2月3日消息，随着比特币（BTC）持续走弱，美国现货比特币ETF投资者正承受明显压力。链上机构 Glassnode 数据显示，这类投资者的平均入场价约为84,100美元，而当前BTC价格已回落至7.8万美元附近，周末更一度跌破7.5万美元，使账面亏损扩大至8%至9%。对于通过合规金融产品进入市场的资金而言，这一轮回撤正在考验长期信心。
价格跌破“ETF成本带”后，资金流向迅速逆转。过去两周，美国现货比特币ETF累计流出约28亿至30亿美元，两周内连续出现超过十亿美元级别的赎回。1月21日、29日与30日，单日净流出分别达到7.08亿美元、8.18亿美元与5.10亿美元，显示抛压并未缓解。尽管2月2日出现约4.2亿美元的短暂回流，但不足以改变整体趋势。
资金外流主要集中在规模较大的产品上。分析师 Jamie Coutts 指出，当前并未出现明显的“逢低吸纳”，机构净需求更多来自少数仍有充足现金储备的资产负债表型买家，这类需求难以长期支撑价格修复。
从宏观层面看，BTC已较2025年接近12.6万美元的高点回落逾35%。流动性收缩、金融环境趋紧，以及比特币与传统避险资产走势脱钩，使市场缺乏新的上行动力。Bloomberg 援引 Glassnode 高级分析师 Sean Rose 表示，投资者正等待更明确的宏观信号和价格企稳迹象，再决定是否增持。
若缺乏新的资金流入、流动性改善或结构性利好，ETF资金外流与价格下行的循环可能持续。不过，美国现货比特币ETF的总资产规模仍约为1044.8亿美元，说明长期资本基础依然存在，后续走向将取决于市场信心能否重新凝聚。
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