現貨比特幣 ETF 資金連續五天流出，引發擔憂

華爾街現貨比特幣交易所交易基金（ETF）錄得歷史性連續五天淨流出，總計 8.88 億美元，其中 Grayscale 旗下的 GBTC 跌幅最大。儘管交易量很大，但資金流入仍然疲軟，貝萊德的 IBIT 和富達的 FBTC 資金流入創下歷史新低。分析師表示，除了價格波動之外，Genesis 的交易活動等因素也可能導致了資金外流。

Are Crypto Traders Losing Interest in Spot Bitcoin ETFs?

加密貨幣交易者對現貨比特幣 ETF 失去興趣了嗎？

Wall Street's spot bitcoin exchange-traded funds (ETFs) have reached a new milestone, but not in a good way. Despite hitting record highs, these ETFs have witnessed five straight days of net outflows, a concerning trend that could indicate waning interest from crypto traders.

華爾街的現貨比特幣交易所交易基金（ETF）已經達到了一個新的里程碑，但進展並不順利。儘管創下歷史新高，但這些 ETF 已連續五天出現淨流出，這一令人擔憂的趨勢可能表明加密貨幣交易者的興趣正在減弱。

Outflows Reach Unprecedented Levels

資金流出達到前所未有的水平

Over the past week, the ten ETFs collectively saw $888 million in outflows, with Grayscale's GBTC leading the charge on Monday, March 18, with a record-breaking single-day outflow. This five-day streak of net outflows is the longest yet, surpassing a four-day streak earlier this year.

過去一周，這 10 隻 ETF 總共流出了 8.88 億美元，其中 Grayscale 的 GBTC 在 3 月 18 日星期一領頭羊，創下了創紀錄的單日流出量。這五天的淨流出是迄今為止最長的，超過了今年早些時候的四天連續淨流出。

Weak Inflows Compound the Problem

資金流入疲軟使問題更加複雜

Adding to the concerns, inflows have been equally weak. Blackrock's IBIT, which dominates the market, saw a record-low $49.3 million in inflows on Wednesday, March 20, a record that was shattered on Friday with a mere $18.9 million. Fidelity's FBTC, the third-largest spot bitcoin ETF, also hit a record low this week, with only $2.9 million in inflows on Thursday, March 21.

資金流入同樣疲軟，加劇了人們的擔憂。主導市場的貝萊德 (Blackrock) 的 IBIT 在 3 月 20 日星期三的流入額創下歷史新低 4,930 萬美元，但周五這一紀錄被打破，僅為 1,890 萬美元。富達旗下第三大現貨比特幣 ETF FBTC 本周也創下歷史新低，3 月 21 日星期四的資金流入僅 290 萬美元。

What's Driving the Outflows?

是什麼推動資金外流？

While the outflows coincide with a dip in bitcoin's price, other factors may be at play. Bloomberg ETF analyst Eric Balchunas suggests that Grayscale's unusually large outflows could be attributed to trading by digital financial firm Genesis.

雖然資金外流與比特幣價格下跌同時發生，但其他因素可能也在發揮作用。彭博 ETF 分析師 Eric Balchunas 表示，灰階異常大規模的資金流出可能歸因於數位金融公司 Genesis 的交易。

Trading Volumes Remain Strong

交易量維持強勁

Despite the net negative inflows, trading volumes have remained significant, albeit slightly lower than recent weeks. According to The Block's data dashboard, the cumulative volumes of the spot bitcoin ETFs increased by about $22 billion over the past week, reaching a total of $164 billion.

儘管出現淨負流入，但交易量仍然很大，儘管略低於最近幾週。根據 The Block 的數據儀表板，現貨比特幣 ETF 的累積交易量在過去一周增加了約 220 億美元，達到 1,640 億美元。

Conclusion

結論

The recent outflows from spot bitcoin ETFs raise questions about the sustainability of their growth. While price fluctuations may be a factor, other factors such as trading activity and investor sentiment also warrant consideration. It remains to be seen whether this trend will continue or if it is simply a temporary setback in the broader crypto market.

最近現貨比特幣 ETF 的資金流出引發了人們對其成長可持續性的質疑。雖然價格波動可能是一個因素，但交易活動和投資者情緒等其他因素也值得考慮。這種趨勢是否會持續下去，或者只是更廣泛的加密貨幣市場的暫時挫折，還有待觀察。