温馨提示：本站仅提供公开网络链接索引服务，不存储、不篡改任何第三方内容，所有内容版权归原作者所有
AI智能索引来源：http://www.bee.com/ko/66086.html
点击访问原文链接

AI Is “Draining” Bitcoin: The Capital Migration Behind $6.2 Billion in ETF Outflows | Bee Network

进入原网站 导航首页
AI Is “Draining” Bitcoin: The Capital Migration Behind $6.2 Billion in ETF Outflows | Bee Network Login 인기 뉴스 밈 런치패드 AI 에이전트 DeSci 탑체인 익스플로러 뉴비의 경우 100x 코인 꿀벌 게임 필수 웹사이트 필수 앱 암호화폐 유명인 드핀 루키 에센셜 함정 탐지기 기본 도구 고급 웹사이트 교환 NFT 도구 안녕, 로그아웃 웹3 유니버스 계략 DApp 꿀벌 하이브 성장하는 플랫폼 기원 후 찾다 영어 코인 충전 로그인 다운로드 웹3 유니 계략 DApp 꿀벌 하이브 기원 후 집•분석•AI Is “Draining” Bitcoin: The Capital Migration Behind $6.2 Billion in ETF Outflows AI Is “Draining” Bitcoin: The Capital Migration Behind $6.2 Billion in ETF Outflows분석3주 전发布와이엇 7,521 30

Original Compilation: TechFlow

소개: Since Bitcoin hit its all-time high of $126,000 in October 2025, the 암호화폐 market is experiencing its sharpest pullback since 2022. A recent report from market maker Wintermute points out that besides the massive net ETF outflows of $6.2 billion, capital is rotating en masse into the AI sector. The report delves into why the Coinbase premium, ETF flows, and basis rates will be key indicators for this structural recovery.

Full text as follows: Bitcoin ETFs have become a primary driver of the overall crypto market decline, with net outflows exceeding $6.2 billion since last November. The AI narrative is absorbing capital that would otherwise belong to Bitcoin and even software stocks. Bitcoin may struggle to emerge from its trough until the Coinbase premium turns positive, ETF inflows resume, and basis rates stabilize.

According to Wintermute, Bitcoin’s (BTC) current downtrend, following the leverage flush on October 10, 2025, has been primarily driven by persistent ETF outflows and a rotation into the AI narrative.

In a report released on Tuesday, the market-making firm noted that Bitcoin has erased all gains made since the U.S. presidential election victory of Donald Trump in November 2024. Over the past few months, the leading cryptocurrency has experienced its largest capital exodus since 2022, with its price plummeting over 50% from its October peak of $126,000 to around $60,000 last Friday.

The report states that after the sharp decline from October to November, Bitcoin largely traded sideways in December and January. The leverage that slowly accumulated during this period was wiped out again in the past week through liquidations worth approximately $2.7 billion.

Wintermute emphasized that the selling pressure is primarily from the U.S. market, evidenced by the negative trajectory of the Coinbase Premium since December and the heavy selling by U.S. counterparties in over-the-counter (OTC) trades last week.

Furthermore, the report points out that U.S. spot exchange-traded funds (ETFs) have witnessed outflows of $6.2 billion since November, marking their longest continuous outflow streak on record. Notably, BlackRock’s IBIT saw nominal trading volume reach around $10 billion during last Thursday’s market crash.

Jasper De Maere, Wintermute’s Desk Strategist, wrote: “A feedback loop becomes self-reinforcing when redemptions force sponsors to sell spot while prices are falling.”

However, last week’s decline was not limited to cryptocurrencies. Broader markets also experienced weakness, with precious metals and equities pulling back. On the surface, crypto once again demonstrated its negative skew, underperforming major asset classes during the downturn—just as it outperforms during uptrends—a pattern Wintermute says is consistent with bearish market conditions.

The AI Narrative Boom is at the Expense of Crypto and Software Stocks

The firm’s further analysis reveals that the resilience of stock indices during both market rises and falls is largely attributable to a rotation into the AI narrative, rather than broad-based strength across the entire stock market. Wintermute notes that Bitcoin and software companies within the S&P 500 have exhibited highly correlated trading patterns over the past two years.

De Maere wrote: “The real story is that for months, AI has been absorbing available capital at the expense of everything else… If you strip AI stocks out of the Nasdaq, crypto’s negative skew largely disappears.”

He added: “For crypto to outperform again, the froth needs to come out of the AI trade. Microsoft’s weak earnings print started this process, but more catalysts are needed.”

Bitcoin vs. S&P Software Index Performance

Source: Wintermute

The report also highlights that the spot demand needed to initiate a structural recovery remains weak. Digital Asset Treasuries (DATs), which were a major source of buying pressure over the past year, are now sitting on unrealized losses of up to $25 billion as prices have fallen below their average cost basis. The resulting contraction in Net Asset Value (NAV) premiums limits their ability to raise fresh capital to support demand.

