比特幣交易所貿易資金（ETFS）階段令人驚訝的周轉

比特幣交易所交易基金（ETF）看到了令人驚訝的周轉

Bitcoin exchange-traded funds (ETFs) experienced a surprising turnaround on March 17, reporting net inflows of $274.6 million. This marks the largest single-day inflow in 41 days and signals a potential shift in investor sentiment.

比特幣交易所貿易資金（ETF）在3月17日經歷了令人驚訝的周轉，淨流入量為2.746億美元。這標誌著41天內最大的單日流入，並表明了投資者情緒的潛在轉變。

While the surge in demand is a positive sign, experts caution against reading too much into one day’s activity, especially in a market as volatile as crypto.

雖然需求激增是一個積極的信號，但專家們警告不要將過多的一天的活動閱讀，尤其是在像加密貨幣一樣易變的市場中。

Among the major players, Fidelity’s Bitcoin ETF (FBTC) attracted $127.28 million, leading the inflow surge. The ARK Bitcoin ETF (ARKB), managed by ARK Invest and 21Shares, also recorded a substantial $88.5 million in inflows. These two funds combined accounted for a significant portion of the day’s total inflows.

在主要參與者中，富達的比特幣ETF（FBTC）吸引了1.2728億美元，領導了流入率。由ARK Invest和21shares管理的方舟比特幣ETF（ARKB）還記錄了8850萬美元的流入。這兩個基金的總和占了當天總流入的很大一部分。

However, not all Bitcoin ETFs experienced similar gains. BlackRock’s iShares Bitcoin Trust (IBIT) pulled in $42.3 million, which, while positive, didn’t lead the charge amid ongoing challenges linked to stock market performance. Grayscale’s Bitcoin Trust (GBTC), which had been at the center of major outflows, reported no inflows for the day, highlighting its struggles since its transition to a spot ETF.

但是，並非所有比特幣ETF都經歷了類似的收益。貝萊德（Blackrock）的iShares比特幣信託基金（IBIT）賺了4230萬美元，儘管與股票市場績效有關的持續挑戰，但雖然卻沒有帶來積極指控。 Grayscale的比特幣信託（GBTC）一直處於主要外流的中心，報告了當天沒有流入，突出了自從過渡到現場ETF以來的掙扎。

In contrast, Ethereum-based ETFs continue to face difficulties. Both the ETC Group’s Ethereum ETF (8080) and the Shapeshift+’s Ether (ETH) saw their ninth consecutive day of outflows, losing a combined $7.3 million. This ongoing decline for Ethereum products suggests that investors may be turning their attention away from Ethereum in favor of Bitcoin.

相反，基於以太坊的ETF繼續面臨困難。 ETC組的以太坊ETF（8080）和Shapeshift+的Ether（ETH）連續第九天出現了出空，損失了730萬美元的總和。以太坊產品的這種持續下降表明，投資者可能會將注意力從以太坊轉移到以太坊中，而不是比特幣。

This trend may be a sign of shifting preferences within the cryptocurrency market, with Bitcoin once again emerging as the more attractive investment option for institutional and retail investors alike.

這種趨勢可能是加密貨幣市場中轉移偏好的跡象，比特幣再次成為機構和零售投資者的更具吸引力的投資選擇。

Despite the strong inflows, analysts urge caution. Bitcoin ETFs have suffered from significant outflows in recent weeks, including four consecutive weeks of losses totaling over $4.5 billion. Various factors, such as profit-taking, regulatory concerns, and broader economic uncertainty, contributed to this downturn.

儘管流入強勁，但分析師敦促謹慎。最近幾週，比特幣ETF遭受了大量流出，其中包括連續四個星期的損失，總計超過45億美元。各種因素（例如獲利，監管問題和更廣泛的經濟不確定性）導致了這種低迷。

While Monday’s inflows are a promising development, they are not necessarily indicative of a broader recovery. Some analysts believe that the recent surge could be driven by institutional investors who are recycling capital for short-term price fluctuations. Crypto entrepreneur Kyle Chassé suggests that large hedge funds and institutional investors are engaging in complex trading strategies, such as arbitrage, rather than reflecting genuine retail demand for Bitcoin.

儘管週一的流入是一個有希望的發展，但它們不一定表明恢復更廣泛。一些分析人士認為，最近的激增可能是由正在回收資本的機構投資者驅動的，這些投資者會因短期價格波動而進行。加密企業家KyleChassé建議，大量的對沖基金和機構投資者正在從事複雜的交易策略，例如套利，而不是反映對比特幣的真正零售需求。

The fate of Bitcoin ETFs—and the broader cryptocurrency market—largely depends on external factors, such as the Federal Reserve’s upcoming policy decisions. There is speculation that the Fed might soon ease monetary policy, potentially boosting liquidity and improving market conditions. However, some experts, like macroeconomic analyst Nicolas Gerbi, warn that these expectations may be unrealistic, especially since interest rates remain high.

比特幣ETF的命運以及更廣泛的加密貨幣市場很大程度上取決於外部因素，例如美聯儲的即將到來的政策決策。有人猜測，美聯儲可能很快就會簡化貨幣政策，可能提高流動性並改善市場狀況。但是，一些專家，例如宏觀經濟分析師Nicolas Gerbi，警告說這些期望可能是不現實的，尤其是因為利率仍然很高。

As the market reacts to these uncertainties, Bitcoin ETFs may continue to experience volatility, and it remains to be seen whether the recent inflows are a sign of long-term recovery or a temporary blip in an unpredictable market.

隨著市場對這些不確定性的反應，比特幣ETF可能會繼續經歷波動，並且最近的流入是長期恢復的跡像還是在不可預測的市場中暫時浮出水面。