Last night, the US market once again experienced a wave of capital outflow, with a net outflow of $1.966 billion from spot ETFs in one day, and a net outflow of $1.2173 billion from Bitcoin spot ETFs. On the surface, such a scale of capital withdrawal seems to release short-term pressure signals and has raised concerns among some investors about the future market.
However, if we extend the timeframe, we will find a completely different story. Since 2025, Ethereum has soared from $1,385 at the beginning of the year to $4,788, with a quarterly increase of over 245%. During this period, the institutional holding ratio has doubled from 3% to 8.3%, with corporate treasuries and ETFs continuously buying, injecting long-term liquidity and confidence into the market. In other words, the short-term capital outflow is more of a FOFO sentiment, while the long-term trend remains upward.
My personal view is that short-term fluctuations are inevitable, but they also present opportunities provided by the market. What really deserves attention is not how much capital flowed out last night, but who is taking the opportunity to enter the market. With the acceleration of institutional allocation, the underlying logic of the market has changed; in the past, speculation was driven by retail investors, but now institutions, corporate treasuries, and ETF products are reshaping the entire landscape. For ordinary investors like us, short-term volatility may signify panic, but for long-term investors, it often serves as a signal to increase positions.
In summary, don't be scared off by short-term noise; instead, focus on the long-term trends and changes in the capital landscape.
