儘管 ETF 大量流出，比特幣仍抗拒地心引力而飆升

令人驚訝的是，儘管交易所交易基金（ETF）出現大量資金流出，但比特幣的價格卻出現了大幅上漲。雖然傳統觀點認為 ETF 走勢與加密貨幣價格之間存在相關性，但周四的市場活動違背了這一觀點。儘管比特幣 ETF 淨流出超過 2.17 億美元，其中包括富達 FBTC 的 2,260 萬美元，但比特幣每日蠟燭以綠色收盤，標誌著淨流出最重要的日子之一。這種差異引發了有關加密貨幣市場潛在動態的有趣問題。

Bitcoin Defies Expectations, Surges Amidst Significant ETF Outflows

比特幣超出預期，在 ETF 大量流出的情況下飆升

In a surprising turn of events, Bitcoin has experienced a remarkable price surge despite substantial outflows from Exchange-Traded Funds (ETFs). This unprecedented divergence challenges the traditional correlation between ETF movements and cryptocurrency prices.

令人驚訝的是，儘管交易所交易基金（ETF）出現大量資金流出，但比特幣的價格卻出現了顯著的飆升。這種前所未有的差異挑戰了 ETF 走勢與加密貨幣價格之間的傳統相關性。

Unprecedented Outflows and Price Resilience

前所未有的資金外流與價格彈性

On Thursday, Bitcoin ETFs witnessed a collective net outflow of $217 million, including a significant $22.6 million outflow from Fidelity's FBTC. Historically, such outflows have coincided with price declines. However, Thursday's market activity defied this pattern, with Bitcoin's daily candle closing in the green, marking one of its most significant days in net outflows.

週四，比特幣 ETF 集體淨流出 2.17 億美元，其中富達 FBTC 淨流出 2,260 萬美元。從歷史上看，這種資金外流往往與價格下跌同時發生。然而，週四的市場活動打破了這種模式，比特幣的每日蠟燭以綠色收盤，標誌著其淨流出最重要的日子之一。

BlackRock's Lack of Participation and Diverging ETF Activity

貝萊德缺乏參與且 ETF 活動分散

BlackRock, a global asset manager, continued its streak of zero inflows into Bitcoin ETFs on Thursday. Most other Bitcoin ETFs also experienced outflows, or remained stagnant. This divergence between ETF activity and Bitcoin's price movement is a departure from the norm, sparking speculation about potential market dynamics at play.

全球資產管理公司貝萊德週四繼續保持比特幣 ETF 資金零流入的記錄。大多數其他比特幣 ETF 也經歷了資金外流，或保持停滯。 ETF 活動與比特幣價格走勢之間的這種差異背離了常態，引發了對潛在市場動態的猜測。

Resilience in Face of Downward Pressure

面對下行壓力的韌性

Despite dipping briefly to $62,800, Bitcoin quickly rebounded, surpassing the $64,000 mark during trading hours. This resilience in the face of ETF outflows is unprecedented and raises questions about the sustainability of the selling pressure.

儘管比特幣一度跌至 62,800 美元，但很快就反彈，在交易時間內突破 64,000 美元大關。面對 ETF 資金外流，這種彈性是前所未有的，引發了人們對拋售壓力可持續性的質疑。

Potential Drivers of Divergence

分歧的潛在驅動因素

Hong Kong ETF Approvals

香港ETF批准

The impending launch of Bitcoin and Ethereum ETFs in Hong Kong may be exerting upward pressure on Bitcoin prices. Anticipation for these new investment vehicles, combined with uncertainty surrounding access for wealthy Chinese investors, could be fueling increased demand for Bitcoin.

即將在香港推出的比特幣和以太坊 ETF 可能會對比特幣價格造成上行壓力。對這些新投資工具的預期，加上中國富裕投資者的投資機會的不確定性，可能會推動對比特幣的需求增加。

Bitcoin Halving Effects

比特幣減半效應

The recent Bitcoin halving, which reduced the supply of new coins entering the market, could also be contributing to the divergence. As the cost of mining approaches current price levels, miners may choose to withhold supply to avoid selling at a loss, effectively reducing the available supply of Bitcoin in circulation.

最近的比特幣減半減少了進入市場的新硬幣的供應，也可能導致這種差異。隨著採礦成本接近當前價格水平，礦工可能會選擇停止供應以避免虧本出售，從而有效減少流通中比特幣的可用供應量。

Futures Contract Expiration

期貨合約到期

The expiration of futures contracts adds another layer of complexity to the market dynamics. As traders roll contracts from April to May, they typically exert selling pressure mid-week, potentially impacting Bitcoin's price action.

期貨合約的到期為市場動態增添了另一層複雜性。隨著交易者將合約從 4 月展期到 5 月，他們通常會在周中施加拋售壓力，這可能會影響比特幣的價格走勢。

Outlook: Weekend Market Behavior and Hong Kong ETF Launch

展望：週末市場行為和香港 ETF 推出

The weekend presents an opportunity to observe any residual effects of outside buying pressure on Bitcoin's price. The launch of the Hong Kong ETFs next week could further influence market sentiment and price dynamics, particularly with regard to Chinese investor participation.

週末提供了一個觀察外部購買壓力對比特幣價格的殘餘影響的機會。下週推出的香港 ETF 可能會進一步影響市場情緒和價格動態，特別是在中國投資者的參與方面。

Conclusion

結論

Thursday's divergence between Bitcoin's price movement and ETF outflows signifies a potential shift in market dynamics. While one data point is insufficient to draw definitive conclusions, it underscores the complexity of the cryptocurrency market and the myriad factors influencing price action. Investors and analysts will continue to monitor these developments closely as they navigate the evolving landscape of digital assets.

週四比特幣價格走勢與 ETF 資金流出之間的背離意味著市場動態可能會改變。雖然一個數據點不足以得出明確的結論，但它強調了加密貨幣市場的複雜性以及影響價格行為的眾多因素。投資者和分析師將繼續密切關注這些發展，以應對不斷變化的數位資產格局。