市場不確定性下數位資產投資產品持謹慎態度

數位資產投資產品投資者表現出謹慎態度，導致過去一周小幅流出 1.26 億美元。比特幣經歷了 1.1 億美元的資金外流，而以太坊則面臨 2,900 萬美元的巨額資金外流。儘管整體情緒謹慎，但加密產品的流入總額達到 6.46 億美元，超過了前一年的總額。香港現貨加密 ETF 的批准可能會吸引中國大陸投資者的大量投資。然而，即將到來的減半事件後礦工可能出現比特幣外流的猜測可能會影響市場趨勢。

Digital Asset Investment Products Witness Cautious Sentiment Amidst Market Uncertainty

市場不確定性下數位資產投資產品情緒謹慎

The past week has witnessed a surge in trading volumes within the digital asset market, rising from $17 billion to $21 billion. However, this increase has been accompanied by a cautious sentiment among investors, leading to minor outflows of $126 million from digital asset investment products. This hesitancy stems from a lack of sustained positive price momentum, prompting investors to adopt a wait-and-see approach.

過去一周，數位資產市場的交易量激增，從 170 億美元增加到 210 億美元。然而，這一成長伴隨著投資者的謹慎情緒，導致數位資產投資產品小幅流出 1.26 億美元。這種猶豫源於缺乏持續的正面價格動力，促使投資者採取觀望態度。

While trading volumes have increased, activity in exchange-traded products (ETPs) and exchange-traded funds (ETFs) has declined relative to the broader market, accounting for only 31% of total volumes last week. This shift suggests that investors are becoming more selective in their investment strategies, seeking out alternative avenues for exposure to digital assets.

儘管交易量有所增加，但交易所交易產品 (ETP) 和交易所交易基金 (ETF) 的活動相對於大盤有所下降，僅佔上週總交易量的 31%。這種轉變顯示投資者在投資策略上變得更加挑剔，尋找投資數位資產的替代途徑。

Bitcoin, the flagship cryptocurrency, experienced outflows of $110 million, albeit maintaining positive inflows of $555 million month-to-date. This suggests that while some investors are taking profits, others remain bullish on Bitcoin's long-term prospects. Ethereum, on the other hand, saw the most significant outflows of $29 million last week, marking its fifth consecutive week of outflows. This extended period of outflows indicates that investors are concerned about Ethereum's near-term price performance.

旗艦加密貨幣比特幣儘管本月迄今仍保持 5.55 億美元的正流入，但流出了 1.1 億美元。這表明，雖然一些投資者正在獲利了結，但其他投資者仍然看好比特幣的長期前景。另一方面，以太坊上週出現最顯著的資金外流，達 2,900 萬美元，已連續第五週出現資金外流。長時間的資金流出顯示投資者對以太坊的近期價格表現感到擔憂。

Despite the overall cautious sentiment, several lesser-known altcoins have attracted inflows, including Decentraland, Basic Attention Token, and LIDO. These inflows suggest that investors are diversifying their portfolios and seeking out altcoins with specific use cases and growth potential.

儘管整體情緒謹慎，但一些不太知名的山寨幣仍然吸引了資金流入，包括 Decentraland、Basic Attention Token 和 LIDO。這些資金流入顯示投資者正在實現投資組合多元化，並尋找具有特定用例和成長潛力的山寨幣。

Regionally, sentiment toward digital assets varied significantly. The United States recorded the largest outflows of $145 million, followed by Switzerland and Canada with $5.7 million and $6 million in outflows, respectively. In contrast, investors in Germany viewed recent price weakness as an opportunity, injecting $29 million in inflows last week. This regional disparity highlights the varying perspectives and market dynamics across different geographies.

