比特幣 ETF 出現資金外流：“Uptober”結束了嗎？

比特幣 ETF 面臨連續幾天的資金流出，挑戰了歷史上看漲的“Uptober”趨勢。是什麼推動了這種轉變，這對加密貨幣的未來意味著什麼？

Bitcoin ETFs See Outflows: Is 'Uptober' Over?

比特幣 ETF 出現資金外流：“Uptober”結束了嗎？

Bitcoin ETFs are experiencing a rough patch, with consecutive days of outflows challenging the crypto market's traditional October surge. Is this a temporary blip or a sign of deeper shifts? Let's dive in.

比特幣 ETF 正在經歷一段艱難的時期，連續幾天的資金流出對加密貨幣市場傳統的 10 月份飆升構成挑戰。這是暫時的現像還是更深層次轉變的跡象？讓我們深入了解一下。

Four Days of Redemptions

四天的救贖

October 20, 2025, marked the fourth straight day of net outflows for Bitcoin ETFs, totaling $40.47 million. BlackRock’s iShares Bitcoin Trust (IBIT) saw the biggest withdrawal, with $100.65 million pulled. Ethereum ETFs aren't doing any better, facing a three-day outflow streak, shedding $145.68 million.

2025 年 10 月 20 日，比特幣 ETF 連續第四天淨流出，總計 4047 萬美元。貝萊德 (BlackRock) 的 iShares 比特幣信託 (IBIT) 的撤資規模最大，達 1.0065 億美元。以太坊 ETF 的表現也好不到哪裡去，面臨著連續三天的資金流出，損失了 1.4568 億美元。

The 'Uptober' Under Pressure

壓力下的“Uptober”

Historically, October has been a bullish month for Bitcoin, closing positively in 10 of the last 12 years. This year, however, 'Uptober' is under serious pressure. As of October 2025, new flows into Bitcoin ETFs totaled only $3.73 billion, a sharp decline compared to the $5.35 billion generated during the same period last year.

從歷史上看，10 月對比特幣來說是一個看漲的月份，在過去 12 年中有 10 年收盤上漲。然而今年，“Uptober”面臨著巨大的壓力。截至 2025 年 10 月，比特幣 ETF 的新增資金流入總額僅為 37.3 億美元，與去年同期的 53.5 億美元相比大幅下降。

Why the Outflows?

為何資金外流？

Several factors are contributing to this trend. Macroeconomic and political developments, such as U.S. government shutdowns and global trade tensions, have increased market uncertainty. Trump's tariff stance on China, though later softened, added to the unease. The Federal Reserve's expected rate cuts could potentially unlock capital for crypto markets, but for now, investors are cautious.

有幾個因素促成了這一趨勢。美國政府關門和全球貿易緊張局勢等宏觀經濟和政治發展增加了市場的不確定性。特朗普對中國的關稅立場雖然後來有所軟化，但加劇了不安。美聯儲預期的降息可能會為加密貨幣市場釋放資金，但目前投資者持謹慎態度。

Not All Gloom and Doom

並非所有的悲觀和厄運

Despite the overall outflows, some ETFs are attracting capital. VanEck’s HODL ETF and Bitwise’s BITB have seen fresh inflows, suggesting strategic rebalancing within the market. Moreover, even with heavy ETF redemptions, Bitcoin briefly rebounded above $110,000, indicating strong dip-buying and improving liquidity.

儘管資金整體流出，但一些 ETF 仍在吸引資金。 VanEck 的 HODL ETF 和 Bitwise 的 BITB 出現了新的資金流入，表明市場內部正在進行戰略性再平衡。此外，即使有大量 ETF 贖回，比特幣仍短暫反彈至 110,000 美元上方，表明逢低買盤強勁且流動性改善。

Institutional Sentiment Remains Resilient

機構情緒保持彈性

Despite the outflows, a Coinbase survey reveals that 67% of institutions remain bullish on Bitcoin over the next three to six months. They cite improving liquidity, robust ETF infrastructure, and stablecoin usage as reasons for their optimism. On-chain signals also suggest potential bottom formations, hinting at future recoveries.

儘管出現資金外流，Coinbase 的一項調查顯示，67% 的機構在未來三到六個月內仍然看好比特幣。他們將流動性的改善、ETF 基礎設施的穩健以及穩定幣的使用作為其樂觀的理由。鏈上信號還表明潛在的底部形成，暗示未來的複蘇。

What's Next?

接下來是什麼？

The coming weeks will be crucial. Bitcoin needs to hold above the $100,000 support level to maintain long-term confidence. Ethereum is eyeing the $3,800 level as a critical support zone. Keep an eye on the meeting between Trump and China’s Xi Jinping for potential market-moving announcements.

未來幾周至關重要。比特幣需要守住 10 萬美元支撐位上方才能維持長期信心。以太坊將 3,800 美元視為關鍵支撐區域。密切關注特朗普與中國國家主席習近平的會面，以了解潛在的影響市場的公告。

Final Thoughts

最後的想法

So, is 'Uptober' officially canceled? Not necessarily. The market is showing mixed signals, but underlying institutional bullishness and potential macro tailwinds could still turn things around. For now, buckle up, because it seems like this October is going to be a wild ride! One thing's for sure - the only constant in crypto is change!

那麼，《Uptober》正式取消了嗎？未必。市場顯示出的信號好壞參半，但潛在的機構看漲情緒和潛在的宏觀利好因素仍可能扭轉局面。現在，請係好安全帶，因為今年的十月似乎將是一場瘋狂的旅程！有一點是肯定的——加密貨幣中唯一不變的就是變化！