比特幣 ETF 反彈在市場波動中遇到障礙

儘管比特幣的價格波動和J.P. Morgan的分析師預計將降至42,000美元，但機構購買仍然很強，這是BlackRock始終如一地流入現貨比特幣ETF所證明的。但是，本週比特幣ETF在本週的淨流出超過8.88億美元，其中Grayscale的GBTC記錄了大量的單日外流，這引起了人們對市場樂觀價格預測的擔憂。

Have Bitcoin ETFs Hit a Wall After the Market's Rollercoaster Ride?

市場經歷了過山車之後，比特幣 ETF 是否已經碰壁了？

In the wake of Bitcoin's price gyrations, Bitcoin exchange-traded funds (ETFs) have witnessed a significant outflow, casting doubt on the market's earlier bullish outlook. This week alone, Bitcoin ETFs saw a net outflow of over $888 million, with spot Bitcoin ETFs experiencing a $51.6 million net outflow on Friday, March 22nd.

比特幣價格波動後，比特幣交易所交易基金（ETF）大幅流出，使人們對市場早期的看漲前景產生懷疑。光是本週，比特幣 ETF 的淨流出就超過 8.88 億美元，其中現貨比特幣 ETF 在 3 月 22 日星期五淨流出 5,160 萬美元。

BlackRock's Steadfast Support Amidst the Exodus

貝萊德在大逃亡中的堅定支持

Despite the outflows, BlackRock's ETF (IBIT) has remained a beacon of stability, with minimal net inflows. This has helped mitigate some of the negative impacts on the Bitcoin ETF market.

儘管出現資金流出，貝萊德的 ETF (IBIT) 仍然是穩定的燈塔，淨流入量極小。這有助於減輕對比特幣 ETF 市場的一些負面影響。

GBTC's Ongoing Outflow Woes

GBTC 持續的資金外流困境

GBTC, one of the largest Bitcoin ETFs, continues to be plagued by outflows. On Thursday, March 21st, it saw another substantial outflow of $359 million, bringing its weekly total to a staggering $1.8 billion.

GBTC 作為最大的比特幣 ETF 之一，繼續受到資金外流的困擾。 3 月 21 日星期四，資金再次大幅流出 3.59 億美元，使其每週總資金流出達到驚人的 18 億美元。

Single-Day Outflows: A Watershed Moment?

單日資金流出：分水嶺時刻？

On Wednesday, March 20th, GBTC experienced a significant single-day outflow of $386 million. This was partially offset by IBIT's inflow of $49.28 million, bringing its total historical net inflow to an impressive $13.09 billion.

3 月 20 日星期三，GBTC 單日大幅流出 3.86 億美元。 IBIT的流入4,928萬美元的流入使它的歷史淨流入率達到了令人印象深刻的130.9億美元。

Institutional Investors Pause as FOMC Looms

機構投資者暫停，因為FOMC迫在眉睫

On Tuesday, March 19th, Bitcoin ETFs faced multiple days of outflows, totaling $326 million. This shift in market sentiment can be attributed to institutional investors exercising caution ahead of the Federal Open Market Committee (FOMC) decision scheduled for March 20th.

3月19日，星期二，比特幣ETF面臨多天的外流，總計3.26億美元。市場情緒的這種轉變可以歸因於機構投資者在計劃於3月20日的聯邦公開市場委員會（FOMC）決定之前謹慎行事。

JPMorgan Analysts: A Dose of Realism

摩根大通分析師：現實主義的劑量

JPMorgan analysts have thrown cold water on the market's optimistic predictions of year-end price hikes. They believe that the recent slowdown in spot Bitcoin ETF inflows casts doubt on the sustainability of the rally.

摩根大通分析師對市場對年底物價上漲的樂觀預測潑了一盆冷水。他們認為，近期比特幣 ETF 現貨流入放緩讓人對反彈的可持續性產生懷疑。

JP Morgan: Brace for a Post-Halving Price Drop

摩根大通：為減半後價格下跌做好準備

JPMorgan analysts have predicted a drop in Bitcoin's price to $42,000 after the April halving. They argue that the halving and Ethereum upgrade have already been factored into the market, limiting their potential impact.

摩根大通（JPMorgan）分析師預測，4月減半後，比特幣的價格下跌至42,000美元。他們認為，減半和以太坊的升級已經被納入市場，從而限制了它們的潛在影響。

Jamie Dimon's Crypto Skepticism

傑米·迪蒙（Jamie Dimon）的加密懷疑論

JPMorgan's CEO, Jamie Dimon, remains skeptical of cryptocurrencies, dismissing them as a "minor aspect of finance" that receives undue attention. He has compared crypto tokens to "pet rocks" and criticized the excessive hype surrounding them.

摩根大通執行長傑米戴蒙仍然對加密貨幣持懷疑態度，認為它們是受到過度關注的「金融的次要方面」。他將加密代幣比作“寵物石頭”，並批評圍繞它們的過度炒作。

Dimon's Recognition of Blockchain and Web 3.0

Dimon對區塊鏈和Web 3.0的認可

Despite his skepticism towards cryptocurrencies, Dimon acknowledges the legitimacy of blockchain technology and Web 3.0. He questions why illegal activities are allowed to flourish in the crypto space while banks are held to higher standards.

儘管戴蒙對加密貨幣持懷疑態度，但他承認區塊鏈技術和 Web 3.0 的合法性。他質疑為什麼非法活動能夠在加密貨幣領域蓬勃發展，而銀行卻被要求遵守更高的標準。

Conclusion: A Pause in the Bitcoin ETF Rally

結論：比特幣 ETF 漲勢暫停

Bitcoin ETFs have experienced a net outflow of over $888 million this week, signaling a potential pause in the market's upward trajectory. JPMorgan analysts warn of a possible price drop after the halving, while Jamie Dimon remains skeptical of cryptocurrencies. As always, investors should exercise caution and conduct thorough research before making any investment decisions.

比特幣ETF本週經歷了超過8.88億美元的淨流出，這表明市場向上軌蹟的潛在停頓。摩根大通（JPMorgan）分析師警告說，在減半後可能會下降，而傑米·迪蒙（Jamie Dimon）仍然對加密貨幣懷疑。一如既往，投資者在做出任何投資決定之前應謹慎行事並進行徹底的研究。