When ETF funds continuously withdraw, traders should not only look at a single daily K-line.

Spot Bitcoin ETFs have experienced 10 consecutive days of net outflows, totaling nearly $3 billion, setting a record for the longest streak in history.
Ethereum ETFs have even seen 14 consecutive days of outflows.
On the surface, it appears to be institutional retreat, but Swan Bitcoin CEO reveals a key fact:
The vast majority of ETF holders are still retail investors; BlackRock and Fidelity are just channels, not true owners.
This means that net outflows in ETFs more likely reflect retail panic rather than systematic institutional exit.
Meanwhile, products like futures and other "paper supply" instruments amplify the selling pressure signals—actual Bitcoin has not flowed into the market in large quantities, but sentiment has already been transmitted.
Another structural change that is easily overlooked is: long-term holders' supply has hit a new high, which on the surface indicates confidence, but actually reflects a lack of new buyers.
Weak demand, old chips on the supply side remaining stagnant, and the market falling into a deadlock of "lacking incremental growth."
Extreme sentiment often breeds contrarian opportunities.
But this time, bottom signals require more cautious interpretation—it's not just a simple "fear when others are greedy," but understanding that the fund structure has already changed.
Retail investor sentiment still dominates short-term fluctuations, but a true bottom requires new demand to enter, not just old chips refusing to sell.
$btc #eth #ETF #区块链 #Crypto Market