Cryptocurrency funds have experienced five consecutive weeks of capital outflows, and market sentiment is increasingly entering a prolonged "fatigue period."

According to CoinShares weekly report, digital asset investment products have been "losing blood" for five straight weeks, with a net outflow of $288 million last week, bringing the total outflow in this round to $4 billion.

Although this figure is less than the $6 billion outflow during the same period last year, this sustained outflow trend directly reflects that market sentiment is falling into an increasingly severe "fatigue period."

Bitcoin (BTC) is undoubtedly the hardest hit in this round of capital outflows, with a significant net outflow of $215 million last week; ETH was also not spared, with a net outflow of $36.5 million; Multi-asset and XRP experienced redemptions of $32.5 million and $18.9 million respectively.

Moreover, funds shorting Bitcoin (Short Bitcoin) surprisingly attracted $5.5 million, the highest single-asset short position inflow, clearly indicating market bearishness.

Although a few altcoins like XRP, Solana, and Chainlink saw small capital inflows ranging from $1.2 million to $3.5 million, these are merely a drop in the bucket in terms of reversing the overall net outflow trend in the altcoin sector.

Regionally, investors from different countries/regions show varying investment attitudes. Notably, capital outflows are highly concentrated in the U.S. market, with a net outflow of up to $347 million last week.

Meanwhile, Switzerland, Canada, and Germany recorded capital inflows of $19.5 million, $16.8 million, and $16.2 million respectively, indicating that non-U.S. investors are viewing recent price declines as buying opportunities.

According to QCP Capital's analysis, recent geopolitical tensions, including the potential increase of global tariffs from 10% to 15% proposed by Trump and the US-Iran conflict, have undoubtedly added more uncertainty to the cryptocurrency market.

Furthermore, from a market cycle perspective, Bitcoin is expected to close lower for the fifth consecutive month this month, a pattern often seen as a sign that the market is approaching a bottom, which may bring some relief.

Overall, the key issue in the current crypto market is not whether Bitcoin "fails" or not, but how long the macro storm will last.

Meanwhile, the market is closely watching legislative progress on the "Clear Law" and new catalysts such as US-Iran nuclear negotiations, seeking new breakthroughs.

#加密基金 # Investment Trends