#加密市场动态 Looking back at history, we can always find similar scenarios. The current situation of net outflows from Bitcoin ETFs and depressed market sentiment reminds me of the 2018 bear market. At that time, the total cryptocurrency market cap also experienced significant shrinkage. However, the situation is somewhat different now.

Despite net outflows from Bitcoin ETFs, Ethereum and Solana ETFs have maintained net inflows. This divergence reflects the market's growing maturity, as investors begin to allocate assets selectively. In particular, the Solana ETF has maintained net inflows for 20 consecutive days, demonstrating long-term investors' confidence in certain projects.

However, we cannot ignore the overall market pressure. Global crypto ETPs saw a massive $1.9 billion net outflow, marking the third worst single-week performance in the past five years. This reminds us that the market is still in an adjustment period and caution is warranted.

From historical experience, such periods of market downturn are often good times for accumulation. At the same time, we must also be alert to the possibility of further declines. Citi's analysis shows that for every $1 billion net outflow from ETFs, the price of Bitcoin could drop by about 3.4%. Given the current scale of outflows, there may still be room for downside in the market.

Overall, the current market situation requires us to remain calm. We need to recognize the differentiated performance among different projects while staying vigilant about overall risks. For investors who have experienced multiple market cycles, this may be a good time to reassess investment strategies.