從地區來看，對數位資產的看法差異很大。美國的資金流出量最大，達 1.45 億美元，其次是瑞士和加拿大，分別流出 570 萬美元和 600 萬美元。相較之下，德國投資者將近期的價格疲軟視為機遇，上週注入了 2,900 萬美元資金。這種區域差異凸顯了不同地區的不同觀點和市場動態。

Despite the cautious sentiment and minor outflows, investors poured a total of $646 million into crypto products last week, pushing year-to-date inflows to an unprecedented $13.8 billion, surpassing the previous year's total of $10.6 billion. This substantial inflow underscores the long-term conviction among investors in the growth potential of digital assets. Bitcoin attracted the most attention from investors, with inflows totaling $663 million, indicating continued confidence in its status as a store of value and hedge against inflation.

儘管市場情緒謹慎且資金略有流出，但投資者上週仍向加密產品投入了總計6.46 億美元的資金，將年初至今的資金流入量推至前所未有的138 ​​億美元，超過了上一年的106億美元總額。這筆巨額資金流入凸顯了投資者對數位資產成長潛力的長期信念。比特幣最受投資者關注，流入總額達 6.63 億美元，顯示對其作為價值儲存和對沖通膨的地位的持續信心。

Bitcoin's price experienced a 2.8% surge over a 24-hour period, reaching a trading value above $66,500, fueled by positive news from Hong Kong. Multiple issuers in Hong Kong have received approval for spot crypto ETFs, paving the way for mainland Chinese investors to gain access to Bitcoin and Ether ETFs through the Southbound Stock Connect program. Analysts predict that mainland Chinese investors could invest $25 billion in potential Hong Kong-listed spot Bitcoin ETFs, providing a significant boost to the cryptocurrency's demand.

在香港利多消息的推動下，比特幣價格在 24 小時內飆升 2.8%，交易價格達到 66,500 美元以上。香港多家發行人已獲得現貨加密 ETF 的批准，為中國大陸投資者透過港股通計畫購買比特幣和以太坊 ETF 鋪平了道路。分析師預測，中國大陸投資者可能會向潛在的香港上市現貨比特幣 ETF 投資 250 億美元，從而顯著提振加密貨幣的需求。

However, there is also speculation about a potential outflow of Bitcoin from miners following an upcoming halving event, wherein the block reward for mining Bitcoin is reduced by half. Estimates suggest that miners could liquidate around $5 billion worth of BTC over four to six months, potentially leading to sideways movement in Bitcoin's price.

然而，也有人猜測，在即將到來的減半事件之後，比特幣可能會從礦工中流出，其中開採比特幣的區塊獎勵減少了一半。據估計，礦商可能會在四到六個月內清算價值約 50 億美元的比特幣，這可能會導致比特幣價格橫向波動。

In conclusion, the digital asset market has experienced minor outflows in the past week as investors exhibit caution due to stalled positive price momentum. While Bitcoin maintained positive inflows, Ethereum saw continued outflows, and altcoins such as Decentraland, Basic Attention Token, and LIDO attracted inflows. Regionally, investor sentiment varied, with the United States recording the largest outflows and Germany seeing inflows. Despite the cautious sentiment, overall inflows into crypto products continued to rise, surpassing the previous year's total. The approval of spot crypto ETFs in Hong Kong could potentially attract significant investments from mainland Chinese investors, while the potential outflow of Bitcoin from miners following a halving event could influence Bitcoin's price trajectory in the coming months.

總之，由於積極的價格勢頭停滯，投資者表現出謹慎態度，數位資產市場在過去一周經歷了小幅資金外流。雖然比特幣保持正流入，但以太坊持續流出，Decentraland、Basic Attention Token 和 LIDO 等山寨幣吸引了流入。從地區來看，投資者情緒各異，美國的資金流出最多，而德國的資金流入最多。儘管市場情緒謹慎，但加密產品的整體流入量繼續上升，超過了去年的總量。香港現貨加密 ETF 的批准可能會吸引中國大陸投資者的大量投資，而減半事件後比特幣可能從礦商流出，可能會影響比特幣未來幾個月的價格走勢。