Recently, the outflow scale of Bitcoin spot ETFs has been quite noticeable. On December 15th, the overall net outflow of Bitcoin spot ETFs listed in the US was $60.48 million, with Grayscale GBTC contributing $44.03 million and Fidelity FBTC also outflowing $39.44 million. These are relatively high single-day outflows in recent times. Looking further back to November, the numbers are even more intense — a total outflow of $3.5 billion for the entire month, with BlackRock's iBit alone outflowing $2.34 billion, setting a new monthly high in the past nine months.

This wave of outflows has indeed impacted the market. In the short term, Bitcoin's price was pushed down quite hard, dropping to around $86,000 at one point, a 1.2% decline from the previous day's close. After the US stock market opened, the selling pressure became even more apparent, as institutional investors in the market were clearly taking profits. Coupled with the uncertainty surrounding the Federal Reserve's December interest rate decision, the entire market was filled with caution — Bitcoin's Fear & Greed Index dropped to 27, firmly entering the panic zone, and retail investors also started to hold and watch.

Interestingly, these outflowing funds haven't completely left the market. Data shows that over 40% of the funds shifted to ETFs of other cryptocurrencies like Solana, and some flowed into crypto products related to RWA (Real World Assets). It seems market participants are still looking for new opportunities. This phenomenon of fund shifting essentially reflects the market's short-term uncertainty about Bitcoin's trend, but at the same time, it also indicates that activity in the crypto market is being maintained.