隨著利率上升降低了投資者的興趣，加密貨幣資金外流激增

數位資產基金投資連續第二週下降，4 月 15 日至 19 日期間撤資 2.06 億美元。比特幣基金在減半事件前以 1.92 億美元退出市場，引領資金流出，而以太坊投資產品則流出 3,400 萬美元，連續第六週出現負流。

Bitcoin, Ether Outflows Continue as Investors Grapple with Rising Rates

隨著投資者努力應對利率上升，比特幣和以太幣繼續外流

Digital asset investments have faced a second consecutive week of outflows, with $206 million withdrawn between April 15-19, according to data from digital asset investment firm CoinShares. The downtrend has been fueled by growing investor concerns over rising interest rates in the United States, which have made traditional financial instruments more attractive compared to volatile cryptocurrencies.

數位資產投資公司 CoinShares 的數據顯示，數位資產投資已連續第二週面臨資金外流，4 月 15 日至 19 日期間撤資 2.06 億美元。投資者對美國利率上升的擔憂加劇，加劇了這一下降趨勢，這使得傳統金融工具比波動性較大的加密貨幣更具吸引力。

Bitcoin Funds Lead Exodus Ahead of Halving

比特幣基金在減半前引領撤離

Bitcoin (BTC) funds spearheaded the outflows, with $192 million exiting the market in anticipation of the upcoming halving event. The halving, scheduled to occur in May, will reduce the block reward for Bitcoin miners by half, potentially impacting the cryptocurrency's supply and demand dynamics.

比特幣 (BTC) 基金帶頭流出，因預期即將到來的減半事件，有 1.92 億美元退出市場。計劃於 5 月發生的減半將使比特幣礦工的區塊獎勵減少一半，可能會影響加密貨幣的供需動態。

Ether Products Suffer Sixth Consecutive Week of Outflows

以太產品連續第六週流出

Ether (ETH) investment products also experienced outflows of $34 million, marking their sixth consecutive week of negative flow. The persistent outflows suggest that investors are scaling back their exposure to the second-largest cryptocurrency by market capitalization.

以太坊（ETH）投資產品也出現了 3,400 萬美元的資金流出，連續第六週出現負流量。持續的資金外流表明，投資者正在縮減對市值第二大加密貨幣的投資。

Blockchain Equities Hit By 11th Consecutive Week of Outflows

區塊鏈股票連續 11 週出現資金流出

Investment in blockchain equities has also been on a downward trajectory, with the sector recording its 11th consecutive week of outflows, totaling $9 million. The sustained outflows indicate a waning interest in blockchain-based companies, likely due to the broader market downturn.

區塊鏈股票的投資也呈現下降趨勢，該產業已連續 11 週流出，資金總額達 900 萬美元。持續的資金外流顯示人們對區塊鏈公司的興趣減弱，這可能是由於更廣泛的市場低迷所致。

Rising Interest Rates Dampen Digital Asset Enthusiasm

利率上升抑制數位資產熱情

CoinShares analysts attribute the downtrend to investors' apprehensions about rising interest rates in the United States. The Federal Reserve had previously hinted at easing monetary policy in mid-2024, but recent inflation data have dashed those hopes. The annual Consumer Price Index in March increased by 3.5%, exceeding expectations for the third consecutive month, indicating that lower rates may not become a reality until 2025. The federal funds rate currently sits between 5.25% and 5.50%.

CoinShares 分析師將下跌趨勢歸因於投資者對美國利率上升的擔憂。聯準會先前曾暗示將在 2024 年中期放鬆貨幣政策，但最近的通膨數據讓這些希望破滅。 3月份年度消費者物價指數上漲3.5%，連續第三個月超出預期，顯示降息可能要到2025年才能成為現實。

"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," the report said.

報告稱：“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準的時間長於預期。”

Bitcoin Fund Outflows Not Seen as Short Opportunity

比特幣基金流出並不被視為做空機會

Despite the Bitcoin fund outflows, investors are not necessarily betting on a sharp decline in the cryptocurrency's price. Trading volume for Bitcoin exchange-traded funds (ETFs) declined slightly to $18 billion over the week, but the outflows did not trigger a significant short-selling trend.

儘管比特幣基金流出，但投資者並不一定押注加密貨幣價格會大幅下跌。比特幣交易所交易基金（ETF）交易量本周小幅下降至 180 億美元，但資金流出並未引發明顯的賣空趨勢。

"These volumes represent a lower percentage of total Bitcoin volumes (which continue to rise) at 28%, compared to 55% a month ago," the report noted.

報告指出：“這些交易量佔比特幣總交易量（仍在上升）的比例較低，為 28%，而一個月前為 55%。”

BlackRock's Bitcoin Trust Maintains Investor Interest

貝萊德的比特幣信託保持了投資者的興趣

Inflows into Bitcoin ETFs have slowed significantly since their peak in March. However, BlackRock's iShares Bitcoin Trust (IBIT), the largest ETF in terms of assets managed, has maintained a steady level of investor interest this month, drawing $1.4 billion in positive flows as of April 19.

自 3 月達到高峰以來，比特幣 ETF 的資金流入已顯著放緩。然而，貝萊德旗下管理資產規模最大的 ETF iShares Bitcoin Trust (IBIT) 本月仍保持穩定的投資者興趣水平，截至 4 月 19 日吸引了 14 億美元的正資金流。

The ongoing outflows in digital asset funds underscore the challenges facing the industry as investors navigate a macroeconomic environment characterized by rising interest rates and inflationary pressures. While some investors may be stepping away from volatile cryptocurrencies, others remain cautiously optimistic about the long-term potential of the asset class.

隨著投資者應對以利率上升和通膨壓力為特徵的宏觀經濟環境，數位資產基金的持續資金外流凸顯了該行業面臨的挑戰。儘管一些投資者可能會遠離波動較大的加密貨幣，但其他投資者仍對該資產類別的長期潛力持謹慎樂觀態度。