儘管流入放緩和最近的價格下降，但比特幣ETF仍維持了超過95％的投資資本

這種彈性與傳統股票ETF相當的韌性反映了加密投資者的行為的變化。

Exchange-traded funds (ETFs) tracking Bitcoin (BTC) have managed to retain over 95% of their invested capital, even amid a slowdown in inflows and a recent 25% price decline, highlighting a shift in crypto investor behavior.

交易所交易的基金（ETF）跟踪比特幣（BTC）已設法保留了其投資資本的95％以上，甚至在流入放緩和最近的25％的價格下降的情況下，也強調了加密貨幣投資者行為的轉變。

Still, U.S. spot BTC ETFs saw record outflows last week, and other indicators suggest more turbulence ahead.

儘管如此，美國現場BTC ETF上週看到了回流的創紀錄，其他指標則表明進一步的湍流。

ETFs hold strong despite Bitcoin woes

儘管比特幣困擾，ETF仍然堅強

In a recent post on X, James Seyffart, senior ETF analyst at Bloomberg, shared an update on the state of Bitcoin ETFs.

彭博社高級ETF分析師James Seyffart在最近的一篇有關X的文章中分享了有關比特幣ETF狀態的更新。

According to his analysis, these funds have seen their new inflows slow down from a peak of $40 billion to about $35 billion.

根據他的分析，這些資金已經看到他們的新流入從400億美元的峰值降至約350億美元。

However, with a total of $115 billion in assets under management (AUM), they have managed to retain more than 95% of their invested capital despite a significant 25% drop in the price of Bitcoin from its recent high.

但是，儘管管理資產總計為1,150億美元，但他們設法保留了其投資資本的95％以上，儘管比特幣的價格從最近的高點開始下跌了25％。

This resilience in the face of market pressure is more commonly observed in traditional American stock ETFs.

面對市場壓力的這種韌性在傳統的美國股票ETF中通常觀察到。

During periods of bearishness, long-term investors do not panic and withdraw their capital. On the contrary, they continue to buy shares.

在看跌期間，長期投資者不會驚慌和撤回其資本。相反，他們繼續購買股票。

This signals a broader paradigm shift from a short-term speculative approach to a long-term wealth investment strategy, especially among retail investors.

這表明從短期投機方法轉變為長期財富投資策略，尤其是零售投資者之間的更廣泛的範式轉變。

But several indicators suggest more turbulence ahead for the crypto market.

但是一些指標表明，加密貨幣市場的湍流更大。

U.S. spot Bitcoin ETFs saw capital outflows of $870 million last week and $1.6 billion over the past month, according to SoSoValue.

根據Sosovalue的數據，美國現貨比特幣ETF上週的資本流出為8.7億美元，過去一個月的資本流出為16億美元。

Other warning signals are emerging.

其他警告信號正在出現。

Darkfost, a contributor at CryptoQuant, highlighted a substantial drop in Bitcoin demand since December.

CryptoQuant的撰稿人Darkfost強調了自12月以來的比特幣需求下降。

Analyzing the 30-day moving average of "apparent demand," which compares the new supply to BTC that has been inactive for over a year, shows a clear decline, indicating a decrease in the number of active buyers and a more cautious market.

分析“明顯需求”的30天移動平均線，將新供應與BTC進行了比較，該供應已有一年以上的時間，這表明有效的買家數量和更謹慎的市場的數量有所下降。

Sharpe ratio drops for Bitcoin

比特幣的夏普比率下降

Another analysis from Alphractal shows the Sharpe ratio of Bitcoin has been declining since March 2024.

來自字母的另一項分析表明，自2024年3月以來，比特幣的夏普比率一直在下降。

This trend, which is unfolding despite Bitcoin reaching historical highs above $100,000, indicates an increase in risk per unit of return.

儘管比特幣達到了100,000美元以上的歷史高點，但這種趨勢仍在發展，這表明每單位收益風險增加。

This deterioration can be attributed to several macroeconomic factors, such as inflation, interest rates, and geopolitical instability, which contribute to market uncertainty and volatility.

這種惡化可以歸因於幾個宏觀經濟因素，例如通貨膨脹，利率和地緣政治不穩定，這有助於市場不確定性和波動性。

Additionally, the slowdown in short-term returns from Bitcoin price appreciation might also be contributing to the decrease in the Sharpe ratio.

此外，比特幣價格升值的短期回報放緩也可能導致夏普比率下降。

Moreover, data from Santiment shows that large Bitcoin holders, in the bracket of 100 to 1,000 BTC, sold a total of over 50,000 BTC last week alone, which is valued at about $4.07 billion.

此外，來自Santiment的數據表明，僅上週，大型比特幣持有人在100至1,000 BTC的範圍內出售了超過50,000 BTC，價值約為40.7億美元。

Bitcoin ETFs display remarkable resilience over short-term market pressures, yet multiple warning signals suggest turbulence in the coming months.

比特幣ETF在短期市場壓力上表現出顯著的彈性，但是多個警告信號表明在未來幾個月內動盪。

Investors now seem to be adopting a longer-term vision with wealth accumulation strategies, even as new uncertainties emerge.

現在，即使新的不確定性出現，投資者似乎正在採用長期願景，並採用財富積累策略。