儘管宏觀經濟逆風，Coinshares數據仍連續第九天流入

根據Coinshares的數據，上週數字資產投資產品的流入量為2.26億美元，標誌著交換貨運產品（ETP）連續第九個淨正流動日。

CoinShares data shows that digital asset investment products recorded an inflow of $226 million last week, continuing a ninth day of positive flows across exchange-traded products (ETPs), despite macroeconomic headwinds.

Coinshares數據顯示，儘管宏觀經濟逆風，但上週，數字資產投資產品上週的流入率為2.26億美元，持續了跨交易所交易產品（ETP）的第九天正流量。

The report, authored by Head of Research James Butterfill, notes that this institutional capital is slowly returning following record outflows earlier in the month.

該報告由研究主管詹姆斯·巴特菲爾（James Butterfill）撰寫，該報告指出，這項機構資本正在慢慢返回，因為本月初的記錄流出了。

Bitcoin (CRYPTO: BTC) attracted the majority of the activity, seeing an inflow of $195 million, while short Bitcoin products saw an outflow of $2.5 million, extending a four-week trend of declining bearish positioning, according to CoinShares.

據Coinshares稱，比特幣（加密：BTC）吸引了大部分活動，看到了1.95億美元的流入，而短幣產品的流出量為250萬美元，延長了四周的看跌趨勢趨勢。

The flow reversal follows a broader market correction, which saw total assets under management across global Bitcoin ETPs fall to $114 billion, their lowest level since the period immediately after the U.S. election.

流動逆轉遵循更廣泛的市場校正，這使整個全球比特幣ETP的管理總資產降至1,140億美元，這是美國大選後立即開始的最低水平。

For the first time in five weeks, altcoin ETPs posted net inflows, which came in at a total of $33 million. This rotation suggests a modest uptick in investor appetite beyond Bitcoin after four consecutive weeks of altcoin outflows that totaled $1.7 billion.

Altcoin ETP在五週內首次發布了淨流入，總計3,300萬美元。這次輪換錶明，經過連續四個星期的山寨幣外流，投資者的胃口超越比特幣，總計17億美元。

Among the altcoins, Ethereum (CRYPTO: ETH) led the way with an inflow of $14.5 million, followed by Solana (CRYPTO: SOL) at $7.8 million. XRP and Sui saw inflows of $4.8 million and $4.0 million, respectively. These figures indicate that while Bitcoin remains the primary focus for institutional capital, select layer-1s and payment-oriented protocols are regaining traction as macro uncertainty weighs on broader risk appetite.

在Altcoins中，以太坊（Crypto：ETH）以1,450萬美元的流入領先，其次是Solana（Crypto：Sol），為780萬美元。 XRP和SUI的流入分別為480萬美元和400萬美元。這些數字表明，雖然比特幣仍然是機構資本的主要重點，但由於宏不確定對更廣泛的風險食慾的影響，因此精選的第1層和麵向付款的方案正在恢復牽引力。

CoinShares data also shows that inflows were concentrated across major Western markets. The United States recorded net inflows of $204 million, followed by Switzerland at $14.7 million and Germany at $9.2 million. Minor outflows occurred in Hong Kong ($2.1 million) and Brazil ($1.3 million), suggesting some geographic divergence in sentiment, though overall regional participation remained net positive.

Coinshares數據還表明，流入集中在主要西方市場。美國的淨流入量為2.04億美元，其次是瑞士的1,470萬美元，德國為920萬美元。香港（210萬美元）和巴西（130萬美元）發生了較小的流出，儘管總體地區參與率仍然是積極的，但表明情感上的地理差異有些分歧。

The weekly inflow trend was briefly interrupted on Friday when ETPs experienced an outflow of $74 million. CoinShares attributes this setback to the release of higher-than-expected U.S. core personal consumption expenditure (PCE) data, which may have reinforced the Federal Reserve’s expectations of a hawkish stance.

週五，當ETP經歷了7400萬美元的流出時，每週的流入趨勢被短暫中斷。 Coinshares將這種挫折歸因於發布高於美國核心個人消費支出（PCE）數據的挫折，這可能加強了美聯儲對鷹派立場的期望。

While recent economic indicators have pointed to slowing growth, the elevated inflation print complicates the Fed’s trajectory, which in turn adds short-term volatility to digital asset flows.

