{"id":852,"date":"2026-02-10T06:08:59","date_gmt":"2026-02-09T22:08:59","guid":{"rendered":"https:\/\/www.yqcsfz.com\/?p=852"},"modified":"2026-02-10T06:08:59","modified_gmt":"2026-02-09T22:08:59","slug":"%e5%9c%a3%e8%af%9e%e3%80%8c%e5%8a%ab%e3%80%8d%ef%bc%9f%e6%af%94%e7%89%b9%e5%b8%81%e7%8e%b0%e8%b4%a7-etf-%e5%8d%95%e5%91%a8%e5%87%80%e6%b5%81%e5%87%ba-7-82-%e4%ba%bf%e7%be%8e%e5%85%83%ef%bc%8c%e6%9c%ba","status":"publish","type":"post","link":"https:\/\/www.manwah.net\/?p=852","title":{"rendered":"\u5723\u8bde\u300c\u52ab\u300d\uff1f\u6bd4\u7279\u5e01\u73b0\u8d27 ETF \u5355\u5468\u51c0\u6d41\u51fa 7.82 \u4ebf\u7f8e\u5143\uff0c\u673a\u6784\u5e74\u672b\u300c\u7ed3\u5e10\u300d\u5f15\u53d1\u5356\u538b"},"content":{"rendered":"
\"\u5723\u8bde\u300c\u52ab\u300d\uff1f\u6bd4\u7279\u5e01\u73b0\u8d27<\/div>\n<\/div>\n
\n
\n
<\/div>\n<\/p><\/div>\n
\n

\u5728\u521a\u521a\u8fc7\u53bb\u7684\u5723\u8bde\u5047\u671f\u5468\uff0812 \u6708 22 \u65e5\u81f3 12 \u6708 26 \u65e5\uff09\uff0c\u6bd4\u7279\u5e01\u5e02\u573a\u4e0d\u4ec5\u672a\u80fd\u8fce\u6765\u671f\u5f85\u4e2d\u7684\u300c\u5723\u8bde\u53cd\u5f39\u884c\u60c5\u300d\uff08Santa Rally\uff09\uff0c\u53cd\u800c\u906d\u9047\u4e86\u6765\u81ea\u534e\u5c14\u8857\u673a\u6784\u7684\u51b7\u6c34\u3002\u6839\u636e\u6700\u65b0\u7684\u94fe\u4e0a\u6570\u636e\u4e0e ETF \u8d44\u91d1\u76d1\u6d4b\u62a5\u544a\u663e\u793a\uff0c\u7f8e\u56fd\u6bd4\u7279\u5e01\u73b0\u8d27 ETF \u5728\u5723\u8bde\u8282\u524d\u540e\u7684\u51e0\u4e2a\u4ea4\u6613\u65e5\u5185\uff0c\u7d2f\u8ba1\u51fa\u73b0\u4e86\u9ad8\u8fbe 7.82 \u4ebf\u7f8e\u5143\uff08\u7ea6\u5408\u65b0\u53f0\u5e01 255 \u4ebf\u5143\uff09\u7684\u51c0\u6d41\u51fa\u3002<\/p>\n

\u53d7\u5047\u65e5\u4ed3\u4f4d\u8c03\u6574\u5f71\u54cd\uff0c\u975e\u673a\u6784\u9700\u6c42\u75b2\u8f6f\uff1f<\/strong><\/h3>\n

\u6839\u636e SoSoValue \u7684\u76d1\u6d4b\u6570\u636e\uff0c\u4ece 12 \u6708 22 \u65e5\uff08\u5468\u4e00\uff09\u81f3 12 \u6708 24 \u65e5\uff08\u5468\u4e09\uff0c\u7f8e\u80a1\u63d0\u524d\u4f11\u5e02\uff09\u4ee5\u53ca 12 \u6708 26 \u65e5\uff08\u5468\u4e94\uff09\u7684\u4ea4\u6613\u65e5\u5185\uff0c11 \u6863\u7f8e\u56fd\u6bd4\u7279\u5e01\u73b0\u8d27 ETF \u5f55\u5f97\u663e\u8457\u7684\u300c\u51c0\u6d41\u51fa\u300d\uff08Net Outflows\uff09\u3002\u7d2f\u8ba1\u91d1\u989d\u63a5\u8fd1 7.82 \u4ebf\u7f8e\u5143\u7684\u89c4\u6a21\u3002<\/p>\n

