比特幣減半擔憂導致創紀錄的資金外流，削弱了加密貨幣的興趣

比特幣減半擔憂導致區塊鏈股票連續 11 週流出，投資者因擔心礦業公司獲利能力下降而撤資 900 萬美元。數位資產投資產品也錄得 2.06 億美元的流出，ETP 的興趣減弱，可能是由於長期高利率的預期。

Bitcoin Halving Concerns Trigger Outflows, Diminishing Interest in Digital Assets

比特幣減半擔憂引發資金外流，數位資產興趣下降

Investors' apprehensions surrounding the recent Bitcoin halving have ignited an 11-week streak of outflows from blockchain equities, according to data gathered by CoinShares. This exodus, totaling $9 million, stems from concerns about the halving's impact on mining companies, whose profitability and subsequent stock value could be affected.

CoinShares 收集的數據顯示，投資者對最近比特幣減半的擔憂引發了區塊鏈股票連續 11 週的資金流出。這次總計 900 萬美元的資金外流源於對減半對礦業公司影響的擔憂，這些公司的獲利能力和隨後的股票價值可能會受到影響。

The latest halving witnessed a significant reduction in the mining reward, slashing it to 3.125 BTC. As a consequence, mining operations could experience decreased revenue and potential financial distress, which would inevitably reverberate on the stock prices of these companies.

最近的減半見證了挖礦獎勵的大幅減少，將其削減至 3.125 BTC。因此，採礦業務可能會出現收入下降和潛在的財務困境，這將不可避免地對這些公司的股價產生影響。

Digital Asset Investments Lose Luster

數位資產投資失去光彩

Digital asset investment products have endured a second consecutive week of outflows, amounting to $206 million. CoinShares' findings indicate a slight decline in ETP trading volumes to $18 billion, now representing a diminished share of total Bitcoin volumes. This figure, previously hovering around 55% a month ago, has dwindled to 28%.

數位資產投資產品連續第二週資金外流，資金流出達 2.06 億美元。 CoinShares 的調查結果表明，ETP 交易量略有下降，至 180 億美元，目前在比特幣總交易量中所佔份額有所下降。這一數字一個月前徘徊在 55% 左右，現已降至 28%。

The Singaporean asset manager's report speculates that ETP/ETF investors are losing interest, potentially due to escalating expectations of the Federal Reserve maintaining elevated interest rates for an extended period.

新加坡資產管理公司的報告推測，ETP/ETF 投資者正在失去興趣，這可能是由於聯準會長期維持高利率的預期不斷升級。

Outflows Dominate Cryptocurrency Landscape

資金外流主導加密貨幣格局

Bitcoin has borne the brunt of these outflows, hemorrhaging $192 million. Notably, short-selling has not been the refuge of investors, with outflows in short positions reaching a paltry $0.3 million. Ethereum-related products have also faced outflows of $34 million, marking their sixth consecutive week of decline.

比特幣在這些資金外流中首當其衝，損失了 1.92 億美元。值得注意的是，賣空並沒有成為投資者的避難所，空頭部位的資金流出僅為區區 30 萬美元。以太坊相關產品也面臨 3,400 萬美元的資金流出，連續第六週下跌。

Solana-based investment products have exhibited a similar trend, with outflows of $0.3 million. However, multi-asset investments have experienced a surge in sentiment, with inflows reaching $9 million.

基於 Solana 的投資產品也表現出類似的趨勢，流出 30 萬美元。然而，多元資產投資情緒高漲，資金流入達 900 萬美元。

Meanwhile, Litecoin and Chainlink have witnessed inflows of $3.2 million and $1.7 million, respectively. Polkadot and XRP have also benefited from inflows of $1.5 million and $1.3 million during this period.

同時，萊特幣和 Chainlink 的資金流入分別為 320 萬美元和 170 萬美元。在此期間，Polkadot 和 XRP 也受益於 150 萬美元和 130 萬美元的流入。

Negative Sentiment Plagues US ETFs

負面情緒困擾美國 ETF

Geographically, the negative sentiment has been predominantly concentrated in US ETFs, which have grappled with outflows of $244 million. These outflows have primarily affected established ETFs, while newly issued ETFs have managed to attract inflows, albeit at significantly lower levels than in preceding weeks. Germany and Sweden have also registered outflows of $8 million and $6.7 million, respectively.

從地理來看，負面情緒主要集中在美國 ETF，該基金已面臨 2.44 億美元的資金外流。這些資金流出主要影響了已建立的 ETF，而新發行的 ETF 則成功吸引了資金流入，儘管其水平明顯低於前幾週。德國和瑞典的資金外流也分別為 800 萬美元和 670 萬美元。

Conversely, Canada and Switzerland have emerged as leaders in weekly inflows, with $30 million and $8 million, respectively. Brazil, Australia, and France have also witnessed minor inflows, ranging from $0.2 million to $5.5 million.

相反，加拿大和瑞士成為每週資金流入的領先者，分別為 3,000 萬美元和 800 萬美元。巴西、澳洲和法國也有少量資金流入，金額從 20 萬美元到 550 萬美元不等。

These outflows and the diminished interest in digital assets highlight the ongoing concerns surrounding the impact of the Bitcoin halving and the broader market's uncertainty amid persistent inflationary pressures and the looming threat of recession. As investors grapple with these uncertainties, the future trajectory of blockchain equities and digital asset investments remains shrouded in uncertainty.

這些資金外流和對數位資產興趣的減弱凸顯了人們對比特幣減半影響的持續擔憂，以及在持續的通膨壓力和迫在眉睫的衰退威脅下更廣泛市場的不確定性。當投資人努力應對這些不確定性時，區塊鏈股票和數位資產投資的未來軌跡仍然籠罩在不確定性之中。