The outflow of funds from Bitcoin ETFs mainly comes from short-term traders and non long-term investors

Although the price of Bitcoin has fallen nearly 50% since reaching a historic high of $126000 in October last year, and market concerns about the "crypto winter" have intensified, ETF experts point out that the outflow of funds from spot Bitcoin ETFs mainly comes from hedge funds and short-term traders, rather than large-scale withdrawals by long-term investors. Bitwise Chief Investment Officer Matt Hougan stated that ETF investors are not the main sellers, and market pressure mainly comes from years of accumulated cryptocurrency investors and short-term traders using ETFs. Galaxy CEO Mike Novogratz mentioned that the "speculative era" in the cryptocurrency market may come to an end, and future returns will be closer to long-term investments. GraniteShares founder Will Rhind pointed out that current "hard assets" such as gold are performing strongly, while Bitcoin continues to decline, weakening the narrative of "digital gold". However, the scale of capital outflows in the past three months has not yet reached the level of inflows in the past year.