\u5728\u6b64\u671f\u95f4\uff0c\u5355\u65e5\u6700\u5927\u91d1\u989d\u7684\u63d0\u6b3e\u53d1\u751f\u5728\u5468\u4e94\uff0c\u5f53\u65f6\u73b0\u8d27\u6bd4\u7279\u5e01\u4ef7\u683c\u5927\u5e45\u4e0b\u8dcc\u3002 ETF \u8d44\u91d1\u51c0\u6d41\u51fa 2.76 \u4ebf\u7f8e\u5143\u3002\u8d1d\u83b1\u5fb7\u65d7\u4e0b\u7684 IBIT \u57fa\u91d1\u635f\u5931\u6700\u60e8\u91cd\uff0c\u8d4e\u56de\u8d44\u91d1\u8fd1 1.93 \u4ebf\u7f8e\u5143\uff0c\u5176\u6b21\u662f\u5bcc\u8fbe\u65d7\u4e0b\u7684 FBTC \u57fa\u91d1\uff0c\u8d4e\u56de\u8d44\u91d1 7,400 \u4e07\u7f8e\u5143\u3002\u7070\u5ea6\u65d7\u4e0b\u7684 GBTC \u57fa\u91d1\u4e5f\u6301\u7eed\u51fa\u73b0\u5c0f\u5e45\u8d4e\u56de\u3002<\/p>\n

\u622a\u81f3\u5468\u4e94\uff0c\u7f8e\u56fd\u4e0a\u5e02\u7684\u6bd4\u7279\u5e01\u73b0\u8d27 ETF \u7684\u603b\u51c0\u8d44\u4ea7\u964d\u81f3\u7ea6 1,135 \u4ebf\u7f8e\u5143\uff0c\u4f4e\u4e8e 12 \u6708\u521d\u8d85\u8fc7 1,200 \u4ebf\u7f8e\u5143\u7684\u5cf0\u503c\uff0c\u5c3d\u7ba1\u6bd4\u7279\u5e01\u4ef7\u683c\u5728 87,000 \u7f8e\u5143\u9644\u8fd1\u4fdd\u6301\u76f8\u5bf9\u7a33\u5b9a\u3002<\/p>\n

\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u5468\u4e94\u662f\u6bd4\u7279\u5e01\u73b0\u8d27 ETF \u8fde\u7eed\u7b2c\u516d\u4e2a\u4ea4\u6613\u65e5\u51fa\u73b0\u51c0\u6d41\u51fa\uff0c\u521b\u4e0b\u81ea\u521d\u79cb\u4ee5\u6765\u6700\u957f\u7684\u8fde\u7eed\u6d41\u51fa\u7eaa\u5f55\u3002\u5728\u8fd9\u516d\u5929\u91cc\uff0c\u7d2f\u8ba1\u6d41\u51fa\u8d44\u91d1\u8d85\u8fc7 11 \u4ebf\u7f8e\u5143\u3002\u6709\u5206\u6790\u5e08\u6307\u51fa\uff0c\u6bd4\u7279\u5e01\u73b0\u8d27 ETF \u8fde\u7eed\u516d\u5929\u51fa\u73b0\u8d4e\u56de\u6f6e\uff0c\u4e3b\u8981\u662f\u5b63\u8282\u6027\u56e0\u7d20\u9020\u6210\uff0c\u800c\u975e\u673a\u6784\u9700\u6c42\u75b2\u8f6f\u3002<\/p>\n

