Yesterday, there was a significant outflow of funds from Bitcoin and Ethereum spot ETFs in the United States, totaling over $600 million. Specifically:

In terms of Bitcoin ETFs: BlackRock, Bitwise, and Grayscale saw a combined outflow of approximately $160 million.

In terms of Ethereum ETFs: the single-day net outflow reached $446 million, with BlackRock alone accounting for $310 million.

This situation may have the following effects on the market:

Increased short-term pressure: Large-scale fund outflows may exert downward pressure on prices, with Ethereum facing potentially greater selling pressure.

Change in institutional attitude: Even the traditionally stable BlackRock experienced significant outflows, indicating that some large funds are taking profits or choosing to adopt a wait-and-see approach.

Divergence in market preference: The relatively small outflow from Bitcoin ETFs indicates a higher recognition of Bitcoin's value storage attributes.

Personally, I believe this wave of outflows does not signify a market reversal but rather a normal adjustment:

September is typically a slow season for the market, and combined with the uncertainty of Federal Reserve policies, it is reasonable for some institutions to choose to temporarily exit.

The larger outflow from Ethereum may be related to the recent ETF approval progress not meeting expectations, but its long-term fundamentals remain unchanged.

The key thing to observe is whether this wave of outflows is a short-term phenomenon or a sustained trend.

Retail investors should pay attention to when funds return, as this could become an important signal for the next market movement.

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