2月25日消息，比特币现货ETF正经历罕见的连续资金外流周期，已连续六周出现净赎回，机构资金态度出现明显转向。数据显示，仅2月23日单日净流出达2.038亿美元，而此前被视为长期配置工具的ETF，如今反而成为阶段性抛压来源之一，直接加剧市场波动。
价格层面，比特币已跌破6.3万美元关键关口，相较2025年10月约12.6万美元的历史高位回撤接近50%，市场风险偏好明显降温。当前ETF投资者平均持仓成本约为8.41万美元，在现价约6.8万美元附近运行的情况下，多数机构账面仍处于约20%的浮亏状态，这也进一步放大了赎回动机。
从结构上看，资金流出呈现机构主导特征，而非单纯散户撤退。其中，BlackRock 旗下的IBIT成为主要流出来源，占当日总赎回规模的一半以上，显示大型资产管理资金正在阶段性降低比特币敞口。相比之下，仅有少数基金出现逆势流入，例如VanEck的HODL录得约640万美元净申购，反映部分资金将7万美元下方视为中长期配置区间，但规模仍不足以扭转整体趋势。
以太坊ETF同步承压，单日净流出约4950万美元，其中BlackRock的ETHA赎回额达4540万美元，资金撤离迹象与比特币产品高度一致，说明机构正在整体收缩加密资产配置，而非单一资产轮动。
值得注意的是，资金并未完全离开加密ETF赛道。同期Solana相关基金出现约800万美元净流入，Bitwise旗下BSOL贡献约630万美元，显示部分资金开始向高增长叙事资产转移。此外，XRP相关ETF资金流基本持平，市场观望情绪浓厚。
ETF资金流向正成为判断比特币价格趋势的重要前瞻指标。若持续净流出延续，BTC短期反弹空间或受到压制；反之，一旦赎回规模收窄甚至转为净流入，才可能为下一轮行情提供真正的流动性支撑。当前阶段，机构行为而非散户情绪，正在主导加密市场的中期走势。
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