#数字资产市场动态 The end-of-year crypto market experienced a massive withdrawal of institutional funds, with spot ETF net outflows soaring to $120 million in a single day. The two major flagship products, BlackRock IBIT and Grayscale GBTC, both recorded fund outflows, becoming the main drivers of market decline. The correction in the US stock technology sector also added to the crypto market's woes.

The underlying logic is quite straightforward—institutions are looking to lock in gains at year-end. During the last two trading days of 2025, year-end operations such as portfolio rebalancing and tax-loss harvesting are concentrated, and with liquidity still not fully recovered after the Christmas holiday, institutions are choosing to reduce risk exposure and lock in annual gains. Data shows that BTC ETFs have been experiencing continuous net outflows for several days; every $1 billion withdrawn can on average lower Bitcoin's price by 3.4%, creating a vicious cycle of "capital fleeing → price falling."

But don’t be too pessimistic; this is more of a seasonal routine adjustment rather than institutions turning truly bearish. Currently, ETF holdings still contain 1.36 million BTC, accounting for 7% of the total circulating supply, indicating that long-term institutional demand remains unchanged. The key risk now is the continued high correlation between US tech stocks and assets like $ETH and $BTC, which could transmit volatility. In an environment of tightening liquidity, price fluctuations will become more pronounced. It is recommended to control leverage, focus on core assets, and wait for signals of capital returning after the holiday.