Bitcoin spot ETFs have experienced net outflows for five consecutive weeks, totaling approximately $3.8 billion, reflecting institutional risk reduction and position adjustments. Meanwhile, Ethereum spot ETFs are also facing net outflows. Market analysts believe that if macroeconomic data weakens, digital asset ETFs may see a capital inflow. According to BlockBeats, on February 22, the US Bitcoin spot ETF recorded net outflows for five consecutive weeks, with a total outflow of about $3.8 billion during this period. In the past week alone, there was a net redemption of $315.9 million, with the largest single-week outflow of $1.49 billion occurring during the week of January 30. Although there were some days of net inflows (such as approximately $88 million last Friday), these were not enough to offset the large redemptions on previous days. Since its launch, the Bitcoin spot ETF has accumulated nearly $54.01 billion in net inflows, with a total net asset size of about $85.31 billion, accounting for approximately 6.3% of Bitcoin’s total market capitalization. Industry experts believe that this round of capital outflows mainly reflects a temporary risk reduction and rebalancing by institutions, rather than a structural abandonment of cryptocurrencies. Due to rising geopolitical risks, trade tensions, and macroeconomic uncertainties, overall market risk appetite has declined. ETF capital flows are highly correlated with macro variables such as Federal Reserve policy expectations and US employment data. Meanwhile, Ethereum spot ETFs have also experienced net outflows for five weeks, with a recent week net outflow of about $123.4 million. Analysts point out that both Bitcoin and Ethereum products are under pressure, indicating that capital withdrawal is more related to a contraction in overall digital asset allocation rather than issues with individual assets. Industry insiders believe that if upcoming US macroeconomic data weakens and market expectations for rate cuts strengthen, digital asset ETFs may see a capital inflow; until then, institutional funds are likely to continue controlling risk exposure.