#机构资金配置 $47.2 billion inflow sounds pretty strong, but a closer look reveals some interesting details. Bitcoin was hit for $26.9 billion, a 35% decline, indicating that institutions are now using Bitcoin as "insurance" for shorting, with $105 million specifically allocated to short it. Funds from Germany and Canada rebounded the most, shifting from outflows last year to inflows this year, showing that some are truly bottom-fishing in this recovery. Although the US remains the largest, it also decreased by 12%, indicating that institutions are reallocating rather than putting all their bets in one place. Switzerland grew by 11.5%, modest but stable; these changes in European countries are the key signals. It feels like institutional strategies are changing in 2025, moving away from solely betting on Bitcoin's narrative and instead making precise allocations worldwide.