<p>加密货币市场仍然处于长期下行趋势中，许多参与者现在公开将其称为熊市。这个标签似乎越来越难以争辩。</p>
<p>在经历了惨烈的 35% 回调后，市场已抹去超过 1 万亿美元的价值，标志着近期周期中最陡峭的抛售期之一。</p>
<p>市场流动性也持续减少。当前环境特别引人注目的是资产类别之间日益扩大的分歧。随着流动性枯竭，贵金属出现了激烈的反弹，黄金和白银持续上涨，而数字资产则进一步走弱。</p>
<p>这一差距加深凸显了投资者行为的更广泛转变。随着传统投资者逐渐远离加密货币，贵金属作为市场首选避风港的地位愈发巩固。</p>
<h2><strong>传统投资者退出加密货币 ETF</strong></h2>
<p>传统投资者继续通过美国现货 ETF 减持主要数字资产，包括比特币 [BTC]、以太坊 [ETH]、索拉纳 [SOL] 和 XRP。</p>
<p>比特币 ETF 承受了抛售的重压。超过 13.3 亿美元的资金已流出市场，流出量达到了去年 11 月以来的最高水平，当时抛售势头急剧加剧。</p>
<p>以太坊 ETF 也经历了类似的轨迹，记录了 6.11 亿美元的净撤出，类似于 12 月中旬观察到的抛售情况。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-24-at-12.48.28-PM-scaled.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-24-at-12.48.28-PM-scaled.png"/></p>
<p>来源：Sosovalue</p>
<p>XRP 的美国现货 ETF 记录了首次负的每周净流入，市场流出 4060 万美元。</p>
<p>这标志着与前一周的急剧反转，当时流入激增至 5683 万美元，为 1 月份的最高水平。索拉纳是唯一的例外，成功保持了正的每周流入。尽管如此，新增的 957 万美元仍然是其历史上最弱的流入。</p>
<p>持续的资金流出表明情绪的明显转变。对于许多机构投资者而言，数字资产不再提供他们曾经所期望的风险回报特征。</p>
<p>相反，资本似乎正向那些承诺稳定并且目前能够提供稳定的资产转移。</p>
<h2><strong>贵金属吸纳资本外流</strong></h2>
<p>贵金属的反弹持续扩大，黄金和白银的表现尤为突出。它们现在共同跻身全球最有价值的资产类别，市值分别为 34.64 万亿美元和 5.81 万亿美元。</p>
<p>自去年 10 月更广泛的加密市场下滑以来，白银已飙升至新高，而数字资产则继续探测更低的水平。</p>
<p>在此期间，白银的增值大致相当于比特币的整个市值。黄金和铂金也录得强劲且持续的涨幅。</p>
<p>对贵金属的新需求受到地缘政治紧张局势上升的推动，特别是涉及美国和几个欧洲国家的局势，这加剧了全球市场的风险厌恶情绪。</p>
<p>对美元购买力下降的担忧进一步加速了这一转变。在不确定时期，投资者再次转向贵金属作为可靠的避风港。</p>
<p>对于通常被归类为风险投资的数字资产而言，影响是显而易见的。资金流入仍然受到限制，投资者优先考虑资本保值和更可预测的回报，这一框架目前更有利于贵金属。</p>
<h2><strong>恢复的任何路径？</strong></h2>
<p>加密市场近期恢复的前景仍不确定。地缘政治风险已经促使投资者寻求安全，但更深层次的挑战在于全球流动性的演变动态。</p>
<p>全球流动性持续扩大，达到创纪录的 162 万亿美元。从历史上看，这种扩张一直是加密市场的顺风，流动性增加与数字资产价格上涨密切相关。</p>
<p>全球流动性反映了在全球金融体系中流通的货币和信贷的总量。在正常情况下，这将为加密市场提供支持。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/TOTAL_2026-01-24_12-41-04-scaled.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/TOTAL_2026-01-24_12-41-04-scaled.png"/></p>
<p>来源：TradingView</p>
<p>然而，自 11 月 15 日以来，出现了显著的脱钩现象。尽管全球流动性指数持续上升，但加密市场却呈下行趋势。这一分歧表明资本正在流向其他地方，打乱了曾经有利于数字资产的轮换模式。</p>
<p>尽管如此，一些市场参与者仍然保持谨慎乐观。</p>
<p>随着新任美联储主席的任命，可能会出现更有利的宏观背景，其政策立场可能在长期内对风险资产（包括加密货币）更加宽松。</p>
<hr/>
<h2>最后思考</h2>
<ul>
<li><em>资本外流和融资条件的恶化已在所有四个主要美国现货加密货币交易所交易基金中记录，突显出机构信心的明显回撤。</em></li>
<li><em>贵金属继续闪耀。白银已成为表现最突出的资产，在加密市场持续承压的情况下，录得最强的涨幅。</em></li>
</ul>

