在市场稳定之际，比特币ETF在5月25日公布了$38M 资金流入

据 Farside Investors、CoinGlass 和 SoSoValue 汇总的 ETF 流数据显示，美国挂牌的现货比特币交易所交易基金在 5 月 25 日录得约 3800 万美元的合计净流入。该时段标志着机构需求在此前经历动荡之后出现了温和复苏，动荡期内 5 月初曾多次出现大规模资金外流。比特币在整个时段内交易于约 78,000 美元至 79,000 美元区间，交易员在数字资产市场中关注美国国债收益率、通胀预期以及机构持仓情况。最新的 ETF 数据出现在 2026 年加密投资产品最动荡的月份之一之后：此前 5 月的活动曾记录单日净流出超过 6.45 亿美元，随着债券收益率上升以及宏观经济不确定性加剧，承压了机构对风险资产的胃口。

Bitcoin ETF Flows Show Mixed Signals Across Major Funds

BlackRock’s iShares Bitcoin Trust (IBIT) led inflows during the session, attracting roughly $24 million in new capital. Fidelity’s Wise Origin Bitcoin Fund (FBTC) added approximately $11 million, while smaller inflows were recorded across Bitwise’s BITB and VanEck’s HODL products. Grayscale’s GBTC continued experiencing redemptions, though at a significantly slower pace than earlier in the month.

Despite recent volatility, cumulative inflows into spot Bitcoin ETFs remain historically strong. U.S. Bitcoin ETFs attracted approximately $2.44 billion in net inflows during April, marking the sector’s strongest monthly performance of 2026. Total assets under management across U.S. spot Bitcoin ETFs remain above $100 billion despite recent outflows. BlackRock’s IBIT continues dominating market share within the sector, while Fidelity’s FBTC remains one of the largest institutional Bitcoin investment products globally.

Institutional Capital Anchors Bitcoin Market Structure

Market participants increasingly view ETF flows as one of the most important drivers of Bitcoin price formation and institutional sentiment. Since the launch of U.S. spot Bitcoin ETFs in early 2024, institutional capital allocation has become a central component of crypto market liquidity and directional momentum.

ETF inflows have become structurally important because Bitcoin’s post-halving issuance rate has fallen significantly following the April 2024 halving event. Approximately 450 new BTC are mined daily under the current issuance schedule, meaning sustained ETF demand can absorb newly created supply relatively quickly.

Institutional investors have also continued expanding crypto exposure through corporate treasury strategies, tokenized asset infrastructure, and derivatives markets. These overlapping demand channels have fundamentally changed Bitcoin market structure compared with earlier retail-driven cycles. At the same time, macroeconomic conditions continue weighing heavily on short-term sentiment, with investors focused on Federal Reserve policy expectations, inflation data, and global bond market volatility.

以太坊 ETF 继续跑输比特币产品

尽管 5 月 25 日比特币 ETF 资金流动出现了温和稳定，但与比特币相关的以太坊产品仍持续落后。美国现货以太坊 ETF 在该时段录得约 4200 万美元净流出，延续了机构对面向 ETH 产品需求偏弱的更长期趋势。

以太坊资金流偏弱部分归因于围绕在受监管 ETF 结构中进行质押整合的持续不确定性。多家发行方仍在寻求批准可启用质押的以太坊 ETF 产品。随着机构投资者越来越将比特币作为占主导地位的宏观型数字资产配置，以太坊与比特币 ETF 资金流之间的分化在 2026 年持续扩大。尽管以太坊在代币化与去中心化金融基础设施中仍保持强劲的定位，但其 ETF 需求相较于比特币产品仍明显滞后。