<p>加密貨幣市場仍然處於長期下行趨勢中，許多參與者現在公開將其稱為熊市。這個標籤似乎越來越難以爭辯。</p>
<p>在經歷了慘烈的 35% 回調後，市場已抹去超過 1 萬億美元的價值，標誌着近期週期中最陡峭的拋售期之一。</p>
<p>市場流動性也持續減少。當前環境特別引人注目的是資產類別之間日益擴大的分歧。隨着流動性枯竭，貴金屬出現了激烈的反彈，黃金和白銀持續上漲，而數字資產則進一步走弱。</p>
<p>這一差距加深凸顯了投資者行為的更廣泛轉變。隨着傳統投資者逐漸遠離加密貨幣，貴金屬作為市場首選避風港的地位愈發鞏固。</p>
<h2><strong>傳統投資者退出加密貨幣 ETF</strong></h2>
<p>傳統投資者繼續通過美國現貨 ETF 減持主要數字資產，包括比特幣 [BTC]、以太坊 [ETH]、索拉納 [SOL] 和 XRP。</p>
<p>比特幣 ETF 承受了拋售的重壓。超過 13.3 億美元的資金已流出市場，流出量達到了去年 11 月以來的最高水平，當時拋售勢頭急劇加劇。</p>
<p>以太坊 ETF 也經歷了類似的軌跡，記錄了 6.11 億美元的淨撤出，類似於 12 月中旬觀察到的拋售情況。</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>來源：Sosovalue</p>
<p>XRP 的美國現貨 ETF 記錄了首次負的每週淨流入，市場流出 4060 萬美元。</p>
<p>這標誌着與前一週的急劇反轉，當時流入激增至 5683 萬美元，為 1 月份的最高水平。索拉納是唯一的例外，成功保持了正的每週流入。儘管如此，新增的 957 萬美元仍然是其歷史上最弱的流入。</p>
<p>持續的資金流出表明情緒的明顯轉變。對於許多機構投資者而言，數字資產不再提供他們曾經所期望的風險回報特徵。</p>
<p>相反，資本似乎正向那些承諾穩定並且目前能夠提供穩定的資產轉移。</p>
<h2><strong>貴金屬吸納資本外流</strong></h2>
<p>貴金屬的反彈持續擴大，黃金和白銀的表現尤為突出。它們現在共同躋身全球最有價值的資產類別，市值分別為 34.64 萬億美元和 5.81 萬億美元。</p>
<p>自去年 10 月更廣泛的加密市場下滑以來，白銀已飆升至新高，而數字資產則繼續探測更低的水平。</p>
<p>在此期間，白銀的增值大致相當於比特幣的整個市值。黃金和鉑金也錄得強勁且持續的漲幅。</p>
<p>對貴金屬的新需求受到地緣政治緊張局勢上升的推動，特別是涉及美國和幾個歐洲國家的局勢，這加劇了全球市場的風險厭惡情緒。</p>
<p>對美元購買力下降的擔憂進一步加速了這一轉變。在不確定時期，投資者再次轉向貴金屬作為可靠的避風港。</p>
<p>對於通常被歸類為風險投資的數字資產而言，影響是顯而易見的。資金流入仍然受到限制，投資者優先考慮資本保值和更可預測的回報，這一框架目前更有利於貴金屬。</p>
<h2><strong>恢復的任何路徑？</strong></h2>
<p>加密市場近期恢復的前景仍不確定。地緣政治風險已經促使投資者尋求安全，但更深層次的挑戰在於全球流動性的演變動態。</p>
<p>全球流動性持續擴大，達到創紀錄的 162 萬億美元。從歷史上看，這種擴張一直是加密市場的順風，流動性增加與數字資產價格上漲密切相關。</p>
<p>全球流動性反映了在全球金融體系中流通的貨幣和信貸的總量。在正常情況下，這將為加密市場提供支持。</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>來源：TradingView</p>
<p>然而，自 11 月 15 日以來，出現了顯著的脱鈎現象。儘管全球流動性指數持續上升，但加密市場卻呈下行趨勢。這一分歧表明資本正在流向其他地方，打亂了曾經有利於數字資產的輪換模式。</p>
<p>儘管如此，一些市場參與者仍然保持謹慎樂觀。</p>
<p>隨着新任美聯儲主席的任命，可能會出現更有利的宏觀背景，其政策立場可能在長期內對風險資產（包括加密貨幣）更加寬鬆。</p>
<hr/>
<h2>最後思考</h2>
<ul>
<li><em>資本外流和融資條件的惡化已在所有四個主要美國現貨加密貨幣交易所交易基金中記錄，突顯出機構信心的明顯回撤。</em></li>
<li><em>貴金屬繼續閃耀。白銀已成為表現最突出的資產，在加密市場持續承壓的情況下，錄得最強的漲幅。</em></li>
</ul>

