現貨比特幣 ETF 投資者在市場波動中缺乏經驗

現貨比特幣交易所交易基金（ETF）在獲得美國證券交易委員會（SEC）批准後已吸引了數十億美元的資金。然而，鏈上分析表明，一些投資者可能缺乏經驗，價格下跌期間現貨比特幣 ETF 大量資金流出證明了這一點。這種行為顯示人們更傾向於自我託管而非機構託管，凸顯了散戶投資者對現貨比特幣 ETF 市場的潛在影響。

Spot Bitcoin ETF Investors Exhibited Inexperience Amidst Market Volatility

現貨比特幣 ETF 投資者在市場波動中表現出缺乏經驗

Recent inflows into spot Bitcoin exchange-traded funds (ETFs) following the SEC's approval in January have sparked concerns about the experience level of some investors. On-chain analysis by Willy Woo, an analyst at X, suggests that these investors may be less sophisticated than initially assumed.

在美國證券交易委員會 (SEC) 一月份批准後，近期資金流入現貨比特幣交易所交易基金 (ETF)，引發了對一些投資者經驗水平的擔憂。 X 分析師 Willy Woo 的鏈上分析表明，這些投資者可能沒有最初想像的那麼成熟。

During the March 5 market downturn, a significant $1.6 billion outflow was observed from spot Bitcoin ETFs. Notably, this coincided with a $1.1 billion inflow into the Bitcoin network. This dynamic suggests that investors may have redeemed their ETF shares to acquire the underlying cryptocurrency directly, rather than leaving their coins in the custody of the ETF issuers.

在 3 月 5 日市場低迷期間，現貨比特幣 ETF 出現 16 億美元的大幅流出。值得注意的是，此時正值 11 億美元流入比特幣網路。這種動態表明，投資者可能已贖回其 ETF 份額以直接購買基礎加密貨幣，而不是將其代幣交給 ETF 發行人保管。

Spot Bitcoin ETFs offer an accessible way to gain exposure to Bitcoin without the complexities of buying and storing the coins oneself. However, the on-chain data indicates that some investors may prefer to self-custody their coins, even when it entails redeeming their ETF shares during periods of volatility.

現貨比特幣 ETF 提供了一種獲取比特幣的便捷方式，無需自行購買和儲存比特幣。然而，鏈上數據表明，一些投資者可能更願意自行託管他們的代幣，即使這需要在波動期間贖回他們的 ETF 份額。

ETF issuers, such as BlackRock, typically rely on third-party custodians like Coinbase Custody to safeguard the Bitcoin backing each ETF share. This arrangement allows investors to indirectly access the cryptocurrency without having to manage their own private keys.

貝萊德等 ETF 發行人通常依賴 Coinbase Custody 等第三方託管機構來保護支援每個 ETF 份額的比特幣。這種安排允許投資者間接存取加密貨幣，而無需管理自己的私鑰。

Grayscale Outflows Signal Retail Dominance, Headwinds for BTC

灰度資金流出標誌著零售業的主導地位，比特幣面臨阻力

Woo's observations align with previous studies indicating that retail investors played a significant role in the initial demand for spot Bitcoin ETFs. CoinDesk's investigation revealed that the average trade size for one ETF was approximately $13,000, supporting the notion of retail investor participation.

Woo 的觀察結果與先前的研究一致，顯示散戶投資者在現貨比特幣 ETF 的初始需求中發揮了重要作用。 CoinDesk 的調查顯示，一檔 ETF 的平均交易規模約為 13,000 美元，這支持了散戶參與的觀點。

However, as of March 21, Grayscale and other ETF issuers have reduced their Bitcoin holdings by over $700 million, according to Lookonchain data. This lack of fresh capital inflows into spot Bitcoin ETFs suggests a cautious approach among investors.

然而，根據 Lookonchain 的數據，截至 3 月 21 日，Grayscale 和其他 ETF 發行人已減少了超過 7 億美元的比特幣持有量。現貨比特幣 ETF 缺乏新的資金流入表明投資者採取謹慎態度。

Furthermore, Bitcoin's price remains below $70,000 and is facing downward pressure, as indicated by CoinMarketCap data. This price action may further discourage investors from allocating capital to spot Bitcoin ETFs, at least in the short term.

此外，CoinMarketCap 數據顯示，比特幣價格仍低於 7 萬美元，面臨下行壓力。這種價格走勢可能會進一步阻止投資者將資金配置到現貨比特幣 ETF，至少在短期內是如此。

Conclusion

結論

The on-chain analysis of spot Bitcoin ETF inflows and outflows raises questions about the experience level of some investors. The quick sell-off during the March 5 market downturn and the subsequent inflow into the mainnet suggest that some investors may not be fully comfortable with the volatility inherent in cryptocurrency markets.

對現貨比特幣 ETF 流入和流出的鏈上分析引發了對一些投資者經驗水平的質疑。 3 月 5 日市場低迷期間的快速拋售以及隨後流入主網的資金表明，一些投資者可能對加密貨幣市場固有的波動性並不完全滿意。

Additionally, the declining holdings of Grayscale and other ETF issuers indicate a lack of fresh capital entering the spot Bitcoin ETF market. This, coupled with the current downward pressure on Bitcoin's price, may continue to weigh on investor sentiment and limit the growth of spot Bitcoin ETFs in the near future.

此外，灰階和其他 ETF 發行人的持股下降表明缺乏新資本進入現貨比特幣 ETF 市場。再加上目前比特幣價格的下行壓力，可能會繼續打壓投資者情緒，並在不久的將來限制現貨比特幣 ETF 的成長。