#数字资产市场动态 【The Hidden Killer of Bitcoin ETFs: Capital Outflows Are Changing the Game】

Recent events may not have been fully recognized by most people as being so serious.

ETF holdings are shrinking significantly. This is not a mild adjustment but a historic one.

The numbers are right here — those ETF funds that rushed in at the October 2025 peak, with a purchase cost of around $86,000. Now? Most of these positions are in the red. The direct consequence is that over $6 billion has been withdrawn directly from the spot market. The ETF outflows for $BTC have set a record since approval.

You might think this is just normal capital shifting. Wrong. This is a concentrated release driven by profit-taking and emotional panic, a dual effect. It’s entirely different in nature.

The good news is that the outflow momentum has somewhat eased over the past two weeks. The most extreme selling pressure seems to have been absorbed by the market. But that’s as far as it goes.

The real problem lies ahead.

$BTC’s own liquidity has always been quite tight. In this context, the "massive but relatively passive" capital structure of ETFs amplifies their impact on prices many times over. Even a slight change in flow can cause a ripple.

So what should we keep an eye on next? Not who is calling for a rise or fall. But where ETF money is flowing. Once the direction changes, the entire market rhythm must follow.

ETFs are no longer just reference data. At this stage, they directly determine the intensity of market volatility.

Understanding the capital flow of ETFs allows you to anticipate when the market sentiment will turn.

I will share key moments immediately.