儘管最近的經濟指標指出增長速度放緩，但通貨膨脹率升高使美聯儲的軌跡複雜化，這反過來又增加了短期波動率。

Despite the week’s net inflows, Butterfill describes investor positioning as cautious, reflecting the complex macroeconomic backdrop.

儘管一周的淨流入，Butterfill仍將投資者定位謹慎，這反映了複雜的宏觀經濟背景。

“This week’s flows were broadly in line with expectations, with Bitcoin continuing to attract the majority of capital inflows. However, the fact that we saw outflows following the release of higher-than-expected U.S. PCE data highlights how sensitive investor positioning remains to macroeconomic shifts,” Butterfill concludes.

“本週的流量與預期廣泛一致，比特幣繼續吸引大多數資本流入。但是，在發布高於預期的美國PCE數據之後，我們看到了流出，這一事實突出了敏感的投資者定位如何依賴宏觀經濟轉移，” ButterFilllill結論。 ”

The sustained inflows suggest a degree of conviction in returning to the crypto market, but the sensitivity to inflation data illustrates how central bank policy continues to be a decisive factor in crypto allocation decisions. This analysis underscores the importance of cross-asset correlations and macroeconomic drivers in shaping institutional behavior, especially within the evolving landscape of digital asset investment products.

持續的流入表明，返回加密貨幣市場的信念程度，但對通貨膨脹數據的敏感性說明了中央銀行政策如何繼續是加密分配決策的決定性因素。該分析強調了跨資本相關性和宏觀經濟驅動力在塑造機構行為中的重要性，尤其是在數字資產投資產品不斷發展的景觀中。

According to CoinShares, total assets under management in global Bitcoin ETPs fell to $114 billion, reaching their lowest level since the period immediately after the U.S. election. This decline in AUM for Bitcoin ETPs is attributed to a broader reassessment of growth expectations and inflation persistence, both of which remain central to digital asset risk exposure frameworks.

根據Coinshares的數據，全球比特幣ETP的管理總資產降至1,140億美元，自美國大選後緊接的時期以來，其水平達到了最低水平。比特幣ETP的AUM下降歸因於對增長期望和通貨膨脹持續性的更廣泛的重新評估，這兩者都是數字資產風險敞口框架的核心。

Moreover, the report highlights that investors are returning to altcoins, having pulled out of these markets in the previous four weeks with outflows totaling $1.7 billion. This shift is attributed to a decrease in bearish positioning on Bitcoin, which saw four consecutive weeks of outflows, ultimately reaching $2.5 billion.

此外，該報告強調，投資者正在返回Altcoins，在過去的四個星期中退出了這些市場，流出總計17億美元。這種轉變歸因於比特幣對比特幣的看跌位置下降，後者連續四個星期的流出，最終達到25億美元。

Among the altcoins, Ethereum saw inflows of $14.5 million, while Solana and XRP followed with inflows of $7.8 million and $4.8 million, respectively. Additionally, Sui saw an inflow of $4 million.

在Altcoins中，以太坊的流入量為1,450萬美元，而Solana和XRP隨後流入了780萬美元和480萬美元。此外，Sui的流入為400萬美元。

CoinShares data shows that the United States recorded net inflows of $204 million, followed by Switzerland at $14.7 million and Germany at $9.2 million. Meanwhile, Hong Kong saw outflows of $2.1 million, and Brazil experienced outflows of $1.3 million, suggesting some geographic divergence in sentiment. Overall, regional participation remained net positive.

Coinshares的數據顯示，美國的淨流入量為2.04億美元，其次是瑞士的1,470萬美元，德國為920萬美元。同時，香港的流出價為210萬美元，巴西經歷了130萬美元的流出，這表明情感上有些地理不同。總體而言，區域參與仍然是淨積極的。

The weekly inflow trend was briefly interrupted on Friday when ETPs experienced an outflow of $74 million. CoinShares attributes this setback to the release of higher-than-expected U.S. core personal consumption expenditure (PCE) data, which may have reinforced the Federal Reserve’s expectations of a hawkish stance.

週五，當ETP經歷了7400萬美元的流出時，每週的流入趨勢被短暫中斷。 Coinshares將這種挫折歸因於發布高於美國核心個人消費支出（PCE）數據的挫折，這可能加強了美聯儲對鷹派立場的期望。

While recent economic indicators have pointed to slowing growth, the elevated inflation print complicates the

儘管最近的經濟指標指出增長速度放緩，但通貨膨脹印刷升高使