比特幣ETF在市場波動中命運分化

4 月 24 日，比特幣 ETF 的走勢好壞參半。貝萊德 (BlackRock) 的 IBIT 在連續 71 天流入之後，出現了流入暫停的情況，而富達 (Fidelity) 的 FBTC 和 Ark 21Shares 比特幣 ETF (ARKB) 等其他 ETF 則報告了資金流入。儘管如此，11 檔比特幣 ETF 的整體淨流入仍為 120 億美元。由於比特幣的潛在實力以及主流金融對加密貨幣的接受度不斷提高，比特幣 ETF 的前景仍然具有建設性。

Bitcoin ETFs Experience Mixed Fortunes Amidst Market Volatility

比特幣 ETF 在市場波動中命運參半

The Bitcoin exchange-traded fund (ETF) market witnessed contrasting fortunes on April 24, reflecting the broader market dynamics and investor sentiment. BlackRock's iShares Bitcoin Trust ETF (IBIT) notably halted its 71-day streak of inflows, marking a pause in its remarkable performance since its inception on January 11.

4 月 24 日，比特幣交易所交易基金 (ETF) 市場出現了截然不同的趨勢，反映了更廣泛的市場動態和投資者情緒。貝萊德 (BlackRock) 的 iShares 比特幣信託 ETF (IBIT) 明顯停止了連續 71 天的資金流入，標誌著其自 1 月 11 日成立以來的出色表現暫停。

According to preliminary data from Farside Investors, IBIT did not attract any new investments that day, indicating a shift in investor sentiment. However, analysts emphasize that such occurrences are not uncommon and are often influenced by various factors, including market conditions and geopolitical events.

Farside Investors的初步數據顯示，IBIT當天沒有吸引任何新投資，這表明投資者情緒發生了轉變。不過，分析師強調，這種情況並不罕見，而且往往受到市場狀況和地緣政治事件等多種因素的影響。

While IBIT experienced a pause, other Bitcoin ETFs faced challenges. The Grayscale Bitcoin Trust ETF (GBTC) reported a significant outflow of $130 million, contributing to a total outflow of $121 million for the sector, highlighting the volatility and uncertainty prevalent in the market.

雖然 IBIT 經歷了暫停，但其他比特幣 ETF 面臨挑戰。灰階比特幣信託 ETF (GBTC) 報告出現 1.3 億美元的大幅流出，導致該行業總流出 1.21 億美元，凸顯了市場普遍存在的波動性和不確定性。

In contrast, Fidelity's Bitcoin ETF (FBTC) and Ark 21Shares Bitcoin ETF (ARKB) defied the trend by recording inflows of $5.61 million and $4.172 million, respectively. These positive inflows have contributed to their growing historical totals, with FBTC reaching $8.186 billion and ARKB at $2.272 billion.

相較之下，富達的比特幣 ETF (FBTC) 和 Ark 21Shares 比特幣 ETF (ARKB) 則逆勢而上，分別錄得 561 萬美元和 417.2 萬美元的流入。這些積極的資金流入推動了其歷史總額的不斷增長，FBTC 達到 81.86 億美元，ARKB 達到 22.72 億美元。

Drivers Behind ETF Movements

ETF走勢背後的驅動因素

Despite the recent challenges, the outlook for Bitcoin ETFs remains constructive. The potential for further endorsements from major financial institutions like Morgan Stanley remains a key driver. Reports suggest that Morgan Stanley may soon allow its advisors to recommend Bitcoin ETFs to clients, potentially introducing new stipulations regarding risk tolerance and trading limits.

儘管最近面臨挑戰，比特幣 ETF 的前景仍然具有建設性。摩根士丹利等主要金融機構進一步認可的潛力仍然是一個關鍵驅動因素。有報導稱，摩根士丹利可能很快就會允許其顧問向客戶推薦比特幣 ETF，這可能會引入有關風險承受能力和交易限制的新規定。

The integration of cryptocurrencies into traditional finance continues to gain traction, indicating a promising future for Bitcoin ETFs despite short-term fluctuations. The introduction of spot ETFs in the U.S. on January 11 sparked considerable excitement, promising to attract billions of dollars in institutional funds.

加密貨幣與傳統金融的整合繼續受到關注，這表明儘管存在短期波動，比特幣 ETF 的前景仍充滿希望。 1 月 11 日，美國推出現貨 ETF 引發了相當大的關注，預計將吸引數十億美元的機構資金。

BlackRock's IBIT alone has accumulated over $15 billion since its launch, contributing to a total net inflow of more than $12 billion across all 11 Bitcoin ETFs. However, the majority of these inflows occurred within the first quarter, and the pace has slowed in recent months, coinciding with consolidation in Bitcoin's price.

自推出以來，光是貝萊德的 IBIT 就累積了超過 150 億美元，為所有 11 隻比特幣 ETF 的總淨流入貢獻了超過 120 億美元。然而，大部分資金流入發生在第一季度，且近幾個月流入速度有所放緩，恰逢比特幣價格盤整。

Throughout April, Bitcoin has traded between $60,000 and $70,000, showing weaker momentum compared to the nearly 70% rally in the previous months that saw it reach an all-time high above $73,500. The lack of significant price movement in Bitcoin during this period likely contributed to the subdued investor interest in Bitcoin ETFs.

在整個 4 月份，比特幣的交易價格在 60,000 美元至 70,000 美元之間，與前幾個月近 70% 的漲幅（達到 73,500 美元以上的歷史高點）相比，其勢頭有所減弱。在此期間，比特幣價格缺乏重大波動可能導致投資者對比特幣 ETF 的興趣減弱。

Upcoming Expectations for Bitcoin ETFs

對比特幣 ETF 的預期

Nevertheless, the underlying fundamentals of Bitcoin and the growing acceptance of cryptocurrencies in mainstream finance suggest that the demand for Bitcoin ETFs may persist over the long term. Institutional investors are increasingly seeking regulated and accessible ways to gain exposure to Bitcoin, and ETFs provide a convenient investment alternative.

儘管如此，比特幣的基本面以及主流金融對加密貨幣的日益接受表明，對比特幣 ETF 的需求可能會長期持續。機構投資者越來越多地尋求受監管且易於獲取的方式來投資比特幣，而 ETF 提供了一種便捷的投資選擇。

As regulatory frameworks improve and major financial institutions continue to embrace Bitcoin and other cryptocurrencies, the appeal of Bitcoin ETFs is expected to increase. These investment vehicles offer institutional and retail investors alike opportunities to participate in the potential upside of Bitcoin's price movements without directly holding the underlying asset.

隨著監管框架的完善以及主要金融機構繼續接受比特幣和其他加密貨幣，比特幣 ETF 的吸引力預計將會增加。這些投資工具為機構和散戶投資者提供了參與比特幣價格走勢潛在上漲的機會，而無需直接持有標的資產。

In conclusion, while the Bitcoin ETF market may face short-term volatility and challenges, the longer-term outlook remains promising. The current pause in inflows for BlackRock's IBIT serves as a reminder of the market's dynamic nature, but it should not overshadow the broader trend of growing institutional interest in Bitcoin and cryptocurrency investments.

總之，雖然比特幣ETF市場可能面臨短期波動和挑戰，但長期前景仍樂觀。目前貝萊德 IBIT 資金流入暫停提醒人們市場的動​​態性質，但這不應掩蓋機構對比特幣和加密貨幣投資興趣日益增長的更廣泛趨勢。