比特幣現貨 ETF 失去動力：資金流入暫停，富達 FBTC 報告資金流出

本週，ETF 市場的勢頭發生了轉變，貝萊德的 IBIT 資金流入為零，結束了其管理資產 (AUM) 總計 172.4 億美元的連續 71 天流入記錄。富達 (Fidelity) 的 FBTC 也報告首次流出 2,260 萬美元，使其資產管理規模減少至 99 億美元。人們對比特幣 ETF（不包括 Grayscale 的 GBTC）的興趣減弱，反映出加密貨幣市場的降溫以及將比特幣價格推至新高的最初 ETF 狂熱的消退。

Weakening Momentum: Bitcoin Spot ETFs Experience Inflow Pause, Fidelity FBTC Reports Outflows

動能減弱：比特幣現貨ETF經歷資金流入暫停，富達FBTC報告資金流出

Amidst the recent market downturn, the once-boisterous inflows into leading Bitcoin spot exchange-traded funds (ETFs) have come to a sudden halt, signaling a potential shift in investor sentiment towards digital assets.

在最近的市場低迷中，一度活躍的比特幣現貨交易所交易基金（ETF）資金流入突然停止，顯示投資者情緒可能轉向數位資產。

BlackRock's IBIT, once a beacon of growth, has seen its remarkable 71-day streak of fresh investments come to an end, with zero inflows recorded over Wednesday and Thursday. This pause in momentum follows an impressive accumulation of $17.24 billion in assets under management since its inception on January 11th.

貝萊德的 IBIT 曾經是成長的燈塔，但其連續 71 天的新投資記錄已經結束，週三和週四的資金流入為零。自 1 月 11 日成立以來，管理資產累計達到 172.4 億美元，令人印象深刻。

Meanwhile, Fidelity's FBTC, which has been chasing IBIT in the ETF race, suffered its first reported outflow on Thursday, amounting to a loss of $22.6 million. This outflow has reduced FBTC's assets under management to around $9.9 billion, according to data from CoinGlass.

與此同時，在 ETF 競賽中一直追趕 IBIT 的 Fidelity 旗下 FBTC 週四首次出現資金流出，損失達 2,260 萬美元。根據 CoinGlass 的數據，這筆資金外流使 FBTC 管理的資產減少至約 99 億美元。

The waning interest in these prominent Bitcoin ETFs, excluding Grayscale's GBTC, is a telling indicator of the recent cooling in the cryptocurrency market. The initial frenzy surrounding Bitcoin ETF approvals, which propelled the digital currency to new heights, has subsided. With Bitcoin currently trading around $63,500, a 12% decline from its March high of $73,000, only one of the 10 trading spot Bitcoin ETFs, Franklin Templeton's EZBC, reported inflows on Thursday.

人們對這些著名的比特幣 ETF（不包括 Grayscale 的 GBTC）的興趣減弱，是近期加密貨幣市場降溫的一個明顯指標。最初圍繞比特幣 ETF 批准的狂熱已經平息，這種狂熱將數位貨幣推向了新的高度。目前比特幣交易價格約為 63,500 美元，較 3 月高點 73,000 美元下跌 12%，在 10 只現貨比特幣 ETF 中，只有富蘭克林鄧普頓 (Franklin Templeton) 旗下的 EZBC 週四報告資金流入。

The slowdown in inflows can be attributed to several factors. Disappointing inflation data has dampened hopes for Federal Reserve interest rate cuts, and higher borrowing costs typically diminish market appetite for riskier investments like cryptocurrencies. Additionally, Bitcoin has remained relatively stagnant since early March, partly due to ETF stagnation and the anticipation surrounding the network's recent "halving" event on April 19th. Investors, following the "buy the rumor, sell the news" strategy, have liquidated their holdings.

資金流入放緩可歸因於多個因素。令人失望的通膨數據削弱了聯準會降息的希望，而較高的借貸成本通常會降低市場對加密貨幣等風險較高投資的興趣。此外，自 3 月初以來，比特幣一直保持相對停滯，部分原因是 ETF 停滯以及對網路最近 4 月 19 日「減半」事件的預期。投資人依照「謠言買入，消息賣出」的策略，紛紛賣出所持股票。

Nate Geraci, President of the ETF Store, cautions against reading too much into the recent slowdown, emphasizing that ETF flows often mirror the underlying asset's performance. A pause in Bitcoin's price appreciation could result in a temporary hiatus in inflows. However, Geraci notes that these products are still in their early stages of adoption, with many large institutions yet to grant permission to their brokers to facilitate purchases of spot Bitcoin ETFs and registered investment advisors entering the category with caution.

ETF Store 總裁 Nate Geraci 警告不要過度解讀最近的經濟放緩，並強調 ETF 流量通常反映了基礎資產的表現。比特幣價格上漲的暫停可能會導致資金流入暫時中斷。然而，Geraci 指出，這些產品仍處於採用的早期階段，許多大型機構尚未向其經紀人授予便利購買現貨比特幣 ETF 的許可，註冊投資顧問也謹慎進入該類別。

Despite the recent slowdown, the success of these funds cannot be overstated. They have accumulated over $54 billion in assets in just over three months of trading, integrating Bitcoin-tracked assets into the portfolios of millions of mainstream investors.

儘管最近經濟放緩，但這些基金的成功不容小覷。他們在短短三個多月的交易中累積了超過 540 億美元的資產，將比特幣追蹤的資產整合到了數百萬主流投資者的投資組合中。

Hong Kong's Securities and Futures Commission has recently approved three spot Bitcoin and Ether ETFs, set to begin trading on Tuesday. This move signals a growing global acceptance of Bitcoin ETFs, with other countries expected to follow suit.

香港證券及期貨事務監察委員會最近批准了三隻現貨比特幣和以太幣ETF，將於週二開始交易。此舉標誌著全球對比特幣 ETF 的接受度不斷提高，預計其他國家也會跟進。

Amidst this regulatory progress, Harvest, the issuer of one of the approved Hong Kong ETFs, is waiving management fees for its funds, setting the stage for a fee war akin to the heated competition in the U.S. market. Grayscale, in an attempt to stem outflows from its GBTC product which charges a 1.5% fee, has introduced a Bitcoin Mini Trust with ultra-low fees of 0.15%.

在這項監管進展中，其中一隻獲批准的香港 ETF 的發行人 Harvest 正在免除其基金的管理費，為一場類似於美國市場激烈競爭的費用戰奠定了基礎。為了阻止收取 1.5% 費用的 GBTC 產品資金外流，Grayscale 推出了超低費用 0.15% 的比特幣迷你信託。

The changing landscape of Bitcoin spot ETFs, with inflows slowing and outflows emerging, is a reflection of the broader cryptocurrency market correction. However, the long-term potential of these products for bringing digital assets to the mainstream remains significant, as evidenced by the continued regulatory approvals and fee wars.

比特幣現貨 ETF 格局的變化（資金流入放緩和資金流出不斷出現）反映了更廣泛的加密貨幣市場調整。然而，這些產品將數位資產帶入主流的長期潛力仍然巨大，持續的監管批准和費用戰證明了這一點。