ETF funds are beginning to cool down, and the short-term market has entered a wait-and-see phase.

Yesterday, the total net outflow of US Bitcoin spot ETFs was $223 million, with BlackRock's IBIT net outflow of $178 million, accounting for most of the outflow.
Meanwhile, Ethereum spot ETFs also experienced a net outflow of $121 million, with ETHA net outflow of approximately $80.4 million.
From the data, funds are not only withdrawing from a single asset but are reducing positions in both BTC and ETH simultaneously, indicating that the current market is more inclined toward risk contraction rather than simple sector rotation.
ETF capital flows have always been regarded as an important indicator of traditional capital entering the crypto market. When continuous inflows slow down or even turn into outflows, it often means that institutional risk appetite is decreasing in the short term, and market sentiment may also be affected.
However, based on historical experience, a single-day outflow is not enough to change the long-term trend; what truly matters is whether funds continue to flow out in the coming days.
If it is just a temporary profit-taking phase, the market impact will be limited; but if large net outflows occur over multiple days, caution should be exercised as the funding environment may face further pressure.
The most important factors to watch in the current market are:
Whether ETF funds will turn back into net inflows, and how institutional investors' attitudes toward the subsequent market will change. 📊