數位資產流入激增，但現貨比特幣 ETF 失去動力

上週，加密投資產品的數位資產流入轉正，淨流入 8.62 億美元。在 ETF 需求的推動下，比特幣 (BTC) 引領資金流入，而灰階持續出現大規模資金流出。來自 ETF 的拋售壓力在 BTC 價格上顯而易見，過去 24 小時內下跌了 4,000 美元。加密貨幣市場情緒已轉為看跌，大量看跌期權表明交易者前景悲觀。

Surge in Digital Asset Inflows, but Spot Bitcoin ETFs Lose Appeal

數位資產流入激增，但現貨比特幣 ETF 失去吸引力

The cryptocurrency investment landscape has witnessed a significant shift in the past week, with digital asset inflows turning positive, reaching $862 million. This marked a notable reversal compared to the net outflows of $931 million recorded the previous week.

過去一周，加密貨幣投資格局發生了重大轉變，數位資產流入轉正，達到 8.62 億美元。與上週錄得的 9.31 億美元淨流出相比，這標誌著顯著逆轉。

However, the popularity of spot Bitcoin exchange-traded funds (ETFs) has been on the decline. Daily trading volume of ETFs has plummeted to $5.4 billion, a sharp contrast to the peak of $9.5 billion observed in early March.

然而，現貨比特幣交易所交易基金（ETF）的受歡迎程度一直在下降。 ETF 的每日交易量已驟降至 54 億美元，與 3 月初的 95 億美元高峰形成鮮明對比。

Bitcoin Leads Inflows, Grayscale Outflows Continue

比特幣引領資金流入，灰階資金持續流出

Bitcoin (BTC) emerged as the top performer in digital asset flows, attracting $863 million in inflows. This surge was primarily driven by ETF demand, with spot BTC ETFs recording $1.8 billion in inflows, offsetting the $965 million in outflows experienced by Grayscale.

比特幣 (BTC) 成為數位資產流中表現最好的，吸引了 8.63 億美元的資金流入。這一激增主要是由 ETF 需求推動的，現貨 BTC ETF 錄得 18 億美元的流入，抵消了 Grayscale 經歷的 9.65 億美元的流出。

Grayscale, a prominent digital asset manager, has faced persistent outflows for nearly two months since the inception of trading for 11 spot Bitcoin ETFs in the United States on January 11th.

著名數位資產管理公司Grayscale自1月11日在美國開始交易11只現貨比特幣ETF以來，近兩個月來持續面臨資金流出。

The relentless outflows from the Grayscale Bitcoin Trust (GBTC) have exerted significant downward pressure on the BTC price over the past three weeks.

過去三週，灰階比特幣信託基金（GBTC）的持續資金外流對比特幣價格造成了巨大的下行壓力。

ETF Outflows Weigh on BTC Price

ETF 資金流出打壓 BTC 價格

Market analysts had anticipated that GBTC outflows would gradually decelerate and cease, fueling unprecedented demand for ETFs. However, investor behavior suggests that GBTC outflows are far from abating, as GBTC has dominated ETF flows in recent weeks.

市場分析師先前預計，GBTC 資金外流將逐漸減速並停止，刺激對 ETF 的前所未有的需求。然而，投資者行為顯示 GBTC 資金外流遠未減弱，因為最近幾週 GBTC 主導了 ETF 資金流。

The selling pressure emanating from ETFs has been evident in the BTC price, with the world's leading cryptocurrency losing $4,000 in value over the past 24 hours, hovering just above $66,000. Many experts view this as a routine correction ahead of the Bitcoin halving event scheduled for April 20th.

ETF 帶來的拋售壓力在 BTC 價格中表現得很明顯，全球領先的加密貨幣在過去 24 小時內價值下跌 4,000 美元，徘徊在 66,000 美元上方。許多專家認為這是 4 月 20 日比特幣減半之前的例行調整。

Bearish Sentiment Prevails

看跌情緒盛行

The BTC price correction triggered nearly $500 million in liquidations, while the options market witnessed a surge in put contracts, indicating a bearish sentiment among traders.

BTC價格調整引發近5億美元的清算，而選擇權市場看跌合約激增，顯示交易者的看跌情緒。

Ethereum Outflows Continue

以太坊資金持續外流

Ethereum (ETH), the second-largest cryptocurrency, experienced its fourth consecutive week of outflows, amounting to $19 million during the past week. The altcoin market, however, recorded a net inflow of $18.3 million, with Solana (SOL) leading the charge with $6.1 million in inflows.

第二大加密貨幣以太幣（ETH）連續第四周出現資金外流，過去一週資金流出額達 1,900 萬美元。然而，山寨幣市場錄得 1830 萬美元的淨流入，其中 Solana (SOL) 以 610 萬美元的流入領先。

Regional Outflows

區域資金流出

Regionally, the United States recorded the most significant outflow of $897 million, while Europe and Canada collectively saw $49 million in outflows.

從地區來看，美國的資金外流最為顯著，達 8.97 億美元，而歐洲和加拿大的資金外流總計為 4,900 萬美元。