity, they also amplify volatility. Investors need to be more cautious and manage risks properly.

This wave of ETF redemptions will eventually pass, but the lessons it leaves behind will become important references for us as we face the market in the future. History is always strikingly similar, yet never exactly the same. Keep learning, stay vigilant—that is the way to endure.