\u4e3a\u4f55\u673a\u6784\u9009\u5728\u5723\u8bde\u8282\u300c\u629b\u552e\u300d\uff1f<\/strong><\/h3>\n

2025 \u5e74\u6bd4\u7279\u5e01\u4ef7\u683c\u5728\u5e74\u672b\u7ef4\u6301\u5728 87,000 \u7f8e\u5143\u81f3 90,000 \u7f8e\u5143\u7684\u9ad8\u4f4d\u9707\u8361\uff0c\u4e3a\u4f55 ETF \u5374\u51fa\u73b0\u5982\u6b64\u5927\u89c4\u6a21\u7684\u8d44\u91d1\u9003\u79bb\uff1f<\/p>\n

    \n
  1. \u5178\u578b\u7684\u300c\u53bb\u98ce\u9669\u5316\u300d\u64cd\u4f5c
    \n\u5723\u8bde\u8282\u81f3\u65b0\u5e74\u671f\u95f4\uff0c\u6b27\u7f8e\u4e3b\u8981\u91d1\u878d\u5e02\u573a\u4ea4\u6613\u6e05\u6de1\uff0c\u6d41\u52a8\u6027\u5927\u5e45\u964d\u4f4e\u3002\u5728\u8fd9\u79cd\u300c\u8584\u5e02\u300d\u4e2d\uff0c\u8f83\u5c0f\u7684\u5356\u5355\u90fd\u53ef\u80fd\u5f15\u53d1\u5267\u70c8\u7684\u4ef7\u683c\u6ce2\u52a8\u3002\u57fa\u91d1\u7ecf\u7406\u4eba\u4e3a\u4e86\u907f\u514d\u5047\u671f\u671f\u95f4\u53d1\u751f\u4e0d\u53ef\u63a7\u7684\u9ed1\u5929\u9e45\u4e8b\u4ef6\uff0c\u503e\u5411\u4e8e\u5728\u653e\u5047\u524d\u6e05\u4ed3\u90e8\u5206\u9ad8\u6ce2\u52a8\u8d44\u4ea7\uff0c\u9501\u5b9a\u5e74\u5ea6\u5229\u6da6\u3002\u6bd4\u7279\u5e01\u4f5c\u4e3a\u98ce\u9669\u8d44\u4ea7\u7684\u9996\u9009\uff0c\u81ea\u7136\u6210\u4e3a\u51cf\u4ed3\u76ee\u6807\u3002<\/li>\n
  2. \u5e74\u672b\u8d44\u4ea7\u518d\u5e73\u8861
    \n2025 \u5e74\u7f8e\u80a1\uff08\u7279\u522b\u662f AI \u4e0e\u79d1\u6280\u80a1\uff09\u8868\u73b0\u5f3a\u52b2\uff0c\u6807\u666e 500 \u6307\u6570\u5c61\u521b\u65b0\u9ad8\u3002\u8bb8\u591a\u6df7\u5408\u578b\u57fa\u91d1\uff08Multi-asset Funds\uff09\u8bbe\u6709\u56fa\u5b9a\u7684\u8d44\u4ea7\u6bd4\u4f8b\uff08\u4f8b\u5982\uff1a\u52a0\u5bc6\u8d27\u5e01\u5360 5%\uff09\u3002\u7531\u4e8e\u7f8e\u80a1\u4e0a\u6da8\uff0c\u4e3a\u4e86\u7ef4\u6301\u6295\u8d44\u7ec4\u5408\u7684\u5e73\u8861\uff0c\u673a\u6784\u5fc5\u987b\u300c\u5356\u51fa\u300d\u90e8\u5206\u6301\u4ed3\uff08\u5305\u62ec\u6bd4\u7279\u5e01 ETF\uff09\u4ee5\u4e70\u5165\u503a\u5238\u6216\u5176\u4ed6\u8d44\u4ea7\uff0c\u8fd9\u662f\u4e00\u79cd\u673a\u68b0\u5f0f\u7684\u64cd\u4f5c\uff0c\u800c\u975e\u770b\u7a7a\u6bd4\u7279\u5e01\u7684\u57fa\u672c\u9762\u3002<\/li>\n
  3. \u7a0e\u52a1\u8003\u91cf
    \n\u5bf9\u4e8e\u5728 2025 \u5e74\u7a0d\u65e9\u9ad8\u70b9\uff08\u5982 10 \u6708\u7684 12 \u4e07\u7f8e\u5143\uff09\u4e70\u5165\u7684\u6295\u8d44\u8005\u800c\u8a00\uff0c\u73b0\u5728\u5356\u51fa\u53ef\u4ee5\u5b9e\u73b0\u300c\u7a0e\u52a1\u4e8f\u635f\u300d\uff08Tax Loss\uff09\uff0c\u7528\u6765\u62b5\u9500\u4eca\u5e74\u5728\u7f8e\u80a1\u79d1\u6280\u80a1\u4e0a\u7684\u5de8\u989d\u8d44\u672c\u5229\u5f97\u7a0e\u3002\u8fd9\u89e3\u91ca\u4e86\u4e3a\u4f55\u6d41\u51fa\u96c6\u4e2d\u5728\u5e74\u5e95\u6700\u540e\u4e00\u5468\u3002<\/li>\n<\/ol>\n

