比特币ETF流出引起了投资者的担忧

美国现货比特币交易所交易的资金连续第二周经历了超过5亿美元的流出，直到2月21日。

U.S. spot Bitcoin exchange-traded funds saw their second consecutive week of outflows above $500 million leading up to Feb. 21.

美国现货比特币交易所贸易资金连续第二周的流出量超过5亿美元，直到2月21日。

According to data from SoSoValue, the 12 spot BTC ETFs experienced $559.41 million in net outflows over the past week, continuing the negative momentum from the previous week, when they saw $585.65 million in net redemptions.

根据Sosovalue的数据，过去一周的12个BTC ETF经历了5.5941亿美元的净流出，持续了上周的负势头，当时他们看到了5.8565亿美元的净赎回。

Notably, U.S. BTC ETFs began the week from Feb. 18 to Feb. 21 with $60.63 million in outflows, reversing the positive flows observed on the last trading day of the prior week. Over the next two days, the negative momentum intensified, with increased outflows of $71.07 million and $364.93 million, the latter being the highest net outflow observed in February so far. The trend continued on Friday, Feb. 21, with investors withdrawing an additional $62.77 million.

值得注意的是，美国BTC ETFS从2月18日至2月21日开始于本周，流出了6063万美元，扭转了前一周的最后一个交易当天观察到的积极流量。在接下来的两天中，负势头加剧，流出量增加了7107万美元和3.693亿美元，后者是迄今为止2月观察到的最高净流出。这一趋势在2月21日星期五继续进行，投资者又撤回了6277万美元。

The majority of outflows on that day came from Grayscale’s GBTC, which saw $60.08 million exit the fund as it continued its outflow streak following its conversion from a trust structure. Bitwise’s BITB and Fidelity’s FBTC also contributed to the negative momentum, with outflows of $16.58 million and $12.47 million, respectively. Meanwhile, BlackRock’s IBIT returned to positive inflows, receiving $21.64 million, while VanEck’s HODL recorded a slight gain of $4.71 million.

那天的大多数流出来自Grayscale的GBTC，该GBTC在其从信托结构转换后继续其流出连续性，该基金继续退出了6008万美元。 Bitwise的BITB和Fidelity的FBTC也导致了负势头，外流分别为1658万美元和1,247万美元。同时，贝莱德（Blackrock）的IBIT恢复了积极的流入，获得了216.4万美元，而Vaneck的Hodl略有471万美元的收益。

The total weekly trading volume for these investment vehicles stood at $10.72 billion.

这些投资车辆的每周交易量为107.2亿美元。

Since Feb. 6, Bitcoin ETFs have recorded $1.1 billion in net outflows, making February 2025 the worst month for withdrawals since their inception over a year ago. Despite the negative monthly trend, BTC ETFs managed to record net inflows on a few days: February 4, 5, 7, and 14.

自2月6日以来，比特币ETF记录了11亿美元的净外出流量，使2025年2月成为自一年前成立以来提款最糟糕的月份。尽管每月趋势负面趋势，但BTC ETF仍设法在几天内记录了净流入：2月4日，第5、7和14页。

Bitcoin ETF outflows raise investor concerns

比特币ETF流出引起了投资者的担忧

Bitcoin ETF outflows have sparked concerns about shifting investor sentiment.

比特币ETF流出引发了人们对转移投资者情绪的担忧。

Markus Thielen, head of research at 10x Research, pointed out that most spot Bitcoin ETF investors are primarily using these products for arbitrage strategies rather than long-term holdings. He noted that only about 44% of the inflows are actually tied to long-term investments. This suggests that the real demand for Bitcoin as a long-term asset in diversified portfolios may be lower than commonly portrayed in the media.

10倍研究研究负责人马库斯·泰伦（Markus Thielen）指出，大多数现货比特币ETF投资者主要使用这些产品用于套利策略，而不是长期持有。他指出，实际上只有大约44％的流入与长期投资有关。这表明，对比特币作为多元化投资组合中的长期资产的真正需求可能低于媒体中通常描绘的。

Commenting on the recent weekly outflows from BTC ETFs, Kadan Stadelmann, CTO at Komodo Platform, told crypto.news that while Bitcoin ETFs are seeing capital outflows, Gold ETFs are experiencing inflows. This shift could indicate that investors are bracing for economic uncertainty.

Komodo平台的CTO Kadan Stadelmann评论了最近每周的流出，Komodo平台的Kadan Stadelmann告诉Crypto.news，尽管比特币ETF正在看到资本流出，但黄金ETF正在经历流入。这种转变可能表明投资者正在为经济不确定性做好准备。

Another potential indicator? Berkshire Hathaway recently disclosed that it is holding a record-breaking $334.2 billion in cash. According to Stadelmann, this suggests the company is waiting for a market dip to buy assets and commodities at lower prices.

另一个潜在的指标？伯克希尔·海瑟薇（Berkshire Hathaway）最近透露，它持有创纪录的3,342亿美元现金。根据Stadelmann的说法，这表明该公司正在等待市场下跌以较低的价格购买资产和商品。

Adding to investor uncertainty, Donald Trump recently stated that if re-elected, the U.S. will impose reciprocal tariffs on almost every country. This has raised concerns about inflation and trade disruptions, not only among investors but also at the Federal Reserve, as reflected in last week’s meeting minutes.

唐纳德·特朗普（Donald Trump）加上投资者的不确定性，最近表示，如果再次当选，美国将对几乎每个国家征收互惠关税。这引起了人们对通货膨胀和贸易中断的担忧，不仅在投资者中，而且在美联储之间，这在上周的会议记录中反映了。

At the same time, Bitcoin, often viewed as a leading indicator of market trends, has shown resistance and begun trending downward. Stadelmann believes this could signal a broader market selloff, particularly following Friday’s stock market decline.

同时，通常被视为市场趋势的主要指标的比特币表现出抵抗力，并开始向下趋势。 Stadelmann认为这可能表明市场抛售更广泛，尤其是在周五股市下降之后。

“These are the clues Bitcoin ETF investors are seeing, prompting them to move from ETFs into cash,” Stadelmann concluded.

Stadelmann总结说：“这些是比特币ETF投资者看到的线索，促使他们从ETF转变为现金。”