機構逃離比特幣引發危險訊號

比特幣現貨 ETF 的大量資金流出以及美國存款信託與清算公司 (DTCC) 決定取消基於加密貨幣的 ETF 的抵押品價值，引發了人們對比特幣價格穩定性和機構投資者情緒的擔憂。 DTCC 的舉措可能會導致流動性減少並增加投資者的風險。因此，比特幣現貨 ETF 的吸引力可能會降低，可能引發拋售和資本遷移到黃金或註重隱私的加密貨幣等另類投資。

Institutional Exodus from Bitcoin: ETFs Outflows and DTCC Collateral Denial Raise Alarm Bells

機構逃離比特幣：ETF 流出和 DTCC 抵押品拒絕敲響警鐘

The cryptocurrency market is witnessing a significant shift in sentiment as institutional investors, who were previously driving Bitcoin's meteoric rise, are now initiating a sell-off. Concurrently, the Depository Trust & Clearing Corporation (DTCC), a crucial player in the financial ecosystem, has announced that it will cease to recognize Bitcoin and other cryptocurrencies as collateral for loans, effective April 30, 2024.

加密貨幣市場的情緒正在發生重大轉變，而先前推動比特幣迅速上漲的機構投資者現在開始拋售。同時，金融生態系統中重要的參與者美國存款信託與清算公司 (DTCC) 宣布，自 2024 年 4 月 30 日起，將不再承認比特幣和其他加密貨幣作為貸款抵押品。

ETF Outflows: A Red Flag for Bitcoin

ETF 流出：比特幣的危險訊號

Since their approval in February, Bitcoin spot exchange-traded funds (ETFs) have been a major attraction for institutional investors. These ETFs provide a regulated and accessible way to invest in the world's largest cryptocurrency. However, a concerning trend has emerged in recent days: Bitcoin spot ETFs have experienced outflows for three consecutive days, totaling $421.8 million.

自二月獲得批准以來，比特幣現貨交易所交易基金（ETF）一直是機構投資者的主要吸引力。這些 ETF 提供了一種受監管且易於訪問的方式來投資全球最大的加密貨幣。然而，近日出現了一個令人擔憂的趨勢：比特幣現貨ETF連續三天出現資金流出，總計4.218億美元。

The outflows have been particularly pronounced in BlackRock's iShares Bitcoin Trust (IBIT), which had been a major beneficiary of institutional inflows. The ETF's recent interruption of its 71-day inflow streak has raised eyebrows among market analysts.

貝萊德旗下的 iShares 比特幣信託公司 (IBIT) 的資金外流尤其明顯，該公司一直是機構資金流入的主要受益者。該 ETF 最近中斷了 71 天的資金連續流入，引起了市場分析師的注意。

DTCC Collateral Denial: A Major Setback

DTCC 抵押品被拒絕：重大挫折

The DTCC's decision to deny collateral value for Bitcoin- and crypto-based ETFs is a significant development that could further deter institutional investment in the asset class. The DTCC, along with its subsidiary the Depository Trust Company (DTC), plays a pivotal role in the US financial system by providing custody, clearing, and settlement services for securities transactions. The DTC holds trillions of dollars in securities and acts as a central depository, facilitating collateral management and trade settlements.

DTCC 決定拒絕為基於比特幣和加密貨幣的 ETF 提供抵押品價值，這是一項重大進展，可能會進一步阻止機構對該資產類別的投資。 DTCC 及其子公司存款信託公司 (DTC) 透過為證券交易提供託管、清算和結算服務，在美國金融體系中發揮著舉足輕重的作用。 DTC 持有數萬億美元的證券，並充當中央保管機構，促進抵押品管理和貿易結算。

The DTCC's decision means that ETFs investing in Bitcoin and other cryptocurrencies will be subject to a 100% "haircut," making them unattractive as collateral for loans and other financial transactions. This move effectively limits the viability of Bitcoin spot ETFs as investment vehicles for institutional investors.

DTCC 的決定意味著投資比特幣和其他加密貨幣的 ETF 將受到 100% 的“折扣”，這使得它們作為貸款和其他金融交易的抵押品失去吸引力。此舉有效限制了比特幣現貨 ETF 作為機構投資者投資工具的可行性。

Implications for Bitcoin Price

對比特幣價格的影響

The combination of ETF outflows and the DTCC's collateral denial has cast a bearish shadow over Bitcoin's price trajectory. Analysts believe that the sell-off from institutional investors could lead to a potential migration of capital from Bitcoin to other cryptocurrencies or financial products that offer greater liquidity and flexibility.

ETF 資金流出和 DTCC 拒絕抵押品的結合給比特幣的價格軌跡蒙上了看跌陰影。分析師認為，機構投資者的拋售可能導致資金從比特幣轉向其他加密貨幣或提供更大流動性和靈活性的金融產品。

Bitcoin has been trading within a range of $14,300 since early March, with $59,500 and $73,800 serving as key support and resistance levels, respectively. The recent price action suggests that Bitcoin may be forming a downtrend, potentially testing the lower end of the range.

自 3 月初以來，比特幣一直在 14,300 美元區間內交易，其中 59,500 美元和 73,800 美元分別作為關鍵支撐位和阻力位。最近的價格走勢表明，比特幣可能正在形成下降趨勢，可能會測試該區間的下限。

Alternative Cryptocurrency Destinations

替代加密貨幣目的地

The developments in the Bitcoin market may prompt institutional investors to seek alternative cryptocurrencies that offer greater privacy, lower transaction fees, or more compatibility with institutional processes.

比特幣市場的發展可能會促使機構投資者尋求可提供更大隱私、更低交易費用或與機構流程更具相容性的替代加密貨幣。

• Privacy-focused cryptocurrencies such as Monero (XMR) could benefit from the FBI's recent seizure of the Samourai Wallet, which has raised concerns about the privacy of Bitcoin transactions.
• Low- and zero-fee cryptocurrencies such as Nano (XNO), Bitcoin Cash (BCH), and Litecoin (LTC) could attract investors seeking to avoid the high transaction fees currently associated with Bitcoin.
• Layer-1 blockchains like Ethereum (ETH), Solana (SOL), and Radix (XRD) could attract institutional interest due to their potential for tokenizing real-world assets, a growing area of interest for investors.

Conclusion

注重隱私的加密貨幣，如Monero (XMR) 可能會受益於FBI 最近扣押Samourai 錢包，這引發了人們對比特幣交易隱私的擔憂。現金 ( BCH）和萊特幣（LTC）可以吸引尋求避免目前與比特幣相關的高額交易費用的投資者。可能會吸引機構的興趣，因為它們現實世界資產代幣化的潛力是投資者日益感興趣的領域。

The institutional exodus from Bitcoin, amplified by the DTCC's collateral denial, has created a bearish sentiment in the market. Investors should proceed with caution and closely monitor the developments surrounding Bitcoin and alternative cryptocurrencies. The volatility and uncertainty in the cryptocurrency space necessitate a prudent approach, with a focus on assessing individual risk tolerance and investment goals.

機構投資者紛紛撤離比特幣，DTCC 拒絕提供抵押品，加劇了市場的看跌情緒。投資者應謹慎行事，並密切關注比特幣和替代加密貨幣的發展。加密貨幣領域的波動性和不確定性需要謹慎的態度，重點是評估個人的風險承受能力和投資目標。