比特幣減半後螺旋上升：ETF在市場大動盪中受到審查

比特幣最近的價格下跌可歸因於多種因素。減半後美國比特幣現貨 ETF 的資金流出總計 1.206 億美元，是造成比特幣下跌的原因之一。其他觸發因素包括多頭部位清算，24 小時內損失 2 億美元。 Grayscale 比特幣信託基金提取了 1.304 億美元的巨額資金。分析師預測，由於歷史模式和全球緊張局勢，市場將進一步波動並可能下滑。

Bitcoin's Post-Halving Tumble: Unraveling the Role of ETFs and Wider Market Forces

比特幣減半後的暴跌：揭示 ETF 和更廣泛市場力量的作用

As retail investors grapple with mounting concerns over Bitcoin's price slide, a pivotal question arises: could Bitcoin exchange-traded funds (ETFs) be exacerbating the downtrend?

隨著散戶投資者應對比特幣價格下滑日益加劇的擔憂，一個關鍵問題出現了：比特幣交易所交易基金（ETF）是否會加劇下跌趨勢？

Since the highly anticipated Bitcoin halving event last week, U.S. Bitcoin spot ETFs have witnessed a stark reversal of fortune, losing a staggering $120.6 million in net outflows. This sharp departure from the persistent inflows they have enjoyed begs the question: is this sudden outflow contributing to Bitcoin's current weakness?

自從上週備受期待的比特幣減半以來，美國比特幣現貨 ETF 的命運發生了明顯逆轉，淨流出損失高達 1.206 億美元。這種與他們所享受的持續資金流入的急劇背離引發了一個問題：這種突然的資金外流是否導致了比特幣目前的疲軟？

The debate has ignited fierce discussions, casting a spotlight on the role ETFs played in Bitcoin's pre-halving surge and the looming possibility of a further decline towards $50,000 or lower. Data from Coinglass paints a grim picture, revealing over $200 million liquidated in just 24 hours, with $37.83 million and $34.17 million liquidated from long positions in Bitcoin and Ethereum, respectively.

這場辯論引發了激烈的討論，讓人們關注 ETF 在比特幣減半前的飆升中所扮演的角色，以及進一步跌向 50,000 美元或更低的可能性。 Coinglass 的數據描繪了一幅嚴峻的景象，顯示在短短 24 小時內清算了超過 2 億美元，其中比特幣和以太坊多頭頭寸分別清算了 3,783 萬美元和 3,417 萬美元。

Amongst the ETFs, the Grayscale Bitcoin Trust (GBTC) bore the brunt, experiencing a $130.4 million withdrawal, marking its most significant retreat to date. Conversely, Fidelity's Wise Origin Bitcoin Fund (FBTC) emerged as an outlier, attracting $5.61 million against the prevailing trend.

在 ETF 中，灰階比特幣信託基金 (GBTC) 首當其衝，撤資 1.304 億美元，這是迄今為止最大幅度的撤資。相反，富達的 Wise Origin 比特幣基金（FBTC）卻成為了一個異類，逆勢吸引了 561 萬美元的資金。

Simultaneously, Bitcoin stumbled below the $64,000 mark, triggering a sweeping wave of liquidations across the cryptocurrency landscape. The aftermath has been brutal: over $200 million vanished from the market in less than a day, leaving investors clutching precariously at volatility as Bitcoin and Ethereum endured heavy losses.

與此同時，比特幣跌破 64,000 美元大關，引發了整個加密貨幣領域的全面清算浪潮。後果是殘酷的：不到一天的時間裡，超過 2 億美元的資金就從市場上消失了，比特幣和以太坊遭受了嚴重損失，導致投資者在波動中搖搖欲墜。

A deeper dive into the ETF landscape reveals a sobering trend: most Bitcoin spot ETFs have hit a dry spell, with only Fidelity's FBTC and ARK 21Shares Bitcoin ETF (ARKB) still receiving inflows. Notably, BlackRock's iShares Bitcoin Trust (IBIT), which enjoyed a meteoric rise in January, abruptly halted its growth trajectory on April 24th, with zero inflows recorded.

深入研究 ETF 格局揭示了一個發人深省的趨勢：大多數比特幣現貨 ETF 都陷入了枯竭期，只有 Fidelity 的 FBTC 和 ARK 21Shares 比特幣 ETF (ARKB) 仍在接收資金流入。值得注意的是，貝萊德旗下的 iShares 比特幣信託基金 (IBIT) 在 1 月經歷了快速上漲，但在 4 月 24 日突然停止了成長軌跡，資金流入為零。

The downturn has extended beyond Bitcoin, impacting altcoins such as Solana, Dogecoin, Cardano, Shiba Inu, and Avalanche, which have all lost close to double-digit percentages, highlighting the broad impact of shifting market sentiment. In the realm of Ethereum ETFs, the SEC has exercised caution, pausing approval for any ETH ETF applications for another 60 days, signaling a cautious approach to expanding the crypto ETF universe.

經濟低迷不僅影響了比特幣，還影響了 Solana、Dogecoin、Cardano、Shiba Inu 和 Avalanche 等山寨幣，這些貨幣的跌幅都接近兩位數，凸顯了市場情緒變化的廣泛影響。在以太坊 ETF 領域，美國證券交易委員會 (SEC) 保持謹慎態度，暫停批准任何 ETH ETF 申請 60 天，這表明對擴大加密 ETF 領域採取謹慎態度。

Hong Kong, however, has taken a more progressive stance, approving Bitcoin and Ethereum spot ETFs for trading on April 30th.

然而，香港採取了更進步的立場，於 4 月 30 日批准比特幣和以太坊現貨 ETF 交易。

Despite the market's downward spiral, it's crucial to acknowledge that Bitcoin ETFs are not the sole reason for the pervasive bearish sentiment. Analysts from 99Bitcoins have historically observed a pattern of Bitcoin crashes following halving events, typically occurring within 60 days or more. Additionally, the ongoing Israel-Palestine conflict has shifted the market's focus away from cryptocurrency and towards assessing its potential impact on global markets.

儘管市場螺旋式下降，但必須承認比特幣 ETF 並不是普遍看跌情緒的唯一原因。 99Bitcoins 的分析師歷來觀察到減半事件後比特幣崩潰的模式，通常發生在 60 天或更長時間內。此外，持續不斷的以色列-巴勒斯坦衝突已將市場的焦點從加密貨幣轉移到評估其對全球市場的潛在影響。

As of now, ETF holders appear to be selling their Bitcoin holdings prematurely. However, considering this is the first halving cycle for most of these funds, their trepidation is understandable. Investors should brace themselves for the possibility of further downturns in the crypto markets before a sustainable recovery can take hold.

截至目前，ETF 持有者似乎正在過早出售其持有的比特幣。然而，考慮到這是大多數此類基金的第一個減半週期，他們的擔憂是可以理解的。在可持續復甦之前，投資者應該做好應對加密貨幣市場進一步下滑的可能性的準備。