儘管關稅混亂，貝萊德的比特幣ETF還是表現最好的1％。

儘管特朗普的關稅威脅到了全球市場的混亂和不確定性，但比特幣的價格相對較好。

Nearly 1% of the best-performing investment this year shouldn't be affected by anything, especially not the threat of tariffs, which has brought chaos and uncertainty into global markets.

今年近1％的表現最佳投資不應受到任何影響的影響，尤其是關稅的威脅，這將混亂和不確定性帶入了全球市場。

However, despite the threat of Trump’s tariffs, crypto has been relatively calm. Although it has fallen from its all-time high in January, its price shelf is still well above its performance before the November election.

但是，儘管特朗普的關稅威脅著，但加密貨幣仍然相對平靜。儘管它在一月份的歷史最高水平下降，但其價格架子仍遠遠超過了11月大選之前的表現。

According to one analyst, the ETFs may be providing Bitcoin with this extra stability:

一位分析師認為，ETF可能會為比特幣提供這種額外的穩定性：

Bitcoin ETFs have eked out positive inflows past month and YTD and IBIT is +2.4 billion YTD (Top 1%). Impressivem and in my opinion, helps explain why BTC’s price has been relatively stable: its owners are more stable. ETF investors are much stronger hands than most think. This should increase stability and lower volatility and correlation long term

比特幣ETF散發出了過去一個月的陽性流入，而YTD和IBIT為+24億YTD（最高1％）。印象深刻，我認為，有助於解釋為什麼BTC的價格相對穩定：其所有者更穩定。 ETF投資者比大多數人想像的要強得多。這應該提高穩定性並長期降低波動性和相關性

Since the Bitcoin ETFs first hit the market, they’ve totally transformed the crypto industry, but it’s been difficult to quantify that transformation.

自從比特幣ETF首次上市以來，他們已經完全改變了加密貨幣行業，但是很難量化這種轉型。

However, this impending economic crisis has given analysts a useful chance to collect hard data from a stress test.

但是，這種即將來臨的經濟危機為分析師提供了一個有用的機會，可以從壓力測試中收集硬數據。

As the issuers applied for their ETFs earlier this year, they faced an apparent crisis in BTC supply.

隨著發行人在今年早些時候申請其ETF，他們在BTC供應中面臨明顯的危機。

According to Balchunas, US ETF issuers had a powerful demand for BTC, which has powered some changes. Over the last few months, they’ve been buying tremendous amounts of Bitcoin. Collectively, they surpassed Satoshi’s holdings in December and bought 20x as much BTC as the global mining output in January.

根據Balchunas的說法，美國ETF發行人對BTC的需求強大，這為BTC提供了一些變化。在過去的幾個月中，他們一直在購買大量的比特幣。他們總體上超過了十二月的薩托西的股份，並在1月份購買了20倍的BTC和全球採礦產量。

But who met this apparent crisis in supply? Retail investors.

但是，誰遇到了這一明顯的供應危機呢？散戶投資者。

Bitcoin is now more integrated than ever into traditional finance, presenting a few opportunities. For any number of reasons, these investors have been compelled to dump their tokens.

現在，比特幣比以往任何時候都更加集成到傳統的金融中，並提供了一些機會。由於多種原因，這些投資者被迫拋棄其令牌。

Normally, these actions could spook the markets, but ETF issuers (and Michael Saylor’s Strategy) have been willing to buy as much Bitcoin as possible.

通常，這些行動可能會嚇到市場，但是ETF發行人（以及邁克爾·塞勒（Michael Saylor）的策略）願意購買盡可能多的比特幣。

In other words, these whales have done a lot to hold up confidence in the entire market. Ideally, ETF issuers will have a mostly positive impact on the sector, potentially curing Bitcoin’s infamous chronic volatility.

換句話說，這些鯨魚為保持整個市場的信心做了很多事情。理想情況下，ETF發行人將對該部門產生主要的積極影響，這可能會治愈比特幣臭名昭著的慢性波動。

Unfortunately, this substantial change comes with serious practical drawbacks, even discounting fears of de-centralization. Since the ETFs transformed the market like this, Bitcoin has been more entangled than ever with broader macroeconomic trends.

不幸的是，這種實質性的變化帶來了嚴重的實際缺點，甚至折現了對偏心化的恐懼。由於ETF改變了這樣的市場，因此比特幣與更廣泛的宏觀經濟趨勢更加糾纏。

These trends, however, could force these big whales to sell. Can we afford to tie Bitcoin’s fate to these actors?

但是，這些趨勢可能會迫使這些大鯨出售。我們可以負擔得起比特幣的命運與這些演員的命運嗎？

The ETF issuers have a high confidence in Bitcoin, which has kept its price steady throughout the tariff chaos. If they lose that confidence for any reason, it could cause a powerful demand crisis.

ETF發行人對比特幣具有很高的信心，該比特幣在整個關稅混亂中保持了價格穩定。如果他們出於任何原因失去信心，可能會導致強大的需求危機。

This investment trend has been a tremendous benefit to the crypto industry, but it’s important to keep an eye on the potential risks involved.

這種投資趨勢對加密貨幣行業帶來了巨大的好處，但重要的是要關注涉及的潛在風險。