比特幣現貨 ETF 需求下滑，顯示興趣減弱

比特幣的現貨交易所交易基金（ETF）供應吸收量已轉為負數，顯示對該資產類別的興趣暫時下降。該指標追蹤現貨 ETF 收購新開採的代幣的比率，已降至 -0.38，表明由於需求下降，比特幣的價值可能會下降。分析師將這種負吸收歸因於散戶投資者將注意力轉向基於 Solana 的 meme 代幣，這些代幣在最近幾週出現了顯著增長。

Bitcoin Spot ETF Demand Declines, Indicating Waning Interest in the Asset Class

比特幣現貨 ETF 需求下降，顯示對該資產類別的興趣減弱

Recent analysis by CryptoQuant analyst Oinonen_t has revealed a decline in Bitcoin (BTC) supply absorption by spot Bitcoin exchange-traded funds (ETFs). This metric, which tracks the rate at which newly mined coins are acquired by these funds, has turned negative, signaling a drop in interest in this asset class.

CryptoQuant 分析師 Oinonen_t 最近的分析顯示，現貨比特幣交易所交易基金 (ETF) 對比特幣 (BTC) 供應的吸收量有所下降。這項追蹤這些基金收購新開採代幣的比率的指標已轉為負值，顯示人們對該資產類別的興趣下降。

Supply absorption by spot ETFs plays a significant role, as increased absorption can lead to upward price pressure on BTC. Conversely, decreased demand can indicate a potential decline in the leading cryptocurrency's value.

現貨 ETF 的供應吸收發揮著重要作用，因為吸收的增加可能會導致 BTC 的價格上漲壓力。相反，需求下降可能表明主要加密貨幣的價值可能下降。

According to Oinonen_t, the coin's supply absorption recently reached a low of -0.38, indicating a negative trend. This suggests that the demand for newly mined coins is not being met by spot ETFs, potentially contributing to the stagnant price action observed over the past 30 days.

根據 Oinonen_t 的說法，該代幣的供應吸收最近達到了-0.38的低點，顯示了負面趨勢。這表明現貨 ETF 無法滿足對新開採代幣的需求，這可能導致過去 30 天內觀察到的價格走勢停滯不前。

The analyst further noted that when spot ETFs are unable to absorb newly mined coins, the demand for these coins must come from other sources. However, in the current market environment, retail investors who typically accumulate these coins have shifted their attention towards meme coins.

該分析師進一步指出，當現貨 ETF 無法吸收新開採的代幣時，這些代幣的需求必須來自其他來源。然而，在當前的市場環境下，通常累積這些幣的散戶投資者已將注意力轉向迷因幣。

The surge in popularity of Solana (SOL)-based meme coins has led to a significant uptick in their market capitalization, drawing interest away from BTC. This shift in focus by retail investors has contributed to the decline in demand for Bitcoin spot ETFs.

基於 Solana (SOL) 的 meme 幣的受歡迎程度激增，導致其市值大幅上升，從而吸引了人們對 BTC 的興趣。散戶投資者註意力的轉變導致了比特幣現貨 ETF 需求的下降。

Despite the current drawback, Oinonen_t remains optimistic about the long-term prospects for Bitcoin. The analyst believes that the negative supply absorption is a temporary setback and that the "bigger picture still looks promising."

儘管目前有缺陷，Oinonen_t 仍然對比特幣的長期前景持樂觀態度。這位分析師認為，負供應吸收只是暫時的挫折，「更大的前景仍然充滿希望」。

In a multi-year scenario, Oinonen_t predicts that Bitcoin will attempt to reach market capitalization parity with gold, implying a significant potential upside to the current spot price. This indicates that while the spot ETF market may be experiencing a temporary decline in demand, the long-term outlook for Bitcoin remains positive.

Oinonen_t 預測，在多年的情況下，比特幣將試圖達到與黃金相當的市值，這意味著當前現貨價格存在巨大的潛在上漲空間。這表明，雖然現貨 ETF 市場的需求可能暫時下降，但比特幣的長期前景仍然樂觀。

Since their launch, Bitcoin spot ETFs have experienced significant growth, with the daily cumulative volume for this asset category climbing over 3,500%. The Grayscale Bitcoin Trust (GBTC) currently holds the largest market share in the BTC spot ETF market, with an asset under management (AUM) value of $24 billion.

自推出以來，比特幣現貨 ETF 經歷了顯著成長，該資產類別的日累計交易量攀升超過 3,500%。灰階比特幣信託基金（GBTC）目前在 BTC 現貨 ETF 市場中佔有最大的市場份額，其管理資產（AUM）價值為 240 億美元。

Although the decline in supply absorption by spot ETFs may be a temporary setback, it serves as a reminder that the cryptocurrency market can be subject to fluctuations and changes in investor sentiment. However, the long-term potential for Bitcoin remains promising, with the asset poised to continue its growth trajectory as it gains wider adoption and acceptance.

儘管現貨 ETF 供應吸收量的下降可能只是暫時的挫折，但它提醒人們，加密貨幣市場可能會受到投資者情緒波動和變化的影響。然而，比特幣的長期潛力仍然充滿希望，隨著它獲得更廣泛的採用和接受，該資產有望繼續其成長軌跡。