比特幣減半迫在眉睫，投資人需謹慎

在比特幣 (BTC) 減半前一周，投資者保持謹慎態度，導致加密貨幣基金流出 2.06 億美元。 ETP 交易量下降至 180 億美元，其中比特幣流出量占主導地位，達 1.92 億美元。多資產基金獲得了 860 萬美元的收益，而萊特幣和 Chainlink 則出現了資金流入。由於投資人猜測減半對礦業公司的影響，區塊鏈股票持續出現資金外流，資金總額達 900 萬美元。

Bitcoin's Halving Looms, Investors Remain Cautious

比特幣減半迫在眉睫，投資人保持謹慎

In the lead-up to Bitcoin's (BTC) highly anticipated halving event scheduled for Friday, investors have adopted a wait-and-see approach, according to the latest digital asset fund flows report from CoinShares. The report reveals that crypto funds have experienced outflows totaling $206 million in the past week, while ETP trading volumes have declined to $18 billion.

根據 CoinShares 最新的數位資產資金流向報告，在比特幣 (BTC) 定於週五備受期待的減半事件之前，投資者採取了觀望態度。報告顯示，過去一週加密貨幣基金的資金外流總額為 2.06 億美元，而 ETP 交易量已降至 180 億美元。

"These volumes represent a reduced percentage of overall Bitcoin volumes, which are continuing to rise, at 28%, compared to 55% a month ago," observed James Butterfill, head of research at CoinShares. "Our data suggests that the appetite from ETP/ETF investors is waning, likely due to expectations that the Fed will maintain elevated interest rates for an extended period."

CoinShares 研究主管 James Butterfill 表示：「這些交易量佔比特幣總交易量的比例有所下降，而比特幣交易量仍在繼續上升，為28%，而一個月前為55 %。 “我們的數據表明，ETP/ETF 投資者的興趣正在減弱，這可能是由於預期聯準會將長期維持高利率。”

From a regional perspective, the United States has witnessed the largest outflows, with $244 million exiting incumbent ETFs in the week ending April 19. "Newly issued ETFs have continued to attract inflows, but at noticeably lower rates compared to previous weeks," Butterfill noted.

從地區角度來看，美國見證了最大的資金流出，截至4 月19 日的一周，已有ETF 流出2.44 億美元。率明顯較低，”Butterfill 指出。 。

Germany and Sweden also recorded outflows of $8.3 million and $6.7 million, respectively. Conversely, Canada topped the inflows with $29.9 million, followed by Switzerland ($7.8 million), Brazil ($5.5 million), and Australia ($2.2 million).

德國和瑞典也分別錄得 830 萬美元和 670 萬美元的資金流出。相反，加拿大以 2,990 萬美元的流入量位居榜首，其次是瑞士（780 萬美元）、巴西（550 萬美元）和澳洲（220 萬美元）。

"Bitcoin has experienced outflows of $192 million, but few investors have seized this opportunity to short the asset, with short-bitcoin seeing outflows of $0.3 million," Butterfill added. "Ethereum (ETH) has also faced outflows of $34 million, marking its sixth consecutive week of withdrawals."

Butterfill 補充說：“比特幣已經經歷了 1.92 億美元的資金流出，但很少有投資者抓住這個機會做空該資產，做空比特幣的資金流出達 30 萬美元。” 「以太坊（ETH）也面臨 3400 萬美元的資金外流，這是連續第六週出現提款。”

Multi-asset funds have benefited from an improved sentiment, recording inflows of $8.6 million. Litecoin (LTC) and Chainlink (LINK) have also witnessed inflows of $3.2 million and $1.7 million, respectively.

多資產基金受惠於市場情緒的改善，流入資金達 860 萬美元。 Litecoin (LTC) 和 Chainlink (LINK) 也分別流入 320 萬美元和 170 萬美元。

"Blockchain equities have seen their 11th consecutive week of outflows, totaling $9 million, as investors remain concerned about the impact of the halving on mining companies," the report concluded.

報告總結道：“區塊鏈股票已連續 11 週出現資金流出，資金總額達 900 萬美元，因為投資者仍然擔心減半對礦業公司的影響。”

In a separate analysis of the crypto mining industry post-halving, CoinShares analysts predict that numerous miners may shift their operations to the artificial intelligence (AI) industry, which has experienced increased profitability in recent years.

在加密貨幣挖礦產業減半後的另一項分析中，CoinShares 分析師預測，許多礦商可能會將業務轉向人工智慧 (AI) 產業，該產業近年來獲利能力有所提高。

"We anticipate a transition toward AI in energy-secure locations due to its potential for higher revenues, with companies like BitDigital, Hive, and Hut 8 already generating income from AI," they stated. "This trend suggests that Bitcoin mining may increasingly move to stranded energy sites while investment in AI grows in more stable locations. TeraWulf, BitDigital, and Core Scientific all have ongoing AI operations or AI growth plans."

他們表示：“我們預計能源安全地區將向人工智慧轉型，因為它具有帶來更高收入的潛力，BitDigital、Hive 和 Hut 8 等公司已經從人工智慧中獲得了收入。” 「這一趨勢表明，比特幣開採可能會越來越多地轉移到擱淺的能源地點，而人工智慧的投資則在更穩定的地點增長。TeraWulf、BitDigital 和Core Scientific 都有正在進行的人工智慧業務或人工智慧增長計劃。

The analysts anticipate a 10% decline in the Bitcoin network's hash rate following the halving as miners switch off unprofitable ASICs. However, they expect the hash rate to rebound and reach 700 exahash (EH/s) by 2025.

分析師預計，隨著礦工關閉無利可圖的 ASIC，比特幣網路的哈希率將在減半後下降 10%。然而，他們預計算力將反彈，到 2025 年將達到 700 exahash (EH/s)。

At the time of writing, the Bitcoin hash rate stands at 596.22 EH/s, based on data from CoinWarz. The all-time high hash rate of 749.185 EH/s was attained on March 24.

根據 CoinWarz 的數據，截至撰寫本文時，比特幣哈希率為 596.22 EH/s。 3 月 24 日，哈希率達到歷史最高值 749.185 EH/s。

"As a result of the halving, significant cost increases are expected, with electricity and overall production costs potentially doubling," the report warned. "Key mitigation strategies include optimizing energy expenses, improving mining efficiency, and negotiating favorable terms for hardware procurement. Miners are actively managing financial liabilities, with some utilizing excess cash to significantly reduce debt."

報告警告說：“由於減半，預計成本將大幅增加，電力和總體生產成本可能會增加一倍。” 「關鍵的緩解策略包括優化能源支出、提高採礦效率以及就硬體採購談判優惠條件。礦工正在積極管理財務負債，其中一些礦工利用多餘的現金來大幅減少債務。”