<p>加密货币市场正经历显著下跌，超过 13.3 亿美元流出比特币 ETF，总市值损失超过 1 万亿美元。传统投资者正在撤出数字资产，转而青睐黄金和白银等贵金属，这些贵金属在地缘政治紧张局势加剧和对美元购买力的担忧中获得了显著收益。加密货币与贵金属之间的分歧突显了投资者情绪向稳定性和资本保值的转变。尽管全球流动性增加，但加密货币复苏的前景仍然不确定</p>

<p>The cryptocurrency market has remained locked in a prolonged downturn, one that many participants now openly describe as a bear market. That label appears increasingly difficult to dispute.</p>
<div class="lb-trans"><p>加密货币市场仍然处于长期下行趋势中，许多参与者现在公开将其称为熊市。这个标签似乎越来越难以争辩。</p>
</div><p>After a brutal 35% drawdown, the market has erased more than $1 trillion in value, marking one of its steepest periods of capitulation in recent cycles.</p>
<div class="lb-trans"><p>在经历了惨烈的 35% 回调后，市场已抹去超过 1 万亿美元的价值，标志着近期周期中最陡峭的抛售期之一。</p>
</div><p>Market liquidity has also continued to thin. What makes the current environment particularly striking is the growing divergence between asset classes. As liquidity dries up, precious metals have staged an aggressive rally, with gold and silver delivering sustained upside while digital assets slide further into weakness.</p>
<div class="lb-trans"><p>市场流动性也持续减少。当前环境特别引人注目的是资产类别之间日益扩大的分歧。随着流动性枯竭，贵金属出现了激烈的反弹，黄金和白银持续上涨，而数字资产则进一步走弱。</p>
</div><p>This widening gap underscores a broader shift in investor behavior. As traditional investors step away from crypto exposure, precious metals are tightening their grip as the market’s preferred refuge.</p>
<div class="lb-trans"><p>这一差距加深凸显了投资者行为的更广泛转变。随着传统投资者逐渐远离加密货币，贵金属作为市场首选避风港的地位愈发巩固。</p>
</div><h2><strong>Traditional investors exit from crypto ETFs</strong></h2>
<div class="lb-trans"><h2><strong>传统投资者退出加密货币 ETF</strong></h2>
</div><p>Traditional investors have continued to unwind positions across major digital assets, including Bitcoin [BTC], Ethereum [ETH], Solana [SOL], and XRP, through U.S. spot ETFs.</p>
<div class="lb-trans"><p>传统投资者继续通过美国现货 ETF 减持主要数字资产，包括比特币 [BTC]、以太坊 [ETH]、索拉纳 [SOL] 和 XRP。</p>
</div><p>Bitcoin ETFs have borne the brunt of the sell-off. More than $1.33 billion has exited the market, pushing outflows to levels last seen in November, when selling momentum intensified sharply.</p>
<div class="lb-trans"><p>比特币 ETF 承受了抛售的重压。超过 13.3 亿美元的资金已流出市场，流出量达到了去年 11 月以来的最高水平，当时抛售势头急剧加剧。</p>
</div><p>Ethereum ETFs have followed a similar trajectory, recording net withdrawals of $611 million, comparable to the sell-off observed in mid-December.</p>
<div class="lb-trans"><p>以太坊 ETF 也经历了类似的轨迹，记录了 6.11 亿美元的净撤出，类似于 12 月中旬观察到的抛售情况。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-24-at-12.48.28-PM-scaled.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/Screenshot-2026-01-24-at-12.48.28-PM-scaled.png"/></p>
<p>Source: Sosovalue</p>
<div class="lb-trans"><p>来源：Sosovalue</p>
</div><p>XRP’s U.S. spot ETF recorded its first negative weekly netflow, with $40.6 million pulled from the market.</p>
<div class="lb-trans"><p>XRP 的美国现货 ETF 记录了首次负的每周净流入，市场流出 4060 万美元。</p>
</div><p>This marked a sharp reversal from the previous week, when inflows surged to $56.83 million, the strongest reading in January. Solana stood as the lone exception, managing to retain positive weekly inflows. Even so, the $9.57 million added represented its weakest inflow on record.</p>
<div class="lb-trans"><p>这标志着与前一周的急剧反转，当时流入激增至 5683 万美元，为 1 月份的最高水平。索拉纳是唯一的例外，成功保持了正的每周流入。尽管如此，新增的 957 万美元仍然是其历史上最弱的流入。</p>
</div><p>The steady drumbeat of outflows points to a clear shift in sentiment. For many institutional players, digital assets no longer offer the risk-reward profile they once did.</p>
<div class="lb-trans"><p>持续的资金流出表明情绪的明显转变。对于许多机构投资者而言，数字资产不再提供他们曾经所期望的风险回报特征。</p>
</div><p>Instead, capital appears to be gravitating toward assets that promise stability and are currently delivering it.</p>
<div class="lb-trans"><p>相反，资本似乎正向那些承诺稳定并且目前能够提供稳定的资产转移。</p>
</div><h2><strong>Precious metals absorb capital flight</strong></h2>
<div class="lb-trans"><h2><strong>贵金属吸纳资本外流</strong></h2>
</div><p>Precious metals have extended their rally, led decisively by gold and silver. Together, they now rank among the world’s most valuable asset classes, boasting market capitalizations of $34.64 trillion and $5.81 trillion, respectively.</p>
<div class="lb-trans"><p>贵金属的反弹持续扩大，黄金和白银的表现尤为突出。它们现在共同跻身全球最有价值的资产类别，市值分别为 34.64 万亿美元和 5.81 万亿美元。</p>
