經濟疑慮下數位資產基金大量外流

在全球經濟不確定性和比特幣屢創新高的情況下，投資者正在從數位資產投資產品中撤出資金。光是過去一周，現貨比特幣 ETF 就出現了 3.28 億美元的資金流出，而 Grayscale 的比特幣信託基金則出現了 4.54 億美元的資金流出。這標誌著比特幣、以太坊和 Solana 的資金連續三週流出，總計 1.02 億美元。聯準會的利率敘事現在被視為對價格走勢的關鍵影響，超越了最初圍繞現貨比特幣 ETF 的興奮。

Outflows Surge from Digital Asset Investment Products Amid Economic Uncertainty

經濟不確定性下數位資產投資產品資金外流激增

A steady decline in the value of Bitcoin and skepticism surrounding the Federal Reserve's monetary policy have triggered a significant outflow of capital from digital asset investment products. According to the latest data from CoinShares, these investments have witnessed three consecutive weeks of outflows, with a loss of $435 million in the past seven days alone. The month-to-date outflows for Bitcoin, Ethereum, and Solana have reached $102 million.

比特幣價值的穩定下跌以及對聯準會貨幣政策的懷疑引發了數位資產投資產品的資金大量外流。根據CoinShares的最新數據，這些投資已連續三週流出，光是過去7天就損失了4.35億美元。本月迄今為止，比特幣、以太坊和 Solana 的資金流出已達 1.02 億美元。

"We've observed a slowdown in inflows from new ETF issuers in the United States," said James Butterfill, Head of Research at CoinShares. "They're still experiencing inflows, but at a reduced rate."

CoinShares 研究主管 James Butterfill 表示：“我們觀察到美國新 ETF 發行人的資金流入放緩。” “他們仍在經歷資金流入，但速度有所下降。”

Grayscale's Bitcoin Trust, a prominent digital asset investment vehicle, has faced consistent outflows. Butterfill noted that the constant trickle of withdrawals from this $19 billion fund has overshadowed the modest inflows seen by other funds that have debuted on Wall Street this year.

灰階的比特幣信託是一種著名的數位資產投資工具，但一直面臨資金外流。 Butterfill 指出，這檔 190 億美元基金的持續資金撤資掩蓋了今年在華爾街推出的其他基金的溫和資金流入。

Spot Bitcoin ETFs, which track the real-time price of Bitcoin, experienced net outflows of $328 million last week, according to Farside Investors. Meanwhile, Grayscale's Bitcoin Trust alone withdrew $454 million, significantly outweighing any allocations to the sector as a whole.

據 Farside Investors 稱，追蹤比特幣即時價格的現貨比特幣 ETF 上週淨流出 3.28 億美元。與此同時，僅 Grayscale 的比特幣信託基金就撤回了 4.54 億美元，遠遠超過了對該行業整體的分配。

Bitcoin's price has declined by 12% in the past month to $63,000, following its previous all-time high in March. The drop in value has coincided with heightened interest in the Federal Reserve's policy meeting this week, where market participants will scrutinize statements for signs of monetary policy tightening.

繼 3 月創下歷史新高後，比特幣價格在過去一個月下跌了 12% 至 63,000 美元。價值下跌之際，聯準會本週的政策會議興趣濃厚，市場參與者將仔細檢視聲明中貨幣政策收緊的跡象。

"For the first part of this year, the focus was primarily on ETFs," Butterfill said. "I believe the narrative surrounding interest rates is increasingly influencing prices."

「今年上半年，焦點主要集中在 ETF 上，」巴特菲爾說。 “我相信圍繞利率的敘述對價格的影響越來越大。”

The Fed is anticipated to maintain interest rates at their current level during this week's policy meeting; however, market participants will closely monitor any dovish or hawkish signals. Risk assets, which typically benefit from low borrowing costs, have suffered as expectations of future interest rate cuts have been pushed back.

預計聯準會將在本週的政策會議上將利率維持在當前水準；然而，市場參與者將密切注意任何鴿派或鷹派訊號。由於未來降息的預期被推遲，通常受益於低借貸成本的風險資產受到了影響。

BlackRock's spot Bitcoin ETF, which had experienced a 71-day streak of inflows, also saw its momentum disrupted last week as Bitcoin's price declined. After accumulating $17.5 billion worth of Bitcoin since its approval in January, BlackRock's ETF experienced three straight days of neither inflows nor outflows.

貝萊德的現貨比特幣 ETF 經歷了連續 71 天的資金流入，上週也因比特幣價格下跌而中斷了其勢頭。自 1 月獲得批准以來，貝萊德的 ETF 累積了價值 175 億美元的比特幣，之後連續三天既沒有流入也沒有流出。

Despite the recent slowdown in momentum for spot Bitcoin ETFs, Butterfill emphasized that it is "not necessarily concerning," given that digital asset investment products have had their best year on record, attracting $13 billion in inflows so far.

儘管最近現貨比特幣ETF 的勢頭有所放緩，但Butterfill 強調，這“不一定令人擔憂”，因為數位資產投資產品迎來了有史以來最好的一年，迄今為止吸引了130 億美元的資金流入。

Analysts from Bernstein anticipate a resurgence in inflows as the year progresses, suggesting that market participants in the U.S. have not fully adopted spot Bitcoin ETFs. In a note to clients, Gautam Chhugani and Mahika Sapra wrote that the slowing inflows indicate a "short-term pause before ETFs become more integrated with private bank platforms, wealth advisors, and even more brokerage platforms."

伯恩斯坦的分析師預計，隨著時間的推移，資金流入將會復甦，這表明美國市場參與者尚未完全採用現貨比特幣 ETF。 Gautam Chhugani 和 Mahika Sapra 在給客戶的一份報告中寫道，資金流入放緩表明“ETF 與私人銀行平台、財富顧問甚至更多經紀平台更加一體化之前會出現短暫的停頓。”

The Federal Reserve's monetary policy stance, along with the overall economic climate, will continue to shape the trajectory of digital asset investments. Investors are advised to closely monitor market developments and weigh the risks and potential returns carefully before making any financial decisions.

聯準會的貨幣政策立場以及整體經濟環境將持續影響數位資產投資的軌跡。建議投資者在做出任何財務決策之前密切關注市場發展並仔細權衡風險和潛在回報。