經濟逆風導致資金外流激增，加密貨幣市場情緒變化

過去兩週，加密貨幣基金出現淨流出，上週的流出歸因於對美國宏觀經濟的擔憂。雖然包括比特幣和以太坊在內的大多數資產都出現了資金外流，但萊特幣和 Chainlink 等一些資產卻出現了資金流入。儘管存在資金外流，但今年迄今的淨流量仍處於歷史高位，顯示投資者情緒並不完全悲觀。

Crypto Market Sentiment Shifts: Outflows Dominate, Despite Pockets of Resilience

加密貨幣市場情緒轉變：儘管存在一定的彈性，資金外流仍占主導地位

Over the past fortnight, global crypto funds have witnessed a significant outflow of capital, signaling a shift in investor sentiment amidst macroeconomic uncertainties. CoinShares, a leading digital asset fund manager, attributes the recent withdrawals to concerns surrounding the U.S. economy.

過去兩週，全球加密貨幣基金出現資金大幅外流，顯示宏觀經濟不確定性下投資人情緒轉變。領先的數位資產基金管理公司 CoinShares 將最近的撤資歸因於對美國經濟的擔憂。

Macroeconomic Headwinds Weigh on Crypto Funds

宏觀經濟逆風令加密貨幣基金承壓

Last week, crypto funds experienced net outflows of $206 million, with the bulk of redemptions originating from U.S.-based funds. The Federal Reserve's hawkish stance on interest rates, fueled by persistent inflation, has cast a shadow over risk assets, including cryptocurrencies.

上週，加密貨幣基金淨流出 2.06 億美元，其中大部分贖回來自美國基金。在持續通膨的推動下，聯準會對利率的鷹派立場給包括加密貨幣在內的風險資產蒙上了陰影。

Federal Reserve Chair Jerome Powell's recent comments indicating a prolonged period of elevated interest rates have dampened investor enthusiasm for risky investments. Higher interest rates discourage borrowing for speculative purposes, making risk assets less attractive.

聯準會主席鮑威爾最近表示長期升息的言論削弱了投資者對創投的熱情。較高的利率抑制了投機目的的借貸，從而降低了風險資產的吸引力。

Bitcoin and Ethereum Bear the Brunt

比特幣和以太坊首當其衝

Bitcoin, the largest cryptocurrency, faced the most significant outflows, amounting to $192 million. Ethereum, the second-largest coin, also saw substantial redemptions of $34 million, extending a six-week outflow streak. The broader crypto market followed suit, with Solana experiencing minor outflows of $300,000.

最大的加密貨幣比特幣面臨最嚴重的資金外流，金額達 1.92 億美元。第二大代幣以太坊也出現了 3,400 萬美元的大幅贖回，延續了六週的連續流出。更廣泛的加密貨幣市場也緊隨其後，Solana 經歷了 30 萬美元的小額資金流出。

Pockets of Resilience Amidst Outflows

資金外流中的韌性

Despite the overall negative sentiment, some crypto assets managed to buck the trend. Notably, Litecoin and Chainlink recorded inflows of $3.2 million and $1.2 million, respectively.

儘管整體情緒不佳，但有些加密資產還是成功逆勢而上。值得注意的是，Litecoin 和 Chainlink 分別錄得 320 萬美元和 120 萬美元的流入。

Short Bitcoin Funds Signal Mixed Sentiment

做空比特幣基金預示著複雜的情緒

Interestingly, short Bitcoin funds witnessed outflows of $300,000 last week, suggesting that investor sentiment has not entirely flipped bearish. This indicates that some investors may be seeking to hedge against further Bitcoin price declines while still maintaining exposure to the asset.

有趣的是，上週比特幣空頭基金流出了 30 萬美元，顯示投資人情緒並未完全轉為看跌。這表明一些投資者可能會尋求對沖比特幣價格進一步下跌的風險，同時仍保持對該資產的曝險。

Year-to-Date Flows Remain Robust

年初至今的流量依然強勁

While weekly outflows have been a recent concern, year-to-date net flows into crypto funds remain at record levels, hovering around $13 billion. This underscores the long-term interest in cryptocurrencies, despite short-term fluctuations.

儘管每週的資金流出一直是近期的一個擔憂，但今年迄今流入加密貨幣基金的淨流入量仍保持在創紀錄的水平，徘徊在 130 億美元左右。這凸顯了人們對加密貨幣的長期興趣，儘管有短期波動。

Crypto Fund Flows: A Market Sentiment Barometer

加密貨幣資金流向：市場情緒晴雨表

Crypto fund flows serve as a valuable indicator of market sentiment. The recent outflows suggest that investors are adopting a more cautious approach, awaiting clarity on the macroeconomic environment before committing further capital.

加密貨幣資金流向是市場情緒的重要指標。最近的資金外流顯示投資人正在採取更謹慎的態度，等待宏觀經濟環境明朗後再投入更多資金。

In summary, the crypto market is experiencing a shift towards risk aversion, driven by macroeconomic uncertainties. While outflows have dominated recently, pockets of resilience and long-term investor interest remain evident. Investors are closely monitoring the evolving economic landscape and adjusting their strategies accordingly.

總而言之，在宏觀經濟不確定性的推動下，加密貨幣市場正經歷風險規避的轉變。儘管近期資金外流占主導地位，但部分地區的韌性和長期投資者興趣仍然明顯。投資者正在密切關注不斷變化的經濟狀況並相應調整策略。