加密貨幣情緒轉變：資金流出連續第二週佔據主導地位，蜜月期令人懷疑

儘管今年稍早資金流入創歷史新高，但資金流出已連續第二週佔據主導地位，總計達 2.06 億美元，這表明投資者的擔憂日益加劇，尤其是在美國。這種情緒的轉變歸因於利率預期，聯準會的鷹派立場削弱了人們對加密資產的熱情。

Crypto Market Sentiment Shifts: Outflows Dominate for Second Week, Casting Doubt on Honeymoon Period

加密貨幣市場情緒轉變：資金流出連續第二週佔據主導地位，蜜月期受到質疑

The honeymoon period for crypto asset investment products appears to have reached its end, as a recent report from CoinShares reveals a significant shift in investor sentiment. For the second consecutive week, outflows have dominated, marking a total of $206 million exiting the market. This growing concern among investors, particularly in the United States, suggests a waning enthusiasm for digital assets.

加密資產投資產品的蜜月期似乎已經結束，CoinShares 最近的一份報告顯示投資者情緒發生了重大轉變。連續第二週資金外流占主導地位，退出市場的資金總額為 2.06 億美元。投資者（尤其是美國投資者）日益擔憂，顯示人們對數位資產的熱情正在減弱。

Interest Rate Expectations Dampen Crypto Enthusiasm

利率預期抑制了加密貨幣熱情

The report highlights interest rate expectations as a key factor driving this change. The Federal Reserve's (FED) hawkish stance, indicating prolonged high interest rates, has dampened enthusiasm for crypto assets. This sentiment is reflected in the decline in transaction volumes for Exchange Traded Products (ETPs), falling to $18 billion. Notably, the share of ETP volumes in total Bitcoin volumes has plummeted from 55% a month ago to just 28%, suggesting that ETP/ETF investors, who fueled initial volatility, are becoming increasingly cautious.

該報告強調利率預期是推動這項變化的關鍵因素。聯準會（FED）的鷹派立場表明利率將長期處於高位，這削弱了人們對加密資產的熱情。這種情緒反映在交易所交易產品 (ETP) 交易量下降至 180 億美元。值得注意的是，ETP 交易量佔比特幣總交易量的比例已從一個月前的 55% 驟降至 28%，這表明最初加劇波動性的 ETP/ETF 投資者變得越來越謹慎。

US ETFs Bear Brunt of Outflows

美國ETF首當其衝受到資金外流

The negative sentiment was concentrated geographically, with US ETFs taking the biggest hit. These well-established ETFs witnessed outflows of $244 million, while newly launched ETFs continue to see inflows, albeit at a slower pace. This indicates a potential shift towards these new options, but an overall wait-and-see approach seems to prevail.

負面情緒集中在地域上，其中美國 ETF 受到的打擊最大。這些成熟的 ETF 出現了 2.44 億美元的資金流出，而新推出的 ETF 則繼續出現資金流入，儘管速度較慢。這表明可能會轉向這些新選擇，但總體觀望態度似乎占主導地位。

Bitcoin and Ethereum Lead Outflows

比特幣和以太坊引領資金外流

Bitcoin, the dominant cryptocurrency, experienced the largest portion of outflows at $192 million. However, it is noteworthy that short Bitcoin positions did not receive significant interest, suggesting that investors hesitate to bet entirely against Bitcoin despite the current pullback. Ethereum, on the other hand, continues its losing streak, with outflows totaling $34 million for its sixth consecutive week.

占主導地位的加密貨幣比特幣的資金流出量最大，達 1.92 億美元。然而，值得注意的是，比特幣空頭部位並沒有引起太多興趣，這表明儘管目前出現回調，投資者仍猶豫是否完全做空比特幣。另一方面，以太坊持續連續下跌，資金流出總額連續第六週達到 3,400 萬美元。

Bright Spots Emerge Amidst Selloff

拋售中出現亮點

Despite the overall negative sentiment, there were a few bright spots. Multi-asset investment products renewed confidence with an inflow of $9 million, while Litecoin, Chainlink, BNB, XRP, ADA coin, and DOT also saw inflows. This suggests that some investors remain optimistic about the long-term prospects of these specific assets.

儘管整體情緒消極，但也有一些亮點。多資產投資產品重拾信心，流入 900 萬美元，萊特幣、Chainlink、BNB、XRP、ADA 幣和 DOT 也出現流入。這顯示一些投資者對這些特定資產的長期前景仍持樂觀態度。

Blockchain Stocks Continue to Face Outflows

區塊鏈股票繼續面臨資金流出

The report also highlights another area of concern: blockchain stocks. For the eleventh consecutive week, these stocks faced outflows totaling $9 million. This ongoing trend reflects investor concerns about the upcoming Bitcoin halving, which is expected to significantly reduce miner rewards.

該報告還強調了另一個值得關注的領域：區塊鏈股票。這些股票連續第十一周面臨總計 900 萬美元的資金流出。這種持續的趨勢反映了投資者對即將到來的比特幣減半的擔憂，預計這將大幅減少礦工的獎勵。

Conclusion

結論

The CoinShares report paints a picture of a maturing crypto market, where investors are becoming more cautious in the face of macroeconomic uncertainties. While interest rate expectations continue to weigh on sentiment, some altcoins and multi-asset products are providing bright spots amidst the selloff. As the market continues to evolve, it remains to be seen how the ongoing shift in investor sentiment will impact the long-term trajectory of crypto assets.

CoinShares 報告描繪了一個成熟的加密貨幣市場的景象，投資者面對宏觀經濟的不確定性變得更加謹慎。儘管利率預期繼續打壓市場情緒，但一些山寨幣和多資產產品在拋售中提供了亮點。隨著市場的不斷發展，投資者情緒的持續轉變將如何影響加密資產的長期軌跡仍有待觀察。