Last night, the US market once again experienced a wave of capital outflow, with spot ETFs seeing a net outflow of $1.966 billion in a single day, while Bitcoin spot ETFs had a net outflow of $1.2173 billion. On the surface, this 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 time frame, we will discover 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 doubled from 3% to 8.3%, and corporate treasuries and ETFs continued to buy, 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 from the market. What is truly worth paying attention to 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 signal panic, but for long-term investors, it often serves as a signal to increase positions.
To summarize, don’t be frightened away by short-term noise; instead, see clearly the long-term trends and changes in capital patterns.