比特幣（BTC）現貨ETF流入從30億美元下降到90％以上

現貨比特幣ETF的流入從30億美元下降到四個星期內的2.28億美元。

The Bitcoin (BTC) market experienced a massive 90+% drop in spot BTC exchange-traded fund (ETF) inflows in just four weeks, new data shows.

新數據顯示，比特幣（BTC）市場在短短四個星期內就經歷了BTC交易所交易基金（ETF）流入的90％以上的下降。

After reaching $3 billion in the last week of April, the rate of institutional money flowing into Bitcoin through spot ETFs has slowed to almost a trickle.

在四月的最後一周達到30億美元之後，通過現貨ETF流入比特幣的機構資金速度幾乎放慢了。

While strong ETF inflows are often linked to Bitcoin rallies, recent data from Q1 and Q2 2025 shows that the price movements can also occur independently of the derivatives market.

儘管強大的ETF流入通常與比特幣集會有關，但第1季度和第二季度2025的最新數據表明，價格變動也可以獨立於衍生品市場。

Despite the short-term selling pressure and potential correction, long-term BTC whale buying suggests that the uptrend may continue.

儘管短期銷售壓力和潛在的糾正，但長期的BTC鯨魚購買表明上升趨勢可能會持續下去。

Key takeaways:Spot Bitcoin ETF inflows dropped over 90% from $3 billion to $228 million in four weeks.

關鍵要點：現貨比特幣ETF流入在四個星期內從30億美元下降到2.28億美元。

While strong ETF inflows often drive Bitcoin rallies, recent data shows price movements can occur independently.

儘管強大的ETF流入通常會驅動比特幣集會，但最近的數據表明，價格變動可以獨立發生。

Despite short-term selling pressure, long-term BTC whale buying suggests a potential continuation of the BTC uptrend.

儘管短期銷售壓力，長期BTC鯨魚購買表明BTC上升趨勢的潛在延續。

The last seven days saw only $228 million in net inflows into spot Bitcoin ETFs, a stark contrast to the $3 billion reported for the week ending April 25, according to the latest data from CCChartData.

根據CCCHARTDATA的最新數據，最近七天只有2.28億美元的淨流入成為現貨比特幣ETF，這與截至4月25日的一周的30億美元形成鮮明對比。

Historically, a slowdown in ETF inflows has impacted BTC price. Notably, when daily inflows exceeded $1.5 billion for two consecutive weeks, a correction followed.

從歷史上看，ETF流入的放緩影響了BTC的價格。值得注意的是，當每日流入連續兩週超過15億美元時，隨後進行了更正。

To understand the potential impact on Bitcoin, let’s examine four key periods of significant spot ETF activity and their correlation with BTC price movements:

要了解對比特幣的潛在影響，讓我們檢查四個重要的現場ETF活動的關鍵時期及其與BTC價格變動的相關性：

In Q1 2024, from February 2 to March 15, the spot ETFs recorded $11.39 billion in net inflows over seven weeks, which was later attributed by DeFI researcher Wu Blockchain to a 57% price surge.

2024年第1季度，從2月2日至3月15日，現貨ETF在7週內記錄了113.9億美元的淨流入，後來歸因於DEFI研究員WU區塊鏈的價格漲幅為57％。

However, BTC prices peaked in week five, as $4.8 billion inflows in the final two weeks did not push its value higher.

但是，BTC價格在第五周達到頂峰，因為最後兩週的48億美元流入並沒有提高其價值。

Similarly, Q3 2024 saw $16.8 billion in inflows over nine weeks from October 18 to December 13, fueling a 66% rally. Nevertheless, when inflows slowed in the 10th week, Bitcoin’s price dropped 9%, further highlighting the link between ETF flows and price corrections.

同樣，從10月18日至12月13日的九週內，2024年第三季度的流入率達到168億美元，加劇了66％的集會。然而，當第10週的流入減速時，比特幣的價格下跌了9％，進一步強調了ETF流量與價格更正之間的聯繫。

In Q1 2025, $3.8 billion in inflows over two weeks (January 17–24) coincided with a new all-time high of $110,000 on January 20, but overall prices fell 4.8%.

在2025年第1季度，兩週內的38億美元流入（1月17日至24日）恰逢1月20日的新歷史最高點110,000美元，但總價下降了4.8％。

Most recently, Q2 2025 (April 25–May 9) saw $5.8 billion in inflows and a 22% price rally, though Bitcoin had already gained 8% in the previous two weeks despite negative netflows.

最近，第2季度2025年第2季度（4月25日至3月9日）的流入量為58億美元和22％的價格集會，儘管儘管Netflows負面，但比特幣在過去的兩周中已經上漲了8％。

This data challenges the notion that spot ETF inflows consistently drive prices. While Q3 2024 and Q2 2025 suggest strong inflows fuel rallies, Q1 2024 and Q1 2025 show prices can stagnate or fall despite substantial inflows.

該數據挑戰了現場ETF持續推動價格的觀念。雖然第二季度2024和第二季度2025表明強大的流入燃料集會，但第1季度2024和Q1 2025顯示，儘管大量流入，價格可能會停滯或下跌。

The Q2 2025 rally, partially independent of spot ETF activity, hints at other drivers like easing US tariffs, retail interest or Bitcoin whale accumulation.

第二季度2025集會部分獨立於現場ETF活動，暗示了其他駕駛員，例如緩解美國關稅，零售利息或比特幣鯨的積累。

With inflows now at $228 million, the historical trend leans bearish, suggesting a potential correction. Nevertheless, a counterargument emerges from recent whale activity, which paints a more bullish picture.

由於流入為2.28億美元，歷史趨勢傾向於看跌，表明潛在的糾正。儘管如此，最近的鯨魚活動出現了反駁，該活動描繪了一個更看漲的畫面。

Bitcoin faces selling pressure, but whales may retain the trend

比特幣面對銷售壓力，但鯨魚可能會保留趨勢

Bitcoin is exhibiting short-term selling pressure as the Buy/Sell Pressure Delta turns negative, according to Alphractal CEO Joao Wedson. The chart shows that whales are starting to offload BTC between $105,000 and $100,000, a level which Wedson flagged as risky.

根據Alphractal CEO Joao Wedson的說法，比特幣表現出短期銷售壓力。該圖表顯示，鯨魚開始卸載BTC在105,000美元至100,000美元之間，這是韋德森（Wedson）標記為風險的水平。

This bearish shift, with a negative cumulative volume delta, indicates selling pressure in the short term. However, long-term buying pressure remains strong, suggesting that this dip is a correction rather than a reversal.

這種看跌的轉變，累積量為負數，表示短期內銷售壓力。但是，長期購買壓力仍然很大，這表明這種傾角是一種更正，而不是逆轉。

Data from CryptoQuant highlights that whales are taking relatively fewer profits in the current period than in previous price peaks. Anonymous analyst Blitzz Trading noted, "The whales are still dumping but not at the rate they did at the last ATH. We might be seeing some fib-level support at $98K, which could hold.”

來自加密貨幣的數據重點是，鯨魚在當前時期的利潤要少於以前的價格峰值。匿名分析師閃電茲交易指出：“鯨魚仍在傾倒，但沒有以他們在最後一個ATH的速度傾倒。我們可能會看到一些費用級別的支持，價格為9.8萬美元，這可能會持有。”