    \u77ed\u671f\u627f\u538b\uff0c\u957f\u671f\u672a\u5fc5\u770b\u7a7a ?<\/strong><\/h3>\n

    Glassnode \u8fd1\u671f\u53d1\u5e03\u7684\u62a5\u544a\u6307\u51fa\uff0c\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u5e01 ETF \u5df2\u8fdb\u5165\u6301\u7eed\u8d44\u91d1\u5916\u6d41\u9636\u6bb5\uff0c\u663e\u793a\u673a\u6784\u6295\u8d44\u8005\u6b63\u5728\u64a4\u51fa\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u3002\u81ea 11 \u6708\u521d\u4ee5\u6765\uff0c\u6d41\u5165\u7f8e\u56fd\u73b0\u8d27\u6bd4\u7279\u5e01\u548c\u4ee5\u592a\u574a\u7684 30 \u5929\u79fb\u52a8\u5e73\u5747\u503c\u5df2\u6301\u7eed\u4e0b\u964d\u3002 ETF \u6301\u7eed\u4e0b\u8dcc\uff0c\u663e\u793a\u968f\u8457\u6574\u4f53\u5e02\u573a\u6d41\u52a8\u6027\u6536\u7d27\uff0c\u5e02\u573a\u53c2\u4e0e\u5ea6\u8f83\u4f4e\u3002<\/p>\n

    \n

    Since early November, the 30D-SMA of net flows into both Bitcoin and Ethereum ETFs has turned negative and remained so.
    This persistence suggests a phase of muted participation and partial disengagement from institutional allocators, reinforcing the broader liquidity contraction\u2026 pic.twitter.com\/1aglRpQqD9<\/p>\n

