美國比特幣現貨 ETF 連續五週遭遇淨流出，累計失血近 38 億美元，為 2025 年 2 月以來最長連續贖回紀錄。其中，貝萊德旗下 IBIT 單一基金就佔了 21.3 億美元。在美伊緊張局勢、川普全球關稅與技術面疲軟的三重夾擊下，機構投資者正加速撤離。
（前情提要：比特幣今年前 50 個交易日下跌 23%，創歷史最差開局）
（背景補充：比特幣為何觸及10.3萬美元？本週百億爆倉引發ETF資金大撤出）
本文目錄
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- IBIT 獨佔逾半流出量
- 三大利空壓頂
- 歷史對比：2025 年前車之鑑
美國比特幣現貨 ETF 已連續五週淨流出，累計金額逼近 38 億美元，創下自 2025 年 2 月以來最長的連續贖回紀錄。光是上週，就有約 3.16 億美元的資金從這些 ETF 中撤出。截至報導時間，比特幣報價約 64,977 美元，24 小時內下跌約 5%。
IBIT 獨佔逾半流出量
在所有比特幣現貨 ETF 中，貝萊德（BlackRock）旗下的 iShares Bitcoin Trust（IBIT）受創最重，五週內淨流出高達 21.3 億美元，佔整體流出金額的逾 56%。這對於曾被譽為「史上最成功 ETF 發行」、上市首年就吸金超過 500 億美元的 IBIT 而言，無疑是一記警鐘。
報導指出，這波持續性的資金外流反映了機構在去年 10 月崩盤後對比特幣的持續戒慎，當時的交易所風險事件暴露了比特幣的脆弱性，至今仍影響著機構投資者的風險偏好。
三大利空壓頂
這波 ETF 失血可能歸因於三重壓力：
- 地緣政治風險：美伊緊張局勢持續升溫，避險情緒籠罩市場。
- 關稅政策衝擊：川普總統最新的全球關稅公告加劇了市場不確定性。
- 技術面疲軟：比特幣價格圖表上的技術指標轉弱，進一步壓抑買盤意願。
歷史對比：2025 年前車之鑑
值得關注的是，2025 年 2 月也曾出現過類似的連續流出紀錄，但當時的規模更為慘烈——五週內共贖回約 50 億美元。更令投資者擔憂的是，那波流出之後，比特幣在 4 月初一度跌至 75,000 美元。
若歷史重演，當前的 38 億美元流出是否只是序曲，後續是否還有更大幅度的回調，將是市場接下來密切關注的焦點。
不過，也有分析師持不同看法。此前摩根大通曾指出，比特幣在「風險調整後的吸引力完勝黃金」，長期爆發力不容小覷。ETF 短期資金流向不必然反映長線機構的真實立場，部分流出可能只是對沖基金的戰術性調整，而非基本面的根本轉向。
免責聲明：本頁面資訊可能來自第三方，不代表 Gate 的觀點或意見。頁面顯示的內容僅供參考，不構成任何財務、投資或法律建議。Gate 對資訊的準確性、完整性不作保證，對因使用本資訊而產生的任何損失不承擔責任。虛擬資產投資屬高風險行為，價格波動劇烈，您可能損失全部投資本金。請充分了解相關風險，並根據自身財務狀況和風險承受能力謹慎決策。具體內容詳見
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