儘管近期需求放緩，現貨比特幣 ETF 仍獲得動力

今年，美國批准了比特幣現貨基金，吸引了投資者的廣泛關注，資金流入超過130億美元。儘管表現優於黃金 ETF，但現貨比特幣 ETF 的需求已經放緩，這可能是由於近期比特幣減半、地緣政治緊張局勢以及投資者風險平衡等因素造成的。專家預計需求將暫時下降，減半後可望復甦。此外，一些產業分析師預計，未來一年中心化交易所將出現供應衝擊，比特幣儲備可能在未來九個月內耗盡。

Spot Bitcoin ETFs Gain Momentum, Despite Recent Slowdown

儘管近期放緩，現貨比特幣 ETF 仍獲得動力

The United States' approval of spot funds for Bitcoin, the flagship cryptocurrency, has garnered significant attention from institutional investors. Within months of their launch, these funds have amassed over $13 billion in inflows, surpassing the performance of gold exchange-traded funds (ETFs).

美國批准旗艦加密貨幣比特幣現貨基金引起了機構投資者的高度關注。在推出後的幾個月內，這些基金已累積了超過 130 億美元的資金流入，超過了黃金交易所交易基金 (ETF) 的表現。

At their peak, spot Bitcoin ETFs attracted approximately $1 billion daily from investors. However, industry experts have observed a gradual slowdown in demand. One potential factor contributing to this may be the recent halving event on the Bitcoin network, where the mining reward was reduced by half.

在巔峰時期，現貨比特幣 ETF 每天吸引投資者約 10 億美元。然而，行業專家觀察到需求逐漸放緩。造成這種情況的一個潛在因素可能是最近比特幣網路的減半事件，挖礦獎勵減少了一半。

Despite the recent slowdown, industry insiders like Kuner, a representative of the trading platform, believe it to be a transient phenomenon. They anticipate a swift recovery in demand for Bitcoin ETFs post-halving.

儘管近期成長放緩，交易平台代表庫納等業內人士認為，這只是暫時現象。他們預計比特幣 ETF 減半後的需求將迅速復甦。

Factors influencing the temporary decline in interest include risk balancing by investors, who have been riding a bullish wave in Bitcoin since the start of the year. Additionally, speculators have likely capitalized on the halving event to secure profits.

影響興趣暫時下降的因素包括投資者的風險平衡，自今年年初以來，他們一直在比特幣的看漲浪潮中乘風破浪。此外，投機者可能會利用減半事件來獲取利潤。

Geopolitical tensions in the Middle East have also played a role, leading investors to seek safety in conservative assets such as gold, the US dollar, and government bonds.

中東地緣政治緊張局勢也起到了一定作用，導致投資者轉向黃金、美元和政府債券等保守資產尋求安全。

Looking ahead, industry analysts predict a potential supply shock for centralized exchanges in the coming year. Bybit, a prominent exchange, has estimated that the Bitcoin reserves of several major exchanges could be depleted within the next nine months.

展望未來，產業分析師預測來年中心化交易所可能會出現供應衝擊。著名交易所Bybit估計，幾家主要交易所的比特幣儲備可能在未來九個月內耗盡。

The continued growth and adoption of Bitcoin ETFs, coupled with the potential supply shock faced by exchanges, indicate a bullish outlook for the cryptocurrency market in the long term. Investors are advised to carefully monitor market conditions and assess their risk appetite accordingly.

比特幣 ETF 的持續成長和採用，加上交易所面臨的潛在供應衝擊，顯示加密貨幣市場的長期前景看漲。建議投資者仔細監控市場狀況並相應評估其風險偏好。