#比特币ETF When I saw this news, the image of 2018 flashed through my mind. Back then, it was the same — institutions flooded in, then collectively withdrew, leaving retail investors behind. History is repeating itself, only the actors have changed.

Since early November, the 30-day net inflow averages for Bitcoin and Ethereum ETFs have turned negative and continued to do so, which is actually a clear signal. Institutional investors are not pessimistic; they are making a classic cycle judgment — when liquidity begins to shrink, smart money often pulls out early. I have experienced many such moments, each time feeling like the market is talking to itself: "I need to adjust."

Interestingly, many people interpret this as bad news, but if you extend the timeline, you'll find that institutional withdrawals are often part of the market's self-healing process. This was the case at the end of 2015 and 2018; the funds withdrawn eventually turned into capital for the next round of deployment. The key is not whether they leave, but to what extent — panic selling or rational position adjustment.

Currently, it seems more like the latter. Liquidity contraction itself is not scary; what’s frightening is sudden evaporation of liquidity. The fact that we still see continuous net outflows indicates that this process is still proceeding in an orderly manner. This gives us an opportunity to observe — when this line begins to stabilize, or even reverse, that will be the moment worth paying close attention to.