Wintermute states: “It’s hard to see sustained upside until the Coinbase premium turns positive, ETF flows reverse, and basis rates stabilize.”

At the time of writing on Tuesday, Bitcoin is trading around $69,700, down 0.3% in the past 24 hours.

이 글은 인터넷에서 퍼왔습니다: AI Is “Draining” Bitcoin: The Capital Migration Behind $6.2 Billion in ETF Outflows

Related: When Big Money Gets Serious, RWA’s Liquidity Issues Come to the Fore

Compiled by | Odaily (@OdailyChina) Translator | DingDang (@XiaMiPP) Liquidity is the prerequisite for an asset to gain confidence. When the market has sufficient depth, large capital can be smoothly absorbed, whales can freely build positions, and assets can be used as reliable collateral. This is because lenders know they can exit at any time if needed. However, if the asset itself lacks liquidity, the situation is completely reversed. Shallow liquidity struggles to attract users, and insufficient users further compress trading depth, ultimately forming a self-reinforcing “liquidity depletion cycle.” Tokenization was initially held in high hopes: it was seen as a key tool for enhancing capital liquidity, unlocking DeFi’s financial utility, and bridging on-chain and off-chain assets. Ideally, trillions of dollars from traditional financial markets would be brought on-chain, allowing…

 

# 분석# 비트코인# 암호# 교환# 마켓© 版权声명배열 上一篇 High-Frequency Scalping, Earning $100K Annually: The Most "Boring" Profit Myth on Polymarket 下一篇 Strong Non-Farm Payrolls Dampen Rate Cut Expectations, AI Disruption Concerns Continue to Simmer 상关文章 24H Hot Coins and News | Binance Pre Market launches price limit mechanism test; Babylon airdrop registration is now ope 6086cf14eb90bc67ca4fc62b 39,311 1 Rewriting Ethereum’s Scaling Logic: Monad’s Parallelized “Parallel Universe” 6086cf14eb90bc67ca4fc62b 16,940 주간 파이낸싱 익스프레스 | 14개 프로젝트가 투자를 받았으며 공개된 총 파이낸싱 금액은 대략 다음과 같습니다. 6086cf14eb90bc67ca4fc62b 39,524 4 Interview with Suji: Taking Over the Hot Potato Lens, Whose Ideal Is Mask Paying For? 6086cf14eb90bc67ca4fc62b 8,036 In-depth research report on the privacy coin sector: From the demand for anonymity to the revaluation of value in the er 6086cf14eb90bc67ca4fc62b 16,403 Bitcoin’s year-to-date gains have been completely wiped out, plunging it into a technical bear market. 6086cf14eb90bc67ca4fc62b 18,572 1 댓글 없음 댓글을 남기시려면 로그인이 필요합니다! 즉시 로그인 댓글이 없습니다... 최신 기사 Did Jane Street “Manipulate” BTC? Decoding the AP System, Understanding the Power Struggle Behind ETF Creation and Redemption Pricing 18시간 전 568 Stop Comparing Bitcoin to Gold—It’s Now a High-Volatility Software Stock 18시간 전 654 Matrixport Research: $25 Billion Gamma Unwinding Imminent, Liquidity Yet to Return Behind the Rebound 18시간 전 606 ERC-5564: Ethereum’s Stealth Era Has Arrived, Receiving Addresses No Longer ‘Exposed’ 18시간 전 539 Hong Kong Regulatory Green Light: Asseto Enables DL Holdings to Achieve Compliance for Two RWA Business Implementations 18시간 전 598 인기 있는 웹사이트TempoLighterGAIB글라이더PlanckRaylsBCPokerVooi Bee.com 세계 최대의 Web3 포털 파트너 코인카프 바이낸스 코인마켓캡 코인게코 코인라이브 갑옷 Bee Network 앱을 다운로드하고 web3 여정을 시작하세요 백지 역할 자주하는 질문 © 2021-2026. 모든 권리 보유. 개인 정보 정책 | 서비스 약관 꿀벌 네트워크 앱 다운로드 Web3 여정을 시작해보세요 세계 최대의 Web3 포털 파트너 CoinCarp Binance CoinMarketCap CoinGecko Coinlive Armors 백지 역할 자주하는 질문 © 2021-2026. 모든 권리 보유. 개인 정보 정책 | 서비스 약관 찾다 찾다사이트에온체인사회의소식 熱门推荐 : 에어드롭 헌터 데이터 분석 암호화폐 유명인 함정 탐지기 한국어 English 繁體中文 简体中文 日本語 Tiếng Việt العربية Bahasa Indonesia हिन्दी اردو Русский 한국어

智能索引记录