比特幣現貨 ETF 在市場調整中出現資金流出

美國現貨比特幣ETF出現了連續六天流出的顯著趨勢，其中貝萊德的IBIT ETF於5月1日首次流出3,690萬美元。本週，比特幣出現自 FTX 崩盤以來最大單月跌幅 11%，其他所有 9 檔 ETF 合計流出 5.268 億美元。

Bitcoin Spot ETFs Experience Outflows Amid Market Downturn

市場低迷期間，比特幣現貨 ETF 出現資金外流

The spot Bitcoin exchange-traded funds (ETFs) in the United States have witnessed a notable trend in recent days, with outflows dominating the market for six consecutive days. This development coincides with Bitcoin's most challenging month since the aftermath of the 2022 FTX collapse, registering a significant decline of 11% over the week.

美國現貨比特幣ETF近期走勢明顯，資金流出連續六日佔據市場主導地位。這項發展恰逢比特幣自 2022 年 FTX 崩盤以來最具挑戰性的一個月，一週內大幅下跌 11%。

Record-Breaking Outflows

創紀錄的資金流出

Data from Farside Investors paints a clear picture of the recent outflow trend. BlackRock's Bitcoin fund, IBIT, encountered its first instance of outflows on May 1st, amounting to $36.9 million. Simultaneously, the other nine ETFs collectively recorded outflows totaling $526.8 million on the same day.

Farside Investors 的數據清楚地描繪了近期的資金外流趨勢。貝萊德旗下比特幣基金 IBIT 於 5 月 1 日遭遇首次資金流出，資金流出金額達 3,690 萬美元。同時，其他 9 檔 ETF 同日共流出 5.268 億美元。

The largest outflow was observed in the Fidelity Wise Origin Bitcoin Fund (FBTC), which saw $191.1 million in net outflows. Grayscale Bitcoin Trust (GBTC) followed closely with outflows of $167.4 million. ARK 21Shares and Franklin Bitcoin ETFs contributed to the largest single outflow day for U.S. spot Bitcoin ETFs, with outflows of $98.1 million and $13.4 million, respectively.

最大的資金流出出現在 Fidelity Wise Origin 比特幣基金 (FBTC)，該基金的淨流出量為 1.911 億美元。灰階比特幣信託基金 (GBTC) 緊隨其後，流出 1.674 億美元。 ARK 21Shares 和 Franklin 比特幣 ETF 創造了美國現貨比特幣 ETF 單日最大流出量，分別流出 9,810 萬美元和 1,340 萬美元。

Broader Market Decline

更廣泛的市場下跌

The trend of outflows aligns with the broader market downturn in the cryptocurrency sector. CoinGecko data indicates that Bitcoin's price is down by more than 10% this week. Following Tuesday's decline, BTC and the wider market are poised to break their seven-month streak of gains, marking their most significant monthly decline since November 2022, when the crypto exchange FTX collapsed.

資金外流的趨勢與加密貨幣產業大範圍的市場低迷一致。 CoinGecko數據顯示，比特幣價格本週下跌超過10%。繼週二的下跌之後，比特幣和更廣泛的市場有望打破連續七個月的上漲勢頭，這是自 2022 年 11 月加密貨幣交易所 FTX 崩盤以來最大幅度的月度跌幅。

By the end of April, Bitcoin had plummeted by over 16%, while Ethereum saw an 18% decrease in value. Smaller cryptocurrencies faced even higher declines, with popular altcoins like SOL, Dogecoin (DOGE), and Avalanche (AVAX) experiencing drops ranging from 35% to 40% throughout April.

截至 4 月底，比特幣暴跌超過 16%，而以太幣價值下跌 18%。較小的加密貨幣面臨更大的跌幅，SOL、Dogecoin (DOGE) 和 Avalanche (AVAX) 等流行的山寨幣在 4 月的跌幅從 35% 到 40% 不等。

The total market capitalization of the cryptocurrency market has shrunk by nearly 18%, representing its biggest decline since June 2022. At the time of writing, Bitcoin is trading at $57,600, while most altcoins have performed better.

加密貨幣市場總市值縮水近18%，創2022年6月以來最大跌幅。

Analysts' Perspectives

分析師的觀點

Despite the challenges, Bloomberg ETF analyst James Seyffart maintains an optimistic outlook, stating that spot Bitcoin ETFs are "operating smoothly across the board" and emphasizing that inflows and outflows are a natural part of the ETF lifecycle.

儘管面臨挑戰，彭博 ETF 分析師 James Seyffart 仍保持樂觀前景，表示現貨比特幣 ETF“全面運行平穩”，並強調資金流入和流出是 ETF 生命週期的自然組成部分。

"Should add — these ETFs are operating smoothly across the board. Inflows and outflows are part of the norm in the life of an ETF."

“應該補充的是，這些 ETF 全面運營平穩。資金流入和流出是 ETF 生命週期中常態的一部分。”

• James Seyffart (@JSeyff) May 2, 2024

Echoing this sentiment, ETF Store president Nate Geraci emphasized that such fluctuations are common in the ETF market. He drew parallels with the outflows experienced by traditional assets like gold ETFs, pointing out that the metal's prices have surged by 16% year-to-date despite significant outflows. This year, the iShares Gold ETF and SPDR Gold ETFs have witnessed outflows of $1 billion and $3 billion, respectively.

James Seyffart (@JSeyff) 2024 年 5 月 2 日 ETF Store 總裁 Nate Geraci 呼應了這種觀點，強調這種波動在 ETF 市場中很常見。他將黃金 ETF 等傳統資產的資金外流進行了類比，指出儘管出現大量資金外流，但今年迄今為止，黃金價格已飆升 16%。今年，iShares 黃金 ETF 和 SPDR 黃金 ETF 分別流出 10 億美元和 30 億美元。

Conclusion

結論

The recent outflows in U.S. spot Bitcoin ETFs reflect the broader market downturn that has plagued the cryptocurrency sector in recent weeks. However, analysts remain confident in the long-term prospects of spot Bitcoin ETFs, emphasizing their operational stability and the natural fluctuations of inflows and outflows within the ETF lifecycle.

最近美國現貨比特幣 ETF 的資金流出反映了近幾週來困擾加密貨幣行業的更廣泛的市場低迷。然而，分析師對現貨比特幣 ETF 的長期前景仍然充滿信心，強調其營運穩定性以及 ETF 生命週期內流入和流出的自然波動。