比特币ETF遭遇“至暗时刻”：单月资金流出35亿美元，创上市以来最差表现

Core Insights - Bitcoin ETFs experienced their worst month of fund outflows since their introduction nearly two years ago, adding further pressure to an already weak cryptocurrency market [1][2] Group 1: Fund Outflows - In November, investors withdrew $3.5 billion from U.S.-listed Bitcoin ETFs, nearly matching the record $3.6 billion outflow set in February of this year [2] - BlackRock's Bitcoin fund, IBIT, which holds about 60% of the assets in this category, saw $2.2 billion in redemptions, indicating it may record its worst monthly performance unless there is a significant reversal [2] Group 2: Market Sentiment - The outflow data confirms that the "frenzied sentiment earlier this year has completely faded," according to Nick Ruck from LVRG Research [2] - Bitcoin is also set to record its worst monthly performance since the collapse of the cryptocurrency industry in 2022, which was marked by the downfall of several companies, including FTX [2] Group 3: Price Dynamics - The relationship between ETF outflows and price declines creates a self-reinforcing cycle; for every $1 billion withdrawn from Bitcoin ETFs, the price tends to drop by approximately 3.4% [5] - Citigroup's Alex Saunders has set a bearish year-end target of $82,000 for Bitcoin, assuming zero inflows [5] Group 4: Trading Activity - Last week, Bitcoin ETFs recorded a record trading volume of $11.5 billion, with BlackRock's IBIT alone accounting for $8 billion and experiencing $122 million in outflows [5] - Despite the high trading volume indicating short-term demand, the redemptions from IBIT highlight a significant shift in institutional preferences away from leading funds, suggesting that confidence has not fully returned [5]