<p>加密貨幣市場正經歷顯著下跌，超過 13.3 億美元流出比特幣 ETF，總市值損失超過 1 萬億美元。傳統投資者正在撤出數字資產，轉而青睞黃金和白銀等貴金屬，這些貴金屬在地緣政治緊張局勢加劇和對美元購買力的擔憂中獲得了顯著收益。加密貨幣與貴金屬之間的分歧突顯了投資者情緒向穩定性和資本保值的轉變。儘管全球流動性增加，但加密貨幣復甦的前景仍然不確定</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>加密貨幣市場仍然處於長期下行趨勢中，許多參與者現在公開將其稱為熊市。這個標籤似乎越來越難以爭辯。</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>在經歷了慘烈的 35% 回調後，市場已抹去超過 1 萬億美元的價值，標誌着近期週期中最陡峭的拋售期之一。</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>市場流動性也持續減少。當前環境特別引人注目的是資產類別之間日益擴大的分歧。隨着流動性枯竭，貴金屬出現了激烈的反彈，黃金和白銀持續上漲，而數字資產則進一步走弱。</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>這一差距加深凸顯了投資者行為的更廣泛轉變。隨着傳統投資者逐漸遠離加密貨幣，貴金屬作為市場首選避風港的地位愈發鞏固。</p>
</div><h2><strong>Traditional investors exit from crypto ETFs</strong></h2>
<div class="lb-trans"><h2><strong>傳統投資者退出加密貨幣 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>傳統投資者繼續通過美國現貨 ETF 減持主要數字資產，包括比特幣 [BTC]、以太坊 [ETH]、索拉納 [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>比特幣 ETF 承受了拋售的重壓。超過 13.3 億美元的資金已流出市場，流出量達到了去年 11 月以來的最高水平，當時拋售勢頭急劇加劇。</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 也經歷了類似的軌跡，記錄了 6.11 億美元的淨撤出，類似於 12 月中旬觀察到的拋售情況。</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>來源：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 的美國現貨 ETF 記錄了首次負的每週淨流入，市場流出 4060 萬美元。</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>這標誌着與前一週的急劇反轉，當時流入激增至 5683 萬美元，為 1 月份的最高水平。索拉納是唯一的例外，成功保持了正的每週流入。儘管如此，新增的 957 萬美元仍然是其歷史上最弱的流入。</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>持續的資金流出表明情緒的明顯轉變。對於許多機構投資者而言，數字資產不再提供他們曾經所期望的風險回報特徵。</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，資本似乎正向那些承諾穩定並且目前能夠提供穩定的資產轉移。</p>
</div><h2><strong>Precious metals absorb capital flight</strong></h2>
<div class="lb-trans"><h2><strong>貴金屬吸納資本外流</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>貴金屬的反彈持續擴大，黃金和白銀的表現尤為突出。它們現在共同躋身全球最有價值的資產類別，市值分別為 34.64 萬億美元和 5.81 萬億美元。</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 月更廣泛的加密市場下滑以來，白銀已飆升至新高，而數字資產則繼續探測更低的水平。</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>在此期間，白銀的增值大致相當於比特幣的整個市值。黃金和鉑金也錄得強勁且持續的漲幅。</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>對貴金屬的新需求受到地緣政治緊張局勢上升的推動，特別是涉及美國和幾個歐洲國家的局勢，這加劇了全球市場的風險厭惡情緒。</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>對美元購買力下降的擔憂進一步加速了這一轉變。在不確定時期，投資者再次轉向貴金屬作為可靠的避風港。</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>對於通常被歸類為風險投資的數字資產而言，影響是顯而易見的。資金流入仍然受到限制，投資者優先考慮資本保值和更可預測的回報，這一框架目前更有利於貴金屬。</p>
</div><h2><strong>Any path to recovery?</strong></h2>
<div class="lb-trans"><h2><strong>恢復的任何路徑？</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>加密市場近期恢復的前景仍不確定。地緣政治風險已經促使投資者尋求安全，但更深層次的挑戰在於全球流動性的演變動態。</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>全球流動性持續擴大，達到創紀錄的 162 萬億美元。從歷史上看，這種擴張一直是加密市場的順風，流動性增加與數字資產價格上漲密切相關。</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>全球流動性反映了在全球金融體系中流通的貨幣和信貸的總量。在正常情況下，這將為加密市場提供支持。</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>來源：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 日以來，出現了顯著的脱鈎現象。儘管全球流動性指數持續上升，但加密市場卻呈下行趨勢。這一分歧表明資本正在流向其他地方，打亂了曾經有利於數字資產的輪換模式。</p>
</div><p>Still, some market participants remain cautiously optimistic.</p>
<div class="lb-trans"><p>儘管如此，一些市場參與者仍然保持謹慎樂觀。</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>隨着新任美聯儲主席的任命，可能會出現更有利的宏觀背景，其政策立場可能在長期內對風險資產（包括加密貨幣）更加寬鬆。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最後思考</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>資本外流和融資條件的惡化已在所有四個主要美國現貨加密貨幣交易所交易基金中記錄，突顯出機構信心的明顯回撤。</em></li>
<li><em>貴金屬繼續閃耀。白銀已成為表現最突出的資產，在加密市場持續承壓的情況下，錄得最強的漲幅。</em></li>
</ul>
</div>

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

- 加密貨幣市場持續低迷，市值蒸發超 $1 萬億，表現為熊市。
- 投資者轉向貴金屬，黃金和白銀相繼上漲，反映出投資者風險厭惡情緒上升。
- 預計加密市場短期內難以恢復，全球流動性與數字資產出現背離。

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$13.3 億資金撤出比特幣 ETF：投資者是否已經不再青睞風險資產？