#机构投资者采用 32 billion USD flows into crypto ETFs, and it seems that market enthusiasm has not waned despite the year-end correction. But there is a noteworthy detail behind this data — BlackRock's IBIT dominates, absorbing 24.7 billion, while the remaining 9 Bitcoin ETFs actually see a net outflow of 3.1 billion. What does this mean? The choice power among institutions is becoming concentrated.

From a follow-trading perspective, this wave of capital flow actually reveals a shift in institutional risk appetite. Although the Ethereum ETF attracted 9.6 billion, BlackRock's ETHA has recently experienced several days without new inflows, which is usually a sign that demand has peaked. Glassnode's warning is even clearer — ETF demand is weakening, indicating that the capital momentum in early 2026 will slow down.

My strategy adjustment here is: don’t simply follow institutional allocations, but instead focus on the logic behind these flow data. Large funds are selecting specific targets, while retail investors are still chasing hot spots. At this point, it’s better to control the proportion of position splitting and reduce absolute follow-trading positions. Consider adding positions only when inflow data truly reverses or when a new round of ETF products (expected to be over 100) launches.

Practice makes perfect; data can lie, but capital flows do not. When institutions start to be picky, we should also learn to stay calm.