貝萊德的比特幣 ETF 勢頭因需求減弱和融資利率變化而停滯

由於缺乏資金流入，貝萊德的比特幣ETF (IBIT) 面臨潛在的轉折點，隨著融資利率轉為負值以及芝商所未平倉合約的減少，更廣泛的比特幣市場顯示出需求減弱的跡象。

BlackRock's Bitcoin ETF Momentum Pauses Amidst Waning Demand and Negative Funding Rate

貝萊德的比特幣 ETF 勢頭因需求減弱和負融資利率而暫停

Declining Inflows Signal Potential Turning Point

流入量下降標誌著潛在的轉折點

BlackRock's much-anticipated Bitcoin Exchange-Traded Fund (ETF), under the ticker IBIT, has experienced a notable shift in its trading trajectory. After an unprecedented streak of 71 consecutive days of inflows, IBIT registered zero inflows during the Wednesday trading session, marking the first such occurrence in nearly three months.

貝萊德備受期待的比特幣交易所交易基金（ETF）（股票代號為 IBIT）的交易軌跡經歷了顯著轉變。在史無前例的連續 71 天資金流入之後，IBIT 在周三交易時段錄得零資金流入，這是近三個月來首次出現此類情況。

This abrupt halt in inflows has raised questions about a potential turning point for the fund, which had emerged as a frontrunner in the race among Bitcoin ETFs, securing the lead in terms of inflows and trading volume. While it fell just short of setting a record for consecutive inflow days, IBIT's 71-day streak is considered remarkable by ETF analysts.

資金流入的突然停止引發了對該基金潛在轉折點的質疑，該基金已成為比特幣 ETF 競爭中的領跑者，確保了資金流入和交易量方面的領先地位。雖然 IBIT 距離連續流入天數紀錄還差一點，但 ETF 分析師認為 IBIT 連續 71 天的成長勢頭非常出色。

"IBIT's 71-day inflow streak is near record-setting territory, underscoring the incredible performance it has exhibited since launch," noted Eric Balchunas, an ETF expert at Bloomberg. He highlighted that even the widely traded gold ETF, GLD, experienced only a three-day streak of inflows during its initial launch phase.

彭博社 ETF 專家 Eric Balchunas 表示：“IBIT 連續 71 天的資金流入接近創紀錄的水平，突顯了其自推出以來所表現出的令人難以置信的表現。”他強調，即使是交易廣泛的黃金 ETF GLD，在其最初推出階段也只經歷了三天的資金連續流入。

However, BlackRock's zero inflows on Wednesday were not an isolated event; eight other Bitcoin ETF issuers also reported similar results. Notably, Fidelity, the runner-up in inflows since trading began in January, and Cathy Wood's Ark Invest were the only managers to record inflows during Wednesday's session, with $5.6 million and $4.2 million, respectively.

然而，貝萊德週三的零資金流入並非個案。其他八家比特幣 ETF 發行人也報告了類似的結果。值得注意的是，自1 月份交易開始以來資金流入排名第二的富達(Fidelity) 和凱西·伍德(Cathy Wood) 的Ark Invest 是周三交易期間唯一錄得資金流入的基金管理公司，資金分別為560 萬美元和420 萬美元。

On the other hand, Grayscale, one of the world's largest BTC holders, continued to experience outflows, with a staggering $130 million outflow on Wednesday alone. Farside data reveals that Grayscale's ETF, GBTC, has witnessed outflows totaling $1.2 billion in April alone. These outflows have contributed to a downward pressure on Bitcoin's price, which has declined by 4.2% in the past 24 hours, currently trading at $62,990.

另一方面，全球最大的 BTC 持有者之一 Grayscale 繼續出現資金外流，僅週三就流出了驚人的 1.3 億美元。 Farside 數據顯示，Grayscale 的 ETF GBTC 僅 4 月份的資金流出總額就達到 12 億美元。這些資金流出對比特幣價格造成了下行壓力，過去 24 小時內比特幣價格下跌了 4.2%，目前交易價格為 62,990 美元。

Waning Demand and Negative Funding Rates

需求減弱和負資金利率

Coinciding with the decline in IBIT's inflows, the Bitcoin market has also exhibited signs of waning bullish sentiment, as two key factors that propelled its growth begin to diminish.

在 IBIT 流入量下降的同時，比特幣市場也表現出看漲情緒減弱的跡象，因為推動其成長的兩個關鍵因素開始減弱。

According to Bloomberg, the Bitcoin funding rate, an indicator of 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 shift in funding rates suggests 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（衡量交易者在永續期貨市場開設新多頭頭寸所支付溢價的指標）於4 月19 日自2023 年10 月以來首次轉為負值。種變化表明，比特幣資金費率正在放緩。

Bitcoin funding rates had reached a three-year high in March, signaling an overheated market. However, as of Tuesday, they fell below zero, indicating a decreased appetite among traders to open 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興趣下降。

Julio Moreno, Head of Research at CryptoQuant, explained that such a trend reduces traders' willingness to enter new long positions. Analyst Vetle Lunde from K33 Research noted that the 11-day streak of neutral-to-below-neutral funding rates is unusual, and that past dips in funding rates have typically been 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.

CryptoQuant 研究主管 Julio Moreno 解釋說，這種趨勢降低了交易者建立新多頭部位的意願。 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是不尋常的，過去融資利率下跌之後通常會出現一系列槓桿押注。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。

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

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新高下降了 18%。這種下降反映了美國機構在加密貨幣市場尋求風險敞口和對沖的興趣減弱。

Hong Kong's Spot Bitcoin ETFs: Potential Catalyst

香港現貨比特幣 ETF：潛在催化劑

As the cryptocurrency market searches for 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 experienced by their US counterparts.

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

Industry observers believe that the launch of spot Bitcoin ETFs in Hong Kong may revitalize interest in the cryptocurrency market, potentially leading to renewed inflows into Bitcoin ETFs and broader market momentum. However, they emphasize the need for caution and prudent investment decisions in light of the recent shifts in market dynamics.

產業觀察家認為，在香港推出現貨比特幣 ETF 可能會重振人們對加密貨幣市場的興趣，可能導致新的資金流入比特幣 ETF 和更廣泛的市場動力。然而，他們強調，鑑於近期市場動態的變化，需要謹慎和審慎的投資決策。

Conclusion

結論

The market dynamics surrounding Bitcoin ETFs and the broader cryptocurrency market are evolving rapidly. BlackRock's IBIT ETF has experienced a halt in inflows, while the Bitcoin funding rate has turned negative, indicating a moderation in demand. These developments have raised questions about a potential turning point in the market. However, attention is shifting to the upcoming launch of spot Bitcoin ETFs in Hong Kong, which could potentially serve as a catalyst for renewed interest and momentum.

圍繞比特幣 ETF 和更廣泛的加密貨幣市場的市場動態正在迅速發展。貝萊德 (BlackRock) 的 IBIT ETF 資金流入停止，而比特幣融資利率已轉為負值，顯示需求放緩。這些事態發展引發了人們對市場潛在轉折點的質疑。然而，人們的注意力正在轉向即將在香港推出的現貨比特幣 ETF，這可能會成為新的興趣和動力的催化劑。