As the surrender stage gradually takes shape, the market structure of Bitcoin (BTC) continues to deteriorate. Last Friday, the price of BTC fell below $97,000, and the decline so far this week has exceeded 7%. Institutional demand remains weak, with outflows from the spot Bitcoin exchange-traded funds (ETFs) reaching as high as $622.7 million as of Thursday, marking the third consecutive week of outflows.
与此同时，链上数据显示，随着比特币价格进一步远离关键的 10 万美元门槛，下行压力正在加剧。
制度需求减弱比特币本周开局疲软，在短暂的周末反弹后失去动能，本周迄今已下跌超过 7%，周五触及 95,933 美元的低点，这使得比特币比其 10 月份创下的历史最高价 126,199 美元低了近 24%。
机构压力加剧了抛售，比特币现货ETF本周迄今已录得6.227亿美元的净流出，这是自10月底以来连续第三周出现资金流出。此外，周四的净流出额高达8.6986亿美元，创下自2月25日以来的单日最高纪录。如果这一趋势持续并加剧，比特币可能面临更大幅度的价格回调，反映出机构信心的减弱。
