貝萊德比特幣 ETF 臭名昭著的資金流入突然停止，標誌著市場轉變

貝萊德的比特幣 ETF (IBIT) 週三出現了重大轉變，資金流入為零，標誌著其 71 天連續上漲的暫停，儘管它是比特幣 ETF 競賽中的領跑者。這一事件，加上負資金利率和比特幣期貨未平倉合約的下降，顯示潛在的轉折點和比特幣需求的放緩。然而，富達和約櫃投資在同一交易日錄得資金流入。灰度的持續流出也導致了比特幣近期價格的下跌。

BlackRock's Bitcoin ETF Inflows Experience Abrupt Halt: A Pivotal Moment for the Crypto Market

貝萊德比特幣 ETF 資金流入突然停滯：加密貨幣市場的關鍵時刻

In a significant development for the burgeoning Bitcoin (BTC) exchange-traded fund (ETF) landscape, BlackRock's eagerly anticipated Bitcoin ETF, ticker symbol IBIT, has encountered a sudden and noteworthy shift in its trading dynamics. After an impressive streak of 71 consecutive trading days marked by consistent inflows, IBIT recorded a stark zero inflow during Wednesday's trading session, marking the first such occurrence in nearly three months.

在蓬勃發展的比特幣 (BTC) 交易所交易基金 (ETF) 領域的重大發展中，貝萊德備受期待的比特幣 ETF（股票代碼 IBIT）的交易動態遭遇了突然且值得注意的轉變。在連續 71 個交易日持續資金流入令人印象深刻之後，IBIT 在周三交易時段錄得資金流入完全為零，這是近三個月來首次出現此類情況。

This abrupt cessation of inflows for IBIT has ignited speculation and raised questions about a potential turning point for the fund. Despite falling just shy of setting a record for consecutive inflow days, IBIT had emerged as a frontrunner in the competitive race among Bitcoin ETFs, consistently securing the top spot in terms of inflows and trading volume.

IBIT 資金流入的突然停止引發了猜測，並引發了對該基金潛在轉折點的質疑。儘管距離創連續流入天數紀錄還差一點，但 IBIT 在比特幣 ETF 的競爭中成為了領跑者，在流入量和交易量方面始終穩居榜首。

Eric Balchunas, an esteemed ETF expert at Bloomberg, has underscored the significance of IBIT's 71-day inflow streak, emphasizing its proximity to a record and highlighting its formidable performance since its inception. Balchunas draws a compelling comparison to the popular gold ETF, GLD, which experienced a notable three-day streak of inflows during its initial launch phase.

彭博社備受尊敬的 ETF 專家 Eric Balchunas 強調了 IBIT 連續 71 天資金流入的重要性，強調其接近創紀錄水平，並強調了其自成立以來的強勁表現。 Balchunas 與廣受歡迎的黃金 ETF GLD 進行了令人信服的比較，GLD 在其最初推出階段經歷了連續三天的顯著資金流入。

However, it is crucial to note that BlackRock's absence of inflows on Wednesday was not an isolated occurrence. A total of eight other Bitcoin ETF issuers also reported zero inflows, suggesting a broader market trend rather than an idiosyncratic development for IBIT. Notably, Fidelity, a formidable contender in the ETF race and the runner-up in inflows since trading commenced in January, and Cathy Wood's Ark Invest stood out as the sole managers to record inflows during Wednesday's session, with $5.6 million and $4.2 million, respectively.

然而，值得注意的是，貝萊德週三沒有資金流入並不是一個孤立的事件。其他八家比特幣 ETF 發行人也報告稱資金流入為零，這表明 IBIT 存在更廣泛的市場趨勢，而不是特殊的發展。值得注意的是，富達(Fidelity) 是ETF 競賽中的有力競爭者，也是自1 月份交易開始以來資金流入量排名第二的公司，而凱西·伍德(Cathy Wood) 的Ark Invest 則脫穎而出，成為週三交易日唯一錄得資金流入記錄的基金管理公司，資金流入分別為560 萬美元和420 萬美元。

In contrast, Grayscale, one of the world's largest BTC holders, continued to experience significant outflows, with a staggering $130 million outflows on Wednesday alone. According to Farside data, Grayscale's ETF GBTC has witnessed outflows totaling $1.2 billion in April alone. These substantial outflows have exerted downward pressure on Bitcoin's price, which has depreciated by 4.2% in the past 24 hours and is currently trading at $62,990.

