On February 13, amid heightened volatility in global financial markets, Decode indicated that the U.S. spot Bitcoin ETF market is demonstrating a textbook "V-shaped recovery." Recent data show that over the first three trading days of the week, the ETF market absorbed $311.6 million in inflows, nearly offsetting the prior week’s net outflow of $318 million. According to Decode, this rapid reversal in capital flow not only alleviated short-term technical selling pressure but also sent a clear signal: institutional investors' rationale for allocating to "digital gold" remains intact despite a recent 13% price correction.
Regarding the latest portfolio adjustments by investment banking giant Goldman Sachs, Decode highlighted the forward-looking significance of its fourth-quarter rebalancing. Goldman reduced its stake in BlackRock’s IBIT by approximately 39%, a move interpreted by Decode as portfolio rebalancing following profit-taking rather than a bearish outlook. In fact, during the same period, Goldman established initial positions of $152 million in XRP ETF and $104 million in Solana ETF, signaling a shift among top-tier institutions from single-asset exposure toward a more diversified blockchain ecosystem. This reallocation of asset weights suggests that cryptocurrency investing has officially entered a "multi-asset era."
The health of the ETF market is measured not by daily price fluctuations but by holder retention rates. Although Bitcoin recently dipped below the $68,000 level, only about 6% of ETF positions were redeemed, indicating strong risk tolerance and strategic consistency among current holders. Decode believes this robust holding structure significantly mitigates the risk of a market crash and provides a stable foundation for price rediscovery.
Additionally, Ethereum, Solana, and XRP ETFs all recorded net inflows this week, further confirming a rebound in market risk appetite. Decode argues that as institutions deepen their integration of compliant trading products, future crypto market trends will be increasingly shaped by such structural capital flows rather than relying solely on retail speculative sentiment.
In summary, this week’s capital回流 marks an important milestone in market maturation. Even amid price declines, the "buying the dip" behavior of institutional funds remains evident. Decode will continue to closely monitor subsequent position disclosures from major financial institutions to help investors capture strategic opportunities during this ongoing asset paradigm shift.