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Latest data shows that the exchange-traded funds (ETFs) for Bitcoin (BTC) and Ethereum (ETH) experienced significant outflows yesterday. The BTC ETF had a net outflow of approximately $812 million in a single day, while the ETH ETF saw a net outflow of $152 million, both of which set recent record highs.
Despite facing such a massive capital outflow, Bitcoin's market performance remains quite strong. Even under such tremendous selling pressure, the BTC price still hovers around $115,000, demonstrating remarkable resilience. This price stability is particularly noteworthy in the current market environment.
At the same time, Ethereum also exhibits similar resilience. During this round of increases, the price of ETH has once again approached the 4,000 USD mark, but seems to be encountering some resistance. This situation is reminiscent of the earlier circumstances when ETH approached 3,000 USD, as if there are always some invisible barriers near these round number thresholds.
This phenomenon has prompted market participants to reflect on the deeper dynamics of the cryptocurrency market. Although there may be pressure from capital outflows in the short term, the price performance of major cryptocurrencies seems to suggest that the market remains optimistic about their long-term prospects.
Investors and analysts are closely monitoring the fund flows of these ETFs and their impact on overall market sentiment. As institutional investors increase their participation in cryptocurrencies through ETFs, the importance of this data may further rise, becoming one of the key indicators for assessing market trends.
In the face of the current market landscape, investors need to remain vigilant, while also not overlooking the resilience displayed by the cryptocurrency market. This contradictory market performance may very well be a reflection of the unique charm of the cryptocurrency market.