#数字资产市场动态 The cash flow of spot ETFs during Christmas week gives us an interesting observational window.

Numbers speak: this week's outflows reached $782 million, totaling over $1.1 billion. BlackRock's IBIT contributed $193 million in outflows, while Fidelity's FBTC saw $74 million. It looks alarming, but the underlying logic is quite clear—year-end rebalancing and profit locking are routine institutional operations, so don't interpret it too pessimistically.

What's the most interesting? BTC didn't crash. Despite such heavy selling pressure, the price still held around $88,000. What does this indicate? The market's capacity to absorb buy orders is really strong, and there may be long-term funds quietly accumulating at low levels.

Historical experience is worth referencing. Short-term ETF outflows are usually just the beginning of consolidation; real upward movement often starts when outflows slow and funds are re-injected. So the key question now is: what will institutions do after the New Year? Will they reallocate to BTC?

An important variable not to ignore is the Federal Reserve's policy direction in 2025. Once a rate-cut cycle begins, ETF inflows could enter a new growth phase. By then, this current wave of outflows will just be a short-term technical adjustment.