隨著市場降溫，比特幣 ETF 遭遇挫折

比特幣現貨 ETF 的新投資在 71 天後結束，投資總額約 172.4 億美元。目前在 ETF 競賽中排名第二的富達 (Fidelity) 旗下 FBTC 經歷了首次資金流出，損失了 2,260 萬美元，使其管理的資產降至 99 億美元。這種興趣下降表明加密貨幣市場正在降溫，並且最初的 ETF 狂熱已經結束。

Bitcoin ETFs Experience Setback in Market Cooling

比特幣 ETF 因市場降溫而遭遇挫折

New York, April 25, 2024 - The cryptocurrency market has witnessed a recent downturn, as evidenced by the pause in fresh investments in leading Bitcoin exchange-traded funds (ETFs). This halt comes after a 71-day streak of consistent inflows totaling approximately $17.24 billion in assets under management (AUM) since these products debuted on January 11th.

紐約，2024 年 4 月 25 日 - 加密貨幣市場近期出現低迷，領先的比特幣交易所交易基金 (ETF) 的新投資暫停就證明了這一點。自這些產品於 1 月 11 日推出以來，管理資產 (AUM) 連續 71 天持續流入，總計約 172.4 億美元。

Fidelity's FBTC, the second-largest Bitcoin ETF, reported a setback on Thursday, experiencing its first recorded outflow of $22.6 million, reducing its AUM to $9.9 billion, according to CoinGlass data.

根據 CoinGlass 的數據，第二大比特幣 ETF 富達 (Fidelity) 的 FBTC 週四報告遭遇挫折，首次出現有記錄的資金流出 2,260 萬美元，其資產管理規模降至 99 億美元。

This decline in enthusiasm for the two prominent Bitcoin ETFs (excluding Grayscale's GBTC) serves as a key indicator of the cryptocurrency market's cooling trend over the past month. It suggests that the initial ETF frenzy, which contributed to Bitcoin's skyrocketing value, has subsided. Currently trading at around $63,500, Bitcoin has lost approximately 12% of its value since reaching an all-time high of $73,000 in March.

對兩個著名比特幣 ETF（不包括 Grayscale 的 GBTC）的熱情下降是過去一個月加密貨幣市場降溫趨勢的關鍵指標。這表明最初導致比特幣價值飆升的 ETF 狂熱已經平息。目前比特幣的交易價格約為 63,500 美元，自 3 月達到 73,000 美元的歷史高點以來，其價值已下跌約 12%。

Only one of the 10 actively traded spot Bitcoin ETFs, Franklin Templeton's EZBC, reported inflows on Thursday.

週四，在 10 只交易活躍的現貨比特幣 ETF 中，只有富蘭克林鄧普頓 (Franklin Templeton) 的 EZBC 之一報告資金流入。

Despite the end of its 71-day daily inflow streak, $IBIT continues to hold records. It ranks first among all ETFs in terms of AUM within the first 72 days of their market debuts. However, analysts suggest that this initial surge may have been overheated and that a cooling period was warranted.

儘管結束了 71 天的每日流入記錄，但 $IBIT 仍繼續保持記錄。上市72天內資產管理規模在所有ETF中排名第一。然而，分析師認為，最初的飆升可能已經過熱，因此需要一段冷卻期。

Disappointing inflation data has dampened expectations of Federal Reserve interest rate cuts, and higher borrowing costs tend to reduce appetite for riskier investments such as cryptocurrencies. Additionally, Bitcoin has remained relatively stagnant since early March, partly due to ETF stagnation and the anticipation of the network's "halving" event on April 19th, leading to "buy the rumor, sell the news" trading behavior.

令人失望的通膨數據削弱了聯準會降息的預期，而藉貸成本上升往往會降低對加密貨幣等風險較高投資的興趣。此外，自3月初以來，比特幣一直保持相對停滯，部分原因是ETF停滯以及網路對4月19日「減半」事件的預期，導致「謠言買入，訊息賣出」的交易行為。

Nate Geraci, president of the ETF Store, told Fortune that ETF inflows typically follow the performance of the underlying asset, so the pause in Bitcoin's price is likely contributing to the short-term hiatus in inflows. However, he emphasized that these products are still in the early stages of adoption.

ETF Store 總裁 Nate Geraci 向《財星》雜誌表示，ETF 資金流入通常遵循標的資產的表現，因此比特幣價格的暫停可能會導致資金流入的短期中斷。不過，他強調這些產品仍處於採用的早期階段。

Geraci noted that many large institutions have yet to authorize their brokers to facilitate purchases of spot Bitcoin ETFs, and registered investment advisors are gradually allocating funds to this category. He believes that inflows in any ETF category will inevitably fluctuate over time.

Geraci 指出，許多大型機構尚未授權其經紀商協助購買現貨比特幣 ETF，而註冊投資顧問正在逐步將資金分配給這個類別。他認為，任何ETF類別的資金流入都將不可避免地隨著時間的推移而波動。

Despite the recent setbacks, these funds are widely considered a remarkable success, having amassed over $54 billion in AUM in just over three months of trading, introducing Bitcoin-tracked assets to mainstream investor portfolios.

儘管最近遭遇挫折，但這些基金被廣泛認為取得了巨大成功，在短短三個多月的交易中積累了超過 540 億美元的資產管理規模，將比特幣追蹤資產引入了主流投資者投資組合。

The success of these ETFs is further evidenced by the recent approval by Hong Kong's Securities and Futures Commission for three spot Bitcoin and Ether ETFs, which will begin trading on Tuesday. Other countries are expected to follow suit. Issuer Harvest has waived management fees for its funds, which could potentially trigger a fee war similar to the one witnessed in the United States, where Grayscale recently announced a Bitcoin Mini Trust with ultra-low fees of 0.15% to attract investors from GBTC, which charges 1.5%.

香港證券及期貨事務監察委員會最近批准三隻現貨比特幣和以太幣ETF，並於週二開始交易，進一步證明了這些ETF的成功。預計其他國家也會跟進。發行人 Harvest 免除了其基金的管理費，這可能會引發一場類似於美國的費用戰，Grayscale 最近宣布推出 0.15% 超低費用的比特幣迷你信託，以吸引 GBTC 投資者。