Core Insights - The Bitcoin ETFs listed in the U.S. are experiencing the most significant monthly outflow in nearly two years, with investors withdrawing $3.5 billion since November, approaching the historical record of $3.6 billion set in February [1] - BlackRock's iShares Bitcoin ETF (IBIT.US), which accounts for about 60% of the total assets in this category, has seen redemptions of $2.2 billion this month, potentially marking its worst monthly performance unless a significant reversal occurs [1] - Bitcoin itself is facing its most severe monthly performance since the collapse of the cryptocurrency industry in 2022, despite an improved global policy environment this year [1] Market Dynamics - Bitcoin's price dropped to $80,553 last Friday, with a slight recovery over the weekend, but it still reflects an 8% decline year-to-date [3] - The spot Bitcoin ETF has become a barometer for market sentiment since its launch in January 2024, creating a self-reinforcing feedback loop where inflows accelerate with price increases and outflows intensify with price declines [3] - Citigroup's research indicates that for every $1 billion outflow from Bitcoin ETFs, the price typically drops by 3.4%, suggesting further downside potential for Bitcoin if ETF inflows remain zero [3] Institutional Sentiment - The significant trading volume of Bitcoin ETFs, reaching $11.5 billion last Friday, indicates a temporary release of demand, but ongoing redemptions from IBIT suggest a shift in institutional preferences away from leading products, reflecting a lack of complete market confidence [4] - The broader financial market context shows a pullback in various high-risk assets, including AI stocks and meme stocks, with the S&P 500 facing its worst monthly performance since March [7] - The recent volatility in Bitcoin is viewed as a signal of market fatigue, and stabilization in this asset class could potentially alleviate some tension in the U.S. stock market [7]
比特币ETF“血流不止”！投资者单月狂撤35亿美元 流出规模逼近历史纪录
Zhi Tong Cai Jing·2025-11-24 11:28