相比之下，全球最大的 BTC 持有者之一 Grayscale 繼續出現大幅資金外流，僅週三就流出了 1.3 億美元，令人震驚。 Farside 數據顯示，光是 4 月份，Grayscale 的 ETF GBTC 資金流出總額就達 12 億美元。這些大量資金流出對比特幣的價格造成了下行壓力，過去 24 小時內貶值了 4.2%，目前交易價格為 62,990 美元。

Beyond the dynamics surrounding inflows and outflows, the Bitcoin market is also navigating other notable developments. Bullish traders have exhibited signs of reducing their positions in the world's largest cryptocurrency as two significant factors that fueled its recent growth begin to wane.

除了資金流入和流出的動態之外，比特幣市場還正在經歷其他顯著的發展。看漲交易者已經表現出減少其在全球最大加密貨幣中頭寸的跡象，因為推動其近期成長的兩個重要因素開始減弱。

According to Bloomberg, the Bitcoin funding rate, which represents the premium paid by traders to open new long positions in the perpetual futures market, turned negative on April 19 for the first time since October 2023. This shifting funding rate indicates a moderation in demand for Bitcoin following the launch of several US spot Bitcoin ETFs on March 15, when the token reached record highs of $73,700.

根據彭博社報道，比特幣資金費率（代表交易者在永續期貨市場開設新多頭部位所支付的溢價）自2023 年10 月以來首次於4 月19 日轉為負數。顯示比特幣需求放緩。

Bitcoin funding rates reached a three-year high in March, signaling an overheated market. However, as of Tuesday, they fell below zero, suggesting a decreased desire among traders to open long positions. Julio Moreno, the Head of Research at CryptoQuant, has asserted that this trend reduces traders' willingness to enter new long positions.

3 月份，比特幣融資利率達到三年高點，顯示市場過熱。然而，截至週二，它們跌破零，顯示交易者開立多頭部位的意願下降。 CryptoQuant 研究主管 Julio Moreno 斷言，這種趨勢降低了交易者建立新多頭部位的意願。

Analyst Vetle Lunde from K33 Research has pointed out that the 11-day streak of neutral-to-below-neutral funding rates is highly unusual. Historically, past dips in funding rates have been swiftly followed by a flurry of leveraged bets. Lunde suggests that the extended duration of the current perpetual discount may indicate further price consolidation in the market.

K33 Research 分析師 Vetle Lunde 指出，融資利率連續 11 天處於中性至中性以下的水平非常不尋常。從歷史上看，過去融資利率的下跌很快就會引發一系列槓桿押注。倫德表示，目前永久折扣持續時間的延長可能表示市場價格進一步盤整。

Furthermore, open interest in the Chicago-based CME Group's Bitcoin futures market has declined by 18% from its record high. This decrease reflects a waning interest among US institutions in cryptocurrency-related exposure and hedging.

此外，總部位於芝加哥的芝商所比特幣期貨市場的未平倉合約已較歷史高點下降了 18%。這一下降反映出美國機構對加密貨幣相關風險敞口和對沖的興趣減弱。

As the cryptocurrency market seeks fresh catalysts, attention is now turning to Hong Kong, where a new set of spot Bitcoin ETFs is poised to debut. The market is keenly observing whether these ETFs can generate even a fraction of the demand their US counterparts enjoy.

隨著加密貨幣市場尋求新的催化劑，人們的注意力現在轉向香港，一組新的現貨比特幣 ETF 即將在香港首次亮相。市場正在密切關注這些 ETF 能否產生哪怕是美國同類 ETF 的一小部分需求。

The daily chart reveals that BTC's price has been trending downward over the past 24 hours. This price depreciation coincides with the aforementioned developments in the Bitcoin market, including the cessation of inflows for IBIT, the negative funding rate, and the decline in open interest in CME Group's Bitcoin futures market.

日線圖顯示，BTC 的價格在過去 24 小時內一直呈現下跌趨勢。此次價格下跌與比特幣市場的上述發展相吻合，包括 IBIT 資金流入停止、負資金利率以及 CME 集團比特幣期貨市場未平倉合約下降。

In conclusion, the sudden halt in inflows for BlackRock's Bitcoin ETF, combined with the broader market trends and technical indicators, suggests a potential turning point for the cryptocurrency market. While it remains to be seen whether this shift represents a short-term correction or a more sustained trend reversal, market participants are closely monitoring these developments and adjusting their strategies accordingly.

總之，貝萊德比特幣 ETF 資金流入突然停止，加上更廣泛的市場趨勢和技術指標，顯示加密貨幣市場可能出現轉折點。儘管這種轉變是否代表短期調整還是更持續的趨勢逆轉還有待觀察，但市場參與者正在密切關注這些事態發展並相應調整其策略。