本週比特幣在機構賣壓加速下，再度承受新的壓力；同時地緣政治緊張局勢也為全球市場帶來了新的不確定性。根據分析平台 Swissblock 的說法，比特幣風險指數升至 100 分中的 33，將市場推入該公司所稱的高風險區。現貨 Bitcoin ETFs 記錄了持續的資金流出，削弱了過去一年以來市場最強的一項機構支撐來源。
Bitcoin ETF Outflows Signal Institutional Weakness
Swissblock said Bitcoin moved from an accumulation phase in March and April into a distribution phase throughout May. The firm's Risk Index, which measures the balance between buying and selling pressure, turned bearish alongside increasing ETF outflows.
According to Swissblock, periods where the index favors sellers often reflect institutional positioning rather than retail-driven volatility.
ETF Demand No Longer Offsetting Selling Pressure
Data from on-chain analytics firm Glassnode showed that US spot Bitcoin ETFs have recorded net outflows almost every trading day since May 7. The trend has lasted for more than two weeks, signaling sustained institutional selling pressure.
Over the same period, spot Bitcoin ETFs saw more than $2 billion leave the market. Analysts say these outflows are adding supply pressure without enough buyer demand to absorb it.
Swissblock warned that if ETF demand continues to weaken, Bitcoin's Risk Index could move even higher in the coming weeks.
伊朗緊張局勢再添一層壓力
在有報導指出，儘管區域仍持續進行外交討論，但仍出現與伊朗軍事目標相關的新一輪美國打擊之後，市場情緒進一步走弱。
美國中央司令部將這些行動描述為針對被懷疑正在布設海軍水雷的導彈基礎設施與船艦所採取的防禦性作戰行動。
地緣政治頭條新聞引發了另一波風險資產的波動，包括比特幣在內。分析師指出，BTC 幾乎在升級發生後立即作出反應，延續了先前全球衝突事件期間所出現的模式。
最新的市場走勢又重新點燃了外界對比特幣「數位黃金」角色的辯論。雖然比特幣承受新的賣壓，比特幣黃金市場卻吸引了更強的資金流入，因投資人轉向傳統的避險資產。黃金流入與 Bitcoin ETFs 流出之間的近期背離，已為許多密切關注機構資金流動的交易者強化了這一模式。
