隨著比特幣融資利率、ETF 需求暴跌，加密貨幣市場跳水

在加密市場尋找新動力的過程中，加密世界的目光轉向了香港，該地區正準備推出自己的現貨比特幣 ETF。這些 ETF 是否能夠滿足美國同業的一小部分需求，還有待觀察。

Crypto Market Turns Bearish as Bitcoin Funding Rates Hit Three-Year Low

比特幣融資利率觸及三年低點，加密貨幣市場轉為看跌

Hong Kong's Spot-Bitcoin ETFs Set to Debut Amidst Market Turmoil

香港現貨比特幣 ETF 將在市場動盪中首次亮相

Bitcoin Traders Lose Enthusiasm, Casting Doubt on ETF Demand

比特幣交易者失去熱情，對 ETF 需求產生懷疑

The crypto market, once abuzz with bullish sentiment, has hit a roadblock as Bitcoin funding rates plunge to their lowest level in three years, indicating a cooling of demand for the world's largest cryptocurrency.

隨著比特幣融資利率跌至三年來的最低水平，一度充滿看漲情緒的加密貨幣市場遇到了障礙，這表明對全球最大加密貨幣的需求正在降溫。

According to data from CryptoQuant, the Bitcoin funding rate, which is the premium paid by traders to open new long positions in the token's perpetual futures market, turned negative on April 19 for the first time since October 2023. This metric underscores a sharp decline in demand for Bitcoin after a period of frenzied buying fueled by a surge in spot-Bitcoin ETFs in the United States.

根據CryptoQuant 的數據，比特幣資金費率（即交易者在該代幣永續期貨市場開設新多頭部位所支付的溢價）於4 月19 日自2023 年10 月以來首次變為負值。突顯了比特幣資金費率的急劇下降。

"It certainly means that the desire for traders to open long positions has eased," said Julio Moreno, Head of Research at CryptoQuant.

CryptoQuant 研究主管 Julio Moreno 表示：“這當然意味著交易者開立多頭頭寸的願望有所減弱。”

The negative funding rates coincide with a decline in daily inflows into US spot-Bitcoin ETFs. This month, these products have seen a net inflow of only $170 million, significantly lower than the $4 billion they attracted during the same period in March, according to Bloomberg data.

負資金利率與美國現貨比特幣 ETF 每日流入量下降同時發生。根據彭博社數據，本月這些產品的淨流入僅 1.7 億美元，遠低於 3 月同期的 40 億美元。

Open interest at CME Group's Bitcoin futures market, a measure of institutional interest in crypto exposure and hedging, has also dropped by 18%, further signaling a waning appetite for Bitcoin among US institutions.

芝商所比特幣期貨市場的未平倉合約（衡量機構對加密貨幣曝險和對沖的興趣的指標）也下降了 18%，進一步顯示美國機構對比特幣的興趣減弱。

The downturn in the crypto market has raised questions about the upcoming debut of spot-Bitcoin ETFs in Hong Kong. While these products have gained enormous popularity in the US, it remains to be seen whether they will resonate with investors in the same way.

加密貨幣市場的低迷引發了人們對即將在香港推出現貨比特幣 ETF 的質疑。儘管這些產品在美國廣受歡迎，但它們是否會以同樣的方式引起投資者的共鳴還有待觀察。

"The real question is whether the Hong Kong ETFs can attract even a fraction of the demand that the US issuers have enjoyed," said Vetle Lunde, an analyst at K33 Research. "The current market conditions, with negative funding rates and declining inflows into US spot-Bitcoin ETFs, do not bode well for the success of these new products."

K33 Research 分析師 Vetle Lunde 表示：“真正的問題是，香港 ETF 能否吸引到美國發行人所享有的需求的一小部分。” “目前的市場狀況，融資利率為負，美國現貨比特幣 ETF 的資金流入不斷減少，這對於這些新產品的成功來說並不是好兆頭。”

As the crypto market navigates these choppy waters, analysts are urging caution. A prolonged period of negative funding rates, coupled with declining institutional interest, could indicate further consolidation or even a downturn in Bitcoin's price.

隨著加密貨幣市場在波濤洶湧的水域中航行，分析師敦促謹慎行事。長期的負資金利率，加上機構興趣下降，可能表示比特幣價格進一步整合甚至下跌。

"The lengthening nature of this perp discount could point toward further price consolidation," added Lunde. "Investors should proceed with caution as the market attempts to find its footing."

倫德補充道：“永久折扣的延長可能會導致價格進一步整合。” “隨著市場試圖站穩腳跟，投資者應謹慎行事。”

The current market conditions serve as a reminder that the crypto market is a dynamic and volatile environment, where sentiment can change rapidly. Investors are advised to stay vigilant, conduct thorough research, and manage their risk exposure accordingly.

當前的市場狀況提醒人們，加密貨幣市場是一個動態且不穩定的環境，情緒可能會迅速改變。建議投資人保持警惕，深入研究，合理管理風險敞口。