比特幣 ETF 在市場動盪中堅挺，無視聯準會警告

儘管聯邦公開市場委員會對通膨和降息發出警告，但比特幣交易所交易基金（ETF）仍保持彈性，呈現持續的淨流入。這種彈性表明比特幣 ETF 作為機構資產的潛在增長，這得益於不斷變化的監管環境及其與直接加密操作相比簡化的投資流程。

Bitcoin ETFs Defy FOMC Warnings, Exhibit Resilience Amid Market Volatility

比特幣 ETF 無視 FOMC 警告，在市場波動中表現出韌性

Despite the Federal Open Market Committee's (FOMC) cautious stance on interest rate cuts and concerns about persistent inflation leading to a downturn in U.S. equity markets, Bitcoin [BTC] spot exchange-traded funds (ETFs) have demonstrated remarkable resilience, with ongoing net inflows. This surge in institutional demand underscores the growing recognition of Bitcoin as an institutional asset class and the potential for ETF growth in the evolving regulatory landscape.

儘管聯邦公開市場委員會 (FOMC) 對降息持謹慎立場，並擔心持續通膨導緻美國股市低迷，但比特幣 [BTC] 現貨交易所交易基金 (ETF) 卻表現出了非凡的韌性，資金持續淨流入。機構需求的激增凸顯了人們對比特幣作為一種機構資產類別的日益認可，以及 ETF 在不斷變化的監管環境中成長的潛力。

Unfazed by Market Jitters

不受市場不安的影響

In the wake of the FOMC's meeting, which dampened investor sentiment, the Bitcoin spot ETF market has remained resilient. Net inflows have surged from $40.2 million on April 2 to $113.2 million on April 3, according to BitMEX's research report. This influx of capital has been led by the Fidelity Wise Origin Bitcoin Fund (FBTC), which saw net inflows of $116.7 million on April 3, and the Bitwise Bitcoin ETF (BITB), which recorded net inflows of $22.6 million over the same period.

聯邦公開市場委員會 (FOMC) 會議削弱了投資者情緒，但比特幣現貨 ETF 市場仍然保持彈性。根據 BitMEX 的研究報告，淨流入量從 4 月 2 日的 4,020 萬美元飆升至 4 月 3 日的 1.132 億美元。此次資本流入以Fidelity Wise Origin 比特幣基金(FBTC) 和Bitwise 比特幣ETF (BITB) 為主導，該基金4 月3 日淨流入1.167 億美元，而Bitwise 比特幣ETF (BITB) 同期淨流入2260 萬美元。

Institutional Interest Drives Growth

機構利益推動成長

The surge in ETF inflows is a testament to the growing institutional appetite for Bitcoin. According to analysts, Bitcoin ETFs offer a simplified investment route for institutions, eliminating the operational complexities associated with holding Bitcoin directly.

ETF 資金流入的激增證明了機構對比特幣的興趣不斷增長。分析師表示，比特幣 ETF 為機構提供了簡化的投資途徑，消除了直接持有比特幣相關的操作複雜性。

"I don't think it's unreasonable to think that there could be multiple hundreds of billions of dollars in these ETFs and allocation sizes could be you know between 1% and 5% and maybe scaling as the asset matures," said Hunter Horsley, Founder & CEO of Bitwise Asset Management.

創辦人 Hunter Horsley 表示：「我認為，這些 ETF 的規模可能高達數千億美元，分配規模可能在 1% 到 5% 之間，而且可能會隨著資產的成熟而擴大規模。」兼Bitwise 資產管理公司執行長。

Regulatory Evolution Supports Expansion

監管演變支持擴張

While Bitcoin ETFs have faced limited adoption in U.S. wealth management, optimism remains for their expansion as regulations evolve. Initially restricted to retail investors and independent advisors, ETF approval has gradually extended to larger institutions, reaching peak inflows in 2020.

儘管比特幣 ETF 在美國財富管理領域的採用有限，但隨著監管的發展，人們對比特幣 ETF 的擴張仍持樂觀態度。 ETF 的批准最初僅限於散戶投資者和獨立顧問，現已逐漸擴展到大型機構，並於 2020 年達到流入高峰。

Matt Hougan, CIO of Bitwise Asset Management, highlights this regulatory evolution as a key factor in the growing ETF market. He believes that the approval of Bitcoin ETFs, once considered a distant possibility, has paved the way for mainstream adoption.

Bitwise Asset Management 資訊長 Matt Hougan 強調，這種監管演變是 ETF 市場不斷成長的關鍵因素。他認為，曾經被認為遙遠的比特幣 ETF 獲得批准，已經為主流採用鋪平了道路。

Halving Event on the Horizon

減半事件即將發生

With Bitcoin's halving event approaching, sustained demand through the ETF market could help stabilize the cryptocurrency's price after the halving. The halving, which reduces the issuance of new Bitcoin by half, has historically been a bullish catalyst for the coin.

隨著比特幣減半事件的臨近，ETF市場的持續需求可能有助於穩定減半後的加密貨幣價格。減半使新比特幣的發行量減少一半，歷史上一直是比特幣看漲的催化劑。

"This is not the Bitcoin of yesterday's year, this is now considered an institutional asset," Horsley concluded.

「這不是去年的比特幣，它現在被認為是一種機構資產，」霍斯利總結道。

Market Sentiment and Future Outlook

市場情緒及未來展望

While the upcoming U.S. Jobs Report could influence investor sentiment towards BTC, the ongoing net inflows into Bitcoin spot ETFs indicate a positive outlook for the cryptocurrency. The resilience of the ETF market in the face of broader economic concerns demonstrates the growing institutional recognition of Bitcoin's value as an alternative investment.

儘管即將發布的美國就業報告可能會影響投資者對 BTC 的情緒，但比特幣現貨 ETF 的持續淨流入表明該加密貨幣的前景樂觀。面對更廣泛的經濟擔憂，ETF 市場的彈性表明機構越來越認可比特幣作為另類投資的價值。

As regulations continue to evolve and institutional adoption grows, the future of Bitcoin ETFs appears promising. With their simplified investment route and the backing of major financial institutions, Bitcoin ETFs are poised to play a significant role in the mainstream adoption of cryptocurrency.

隨著法規的不斷發展和機構採用的增加，比特幣 ETF 的未來似乎充滿希望。憑藉其簡化的投資途徑和主要金融機構的支持，比特幣 ETF 有望在加密貨幣的主流採用中發揮重要作用。