比特币（BTC）现货ETF流入从30亿美元下降到90％以上

现货比特币ETF的流入从30亿美元下降到四个星期内的2.28亿美元。

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

新数据显示，比特币（BTC）市场在短短四个星期内就经历了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.

在四月的最后一周达到30亿美元之后，通过现货ETF流入比特币的机构资金速度几乎放慢了。

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.

尽管强大的ETF流入通常与比特币集会有关，但第1季度和第二季度2025的最新数据表明，价格变动也可以独立于衍生品市场。

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

尽管短期销售压力和潜在的纠正，但长期的BTC鲸鱼购买表明上升趋势可能会持续下去。

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

关键要点：现货比特币ETF流入在四个星期内从30亿美元下降到2.28亿美元。

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

尽管强大的ETF流入通常会驱动比特币集会，但最近的数据表明，价格变动可以独立发生。

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

尽管短期销售压力，长期BTC鲸鱼购买表明BTC上升趋势的潜在延续。

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.

根据CCCHARTDATA的最新数据，最近七天只有2.28亿美元的净流入成为现货比特币ETF，这与截至4月25日的一周的30亿美元形成鲜明对比。

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.

从历史上看，ETF流入的放缓影响了BTC的价格。值得注意的是，当每日流入连续两周超过15亿美元时，随后进行了更正。

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:

要了解对比特币的潜在影响，让我们检查四个重要的现场ETF活动的关键时期及其与BTC价格变动的相关性：

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，从2月2日至3月15日，现货ETF在7周内记录了113.9亿美元的净流入，后来归因于DEFI研究员WU区块链的价格涨幅为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价格在第五周达到顶峰，因为最后两周的48亿美元流入并没有提高其价值。

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.

同样，从10月18日至12月13日的九周内，2024年第三季度的流入率达到168亿美元，加剧了66％的集会。然而，当第10周的流入减速时，比特币的价格下跌了9％，进一步强调了ETF流量与价格更正之间的联系。

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，两周内的38亿美元流入（1月17日至24日）恰逢1月20日的新历史最高点110,000美元，但总价下降了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）的流入量为58亿美元和22％的价格集会，尽管尽管Netflows负面，但比特币在过去的两周中已经上涨了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.

该数据挑战了现场ETF持续推动价格的观念。虽然第二季度2024和第二季度2025表明强大的流入燃料集会，但第1季度2024和Q1 2025显示，尽管大量流入，价格可能会停滞或下跌。

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集会部分独立于现场ETF活动，暗示了其他驾驶员，例如缓解美国关税，零售利息或比特币鲸的积累。

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.

由于流入为2.28亿美元，历史趋势倾向于看跌，表明潜在的纠正。尽管如此，最近的鲸鱼活动出现了反驳，该活动描绘了一个更看涨的画面。

Bitcoin faces selling pressure, but whales may retain the trend

比特币面对销售压力，但鲸鱼可能会保留趋势

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.

根据Alphractal CEO Joao Wedson的说法，比特币表现出短期销售压力。该图表显示，鲸鱼开始卸载BTC在105,000美元至100,000美元之间，这是韦德森（Wedson）标记为风险的水平。

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.

这种看跌的转变，累积量为负数，表示短期内销售压力。但是，长期购买压力仍然很大，这表明这种倾角是一种更正，而不是逆转。

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.”

来自加密货币的数据重点是，鲸鱼在当前时期的利润要少于以前的价格峰值。匿名分析师闪电兹交易指出：“鲸鱼仍在倾倒，但没有以他们在最后一个ATH的速度倾倒。我们可能会看到一些费用级别的支持，价格为9.8万美元，这可能会持有。”