In the Eastern Eight Time Zone this week, CoinShares' latest weekly report disclosed that the digital asset investment products it tracks experienced a net outflow of $1.73 billion in a single week, marking an extremely rare large-scale withdrawal event under a single source statistic. This figure is at a high level compared to historical fluctuations of similar products, drawing significant market attention. Structurally, the U.S. market dominated the redemptions, with Bitcoin and Ethereum products under significant pressure, while Solana and a few other assets recorded counter-trend inflows, creating a stark contrast. Discussions in the market have begun around whether this is a healthy correction and reallocation of chips during a bull market or a deeper fundamental shift in the flow of funds. The article will analyze this from the perspectives of regional distribution, asset structure, and on-chain activity.

$1.73 Billion Withdrawal: Who is Being Redeemed

● Scale Breakdown: According to the CoinShares report, the digital asset investment products covered recorded a net outflow of $1.73 billion in a single week, with data coming from a single statistical caliber, primarily reflecting concentrated changes in product subscriptions and redemptions within the week. This volume far exceeds the normal weekly fluctuation level, indicating a rapid reassessment of price and risk by the funding side. However, readers should be reminded that this is only a recent single-week performance, not a long-term trend conclusion.

● Mainstream Coins Under Pressure: Among the total net outflows, Bitcoin-related products saw a net outflow of $1.09 billion, and Ethereum products saw a net outflow of $630 million, together accounting for the vast majority of the overall scale. Measured in absolute amounts, mainstream coins have become the primary pressured varieties in this round of redemptions, indicating that institutions and professional funds are more inclined to take profits or hedge on the most liquid assets rather than being the first to sell off less liquid long-tail targets.

● Channel Differences: It is important to clarify that this round of data primarily comes from the digital asset investment product level, including the capital flows of various listed funds and structured products, and does not equate to a comprehensive change in on-chain spot transactions and holdings. Therefore, when interpreting the $1.73 billion net outflow, investors should distinguish between "product-side subscriptions and redemptions" and "on-chain spot sell-offs," avoiding a simplistic view of large-scale capital fleeing on-chain.

$1.8 Billion Sell-off in the U.S., Europe Goes Against the Trend

● U.S. Dominance: From a regional distribution perspective, the U.S. market saw a net outflow of about $1.8 billion, almost unilaterally dominating this round of capital withdrawal, creating an overwhelming impact on the overall data. This further highlights the pricing power and voice of the U.S. in global digital asset investment products, as its institutional subscription and redemption behaviors often amplify as emotional anchors for global market sentiment, making it difficult to reverse the overall market trend in the short term even if other regions do not follow suit.

● European Hedging: In contrast to the concentrated sell-off in the U.S., Switzerland, Germany, and Canada collectively recorded a net inflow of about $85.1 million, which is significantly smaller compared to the $1.8 billion but shows a counter-trend accumulation. This data indicates that there is not a complete consensus on withdrawal between Europe and the U.S., as some European and North American non-U.S. markets are still choosing to position themselves during adjustments, reflecting differences in risk appetite and investment pace between regions.

● Cautious Conclusion: Due to the lack of specific starting dates and continuous time series for the capital outflow in the briefing, the current differences between the large outflow from the U.S. and the small inflow into Europe can only be cautiously interpreted as differing risk appetites and position management styles in the short term. In the absence of sufficient data, it is not enough to support conclusions of "structural decoupling" or a long-term trend reversal; further multi-week data verification is still needed.

Bitcoin and Ethereum Hit Hard, Solana Goes Against the Trend

● Blue Chips Reduced: As the dual core of institutional product allocation, Bitcoin and Ethereum faced net redemptions of $1.09 billion and $630 million respectively in this round, not only leading in amount but also reflecting the priority order of large funds executing profit-taking and risk control on the most liquid assets. Rather than being a denial of the sector itself, it is better understood as a concentrated adjustment of position leverage and drawdown risk against the backdrop of amplified volatility during a bull market phase.

● Solana Goes Against the Trend: In stark contrast to the significant redemptions of mainstream blue chips, Solana-related products recorded a net inflow of about $17.1 million, which, while not outstanding in absolute scale within the $1.73 billion overall, is counter-trend in direction. This indicates that some funds are still seizing the opportunity to increase exposure to high-growth public chains amid adjustments in mainstream assets, betting on their relative performance in the next phase.

