#机构加密资产配置 Seeing the $782 million net outflow from spot Bitcoin ETFs, my first reaction is—don’t panic yet, this is actually a very classic end-of-year phenomenon.

Anyone who has experienced multiple market cycles knows that around Christmas each year, institutions rebalance their assets. BlackRock IBIT had a single-day outflow of $193 million, and Fidelity FBTC outflowed $74 million. It sounds alarming, but the key data is here: Bitcoin price remains stable around $87,000, with no plunge. What does this indicate? It shows that this isn’t panic selling; it’s just institutions adjusting their positions at year-end, locking in profits along the way.

What I want to remind everyone is that many retail investors are easily scared by such net outflow data and tend to follow suit by dumping their holdings. But the current situation is different—institutions are now deeply involved through spot ETFs, making their inflows and outflows more regular and transparent. This actually gives us an advantage: we can see the true rhythm of institutional moves.

Six consecutive trading days of net outflows exceeding $1.1 billion is indeed the longest since autumn, but don’t forget, after trading resumes in January, funds will flow back in. I’ve seen this holiday routine many times; the biggest concern isn’t institutions retreating, but those wild projects that pretend to be institutional and are just trying to harvest retail investors. Stay alert, but don’t overreact. In simple terms: year-end outflows are normal, the real danger is the emergence of new projects and “opportunities” amid chaos.