The Bitcoin spot ETF in the United States has experienced some "blood loss" this week! Data from Farside shows that the cumulative net outflow for the entire week reached 642.9 million USD, which is quite significant over the past three months.

Breaking it down by day, the fluctuations are quite noticeable: from Monday to Tuesday, the net outflows were relatively stable at 87 million and 102 million USD respectively; however, on Wednesday, it suddenly spiked, with a single-day net outflow soaring to 213 million USD, setting a new single-day high in nearly a month; although the following two days showed some narrowing, with a net outflow of 126 million on Thursday and 94.9 million on Friday, the earlier sharp declines made the cumulative figure for the week quite striking.

Comparing the funding structure, institutional investors account for the majority, with 72% of the net outflow coming from institutions and 28% from retail investors, indicating that this round of withdrawal is mainly driven by large funds.

More notably, this marks the second consecutive week of net outflow for the Bitcoin spot ETF, with last week’s net outflow at 385 million USD, which is 67% more than this week compared to last week, indicating an accelerating pace of capital exit.

In contrast, during the same period, the Ethereum spot ETF experienced net inflows, and this divergence of "weak Bitcoin, strong Ethereum" may relate to the market's differing short-term expectations for the two.

For instance, Bitcoin has recently lacked new catalytic factors, while the expectations for Ethereum's technological upgrades are still fermenting. However, it should be noted that weekly capital flows are also influenced by short-term sentiment.

Do you think this outflow is a temporary adjustment, or a trend reversal? $BTC