加密資產投資產品上週面臨另一個星期的流出

這種轉變強調了投資者之間的謹慎情緒，特別是鑑於宏觀經濟因素。

Crypto asset investment products faced another week of outflows, continuing the trend from the previous week with investors pulling back from markets. The latest weekly report by CoinShares, released on Monday, revealed outflows totaling $584 million.

Crypto Asset Investment Products面臨另一個星期的流出，繼續前一周的趨勢，投資者從市場上退縮。週一發布的Coinshares的最新每週報告顯示，外流總計為5.84億美元。

This marks the second consecutive week of outflows and follows a three-week streak of inflows that began in March. Together, the two weeks of outflows push the two-week total to roughly $1.2 billion.

這是連續第二週的流出，並遵循三月份開始的三周流入。兩週的流出共同將兩週的總數推向了約12億美元。

The trend highlights a cautious sentiment among investors, particularly in response to macroeconomic factors. CoinShares’ Head of Research, James Butterfill, linked the trend to ongoing uncertainty about interest rate policy in the US.

這種趨勢凸顯了投資者之間的謹慎情緒，特別是在回應宏觀經濟因素方面。 Coinshares的研究負責人詹姆斯·巴特菲爾（James Butterfill）將趨勢與美國利率政策的持續不確定性聯繫起來。

"We believe this is in reaction to the pessimism amongst investors for the prospect of interest rate cuts by the FED this year," Butterfill stated.

Butterfill說：“我們認為，這是對投資者對今年美聯儲降低利率的前景的悲觀情緒的反應。”

The report also noted a significant drop in market participation, with exchange-traded products (ETPs) globally recording just $6.9 billion in traded volume for the week—the lowest since U.S. spot Bitcoin ETFs launched in January.

該報告還指出，市場參與的大幅度下降，全球交易所交易產品（ETP）的本週交易量僅為69億美元，這是自1月份推出的美國比特幣ETF以來最低的。

The decrease in ETP trading volume could also be linked to the lack of progress in the U.S. Bitcoin ETF application space this year.

ETP交易量的減少也可能與今年美國比特幣ETF應用程序空間缺乏進展有關。

Bitcoin Leads Outflows While Altcoins Show Pockets of Strength

比特幣引線流出，而山寨幣則顯示出力量的口袋

The United States saw the highest fund exits with $475 million in outflows, followed by Canada with $109 million. Germany and Hong Kong also registered $24 million and $19 million in respective outflows.

美國看到了最高的資金出口，其外流為4.75億美元，其次是加拿大1.09億加元。德國和香港還獲得了2400萬美元和1900萬美元的外流。

In contrast, Switzerland and Brazil stood out as exceptions, recording inflows of $39 million and $48.5 million.

相比之下，瑞士和巴西是例外，記錄了3,900萬美元和4,850萬美元的流入。

Bitcoin remained at the center of the movement, accounting for $630 million in weekly outflows. However, sentiment did not shift heavily toward bearish bets, as short Bitcoin products also saw minor outflows totaling $1.2 million, suggesting a lack of conviction in downside positioning.

比特幣仍留在運動的中心，每週出流量為6.3億美元。但是，情緒並沒有大大轉向看跌賭注，因為短幣產品還看到了總計120萬美元的小額流出，這表明缺乏下跌定位的信念。

Ethereum also experienced $58 million in outflows, reflecting broader risk aversion. However, several altcoins bucked the trend, with Solana, Litecoin, and Polygon witnessing modest inflows of $2.7 million, $1.3 million, and $1 million respectively.

以太坊還經歷了5800萬美元的流出，反映了更廣泛的風險規避。但是，幾個山寨幣使這一趨勢震驚，索拉納（Solana），萊特幣（Litecoin）和多邊形（Polygon）目睹了270萬美元，130萬美元和100萬美元的適度流入。

These movements indicate that some investors may be seeking exposure to alternative assets amid price corrections. Multi-asset products stood out as a contrasting trend, attracting $98 million in inflows.

這些運動表明，由於價格糾正，一些投資者可能正在尋求替代資產的風險。多資產品產品是一種對比趨勢，吸引了9800萬美元的流入。

This may suggest that investors are diversifying their portfolios or taking advantage of recent altcoin weaknesses to allocate across multiple assets.

這可能表明投資者正在多元化其投資組合或利用最近的Altcoin弱點來分配多個資產。

Investor Behavior Shaped by Macro Sentiment

宏觀情緒塑造的投資者行為

CoinShares’ data reflects a market environment still heavily influenced by macroeconomic outlooks and central bank policy expectations. With investor anticipation for interest rate cuts declining, digital asset fund flows have turned negative.

Coinshares的數據反映了市場環境，仍然受到宏觀經濟前景和中央銀行政策期望的影響。隨著投資者對降低利率下降的期望，數字資產基金流量已變成負面。

This shift follows five months of consistent inflows earlier in the year, signaling a change in market behavior.

這一轉變是在今年早些時候五個月的一致流入之後，這表明市場行為發生了變化。

Notably, the decrease in ETP trading volume could also reflect a broader lull in investor engagement as markets wait for further direction.

值得注意的是，隨著市場等待進一步的方向，ETP交易量的減少也可能反映出投資者參與度更大。

While Bitcoin and Ethereum were the primary drivers of the recent outflows, the inflows into certain altcoins and multi-asset products point to nuanced sentiment rather than broad-based risk-off behavior.

儘管比特幣和以太坊是最近流出的主要驅動因素，但流入某些山寨幣和多資產品產品的流入指向細微的情感，而不是基於廣泛的風險行為。