比特幣 ETF 資金流出顯示投資者在市場波動中感到不安

在比特幣價格大幅下跌的情況下，華爾街比特幣交易所交易基金（ETF）已連續五天淨流出總計8.88億美元。 Grayscale 的 GBTC 經歷了創紀錄的資金流出，導致 ETF 需求持續下降。

Bitcoin ETF Outflows Signal Investor Jitters Amid Price Volatility

比特幣 ETF 資金流出顯示投資者因價格波動而感到不安

New York, March 23, 2024 - Bitcoin exchange-traded funds (ETFs) listed on Wall Street have experienced a significant outflow of funds, marking five consecutive days of net withdrawals as the price of Bitcoin plunged last week.

紐約，2024 年 3 月 23 日—隨著上週比特幣價格暴跌，華爾街上市的比特幣交易所交易基金（ETF）出現資金大幅流出，連續五天出現淨撤資。

The outflows, amounting to $888 million, are a noteworthy reversal from the inflows that had previously contributed to driving the cryptocurrency's price to a record high of $73,000 earlier in 2024. The recent decline in Bitcoin's value, which saw it briefly drop to $60,760 this week, is believed to have dampened investor enthusiasm for the ETFs.

資金流出金額達8.88 億美元，與先前的資金流入形成了值得注意的逆轉，此前資金流入曾導致加密貨幣價格在2024 年初創下73,000 美元的歷史新高。最近比特幣價值下跌，本週一度跌至60,760美元據信，這削弱了投資者對 ETF 的熱情。

The collective outflows from the 10 ETFs tracked by BitMEX Research highlight the impact of Bitcoin's price volatility on investor sentiment. Grayscale's GBTC, the largest Bitcoin ETF by assets under management, experienced a particularly substantial outflow on March 18, 2024, setting a record for the day. This five-day period of continuous net outflows marks the lengthiest observed to date, surpassing a four-day streak recorded in January 2024.

BitMEX Research 追蹤的 10 檔 ETF 的集體資金流出凸顯了比特幣價格波動對投資人情緒的影響。 Grayscale 旗下管理資產規模最大的比特幣 ETF GBTC 在 2024 年 3 月 18 日經歷了特別大幅的資金流出，創下了當天的記錄。這五天的連續淨流出是迄今為止觀察到的最長的一段時間，超過了 2024 年 1 月記錄的連續四天的淨流出。

In addition to the significant outflows, inflows into Bitcoin ETFs have also been modest. Blackrock's IBIT, which holds nearly half of the Bitcoin ETF market share, registered record-low inflows of $49.3 million on March 20, 2024, followed by an even lower $18.9 million on March 22, 2024. Fidelity's FBTC, the third-largest spot Bitcoin ETF, also experienced record-low inflows, receiving a mere $2.9 million on March 21, 2024.

除了大量資金流出外，比特幣 ETF 的流入也有限。貝萊德(Blackrock) 的IBIT 佔據了比特幣ETF 市場近一半的份額，其流入量在2024 年3 月20 日創下歷史新低，為4,930 萬美元，隨後在2024 年3 月22 日流入量甚至更低，為1,890 萬美元。富達(Fidelity) 的FBTC，第三大現貨比特幣ETF 的流入量也創歷史新低，2024 年 3 月 21 日僅收到 290 萬美元。

While the outflows coincide with Bitcoin's price decline, additional factors may also be contributing to the substantial withdrawals. Bloomberg ETF analyst Eric Balchunas suggests that Grayscale's exceptionally large outflows could be attributed to trading activities by Genesis, a digital financial firm. However, Balchunas also notes that "the new 'Boomer' ETF investors are the strong ones (as we predicted)," indicating that other Bitcoin owners may be behind the selling pressure.

雖然資金流出與比特幣價格下跌同時發生，但其他因素也可能導致大量資金流出。彭博 ETF 分析師 Eric Balchunas 表示，灰階的異常大規模資金流出可能歸因於數位金融公司 Genesis 的交易活動。然而，Balchunas 也指出，“新的‘嬰兒潮一代’ETF 投資者是實力強勁的投資者（正如我們預測的那樣）”，這表明其他比特幣所有者可能是拋售壓力的幕後推手。

Investors will be closely monitoring daily data to discern whether the $888 million that exited the ETFs is merely a temporary fluctuation or a sign of a more significant pullback for Bitcoin. Traders will also be watching for the upcoming 'halving,' a scheduled network update set for April 2024, which will halve the financial rewards for miners responsible for verifying new transactions on the blockchain. This event, occurring every four years, is anticipated to have a long-term bullish impact on Bitcoin's price, according to analysts.

投資者將密切關注每日數據，以辨別 ETF 退出的 8.88 億美元是否只是暫時波動，還是比特幣出現更大幅回調的跡象。交易者還將關注即將到來的“減半”，這是一項計劃於 2024 年 4 月進行的網路更新，這將使負責驗證區塊鏈上新交易的礦工的經濟獎勵減半。分析師表示，這起事件每四年發生一次，預計將對比特幣的價格產生長期看漲影響。

The recent outflows from Bitcoin ETFs underscore the volatility associated with cryptocurrency investments. While the decline in Bitcoin's price has impacted investor sentiment, it remains to be seen whether this marks a reversal of the long-term upward trend or a temporary setback. Analysts will continue to track inflows and outflows from ETFs and monitor Bitcoin's price closely for indications of the future direction of the market.

最近比特幣 ETF 的資金流出凸顯了與加密貨幣投資相關的波動性。雖然比特幣價格的下跌影響了投資者的情緒，但這是否標誌著長期上漲趨勢的逆轉或暫時的挫折還有待觀察。分析師將繼續追蹤 ETF 的流入和流出，並密切監控比特幣的價格，以獲取市場未來走向的跡象。