Decode:比特币ETF现韧性 机构配置多元化

Core Viewpoint - The U.S. spot Bitcoin ETF market is experiencing a textbook "V-shaped recovery," with $311.6 million in inflows over the first three trading days of the week, nearly offsetting the previous week's outflow of $318 million, indicating that institutional investors' allocation logic towards digital gold remains intact despite a short-term price correction of 13% [1][3]. Group 1: Market Dynamics - The rapid reversal of fund flows not only alleviates short-term technical selling pressure but also signals strong institutional confidence in Bitcoin [1][3]. - Goldman Sachs reduced its holdings in BlackRock's IBIT by approximately 39%, which Decode interprets as a portfolio rebalancing rather than a bearish market stance [1][3]. - Concurrently, Goldman Sachs invested $152 million and $104 million in XRP and Solana ETFs, respectively, indicating a shift in focus from single asset risk exposure to a more diversified blockchain ecosystem [1][3]. Group 2: ETF Market Health - The health of the ETF market is measured by holder retention rates rather than daily price fluctuations, with only about 6% redemption rates despite Bitcoin dipping below $68,000, showcasing high risk tolerance and strategic consistency among ETF holders [2][4]. - The inflow of funds into Ethereum, Solana, and XRP ETFs further confirms a rebound in market risk appetite [2][4]. - The recent fund inflow is seen as a significant milestone in market maturation, with institutional investors demonstrating a "buying the dip" strategy even amid price declines [2][4].