比特币与以太坊ETF资金持续外流：月度净流入仍为负值

bitcoinistPublished on 2025-12-31Last updated on 2025-12-31

Abstract

比特币和以太坊ETF资金持续外流，30日净流量仍为负值，显示资本正从这两种数字资产中撤出。美国现货ETF自2024年获批后虽迅速成为传统投资者重要入口，但近期需求疲软，BTC和ETH的30日净流出分别达6.56亿和4.22亿美元，类似2025年上半年流出阶段。不过历史显示资金可能再次爆发性回归。另据数据，全球368个实体持有的数字资产国库总额已超1850亿美元，其中73%由企业控制。当前比特币价格约8.81万美元，近期呈横盘整理态势。

数据显示，比特币和以太坊的30天ETF净流入仍为负值，表明资金正持续从数字资产中流出。

比特币与以太坊ETF近期持续呈现资金净流出

正如CryptoQuant社区分析师Maartunn在X平台的最新帖文中解释，过去一个月中，比特币和以太坊现货交易所交易基金（ETF）均面临资金净流出的局面。

现货ETF是一种让投资者间接获取标的资产价格波动的投资工具。在加密货币领域，这意味着ETF投资者无需进行链上操作——基金会代为购买并托管代币。

美国现货ETF在数字资产领域属于相对新兴的事物，比特币ETF和以太坊ETF分别于2024年1月和2024年7月获得美国证券交易委员会（SEC）批准。

对于不熟悉加密货币钱包和交易所的投资者而言，现货ETF是一种便捷的投资方式。尤其是机构投资者，更倾向于通过此类工具获取风险敞口。

自推出以来，这些投资工具迅速满足了传统投资者的需求，成为该领域的基石之一。

下图展示了比特币和以太坊现货ETF自推出以来30天净流入的变化情况。

近期两项资产的该指标值持续为负 | 来源：@JA_Maartun on X

从图表可见，比特币和以太坊的30天现货ETF净流入已持续一段时间为负值，表明这些基金正遭遇持续的资金净流出。

虽然最近情况略有改善，但两项资产的指标仍为负值，比特币为-6.56亿美元，以太坊为-4.22亿美元。当前市场的疲软需求与2025年上半年资金外流的阶段相似。

当时市场需求最终强势回归，推动价格大幅上涨。此次是否会出现同样反弹，或需求疲软将持续一段时间，仍有待观察。

另一个较近的市场需求来源是数字资产国债。机构DeFi解决方案提供商Sentora在X平台最新帖文中强调，目前368个实体持有的加密货币国债总额已超过1850亿美元。

各领域国债持有分布情况 | 来源：Sentora on X

其中73%的数字资产国债由企业持有，其余则由政府掌控。

比特币价格走势

截至发稿时，比特币交易价格约为88,100美元，与上周持平。

该加密货币价格近期呈现横盘整理态势 | 来源：TradingView上的BTCUSDT图表

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