比特幣ETF流出引起了投資者的擔憂

美國現貨比特幣交易所交易的資金連續第二周經歷了超過5億美元的流出，直到2月21日。

U.S. spot Bitcoin exchange-traded funds saw their second consecutive week of outflows above $500 million leading up to Feb. 21.

美國現貨比特幣交易所貿易資金連續第二週的流出量超過5億美元，直到2月21日。

According to data from SoSoValue, the 12 spot BTC ETFs experienced $559.41 million in net outflows over the past week, continuing the negative momentum from the previous week, when they saw $585.65 million in net redemptions.

根據Sosovalue的數據，過去一周的12個BTC ETF經歷了5.5941億美元的淨流出，持續了上週的負勢頭，當時他們看到了5.8565億美元的淨贖回。

Notably, U.S. BTC ETFs began the week from Feb. 18 to Feb. 21 with $60.63 million in outflows, reversing the positive flows observed on the last trading day of the prior week. Over the next two days, the negative momentum intensified, with increased outflows of $71.07 million and $364.93 million, the latter being the highest net outflow observed in February so far. The trend continued on Friday, Feb. 21, with investors withdrawing an additional $62.77 million.

值得注意的是，美國BTC ETFS從2月18日至2月21日開始於本週，流出了6063萬美元，扭轉了前一周的最後一個交易當天觀察到的積極流量。在接下來的兩天中，負勢頭加劇，流出量增加了7107萬美元和3.693億美元，後者是迄今為止2月觀察到的最高淨流出。這一趨勢在2月21日星期五繼續進行，投資者又撤回了6277萬美元。

The majority of outflows on that day came from Grayscale’s GBTC, which saw $60.08 million exit the fund as it continued its outflow streak following its conversion from a trust structure. Bitwise’s BITB and Fidelity’s FBTC also contributed to the negative momentum, with outflows of $16.58 million and $12.47 million, respectively. Meanwhile, BlackRock’s IBIT returned to positive inflows, receiving $21.64 million, while VanEck’s HODL recorded a slight gain of $4.71 million.

那天的大多數流出來自Grayscale的GBTC，該GBTC在其從信託結構轉換後繼續其流出連續性，該基金繼續退出了6008萬美元。 Bitwise的BITB和Fidelity的FBTC也導致了負勢頭，外流分別為1658萬美元和1,247萬美元。同時，貝萊德（Blackrock）的IBIT恢復了積極的流入，獲得了216.4萬美元，而Vaneck的Hodl略有471萬美元的收益。

The total weekly trading volume for these investment vehicles stood at $10.72 billion.

這些投資車輛的每週交易量為107.2億美元。

Since Feb. 6, Bitcoin ETFs have recorded $1.1 billion in net outflows, making February 2025 the worst month for withdrawals since their inception over a year ago. Despite the negative monthly trend, BTC ETFs managed to record net inflows on a few days: February 4, 5, 7, and 14.

自2月6日以來，比特幣ETF記錄了11億美元的淨外出流量，使2025年2月成為自一年前成立以來提款最糟糕的月份。儘管每月趨勢負面趨勢，但BTC ETF仍設法在幾天內記錄了淨流入：2月4日，第5、7和14頁。

Bitcoin ETF outflows raise investor concerns

比特幣ETF流出引起了投資者的擔憂

Bitcoin ETF outflows have sparked concerns about shifting investor sentiment.

比特幣ETF流出引發了人們對轉移投資者情緒的擔憂。

Markus Thielen, head of research at 10x Research, pointed out that most spot Bitcoin ETF investors are primarily using these products for arbitrage strategies rather than long-term holdings. He noted that only about 44% of the inflows are actually tied to long-term investments. This suggests that the real demand for Bitcoin as a long-term asset in diversified portfolios may be lower than commonly portrayed in the media.

10倍研究研究負責人馬庫斯·泰倫（Markus Thielen）指出，大多數現貨比特幣ETF投資者主要使用這些產品用於套利策略，而不是長期持有。他指出，實際上只有大約44％的流入與長期投資有關。這表明，對比特幣作為多元化投資組合中的長期資產的真正需求可能低於媒體中通常描繪的。

Commenting on the recent weekly outflows from BTC ETFs, Kadan Stadelmann, CTO at Komodo Platform, told crypto.news that while Bitcoin ETFs are seeing capital outflows, Gold ETFs are experiencing inflows. This shift could indicate that investors are bracing for economic uncertainty.

Komodo平台的CTO Kadan Stadelmann評論了最近每週的流出，Komodo平台的Kadan Stadelmann告訴Crypto.news，儘管比特幣ETF正在看到資本流出，但黃金ETF正在經歷流入。這種轉變可能表明投資者正在為經濟不確定性做好準備。

Another potential indicator? Berkshire Hathaway recently disclosed that it is holding a record-breaking $334.2 billion in cash. According to Stadelmann, this suggests the company is waiting for a market dip to buy assets and commodities at lower prices.

另一個潛在的指標？伯克希爾·海瑟薇（Berkshire Hathaway）最近透露，它持有創紀錄的3,342億美元現金。根據Stadelmann的說法，這表明該公司正在等待市場下跌以較低的價格購買資產和商品。

Adding to investor uncertainty, Donald Trump recently stated that if re-elected, the U.S. will impose reciprocal tariffs on almost every country. This has raised concerns about inflation and trade disruptions, not only among investors but also at the Federal Reserve, as reflected in last week’s meeting minutes.

唐納德·特朗普（Donald Trump）加上投資者的不確定性，最近表示，如果再次當選，美國將對幾乎每個國家徵收互惠關稅。這引起了人們對通貨膨脹和貿易中斷的擔憂，不僅在投資者中，而且在美聯儲之間，這在上週的會議記錄中反映了。

At the same time, Bitcoin, often viewed as a leading indicator of market trends, has shown resistance and begun trending downward. Stadelmann believes this could signal a broader market selloff, particularly following Friday’s stock market decline.

同時，通常被視為市場趨勢的主要指標的比特幣表現出抵抗力，並開始向下趨勢。 Stadelmann認為這可能表明市場拋售更廣泛，尤其是在周五股市下降之後。

“These are the clues Bitcoin ETF investors are seeing, prompting them to move from ETFs into cash,” Stadelmann concluded.

Stadelmann總結說：“這些是比特幣ETF投資者看到的線索，促使他們從ETF轉變為現金。”