</div><p>Since the broader crypto market slipped into decline in October, silver has surged to fresh highs, while digital assets continue to probe lower levels.</p>
<div class="lb-trans"><p>自去年 10 月更广泛的加密市场下滑以来，白银已飙升至新高，而数字资产则继续探测更低的水平。</p>
</div><p>Over this same period, silver has added value roughly equivalent to Bitcoin’s entire market capitalization. Gold and platinum have also posted strong, sustained gains.</p>
<div class="lb-trans"><p>在此期间，白银的增值大致相当于比特币的整个市值。黄金和铂金也录得强劲且持续的涨幅。</p>
</div><p>This renewed appetite for precious metals has been fueled by rising geopolitical tensions, particularly involving the United States and several European nations, which have amplified risk aversion across global markets.</p>
<div class="lb-trans"><p>对贵金属的新需求受到地缘政治紧张局势上升的推动，特别是涉及美国和几个欧洲国家的局势，这加剧了全球市场的风险厌恶情绪。</p>
</div><p>Concerns over the weakening purchasing power of the U.S. dollar have further accelerated the shift. In times of uncertainty, investors have once again turned to precious metals as reliable safe havens.</p>
<div class="lb-trans"><p>对美元购买力下降的担忧进一步加速了这一转变。在不确定时期，投资者再次转向贵金属作为可靠的避风港。</p>
</div><p>For digital assets—often categorized as risk-on investments, the implications are stark. Capital inflows remain constrained as investors prioritize capital preservation and more predictable returns, a framework that currently favors precious metals.</p>
<div class="lb-trans"><p>对于通常被归类为风险投资的数字资产而言，影响是显而易见的。资金流入仍然受到限制，投资者优先考虑资本保值和更可预测的回报，这一框架目前更有利于贵金属。</p>
</div><h2><strong>Any path to recovery?</strong></h2>
<div class="lb-trans"><h2><strong>恢复的任何路径？</strong></h2>
</div><p>The outlook for a near-term recovery in the crypto market remains uncertain. Geopolitical risk has already nudged investors toward safety, but a deeper challenge lies in the evolving dynamics of global liquidity.</p>
<div class="lb-trans"><p>加密市场近期恢复的前景仍不确定。地缘政治风险已经促使投资者寻求安全，但更深层次的挑战在于全球流动性的演变动态。</p>
</div><p>Global liquidity has continued to expand, reaching a record $162 trillion. Historically, such expansion has acted as a tailwind for crypto markets, with higher liquidity closely aligned with rising digital asset prices.</p>
<div class="lb-trans"><p>全球流动性持续扩大，达到创纪录的 162 万亿美元。从历史上看，这种扩张一直是加密市场的顺风，流动性增加与数字资产价格上涨密切相关。</p>
</div><p>Global liquidity reflects the total pool of money and credit circulating through the world’s financial system. Under normal conditions, this would be a supportive backdrop for crypto.</p>
<div class="lb-trans"><p>全球流动性反映了在全球金融体系中流通的货币和信贷的总量。在正常情况下，这将为加密市场提供支持。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/TOTAL_2026-01-24_12-41-04-scaled.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/TOTAL_2026-01-24_12-41-04-scaled.png"/></p>
<p>Source: TradingView</p>
<div class="lb-trans"><p>来源：TradingView</p>
</div><p>Yet since November 15, a striking decoupling has emerged. While the global liquidity index continues to climb, the crypto market has trended lower. This divergence suggests that capital is flowing elsewhere, disrupting the rotation patterns that once favored digital assets.</p>
<div class="lb-trans"><p>然而，自 11 月 15 日以来，出现了显著的脱钩现象。尽管全球流动性指数持续上升，但加密市场却呈下行趋势。这一分歧表明资本正在流向其他地方，打乱了曾经有利于数字资产的轮换模式。</p>
</div><p>Still, some market participants remain cautiously optimistic.</p>
<div class="lb-trans"><p>尽管如此，一些市场参与者仍然保持谨慎乐观。</p>
</div><p>A more supportive macro backdrop could emerge with the appointment of a new Federal Reserve chair, whose policy stance may prove more accommodating to risk assets, including cryptocurrencies, over the longer term.</p>
<div class="lb-trans"><p>随着新任美联储主席的任命，可能会出现更有利的宏观背景，其政策立场可能在长期内对风险资产（包括加密货币）更加宽松。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最后思考</h2>
</div><ul>
<li><em>Capital outflows and weakening funding conditions have now been recorded across all four major U.S. spot cryptocurrency exchange-traded funds, highlighting a clear pullback in institutional conviction.</em></li>
<li><em>Precious metals continue to shine. Silver has emerged as the standout performer, notching the strongest gains as the crypto market remains trapped under persistent selling pressure.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>资本外流和融资条件的恶化已在所有四个主要美国现货加密货币交易所交易基金中记录，突显出机构信心的明显回撤。</em></li>
<li><em>贵金属继续闪耀。白银已成为表现最突出的资产，在加密市场持续承压的情况下，录得最强的涨幅。</em></li>
</ul>
</div>

