比特幣（BTC）現貨交易所貿易資金在4月3日至4月10日之間的淨流出$ 8.72億美元

在4月3日至4月10日之間，現場比特幣（BTC）交易所交易基金的淨流出總計8.72億美元，這使交易員懷疑比特幣的總體興趣是否在淡出。

The world of cryptocurrencies is constantly evolving, and with it, the landscape of exchange-traded funds (ETFs). While interest in crypto ETFs has been heating up, recent data from CoinGlass shows that Spot Bitcoin (BTC) ETFs saw a total of $872 million in net outflows between April 3 and April 10.

加密貨幣的世界一直在不斷發展，隨之而來的是交換資金（ETF）的景觀。儘管對加密ETF的興趣一直在加熱，但Coinglass的最新數據表明，在4月3日至4月10日之間，現場比特幣（BTC）ETF的淨流出總計為8.72億美元。

This strong selling pressure began on April 3, as global trade tensions increased and fears of an economic recession grew. The trend is especially concerning after two days of spot Bitcoin ETF net flows below $2 million on April 11 and April 14.

隨著全球貿易緊張局勢加劇，對經濟衰退的擔憂加劇，這種強大的銷售壓力始於4月3日。在4月11日和4月14日的兩天的現貨比特幣ETF淨流量低於200萬美元之後，這種趨勢尤其令人擔憂。

Spot Bitcoin ETFs aggregate net flows, USD. Source: CoinGlass

點比特幣ETF總淨流量，美元。資料來源：小店

The price of Bitcoin has remained relatively stable near $83,000 for the past five weeks, which further suggests weak interest from both buyers and sellers. On one hand, this lack of volatility could show that Bitcoin is becoming a more mature asset class. For example, several S&P 500 companies have dropped 40% or more from their all-time highs, while Bitcoin’s largest drawdown in 2025 was a healthier 32%.

在過去的五週內，比特幣的價格保持相對穩定，接近83,000美元，這進一步表明買賣雙方都弱了利息。一方面，這種缺乏波動性可能表明比特幣正成為一個更成熟的資產類別。例如，幾家標準普爾500年的公司從歷史高處下降了40％或以上，而比特幣在2025年最大的跌幅更健康的32％。

However, Bitcoin’s performance has disappointed those who believed in the “digital gold” narrative. Gold has gained 23% so far in 2025, reaching an all-time high of $3,245 on April 11. Even though Bitcoin outperformed the S&P 500 by 4% over the past 30 days, some investors worry that its appeal is fading, as it is currently uncorrelated with other assets and not acting as a reliable store of value.

但是，比特幣的表現使那些相信“數字黃金”敘事的人失望。迄今為止，Gold在2025年上漲了23％，在4月11日達到3,245美元的歷史最高點。儘管在過去30天中，比特幣在過去30天中的表現優於標準普爾500分的4％，但一些投資者擔心其吸引力正在逐漸消失，因為目前與其他資產不相關，並且不與價值相關。

Average Bitcoin ETF volume surpasses $2 billion per day

平均比特幣ETF銷量每天超過20億美元

When looking at the spot Bitcoin ETF market—especially compared to gold—Bitcoin has some advantages. On April 14, spot Bitcoin ETFs had a combined trading volume of $2.24 billion, which is 18% below the 30-day average of $2.75 billion. So, it would not be accurate to say that investor interest in these products has disappeared.

當查看現貨比特幣ETF市場（尤其是與黃金相比）時，Bitcoin具有一些優勢。 4月14日，現貨比特幣ETF的總交易量為22.4億美元，比30天平均水平的27.5億美元低18％。因此，說投資者對這些產品的興趣已經消失並不准確。

Spot Bitcoin ETFs daily volumes, USD. Source: CoinGlass

斑點比特幣ETF每日卷，美元。資料來源：小店

While Bitcoin ETF volumes are lower than the $54 billion per day traded by the SPDR S&P 500 ETF (SPY), they are not far behind gold ETFs at $5.3 billion and are ahead of US Treasurys ETFs at $2.1 billion. This is impressive, considering that spot Bitcoin ETFs in the US only launched in January 2024, while gold ETFs have been trading for over 20 years and have $137 billion in assets under management.

雖然比特幣ETF量低於SPDR S＆P 500 ETF（間諜）每天540億美元的$ 540億美元，但它們並不遠遠落後於53億美元的Gold ETF，並以21億美元的價格領先於美國財政部ETF。考慮到美國僅在2024年1月推出的現貨比特幣ETF，而黃金ETF的交易已有20多年，並且管理資產為1370億美元，這真是令人印象深刻。

Even when including the Grayscale GBTC Trust, which surpassed 200,000 shares traded per day in 2017 before it was converted to an ETF, Bitcoin investment products are still less than eight years old. Currently, spot Bitcoin ETFs hold about $94.6 billion in assets under management, which is more than the market capitalization of well-known companies such as British American Tobacco, UBS, ICE, BNP Paribas, Cigna, Sumitomo Mitsui and several others.

即使包括灰度GBTC信託（GBTC Trust），在將其轉換為ETF之前，2017年每天超過了200,000股股票，比特幣投資產品仍然不到八年。目前，現貨比特幣ETF的管理資產約為946億美元，這不僅僅是眾所周知的公司的市值，例如英國煙草，瑞銀，ICE，BNP Paribas，Cigna，Cigna，Sumitomo Mitsui等。

Related: Bitcoin shows growing strength during market downturn — Wintermute

相關：比特幣在市場衰退期間表現出越來越大的力量 - 溫特莫特

Ranking of tradeable assets by market capitalization, USD: Source: 8marketcap

按市值排名可交易的資產，美元：資料來源：8MarketCap

To see how spot Bitcoin ETFs have become established in the industry, one can look at the top holders of these products. These include well-known names like Brevan Howard, D.E. Shaw, Apollo Management, Mubadala Investment, and the State of Wisconsin Investment. From pension funds to some of the world’s largest independent asset managers, Bitcoin ETFs provide an alternative to traditional assets, regardless of short-term price movements.

為了了解如何在該行業中建立的現貨比特幣ETF，可以查看這些產品的頂級持有人。這些名稱包括Brevan Howard，De Shaw，Apollo Management，Mubadala Investment和Wisconsin Investment等知名名稱。從養老基金到世界上一些最大的獨立資產經理，比特幣ETF為傳統資產提供了替代方案，無論短期價格變動如何。

As the asset class grows and more products like futures and options are listed, Bitcoin may eventually be included in global indexes, whether in the commodities or currencies category. This could lead passive funds to invest, increasing both price potential and trading volume. Therefore, the current lack of strong net inflows or outflows is not unusual and should not be seen as a sign of weakness.

隨著資產類別的增長和更多產品（例如期貨和期權）的列出，無論是商品還是貨幣類別中，比特幣最終都可能包含在全球指數中。這可能導致被動資金投資，增加價格潛力和交易量。因此，目前缺乏強大的淨流入或流出並不罕見，不應被視為虛弱的跡象。