Recently, the BlackRock IBIT Bitcoin ETF's negative returns have sparked controversy in the market; nevertheless, the trend of capital inflow is noteworthy. According to data, by the end of 2025, the annual return rate of the IBIT ETF is -9.59%, while the inflow of funds has exceeded $25 billion, ranking sixth among all ETFs, demonstrating that the confidence of whales and smart money in crypto assets remains strong.

Perspective Breakdown

The inflow of funds into BlackRock reflects the "counter-trend" trading logic of institutional investors. Even though the IBIT's performance is weak in the short term, the demand for long-term speculation and value investment remains robust. Arthur Hayes's recent fund transfer actions also indicate the diversification of market strategies. As a well-known veteran in the crypto industry, Hayes recently withdrew 1.22 million ENA, valued at approximately $257,600, echoing his previous fund transfer actions and showing his high interest in quality DeFi projects.

Meanwhile, on-chain data shows that whales have been particularly active in trading recently. One whale has scooped up 490,000 HYPE tokens in the past 14 days, valued at about $12.1 million, and previously invested $14.4 million. This series of large buy actions undoubtedly reflects great confidence in market sentiment, contrasting with another whale that shorted 35,221 ETH with a leverage of up to 15 times, highlighting the increasing presence of both risk and opportunity in this fast-paced market.

Narrative Interweaving

In this context, as Bitmine advances its ETH reserve acquisition, it has achieved a target of 66%, indicating the accumulation strategy of mainstream enterprises and the tension in market liquidity. Board elections and capital expansion will guide Bitmine to face future market challenges. The 2x leveraged ETP for Bitcoin and Ethereum launched by Valour provides investors with more tools and options, potentially further increasing market volatility.

KOLs and industry experts are full of discussions on this topic. On social media platforms, the viewpoints of Hayes and others have frequently fermented, further driving the market's FOMO sentiment. At this time, regulatory barriers have not shown signs of loosening, exacerbating the complexity of capital flows across multiple categories. Under pressure, capital operations are also beginning to shift towards more forward-looking DeFi projects.

Essential Game

However, the essential game of the market is not merely about short-term price fluctuations. It concerns the confrontation between old and new forces and how to redefine the value given to investors within the crypto financial system. The IBIT ETF is willing to endure negative returns at this time while pursuing a more lasting financial trust, a strategic layout that is clearly reshaping the market's ecological niche.

From another perspective, those giants represented by Hayes and Bitmine, who are actively positioning themselves in quality projects, are significant forces that cannot be ignored in the future development of the DeFi and crypto financial markets. How to seize opportunities amid current market turbulence has become the focal point of competition between investors and the capital market.

Layout Suggestions

Looking ahead, the continued participation of institutions and the institutionalization of the market will become major themes. When the market experiences cyclical fluctuations again, different opportunities and risks will emerge. Therefore, the current panic may hide rare layout opportunities, especially amid the intertwining of various crypto products and investment strategies, such as Valour's ETP, emerging position trends, and the ongoing exploration by on-chain whales, all of which are key focal points worth closely monitoring.
As 2025 approaches its end, the market's attractiveness remains strong, and the tension between long-term confidence and short-term volatility will prompt crypto assets to once again embrace a wave of reshuffling and innovation.

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