随着市场参与者重新调整预期，比特币（BTC）基金出现大量赎回

12 月 19 日，这些基金的净流出总额达到约 6.719 亿美元，标志着一段时期的稳定资金流入后情绪出现显着转变。

Total net outflows from major Bitcoin ETFs reached approximately $671.9 million on Monday, December 19, revealing a shift in sentiment after a period of consistent inflows, according to data from Farside Investors.

Farside Investors 的数据显示，12 月 19 日星期一，主要比特币 ETF 的净流出总额达到约 6.719 亿美元，这表明在经历了一段时间的持续流入之后，市场情绪发生了转变。

The wave of withdrawals comes just days after Bitcoin touched an all-time high above $108,000 earlier in the week. The cryptocurrency has since retreated sharply, hovering just above $97,000 at the time of writing—a decline of roughly 10% from its peak. Market participants have attributed the downturn to a combination of factors, including the Fed’s latest policy stance and investors’ inclination to lock in profits before year-end.

就在比特币本周早些时候触及 108,000 美元以上的历史高点几天后，出现了这一波提款潮。此后，该加密货币大幅回落，在撰写本文时徘徊在 97,000 美元上方，较峰值下跌约 10%。市场参与者将经济低迷归因于多种因素，包括美联储最新的政策立场以及投资者倾向于在年底前锁定利润。

Multiple funds experienced heavy redemptions, the data shows. On December 19, the largest outflow in nominal terms was seen in funds offered by Fidelity, which lost about $208.5 million. ARK’s Bitcoin ETF also saw significant net selling, with around $108.4 million exiting the fund, while Bitwise shed approximately $43.6 million. Invesco and VanEck recorded outflows of about $26.0 million and $10.9 million respectively.

数据显示，多只基金经历了大量赎回。 12 月 19 日，名义资金流出最多的是富达基金 (Fidelity) 提供的基金，损失约 2.085 亿美元。 ARK 的比特币 ETF 也出现了大幅净抛售，约 1.084 亿美元退出该基金，而 Bitwise 则损失了约 4360 万美元。 Invesco 和 VanEck 分别录得约 2,600 万美元和 1,090 万美元的资金流出。

Meanwhile, the Grayscale Bitcoin Trust (GBTC)—which carries a comparatively high annual management fee of 1.5%—experienced a net outflow of roughly $87.9 million. By contrast, some funds, such as WTree’s offering, posted small net inflows, but this did little to offset the overall negative trend.

与此同时，灰度比特币信托基金（GBTC）的年管理费相对较高，为 1.5%，净流出约为 8790 万美元。相比之下，一些基金，例如WTree的发行，出现了小额净流入，但这并不能抵消整体的负面趋势。

The selling pressure comes amid heightened uncertainty over the Federal Reserve’s policy trajectory. At the December Federal Open Market Committee meeting, policymakers indicated fewer interest rate cuts in 2025 than previously anticipated, reducing the likelihood of aggressive monetary easing that some market participants had hoped would bolster risk assets, including cryptocurrencies.

抛售压力来自美联储政策轨迹的不确定性加剧。在 12 月举行的联邦公开市场委员会会议上，政策制定者表示 2025 年降息幅度比之前预期的要少，这降低了一些市场参与者原本希望采取的激进货币宽松政策将提振包括加密货币在内的风险资产的可能性。

We’re Recalibrating Expectations

我们正在重新调整期望

This recalibration of expectations placed pressure not only on Bitcoin but also on a broader range of digital assets. Analysts suggested that investors, after a year of robust gains in cryptocurrencies, are taking a more cautious stance. The prospect of fewer rate cuts and potentially tighter financial conditions in the future may have prompted some market participants to take profits, especially as liquidity traditionally thins out near the end of the year.

这种预期的重新调整不仅给比特币带来了压力，也给更广泛的数字资产带来了压力。分析师表示，在加密货币经历了一年的强劲增长之后，投资者正在采取更加谨慎的立场。未来降息次数减少和金融状况可能收紧的前景可能促使一些市场参与者获利了结，特别是在流动性传统上临近年底时趋于稀薄的情况下。

Market experts noted that management fees and the availability of lower-cost alternatives could also factor into outflows. Grayscale’s 1.5% annual fee, for instance, is higher than many competing Bitcoin ETFs that charge between 0.2% and 0.3%, potentially incentivizing investors to rotate into less expensive products. Recent filings and disclosures indicated that some funds had already been shedding their Bitcoin holdings over the course of the year, suggesting that the latest wave of redemptions may be part of a longer-term repositioning.

市场专家指出，管理费和低成本替代方案的可用性也可能影响资金外流。例如，Grayscale 的年费为 1.5%，高于许多收费在 0.2% 至 0.3% 之间的竞争性比特币 ETF，这可能会激励投资者转向更便宜的产品。最近的文件和披露表明，一些基金在这一年中已经在抛售比特币，这表明最新一波赎回可能是长期重新定位的一部分。

Still, some observers remain optimistic about Bitcoin’s longer-term prospects. Potential leadership changes at regulatory institutions in 2025, such as the upcoming scheduled departure of SEC Chair Gary Gensler, have been cited as potential catalysts for renewed bullish momentum. Analysts warn, however, that any regulatory uncertainty in the near term could stir further volatility, especially given that digital asset markets remain sensitive to changes in policy signals.

尽管如此，一些观察家仍然对比特币的长期前景持乐观态度。 2025 年监管机构潜在的领导层变动，例如 SEC 主席加里·詹斯勒 (Gary Gensler) 即将离职，被认为是重新看涨势头的潜在催化剂。然而，分析师警告称，短期内任何监管不确定性都可能引发进一步波动，特别是考虑到数字资产市场对政策信号的变化仍然敏感。

As Matt Houghan of Bitwise said on X, “The drivers of the bull market are long-term and fundamental, while the drivers of the pullback are short-term and tactical. That makes the pullback an opportunity and not a reversal.”

正如 Bitwise 的 Matt Houghan 在 X 上所说，“牛市的驱动因素是长期和基本面的，而回调的驱动因素是短期和战术性的。这使得回调成为一个机会，而不是逆转。”