比特币 ETF 出现资金外流：“Uptober”结束了吗？

比特币 ETF 面临连续几天的资金流出，挑战了历史上看涨的“Uptober”趋势。是什么推动了这种转变，这对加密货币的未来意味着什么？

Bitcoin ETFs See Outflows: Is 'Uptober' Over?

比特币 ETF 出现资金外流：“Uptober”结束了吗？

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.

比特币 ETF 正在经历一段艰难的时期，连续几天的资金流出对加密货币市场传统的 10 月份飙升构成挑战。这是暂时的现象还是更深层次转变的迹象？让我们深入了解一下。

Four Days of Redemptions

四天的救赎

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，比特币 ETF 连续第四天净流出，总计 4047 万美元。贝莱德 (BlackRock) 的 iShares 比特币信托 (IBIT) 的撤资规模最大，达 1.0065 亿美元。以太坊 ETF 的表现也好不到哪里去，面临着连续三天的资金流出，损失了 1.4568 亿美元。

The 'Uptober' Under Pressure

压力下的“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.

从历史上看，10 月对比特币来说是一个看涨的月份，在过去 12 年中有 10 年收盘上涨。然而今年，“Uptober”面临着巨大的压力。截至 2025 年 10 月，比特币 ETF 的新增资金流入总额仅为 37.3 亿美元，与去年同期的 53.5 亿美元相比大幅下降。

Why the Outflows?

为何资金外流？

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.

有几个因素促成了这一趋势。美国政府关门和全球贸易紧张局势等宏观经济和政治发展增加了市场的不确定性。特朗普对中国的关税立场虽然后来有所软化，但加剧了不安。美联储预期的降息可能会为加密货币市场释放资金，但目前投资者持谨慎态度。

Not All Gloom and Doom

并非所有的悲观和厄运

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.

尽管资金整体流出，但一些 ETF 仍在吸引资金。 VanEck 的 HODL ETF 和 Bitwise 的 BITB 出现了新的资金流入，表明市场内部正在进行战略性再平衡。此外，即使有大量 ETF 赎回，比特币仍短暂反弹至 11 万美元上方，表明逢低买盘强劲且流动性改善。

Institutional Sentiment Remains Resilient

机构情绪保持弹性

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.

尽管出现资金外流，Coinbase 的一项调查显示，67% 的机构在未来三到六个月内仍然看好比特币。他们将流动性的改善、ETF 基础设施的稳健以及稳定币的使用作为其乐观的理由。链上信号还表明潜在的底部形成，暗示未来的复苏。

What's Next?

接下来是什么？

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.

未来几周至关重要。比特币需要守住 10 万美元支撑位上方才能维持长期信心。以太坊将 3,800 美元视为关键支撑区域。密切关注特朗普与中国国家主席习近平的会面，以了解潜在的影响市场的公告。

Final Thoughts

最后的想法

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!

那么，《Uptober》正式取消了吗？未必。市场显示出的信号好坏参半，但潜在的机构看涨情绪和潜在的宏观利好因素仍可能扭转局面。现在，请系好安全带，因为今年的十月似乎将是一场疯狂的旅程！有一点是肯定的——加密货币中唯一不变的就是变化！