Bitcoin spot ETF has recently experienced two consecutive days of capital outflows, with a single-day net outflow reaching around 486 million yuan. The market response has been quite lukewarm. This is not an isolated phenomenon; the underlying factors are quite complex.

Speaking of which, the spot ETF itself has not met expectations. When it was launched, everyone anticipated it would continuously attract incremental funds. However, it has recently fallen into a net outflow situation. Early investors seeing this situation have started to take profits or cut losses, and confidence has been noticeably shaken.

In addition, macroeconomic uncertainties are also contributing to the situation. Fluctuations in global liquidity expectations have made investors more cautious, with a noticeably conservative attitude toward risk asset allocation. The volatility risk inherent in the crypto market itself is also an issue, leading those with limited risk tolerance to simply withdraw.

In the short term, the market's direction mainly depends on the overseas markets opening tonight and macroeconomic data performance. If the data leans towards easing expectations, liquidity may improve, and the outflow of funds could slow down; conversely, if the data is tighter, pressure will continue to increase. However, in the longer term, the outlook for the spot ETF still depends on the development of the entire crypto ecosystem and the evolution of regulatory policies. Investors need to see clearly and not be blinded by short-term fluctuations.