    — glassnode (@glassnode) December 23, 2025<\/p>\n<\/blockquote>\n

    \u62a5\u544a\u6307\u51fa\uff0c\u300c\u8fd9\u79cd\u6301\u7eed\u6027\u8868\u660e\u673a\u6784\u6295\u8d44\u8005\u53c2\u4e0e\u5ea6\u8f83\u4f4e\uff0c\u90e8\u5206\u6295\u8d44\u8005\u5df2\u9000\u51fa\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\uff0c\u52a0\u5267\u4e86\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u6574\u4f53\u6d41\u52a8\u6027\u7684\u840e\u7f29\u300d\uff0c\u6d41\u5165\u52a0\u5bc6\u8d27\u5e01 ETF \u7684\u8d44\u91d1\u901a\u5e38\u843d\u540e\u4e8e\u73b0\u8d27\u5e02\u573a\uff0c\u800c\u52a0\u5bc6\u8d27\u5e01\u73b0\u8d27\u5e02\u573a\u81ea 10 \u6708\u4e2d\u65ec\u4ee5\u6765\u4e00\u76f4\u5448\u4e0b\u964d\u8d8b\u52bf\u3002 ETF \u4e5f\u88ab\u89c6\u4e3a\u673a\u6784\u60c5\u7eea\u7684\u98ce\u5411\u6807\uff0c\u673a\u6784\u60c5\u7eea\u5728\u4eca\u5e74\u5927\u90e8\u5206\u65f6\u95f4\u91cc\u90fd\u662f\u5e02\u573a\u9a71\u52a8\u529b\uff0c\u4f46\u968f\u8457\u6574\u4f53\u5e02\u573a\u7684\u840e\u7f29\uff0c\u673a\u6784\u60c5\u7eea\u4f3c\u4e4e\u5df2\u7ecf\u8f6c\u4e3a\u770b\u8dcc\uff0c\u53ef\u80fd\u9884\u89c6\u8457\u5927\u578b\u8d44\u4ea7\u914d\u7f6e\u8005\u6b63\u5728\u4ece\u52a0\u5bc6\u8d27\u5e01\u9886\u57df\u64a4\u79bb\u3002<\/p>\n

    \u7136\u800c\uff0cKronos Research \u6295\u8d44\u957f Vincent Liu \u63a5\u53d7\u5916\u5a92\u8bbf\u95ee\u65f6\u8868\u793a\uff0c\u5723\u8bde\u8282\u671f\u95f4\u6bd4\u7279\u5e01 ETF \u8d44\u91d1\u6d41\u51fa\u5e76\u4e0d\u7f55\u89c1\uff0c\u4ed6\u6307\u51fa\u8fd9\u662f\u300c\u5047\u65e5\u4ed3\u4f4d\u300d\u548c\u6d41\u52a8\u6027\u4e0d\u8db3\u9020\u6210\u7684\uff0c\u800c\u4e0d\u662f\u6f5c\u5728\u9700\u6c42\u7684\u5d29\u6e83\uff0c\u300c\u968f\u8457 1 \u6708\u521d\u4ea4\u6613\u7684\u6062\u590d\uff0c\u673a\u6784\u8d44\u91d1\u6d41\u52a8\u901a\u5e38\u4f1a\u91cd\u65b0\u53c2\u4e0e\u5e76\u6062\u590d\u6b63\u5e38\u300d\uff0c\u4ed6\u9884\u8ba1\u5e02\u573a\u72b6\u51b5\u5c06\u5728 1 \u6708\u521d\u6709\u6240\u6539\u5584\uff0c\u8fd8\u8865\u5145\u6307\u51fa\uff0c\u8054\u51c6\u4f1a\u5728 2026 \u5e74\u53ef\u80fd\u8f6c\u5411\u5bbd\u677e\u653f\u7b56\uff0c\u8fd9\u5c06\u8fdb\u4e00\u6b65\u652f\u6491 ETF \u7684\u9700\u6c42\uff0c\u5229\u7387\u5e02\u573a\u76ee\u524d\u5df2\u6d88\u5316\u4e86 75 \u81f3 100 \u4e2a\u57fa\u70b9\u7684\u964d\u606f\u9884\u671f\uff0c\u300c\u5229\u7387\u5e02\u573a\u5df2\u7ecf\u9884\u671f\u964d\u606f\u5e45\u5ea6\u5c06\u8fbe\u5230 75-100 \u4e2a\u57fa\u70b9\uff0c\u8fd9\u8868\u660e\u5bbd\u677e\u52bf\u5934\u6b63\u5728\u589e\u5f3a\u3002\u6b64\u5916\uff0c\u94f6\u884c\u4e3b\u5bfc\u7684\u52a0\u5bc6\u8d27\u5e01\u57fa\u7840\u8bbe\u65bd\u6301\u7eed\u6269\u5c55\uff0c\u964d\u4f4e\u4e86\u5927\u578b\u8d44\u4ea7\u914d\u7f6e\u8005\u7684\u963b\u529b\u300d\u3002<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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