From this data, I observe that digital asset investment products have recently experienced large-scale outflows, with a four-week cumulative outflow reaching $4.92 billion. Outflows of this magnitude have been uncommon since 2018. Bitcoin and Ethereum, as mainstream assets, have borne the brunt of this capital exodus.

It is worth noting that investment products shorting Bitcoin have continued to attract inflows, with a cumulative inflow of $40 million over three weeks, accounting for 23% of their assets under management. This reflects a cautious market attitude toward Bitcoin’s short-term performance.

Another interesting phenomenon is that XRP has attracted inflows against the trend, with $89.3 million flowing in last week. This may suggest that some investors are optimistic about XRP’s future development.

Overall, the scale and duration of this round of outflows deserve our close attention. It may signal a broader shift in market sentiment or a reaction to certain macro factors. Going forward, I will continue to track on-chain data to observe any signs of large-scale fund movements in order to more comprehensively assess market trends.