#特朗普加密新政 BlackRock Bitcoin ETF experienced a net capital outflow of $2.35 billion this month, setting a new record for monthly withdrawals. This number is indeed significant, but the market's panic sentiment may be a bit excessive.

It is very normal for large institutions to adjust their positions. The capital allocation logic of asset management giants like BlackRock is completely different from that of retail investors—they may be doing quarterly rebalancing, or responding to certain regulatory requirements or client redemption demands. The recent shift in the Federal Reserve's monetary policy is also a factor, and traditional financial institutions will adjust their allocations to risk assets accordingly.

Do you remember when these institutions were frantically accumulating last year? At that time, everyone was shouting "institutional bull." Now that some funds are withdrawing, it doesn't necessarily mean they are completely bearish. It's more likely a stage of profit-taking—after all, $BTC has multiplied several times since last year's low, so it's reasonable to secure profits.

**Several key points are worth noting:**

On the technical side, $BTC has strong support around the $80,000 mark. This level has often been a starting point for rebounds, and if it is effectively broken, it could trigger a deeper correction. However, as long as it holds, the medium-term trend remains relatively healthy.

Position management is more important than predicting price fluctuations. Long-term holders may consider averaging down, while short-term traders should best control their leverage ratio. When market volatility intensifies, preserving capital is always the top priority.

Additionally, on-chain data shows that retail addresses have been accumulating during this period. Historical patterns indicate that the operations of institutions and retail investors are often opposite—when institutions are reducing their positions, it often serves as a window for retail investors to build their positions.

The market is never short of volatility; what is lacking is the ability to remain clear-headed amidst the fluctuations.