在上个月，比特币（BTC）和以太坊（ETH）交易所交易基金（ETF）的资本流出非常稳定。

值得注意的是，仅在3月3日至7日之间，仅在2025年，比特币ETF的流出量为7.392亿美元，以太坊ETFS的ETFS 9,390万美元。

Capital outflows from Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) have been very consistent over the last month.

在上个月，比特币（BTC）和以太坊（ETH）交易所交易基金（ETF）的资本流出非常稳定。

Most notably, between March 3rd and 7th, 2025 alone, Bitcoin ETFs saw a stunning outflow of $739.2 million and Ethereum ETFs $93.9 million.

最值得注意的是，仅在3月3日至7日，仅在2025年，比特币ETF就看到了7.392亿美元的惊人外流，Ethereum ETFS的ETFS耗资9,390万美元。

BTC ETF outflows reached $4.49 billion this week for the fourth consecutive week, declining dramatically from $2.037 billion on February 10.

BTC ETF流出本周连续第四周达到44.9亿美元，从2月10日的203.7亿美元下降。

Analyzing recent data, SpotOnChain paints an ugly picture for Bitcoin and Ethereum. However, this trend has continued over the past four weeks, accompanied by a broad-based outflow from these assets by investors.

分析最新数据，Spotonchain描绘了比特币和以太坊的丑陋图片。但是，在过去的四个星期中，这种趋势持续了，伴随着投资者这些资产的广泛流出。

A closer look at the 30-day net inflow charts for Bitcoin ETFs reveals several days with outflow exceeding inflow. Very close to $275 million flowed out of these funds one day.

仔细观察比特币ETF的30天净流入图表显示了几天，流出超过流入。有一天，这些资金中的近2.75亿美元从这些资金中流出。

While Ethereum ETFs’ outflows are smaller than Bitcoin’s, they still display a trend of substantial withdrawal. The inflow/outflow chart shows the outflows daily when outflows have raised over $50 million continuously, which is an unease for investors.

尽管以太坊ETF的流出量比比特币小，但它们仍然表现出大量退出的趋势。流入/流出图表显示出流出连续筹集超过5000万美元时，每天流出，这对投资者来说是不安。

Sustained Outflows Across Consecutive Weeks

连续几周持续流出

Since the early part of February, the continuous withdrawal from Bitcoin ETFs is a clear indication of the trend in the cryptocurrency markets and their scale.

自2月初以来，从比特币ETF中持续退出表明了加密货币市场及其规模的趋势。

A cumulative $4.49 billion was drained out between October 31 and November 6. This exit is sure to raise big concerns or cause these investors to rethink their portfolios regarding crypto assets.

在10月31日至11月6日之间，累计的44.9亿美元耗资了。该退出肯定会引起重大关注或导致这些投资者重新考虑其对加密货币资产的投资组合。

Global economic conditions, including fears of inflation, higher interest rates, and other monetary tightening measures, have swung investors into caution and heavily influenced the pattern of these outflows.

全球经济状况，包括对通货膨胀的担忧，较高的利率和其他货币收紧措施，使投资者谨慎，并严重影响了这些流出的模式。

While the U.S. plays the largest role in this narrative, the outflows of other regions provide a different picture. Some European and Asian markets have not experienced such pronounced outflows; in certain cases, the effects have been slightly net inflows. This suggests that investors’ responses to the same macroeconomic indicators are not uniformly the same.

尽管美国在这种叙述中扮演着最大的角色，但其他地区的流出提供了不同的情况。一些欧洲和亚洲市场没有经历过如此明显的流出。在某些情况下，效果略有净流入。这表明投资者对相同宏观经济指标的回应并不统一。

This disparity shows that cryptocurrencies are in decentralized and global markets, where investor strategies differ depending on location and economic conditions. How each region reacts to international economic developments depends on which of these differences will provide a perspective on recovery or decline.

这种差异表明，加密货币在分散和全球市场中，在该市场中，投资者的策略取决于位置和经济状况。每个地区对国际经济发展的反应取决于这些差异中的哪一个将为恢复或衰落提供观点。

Broader Market Impact and Future Implications on Bitcoin ETF

更广泛的市场影响和对比特币ETF的未来影响

According to the report, outflows from Bitcoin and Ethereum ETFs have lasted long, devaluing their market values. There is a close correlation between the recent drops in their prices and the timing and magnitude of the ETF withdrawals. For example, large capital outflows are directly responsible for Bitcoin’s inability to break through earlier price points in the year.

根据该报告，比特币和以太坊ETF的流出持续了很长时间，使他们的市场价值贬值。最近的价格下跌与ETF提取的时间和幅度之间存在密切的相关性。例如，大量资本外流直接负责比特币在一年中突破较早的价格。

This persistent outflow demonstrates investors’ cautious or pessimistic sentiment, as the bearish sentiment indicates. Financial analysts say this could mean the start of a more extensive market correction or a shift to a more stable part of the market with less volatile assets in light of broader economic uncertainties.

正如看跌情绪所表明的那样，这种持续的流出表明了投资者的谨慎或悲观的情绪。财务分析师说，这可能意味着鉴于更广泛的经济不确定性，易波动性资产的市场更广泛的市场校正或转移到更稳定的市场。