[Analysis: Bitcoin ETF outflows mainly come from short-term traders, not long-term investors] According to CNBC, despite Bitcoin's price dropping nearly 50% since hitting its all-time high of $126,000 last October, sparking concerns about another 'crypto winter,' ETF experts indicate that outflows from spot Bitcoin ETFs are primarily driven by hedge funds and short-term traders rather than large-scale exits by long-term investors. Bitwise Chief Investment Officer Matt Hougan stated that ETF investors are not the main force behind the sell-off; market pressure mainly stems from long-standing crypto investors and short-term traders using ETFs as tools. Galaxy CEO Mike Novogratz pointed out that the 'speculative era' of the crypto market may be coming to an end, and future returns will be closer to those of long-term investments, 'reflecting much lower returns from real-world assets.' GraniteShares Founder and CEO Will Rhind noted that this is a challenging time for Bitcoin investors, especially as 'hard assets' like gold perform strongly while Bitcoin continues to decline, shaking the narrative foundation of 'digital gold.' However, he emphasized that if investors were broadly capitulating, the outflow over the past three months should be close to the inflow levels of the past year.