比特幣 ETF 螺旋式下降：資金外流激增，主要提供者遭受損失

Are Bitcoin ETFs Losing Their Shine?

比特幣 ETF 正在失去光芒嗎？

Bitcoin exchange-traded funds (ETFs) have just endured their longest stretch of net outflows, a troubling sign that investors are growing wary of the once-hot asset class. Over the past five days, these funds have hemorrhaged more than $800 million, with Grayscale's GBTC taking the brunt of the exodus.

比特幣交易所交易基金（ETF）剛剛經歷了最長的淨流出，這是一個令人不安的跡象，表明投資者對曾經炙手可熱的資產類別越來越警惕。在過去五天裡，這些資金流失了超過 8 億美元，其中 Grayscale 的 GBTC 首當其衝。

BlackRock and Fidelity Feeling the Pain

貝萊德和富達感受到痛苦

The record-low inflows have also taken a toll on major ETF providers. BlackRock's IBIT, which controls nearly half the market, saw inflows plunge to a mere $19 million on Friday, after setting a new low of $49.3 million on Wednesday. Fidelity's FBTC, the third-largest spot bitcoin ETF, also suffered, securing a paltry $2.9 million on Thursday.

創紀錄的低流入量也對主要 ETF 提供者造成了影響。控制著近一半市場的貝萊德 (BlackRock) 的 IBIT 在周三創下 4930 萬美元的新低後，週五的資金流入驟降至僅 1900 萬美元。第三大現貨比特幣 ETF 富達 (Fidelity) 的 FBTC 也遭受重挫，週四僅獲得微不足道的 290 萬美元。

What's Driving the Outflows?

是什麼推動資金外流？

Experts point to Bitcoin's recent price slide as a major factor behind the outflows. After hitting a new all-time high of $74,000 in March, the cryptocurrency has dropped to around $65,000, raising concerns that it may be headed for a deeper correction.

專家指出，比特幣最近的價格下跌是資金流出背後的一個主要因素。在 3 月觸及 74,000 美元的歷史新高後，該加密貨幣已跌至 65,000 美元左右，引發了人們對其可能進一步調整的擔憂。

Genesis' proposed sale of $1.3 billion in GBTC shares has also contributed to the outflows. The move has spooked investors who fear that a flood of new supply could further depress Bitcoin's price.

Genesis 提議出售 13 億美元的 GBTC 股票也導致了資金外流。此舉嚇壞了投資者，他們擔心大量新供應可能會進一步壓低比特幣的價格。

Concerns Linger Despite Dovish Outlook

儘管前景溫和，但擔憂仍然存在

Despite the dovish outlook from the Federal Reserve, which has provided some relief to Bitcoin, concerns remain that the cryptocurrency could revisit liquidity levels below $60,000. Market retracements typically take several weeks or even months to play out, but Bitcoin's recent volatility has been unusually swift.

儘管聯準會的鴿派前景為比特幣帶來了一些緩解，但人們仍然擔心加密貨幣可能會重新回到 60,000 美元以下的流動性水平。市場回調通常需要幾週甚至幾個月的時間才能顯現出來，但比特幣最近的波動異常迅速。

Is the Halving Priced In?

減半是否已計入價格？

With Bitcoin's halving event just around the corner, some experts believe that the market has already priced in the potential impact. Historically, Bitcoin prices have retraced 14-28 days before the halving, and with only 25 days left until the event, it's possible that the rally has run its course.

隨著比特幣減半事件即將到來，一些專家認為市場已經消化了其潛在影響。從歷史上看，比特幣價格在減半前 14-28 天就會回撤，距離減半事件僅剩 25 天，反彈可能已經結束。

The Other Side of the Coin

硬幣的另一面

While the outflows are a cause for concern, it's important to note that BTC ETFs are not expected to experience positive flows every day. MicroStrategy and other ETF issuers have been buying Bitcoin as it approached $60,000, suggesting that there is still some institutional interest in the asset.

雖然資金流出令人擔憂，但值得注意的是，BTC ETF 預計不會每天都出現正向資金流。當比特幣價格接近 60,000 美元時，MicroStrategy 和其他 ETF 發行人一直在買入比特幣，這表明機構對該資產仍有一定興趣。

The Takeaway

外賣

Bitcoin ETFs ending a day with net outflows is not necessarily alarming, but a weeklong trend is a sign that investors are growing increasingly cautious. The outflows serve as a reminder of the unpredictable nature of the market and the risks associated with deep pullbacks.

比特幣 ETF 以淨流出結束一天並不一定令人擔憂，但持續一周的趨勢表明投資者變得越來越謹慎。資金外流提醒人們市場的不可預測性以及與深度回檔相關的風險。