加密貨幣外流和聯準會的不確定性雲端比特幣 ETF 和市場容量

加密貨幣投資產品連續第二週淨流出，流出市場達 2.06 億美元。由於對聯準會利率決策的擔憂，資金外流主要出現在主要資產管理公司提供的產品中。全球交易所交易產品的交易量也出現下降，佔比特幣總交易量下降至28%。

Global Crypto Outflows Cast a Shadow Over Bitcoin ETFs and Market Volume

全球加密貨幣資金外流到比特幣 ETF 和市場交易量蒙上陰影

Amidst heightened market volatility and investor uncertainty, the global crypto investment landscape has witnessed a significant outflow of funds. Last week, crypto investment products experienced a net outflow of $206 million, marking the second consecutive week of outflows, according to data from Coinshares.

在市場波動加劇和投資者不確定性的背景下，全球加密貨幣投資格局出現資金大幅外流。 Coinshares 的數據顯示，上週加密投資產品淨流出 2.06 億美元，這是連續第二週流出。

Federal Reserve's Monetary Policy Weighs on Crypto Sentiment

聯準會的貨幣政策打壓加密貨幣情緒

Analysts have attributed the outflows to investor concerns over the potential impacts of the Federal Reserve's policy decisions on interest rates. The expectation that the Fed will maintain elevated interest rates for a prolonged period has dampened appetite for crypto investments.

分析師將資金外流歸因於投資人擔心聯準會政策決定對利率的潛在影響。對聯準會將長期維持高利率的預期抑制了對加密貨幣投資的興趣。

Asset Manager Crypto Products See Notable Declines

資產管理公司加密產品出現顯著下降

Crypto investment products offered by leading asset managers have been particularly affected by the outflows. Ark Invest, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares have all experienced outflows from their crypto products.

領先資產管理公司提供的加密貨幣投資產品尤其受到資金外流的影響。 Ark Invest、Bitwise、Fidelity、Grayscale、ProShares 和 21Shares 都經歷過其加密產品的資金流出。

"The data suggests appetite from ETP/ETF investors continues to wane, likely off the back of expectations that the FED is likely to keep interest rates at these high levels for longer than expected," said James Butterfill, Head of Research at Coinshares.

Coinshares 研究主管 James Butterfill 表示：“數據表明，ETP/ETF 投資者的興趣繼續減弱，這可能是由於人們預期聯準會可能將利率維持在高水平的時間長於預期。”

Exchange-Traded Products Witness Volume Decline

交易所交易產品成交量下降

The outflows have also impacted global exchange-traded products (ETPs), with trading volume declining slightly to $18 billion last week. This figure represents a marked decrease from the 55% of total Bitcoin trading volume observed just a month ago.

資金外流也影響了全球交易所交易產品 (ETP)，上週交易量小幅下降至 180 億美元。這一數字較一個月前觀察到的比特幣總交易量的 55% 顯著下降。

US Spot Bitcoin ETFs Contributed Heavily to Global Outflows

美國現貨比特幣ETF對全球資金外流做出了重大貢獻

Net outflows in US spot Bitcoin ETFs were a significant contributor to the global weekly outflow, reaching $204.3 million. Amidst this trend, BlackRock's IBIT emerged as the sole spot for Bitcoin ETFs to sustain weekly inflows. IBIT garnered $165.4 million in inflows, extending its streak to 69 consecutive days before the Bitcoin Halving.

美國現貨比特幣 ETF 的淨流出是全球每週資金流出的重要貢獻者，達到 2.043 億美元。在這一趨勢中，貝萊德的 IBIT 成為比特幣 ETF 維持每週資金流入的唯一場所。 IBIT 獲得了 1.654 億美元的資金流入，在比特幣減半前連續 69 天流入。

Regional Crypto Fund Flows and Market Trends

區域加密貨幣資金流向和市場趨勢

While the US saw significant outflows, Canada and Switzerland-based funds experienced net inflows of $30 million and $8 million, respectively. Global Bitcoin funds accounted for $192 million of the total net weekly outflows.

雖然美國出現大量資金流出，但加拿大和瑞士的基金分別淨流入 3,000 萬美元和 800 萬美元。全球比特幣基金佔每週淨流出總額的 1.92 億美元。

Minimal Outflows for Short-Bitcoin Products

做空比特幣產品的資金流出極少

Despite the outflows, short-Bitcoin products experienced minimal outflows of $300,000. According to Butterfill, this indicates that few investors viewed the outflows as an opportunity to short Bitcoin.

儘管出現資金流出，但做空比特幣產品的資金流出量僅 30 萬美元。 Butterfill 表示，這顯示很少有投資者將資金外流視為做空比特幣的機會。

Ethereum-Based Funds Continue Outflow Streak

基於以太坊的資金持續流出

Ethereum-based investment vehicles continued their outflow streak for the sixth consecutive week, with $34 million in outflow. Conversely, Litecoin and Chainlink products saw inflows of $3.2 million and $1.7 million, respectively.

基於以太坊的投資工具連續第六週繼續流出，流出金額達 3,400 萬美元。相反，Litecoin 和 Chainlink 產品分別流入 320 萬美元和 170 萬美元。

Blockchain Equities Face Consecutive Week of Outflows

區塊鏈股票面臨連續一週的資金流出

Blockchain equities faced an eleventh consecutive week of outflows totaling $9 million. James Butterfill attributes this to investor concerns over the consequences of the Bitcoin Halving on mining companies.

區塊鏈股票連續第十一周面臨總計 900 萬美元的資金流出。詹姆斯·巴特菲爾（James Butterfill）將此歸因於投資者擔心比特幣減半對礦業公司的影響。

Crypto Market Shows Slight Uptick Despite Outflows

儘管資金外流，加密貨幣市場仍小幅上漲

Amidst these fund flows, the overall crypto market has shown a slight uptick in the past 24 hours. Bitcoin, the largest cryptocurrency by market capitalization, recorded a 1.2% increase, while Ethereum, the second largest, saw nearly 1% growth over the same period.

在這些資金流向中，整個加密貨幣市場在過去 24 小時內出現了小幅上漲。市值最大的加密貨幣比特幣成長了 1.2%，而第二大加密貨幣以太坊同期成長了近 1%。

Bitcoin's Fourth Halving Coincides with Price Action

比特幣第四次減半與價格走勢同時發生

This price action coincided with Bitcoin's fourth halving on April 20, reducing miners' block subsidy rewards from 6.25 BTC to 3.125 BTC. The halving event marks a significant milestone in the Bitcoin ecosystem, potentially impacting the supply and demand dynamics of the cryptocurrency.

此次價格走勢恰逢 4 月 20 日比特幣第四次減半，礦工的區塊補貼獎勵從 6.25 BTC 減少至 3.125 BTC。減半事件標誌著比特幣生態系統的一個重要里程碑，可能會影響加密貨幣的供需動態。

Conclusion

結論

The global crypto investment landscape is facing headwinds as outflows and investor concerns persist. The Federal Reserve's monetary policy, concerns over the halving, and broader market sentiment have all contributed to the current market conditions. While some segments, such as Bitcoin ETFs, have shown resilience, the overall outlook remains uncertain as investors navigate the complex landscape of crypto investments.

由於資金外流和投資者擔憂持續存在，全球加密貨幣投資格局正面臨阻力。聯準會的貨幣政策、對減半的擔憂以及更廣泛的市場情緒都導致了當前的市場狀況。儘管比特幣 ETF 等一些細分市場表現出彈性，但隨著投資者應對加密貨幣投資的複雜格局，整體前景仍然不確定。