什麼是加密ETP流出？

Crypto ETP通過傳統金融工具提供數字資產的曝光率。當更多的錢退出這些產品而不是進入這些產品時

Crypto ETPs, or exchange-traded products, are a common way for investors to gain exposure to digital assets via traditional financial instruments. When more money exits these products rather than entering them, it is known as an “outflow” rather than an “inflow” — i.e., more people are selling than buying.

加密ETP或交易所交易產品是投資者通過傳統金融工具獲得數字資產的常見方式。當更多的資金退出這些產品而不是進入它們時，它被稱為“流出”，而不是“流入” - 即，賣出的人多於購買。

These products hold crypto assets, such as Bitcoin or Ethereum, as their underlying commodity. The goal is for them to provide an exchange-traded investment for investors who want exposure to crypto without directly buying the digital assets.

這些產品將加密資產（例如比特幣或以太坊）作為其潛在商品。目的是讓他們為希望在不直接購買數字資產的情況下接觸加密貨幣的投資者提供交易所交易的投資。

Many investors, particularly institutions, prefer this method, as it opens up crypto investing within traditional financial instruments. There is no need to venture into unregulated market areas or take responsibility for the security and safety of crypto assets.

許多投資者，尤其是機構，都喜歡這種方法，因為它在傳統金融工具中打開了加密貨幣投資。無需冒險進入不受監管的市場領域，也無需對加密資產的安全和安全承擔責任。

There are several types of crypto ETPs available, including exchange-traded funds (ETFs), exchange-traded commodities (ETCs) and exchange-traded notes (ETNs). Most famously, Bitcoin ETFs were approved and began trading in January 2024. These crypto ETPs are widely traded and often account for the majority of trading volumes — both inflows and outflows.

有幾種類型的加密ETP可用，包括交易所交易基金（ETF），交易所交易商品（ETC）和交易所交易票據（ETNS）。最著名的是，比特幣ETF獲得了批准並於2024年1月開始交易。這些加密ETP的交易廣泛，通常是交易量的大部分 - 流入和流出。

If you’ve been following the price action of cryptocurrency like Bitcoin (BTC), then you’ll likely have seen stories about crypto ETP outflows.

如果您一直在關注像比特幣（BTC）這樣的加密貨幣的價格動作，那麼您可能會看到有關加密ETP流出的故事。

So, what are crypto ETP outflows?

那麼，什麼是加密ETP流出？

This occurs when money flows out of these investment products, indicating that the market is eager to sell off positions. The reasons for this can vary, including profit-taking, negative market sentiment or risk adjustment.

當錢從這些投資產品中流出時，就會發生這種情況，這表明市場渴望出售頭寸。原因可能會有所不同，包括獲利，負面市場情緒或風險調整。

Crypto ETP investment trends

加密ETP投資趨勢

These crypto fund outflows can be large and drive serious volatility in the markets. For example, in March 2025, global crypto products shed $1.7 billion over the course of a week. This compounded outflow totals $6.4 billion in the trailing five weeks. During this time, 17 consecutive days of outflows were recorded, causing the longest streak since records began in 2015.

這些加密基金流出可能很大，並在市場上推動了嚴重的波動。例如，在2025年3月，全球加密產品在一周的過程中削減了17億美元。在五週後，這種複雜的流出總計為64億美元。在此期間，記錄了連續17天的流出，這是自2015年開始記錄以來最長的連勝紀錄。

As an investor, understanding ETP flow offers insight into institutional investor sentiment. This can often precede the wider market movements in the coming days and weeks. Outflows can signal warning signs of a changing market dynamic. In the case of record-breaking outflows, it could point to a shift in how institutional money is viewing risk within the crypto markets.

作為投資者，了解ETP流程提供了對機構投資者情緒的見解。這通常可以在未來幾天和幾週內更廣泛的市場轉移之前。流出可以表示市場動態不斷變化的警告信號。在破紀錄的流出的情況下，這可能會指出機構資金如何查看加密貨幣市場中的風險的轉變。