$1.33B exits Bitcoin ETFs: Are investors done with risk assets?

- 加密货币市场持续低迷，市值蒸发超 $1 万亿，表现为熊市。
- 投资者转向贵金属，黄金和白银相继上涨，反映出投资者风险厌恶情绪上升。
- 预计加密市场短期内难以恢复，全球流动性与数字资产出现背离。

Amb Crypto

Franklin Bitcoin ETF

黄金 ETF - SPDR

Bitwise Bitcoin ETF

德银贵金属基金 - PowerShares

2 倍做多 Coinbase ETF - Leverage Shares

Grayscale Bitcoin Miners ETF

Sprott Silver Mnrs & Physical Silver ETF

Coinbase

Bitwise Ethereum ETF

区块链 ETF - Amplify

VanEck Ethereum ETF

Sprott Active Gold & Silver Miners ETF

21Shares Ethereum ETF

Grayscale Ethereum Staking ETF

Fidelity Ethereum Fund

Proshares Ether Strategy ETF

实物白银股票 ETF - ETFS

1 倍做空加密货币行业 ETF - Direxion

VanEck Bitcoin ETF

黄金 ETF - iShares

ProShares Bitcoin Strategy ETF

WisdomTree Bitcoin Fund

2 倍做多 COIN ETF - GraniteShares

贵金属股 ETF -ETFS

CoinShares Bitcoin ETF

$13.3 亿资金撤出比特币 ETF：投资者是否已经不再青睐风险资产？