#比特币ETF资金流动 Looking at the latest capital flow data, I have mixed feelings. $47.2 billion seems to have hit a record high, but in fact it’s only slightly below the $48.7 billion in 2024, giving a sense of false hype.

What truly makes me ponder is Bitcoin’s performance. Capital inflows decreased by 35%, with only $26.9 billion in 2025 — this number feels somewhat familiar when I compare it to the cycles I’ve observed over the years. Every time a major wave recedes, there are moments when the market starts shorting Bitcoin. Although these shorting products are still small in scale (AUM only $139 million), the trend itself is quite telling.

Interestingly, there is regional differentiation. While the US still leads in capital flow, its growth rate is slowing down. Germany shifted from a $43 million outflow in 2024 to a $2.5 billion inflow, and Canada changed from over $600 million outflow to an $1.1 billion inflow — such reversals often signify what in history? Usually, they indicate deep changes in policy environments or market sentiment across different regions.

Ethereum, Ripple, and Solana saw significant increases in capital inflows, while other altcoins declined by 30% year-over-year — this is a typical intensification of market segmentation. Capital is being selective, thinking, not blindly chasing gains. This is completely different from the frenzy in 2017.

From a historical perspective, when Bitcoin’s growth slows and other assets start to differentiate and rise, it often signals a structural adjustment in the market. What happens next remains to be seen.