Bitcoin ETF outflows mainly come from short-term traders rather than long-term investors

Although the price of bitcoin has dropped nearly 50% since reaching its all-time high of $126,000 last October, and concerns about a "crypto winter" are intensifying, ETF experts point out that the outflows from spot bitcoin ETFs are mainly coming from hedge funds and short-term traders, rather than large-scale withdrawals by long-term investors. Matt Hougan, Chief Investment Officer at Bitwise, stated that ETF investors are not the main sellers; the market pressure mainly comes from crypto investors who have accumulated holdings over the years and short-term traders using ETFs. Mike Novogratz, CEO of Galaxy, mentioned that the "speculative era" of the crypto market may be over, and future returns will be closer to those of long-term investments. Will Rhind, founder of GraniteShares, pointed out that currently, "hard assets" such as gold are performing strongly, while bitcoin continues to decline, weakening the "digital gold" narrative. However, the scale of outflows over the past three months has not yet reached the level of inflows over the past year.