隨著市場參與者重新調整預期，比特幣（BTC）基金出現大量贖回

12 月 19 日，這些基金的淨流出總額達到約 6.719 億美元，標誌著一段時期的穩定資金流入後情緒出現顯著轉變。

Total net outflows from major Bitcoin ETFs reached approximately $671.9 million on Monday, December 19, revealing a shift in sentiment after a period of consistent inflows, according to data from Farside Investors.

Farside Investors 的數據顯示，12 月 19 日星期一，主要比特幣 ETF 的淨流出總額達到約 6.719 億美元，這表明在經歷了一段時間的持續流入之後，市場情緒發生了轉變。

The wave of withdrawals comes just days after Bitcoin touched an all-time high above $108,000 earlier in the week. The cryptocurrency has since retreated sharply, hovering just above $97,000 at the time of writing—a decline of roughly 10% from its peak. Market participants have attributed the downturn to a combination of factors, including the Fed’s latest policy stance and investors’ inclination to lock in profits before year-end.

就在比特幣本週早些時候觸及 108,000 美元以上的歷史高點幾天后，出現了這一波提款潮。此後，該加密貨幣大幅回落，在撰寫本文時徘徊在 97,000 美元上方，較高峰下跌約 10%。市場參與者將經濟低迷歸因於多種因素，包括聯準會最新的政策立場以及投資者傾向於在年底前鎖定利潤。

Multiple funds experienced heavy redemptions, the data shows. On December 19, the largest outflow in nominal terms was seen in funds offered by Fidelity, which lost about $208.5 million. ARK’s Bitcoin ETF also saw significant net selling, with around $108.4 million exiting the fund, while Bitwise shed approximately $43.6 million. Invesco and VanEck recorded outflows of about $26.0 million and $10.9 million respectively.

數據顯示，多檔基金經歷了大量贖回。 12 月 19 日，名義資金流出最多的是富達基金 (Fidelity) 提供的基金，損失約 2.085 億美元。 ARK 的比特幣 ETF 也出現了大幅淨拋售，約 1.084 億美元退出該基金，而 Bitwise 則損失了約 4,360 萬美元。 Invesco 和 VanEck 分別錄得約 2,600 萬美元和 1,090 萬美元的資金流出。

Meanwhile, the Grayscale Bitcoin Trust (GBTC)—which carries a comparatively high annual management fee of 1.5%—experienced a net outflow of roughly $87.9 million. By contrast, some funds, such as WTree’s offering, posted small net inflows, but this did little to offset the overall negative trend.

同時，灰階比特幣信託基金（GBTC）的年管理費相對較高，為 1.5%，淨流出約 8,790 萬美元。相較之下，一些基金，例如WTree的發行，出現了小額淨流入，但這並不能抵消整體的負面趨勢。

The selling pressure comes amid heightened uncertainty over the Federal Reserve’s policy trajectory. At the December Federal Open Market Committee meeting, policymakers indicated fewer interest rate cuts in 2025 than previously anticipated, reducing the likelihood of aggressive monetary easing that some market participants had hoped would bolster risk assets, including cryptocurrencies.

拋售壓力來自聯準會政策軌跡的不確定性加劇。在12 月舉行的聯邦公開市場委員會會議上，政策制定者表示2025 年降息幅度比之前預期的要少，這降低了一些市場參與者原本希望採取的激進貨幣寬鬆政策將提振包括加密貨幣在內的風險資產的可能性。

We’re Recalibrating Expectations

我們正在重新調整期望

This recalibration of expectations placed pressure not only on Bitcoin but also on a broader range of digital assets. Analysts suggested that investors, after a year of robust gains in cryptocurrencies, are taking a more cautious stance. The prospect of fewer rate cuts and potentially tighter financial conditions in the future may have prompted some market participants to take profits, especially as liquidity traditionally thins out near the end of the year.

這種預期的重新調整不僅給比特幣帶來了壓力，也給更廣泛的數位資產帶來了壓力。分析師表示，在加密貨幣經歷了一年的強勁成長之後，投資者正在採取更加謹慎的立場。未來降息次數減少和金融狀況可能收緊的前景可能促使一些市場參與者獲利了結，特別是在流動性傳統上臨近年底時趨於稀薄的情況下。

Market experts noted that management fees and the availability of lower-cost alternatives could also factor into outflows. Grayscale’s 1.5% annual fee, for instance, is higher than many competing Bitcoin ETFs that charge between 0.2% and 0.3%, potentially incentivizing investors to rotate into less expensive products. Recent filings and disclosures indicated that some funds had already been shedding their Bitcoin holdings over the course of the year, suggesting that the latest wave of redemptions may be part of a longer-term repositioning.

市場專家指出，管理費和低成本替代方案的可用性也可能影響資金外流。例如，Grayscale 的年費為 1.5%，高於許多收費在 0.2% 至 0.3% 之間的競爭性比特幣 ETF，這可能會激勵投資者轉向更便宜的產品。最近的文件和披露表明，一些基金在這一年中已經在拋售比特幣，這表明最新一波贖回可能是長期重新定位的一部分。

Still, some observers remain optimistic about Bitcoin’s longer-term prospects. Potential leadership changes at regulatory institutions in 2025, such as the upcoming scheduled departure of SEC Chair Gary Gensler, have been cited as potential catalysts for renewed bullish momentum. Analysts warn, however, that any regulatory uncertainty in the near term could stir further volatility, especially given that digital asset markets remain sensitive to changes in policy signals.

儘管如此，一些觀察家仍然對比特幣的長期前景持樂觀態度。 2025 年監管機構潛在的領導層變動，例如 SEC 主席 Gary Gensler 即將離職，被認為是重新看漲勢頭的潛在催化劑。然而，分析師警告稱，短期內任何監管不確定性都可能引發進一步波動，特別是考慮到數位資產市場對政策訊號的變化仍然敏感。

As Matt Houghan of Bitwise said on X, “The drivers of the bull market are long-term and fundamental, while the drivers of the pullback are short-term and tactical. That makes the pullback an opportunity and not a reversal.”

正如 Bitwise 的 Matt Houghan 在 X 上所說，「牛市的驅動因素是長期和基本面的，而回調的驅動因素是短期和戰術性的。這使得回調成為一個機會，而不是逆轉。