BTC and ETH rebounded after the outflow of 945 million USD in ETFs, Bitwise remains bullish in the long term!

On August 19, the total outflow of funds from Spot Bitcoin and Ethereum ETFs reached 945 million USD in a single day, setting a new high since their launch. Nevertheless, BTC and ETH experienced a slight rebound after reaching key support levels. Bitwise predicts that Bitcoin will outperform all major assets over the next decade, while SEC Chairman Paul Atkins stated that “very few” encryption tokens qualify as securities, contrasting sharply with the tough stance of his predecessor Gensler.

ETF Large-Scale Outflow: Institutional Capital Risk Aversion

Bitcoin ETF outflow: 523 million USD

Ethereum ETF outflow: 422 million USD

Leading redemption parties: Fidelity, Grayscale

Analysts believe that this wave of capital outflow reflects institutions’ risk-averse behavior ahead of macro events:

1. Lock in recent high point profits and shift to cash or U.S. Treasury bonds.

2. Defensive adjustments against inflation, the strengthening of the dollar, and uncertainties in Federal Reserve policy.

Rachael Lucas, Chief Information Officer at Kronos Research, pointed out that the market is waiting for the FOMC meeting minutes and Powell’s speech at Jackson Hole to determine if the capital flows are reversing.

Encryption stocks under pressure: MSTR drops to April low

Strategy (MSTR): Closed down 7.43% on Tuesday to $336.57, creating a new low since April.

Reason: The company has lowered the threshold for new stock issuance, allowing shares to be issued at less than 2.5 times mNAV, in order to raise funds to pay debts and dividends.

Market Reaction: Observers criticize this move as a violation of previous commitments, while CEO Michael Saylor argues it is to “provide flexibility for capital market strategies.”

New Regulatory Signals: SEC Chairman’s Attitude Shift

SEC Chairman Paul Atkins stated at the blockchain seminar in Wyoming:

· “Very few” encryption tokens qualify as securities

The criteria for judgment depend on the packaging and sales method of the Token, rather than the asset itself.

· Call for the establishment of a framework to prevent “regulatory pranks” and emphasize cooperation with Congress and other institutions.

This position is in stark contrast to former Chairman Gary Gensler’s view that “most tokens are securities,” which may signify a significant shift in the U.S. cryptocurrency regulatory environment.

Bitwise Long-Term Bullish: BTC May Become Core Asset

Bitwise’s upcoming report “Bitcoin Long-Term Capital Market Assumptions” predicts:

Annualized return rate over the next 10 years: 28%

Volatility: Downward Trend

Correlation with traditional assets: -0.5 to 0.5, has diversification advantages.

This year, 12 institutional platforms have requested long-term BTC forecasts from Bitwise (zero for 2017-2024), indicating a rapid increase in mainstream adoption. The complete report will compare BTC forecasts with the outlooks of traditional assets such as BlackRock, Vanguard, and JPMorgan.

Conclusion

Against the backdrop of large-scale outflows from ETFs and pressure on crypto stocks, BTC and ETH still demonstrate resilience, with the short-term rebound reflecting the market’s defensive willingness towards key support. Bitwise’s long-term bullish outlook and the shift in the SEC chairman’s regulatory stance have injected new confidence variables into the crypto market. Moving forward, macro events and regulatory policies will be the core factors influencing capital flows and price trends. For more real-time market updates and policy interpretations, please follow the official Gate platform.