● Style Switching: From the structural combination of "mainstream coin redemptions + Solana accumulation," the market is beginning to show certain early signs of style switching: some funds are withdrawing from the more certain and relatively controllable blue-chip Bitcoin and Ethereum, seeking opportunities around high-growth narratives in public chains and ecosystems. This behavior of shifting from defensive assets to high-beta assets resembles a risk redistribution in the mid-bull market rather than an overall increase in risk aversion.

The Contradictory Picture of Short Selling and Bull Market Correction

● Emotional Annotation: Yi Lihua, a partner at LD Capital, commented on the current market, stating, “Short sellers have entered the most frenzied phase of selling, but this will not change the overall bull market trend.” This judgment provides an emotional dimension for observing the $1.73 billion capital outflow—despite significant short-term price pressure and aggressive short-selling behavior, the larger cycle is still viewed as a bull market environment dominated by bulls.

● Volatility Threshold: Yi Lihua also emphasized that for Ethereum, “price fluctuations of several hundred dollars are within the normal range,” and based on past statistical distributions, such levels of volatility are not uncommon in a bull market. This means that even with large capital outflows, the up and down fluctuations within the current price range may still be classified as a bull market correction range, rather than a collapse unique to trend reversals.

● Dimensional Breakdown: By correlating the capital data with the above viewpoints, a contradictory yet coexisting picture emerges: on one hand, digital asset investment products experienced outflows of tens of billions of dollars in a single week, putting short-term price elasticity and sentiment under pressure; on the other hand, the mid-to-long-term bull market logic and institutional layout assumptions have not been completely overturned. Investors need to deliberately distinguish time dimensions in this process—short-term facing volatility and liquidation pressure, while mid-to-long-term focusing more on trends and positions, thus adjusting position rhythms.

Solana On-Chain Revelry: High Returns Await

● Ecological Activity: On the on-chain data level, the Solana ecosystem saw the issuance of 52,000 new tokens within 24 hours, reaching a new high since last August. This figure not only reflects the high frequency of project and contract deployments but also directly indicates the speculative enthusiasm and experimental willingness of market participants on this public chain, providing a rich soil for funds seeking high-volatility targets.

● Yield Demonstration: In the DeFi sector, the PENGUIN-USDC liquidity pool APR reaching as high as 4,986% serves as a representative case of ultra-high returns, further amplifying the "profit-seeking impulse" of short-term funds. While such extreme annualized returns are difficult to maintain long-term, they are sufficient to attract a large amount of capital attempting to capture high-yield opportunities, making Solana a high-risk stage that is highly misaligned with mainstream blue-chip performance.

● On-Chain and Product Linkage: When we combine this on-chain activity with the net inflow of about $17.1 million in Solana investment products, a clear path emerges: some funds, while avoiding the large redemptions of Bitcoin and Ethereum products, choose to increase exposure to high-volatility opportunity assets through both product and on-chain ends. In a sense, the correction of mainstream assets is creating a window period for capital and narrative resonance for high-beta public chains like Solana.

Capital Flight or Bull Market Interlude of Chip Reallocation

● Data Summary: Summarizing this week's data, the approximately $1.8 billion net outflow dominated by the U.S. drove the overall digital asset investment products to record a net outflow of $1.73 billion, directly suppressing the price performance of mainstream products like Bitcoin and Ethereum. However, from the perspectives of region and asset, this impact has not evolved into a synchronized retreat of global funds, but is closer to a concentrated reduction in positions driven by U.S. institutions.

● Structural Reallocation: In contrast, the $85.1 million net inflow from Switzerland, Germany, and Canada and the $17.1 million counter-trend inflow into Solana products indicate that funds have not completely fled from crypto assets, but are undergoing reallocation and redistribution between regions and asset classes. Some funds are being withdrawn from blue-chip products and flowing into European markets and high-growth public chain exposures, resembling track switching and structural optimization within the bull market.

● Cautious Conclusion: Combining Yi Lihua's view that "frenzied selling does not change the bull market" with historical experience of ETH volatility, this large-scale redemption currently aligns more with the characteristics of style rotation and risk repricing in the mid-bull market, rather than a confirmed trend reversal signal. However, due to the lack of support from longer time series data, this judgment still requires future multi-week capital flow verification. For investors, the key lies in distinguishing the boundaries between short-term emotional amplification and mid-to-long-term logic, dynamically adjusting position structures and risk tolerance while respecting volatility.

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