當以太坊（ETH）ETF繼續流血時

美國現貨交換基金（ETF）市場目前揭示了比特幣和以太坊之間的差異。

The US spot Exchange-Traded Fund (ETF) market continues to show a stark divergence between Bitcoin and Ethereum.

美國現貨交換基金（ETF）市場繼續表現出比特幣和以太坊之間的差異。

Bitcoin ETFs saw another $89.06 million in net inflows on March 27, marking their tenth consecutive day of positive flows. In sharp contrast, Ethereum ETFs experienced further net outflows of $4.22 million, extending their recent losing streak to 17 straight days.

比特幣ETF在3月27日又有8,906萬美元的淨流入，標誌著他們連續第十次積極流動。相比之下，以太坊ETF經歷了422萬美元的進一步淨流出，將他們最近的連勝紀錄延長至17天。

This clear difference in capital movement signals shifting investor preferences between the top two crypto assets, at least within the regulated ETF wrapper.

資本流動的這種明顯差異信號信號將投資者的偏好轉移到前兩個加密貨幣資產之間，至少在受監管的ETF包裝器中。

Why Do Bitcoin ETFs Continue to Attract Capital?

為什麼比特幣ETF繼續吸引資本？

為什麼比特幣ETF繼續吸引資本？

US spot Bitcoin ETFs have shown renewed strength following a brief period marked by outflows earlier in March. They attracted substantial net inflows of $744 million just within the week of March 17-21.

在三月初的流出標誌的短暫時期，美國現貨比特幣ETF已顯示出更新的力量。在3月17日至21日的一周內，他們吸引了7.44億美元的淨流入。

These continued positive flows appear to be aiding price stabilization for Bitcoin after a recent 12% market drawdown. Some experts suggest further unrealized profits might be possible for ETF holders as BTC trading levels potentially recover.

這些持續的積極流量似乎有助於比特幣的價格穩定。一些專家認為，隨著BTC交易水平有可能恢復，ETF持有人可能會有進一步的未實現利潤。

Investors’ current preference for Bitcoin ETFs likely stems from the cryptocurrency’s perceived status as a safer, more established digital asset compared to altcoins. Its history of significant price surges further fuels bullish sentiment among some market participants.

與AltCoins相比，投資者目前對比特幣ETF的偏好可能源於加密貨幣認為是一種更安全，更具成熟的數字資產的狀態。它的價格巨大的歷史進一步激發了一些市場參與者的看漲情緒。

Additionally, many institutional investors primarily view Bitcoin as a strong digital store of value, which leads to sustained capital allocation into accessible products like spot ETFs.

此外，許多機構投資者主要將比特幣視為一個強大的價值存儲，這導致資本分配到現貨ETF等可訪問產品中。

What’s Behind Ethereum ETF’s Persistent Outflows?

以太坊ETF持續流出的背後是什麼？

以太坊ETF持續流出的背後是什麼？

Despite Ethereum’s foundational role supporting the large Decentralized Finance (DeFi) and Non-Fungible Token (NFT) sectors through its smart contract capabilities, its associated spot ETFs are still stagnant in terms of flows.

儘管以太坊通過其智能合同能力支持了大型分散融資（DEFI）和不可殺菌令牌（NFT）部門，但其相關的ETF仍然停滯不前。

Trader “Trader T” highlighted that the March 27 outflows were mainly driven by VanEck’s ETHV (-$2.21M) and Fidelity’s FETH (-$2.01M), while other listed ETH funds saw no net change that day.

Trader“ Trader t”強調，3月27日的流出主要是由Vaneck的Ethv（-221億美元）和Fidelity的Feth（-201萬美元）驅動的，而其他列出的ETH基金當天沒有淨變化。

Several factors likely contribute to the ETFs’ muted performance. Lingering regulatory concerns in the US, persistent delays regarding potential spot Ethereum ETF approvals (unlike Bitcoin’s earlier approval), and increasing competition from alternative Layer-1 and Layer-2 blockchain networks may all be affecting investor sentiment for ETH exposure via these specific products.

幾個因素可能導致ETF的靜態性能。在美國揮之不去的監管問題，有關潛在現場以太坊ETF批准的持續延誤（與比特幣的較早批准不同），以及通過這些特定產品通過這些特定產品的替代層和第2層區塊鍊網絡的競爭不斷增加。

While some experts believe upcoming Ethereum network upgrades could potentially reignite investor interest, the prevailing sentiment reflected in ETF flows remains cautious for now.

儘管一些專家認為即將進行的以太坊網絡升級可能會重新引起投資者的興趣，但ETF流中反映的現行情緒目前仍然謹慎。

Looking Ahead: Can ETH Regain ETF Momentum?

展望未來：ETH可以恢復ETF動量嗎？

展望未來：ETH可以恢復ETF動量嗎？

While Bitcoin currently holds the spotlight in the ETF flow race, market observers suggest Ethereum could regain momentum later this year.

儘管比特幣目前在ETF Flow Race中佔有關注，但市場觀察家認為以太坊可以在今年晚些時候恢復動力。

Positive developments stemming from Layer 2 scaling solutions boosting its capacity, or broader institutional adoption utilizing its smart contract features, could serve as future catalysts. On the regulatory front, any favorable signals from US authorities regarding DeFi oversight might also trigger renewed investor confidence in ETH-related funds.

源於第2層擴展解決方案所產生的積極發展，可以提高其能力，或者利用其智能合同功能的更廣泛的機構採用，可以作為未來的催化劑。在監管方面，美國當局對DEFI監督的任何有利信號也可能引發投資者對與ETH相關的資金的信心。

For now, crypto analysts have mixed outlooks. Some predict prolonged Bitcoin dominance, which is evident in the current ETF flows. However, others argue that Ethereum’s technological versatility and foundational role in Web3 applications will drive its long-term growth and eventually attract greater institutional ETF capital.

目前，加密分析師的前景不同。一些人預測了長時間的比特幣優勢，這在當前的ETF流中很明顯。但是，其他人認為，以太坊在Web3應用程序中的技術多功能性和基礎作用將推動其長期增長，並最終吸引更大的機構ETF資本。

Both assets offer distinct value propositions, and shifting market dynamics, regulatory news, and technological advancements will continue to shape investor demand within the ETF space.

這兩種資產都提供了不同的價值主張，而轉移的市場動態，監管新聞和技術進步將繼續塑造ETF領域內的投資者需求。