由於淨流入萎縮，現貨比特幣 ETF 失去動力

過去一周，加密貨幣市場淨流入 8.62 億美元，但現貨比特幣 ETF 需求下降，每日交易量自 3 月初達到高峰以來下降了 36%。儘管灰階比特幣信託基金 (GBTC) 經歷了大量資金流出，但在現貨 BTC ETF 的推動下，比特幣仍主導數位資產流入，流入額達 18 億美元。 GBTC 的持續資金外流引發了人們對 BTC 價格拋售壓力的擔憂，BTC 價格在過去 24 小時內下跌了 4,000 美元。

Waning Enthusiasm for Spot Bitcoin ETFs as Net Inflows Narrow

隨著淨流入收窄，現貨比特幣 ETF 的熱情減弱

The cryptocurrency market has witnessed a modest recovery in investor sentiment, with net inflows of $862 million during the past week, reversing the previous week's net outflows of $931 million. However, the fervor for spot Bitcoin exchange-traded funds (ETFs) has diminished, with daily trading volumes plummeting by 36% to $5.4 billion since their peak of $9.5 billion in early March.

加密貨幣市場投資者情緒溫和復甦，過去一周淨流入 8.62 億美元，扭轉了前一周 9.31 億美元的淨流出。然而，現貨比特幣交易所交易基金 (ETF) 的熱情已經減弱，每日交易量自 3 月初 95 億美元的高峰以來暴跌 36% 至 54 億美元。

Bitcoin Dominates Digital Asset Inflows

比特幣主導數位資產流入

Bitcoin reigned supreme among digital asset inflows, attracting $863 million, primarily driven by ETF demand. Spot BTC ETFs experienced a notable $1.8 billion inflow, contrasting sharply with the $965 million outflow from the Grayscale Bitcoin Trust (GBTC). Despite the U.S. approval of spot BTC ETFs on January 11, GBTC continues to experience heavy outflows, fueling selling pressure on BTC prices over the past three weeks.

比特幣在數位資產流入中佔據主導地位，吸引了 8.63 億美元，這主要是由 ETF 需求推動的。現貨 BTC ETF 經歷了 18 億美元的顯著流入，與灰階比特幣信託基金 (GBTC) 的 9.65 億美元流出形成鮮明對比。儘管美國於 1 月 11 日批准了現貨 BTC ETF，但 GBTC 繼續經歷大量資金流出，在過去三週加劇了 BTC 價格的拋售壓力。

GBTC Outflows Weigh on BTC Price

GBTC 資金流出打壓 BTC 價格

The persistent outflows from GBTC, which continue to overshadow ETF flows, have raised concerns about their impact on BTC prices. Bitcoin has suffered a $4,000 decline in the past 24 hours, hovering slightly above $66,000 at the time of writing. This price correction, triggering liquidations worth nearly $500 million, precedes the Bitcoin halving event scheduled for April 20. Additionally, the options market has signaled bearish sentiment through a surge in put calls.

GBTC 的持續資金外流繼續讓 ETF 資金流黯然失色，引發了人們對其對 BTC 價格影響的擔憂。比特幣在過去 24 小時內下跌了 4,000 美元，在撰寫本文時徘徊在 66,000 美元上方。這次價格調整引發了價值近 5 億美元的清算，發生在定於 4 月 20 日舉行的比特幣減半事件之前。此外，選擇權市場透過看跌期權激增發出了看跌情緒的信號。

Ether and Altcoin Market Flows

以太幣和山寨幣市場流動

Ether endured its fourth consecutive week of outflows, with a $19 million loss in the past week. Nonetheless, the altcoin market as a whole witnessed a net inflow of $18.3 million, led by Solana's token with $6.1 million in inflows. The geographic distribution of inflows and outflows revealed that the U.S. accounted for the most significant outflows at $897 million, while Europe and Canada combined experienced $49 million in outflows.

以太幣連續第四周出現資金外流，過去一週損失了 1,900 萬美元。儘管如此，整個山寨幣市場的淨流入量為 1,830 萬美元，其中 Solana 代幣的流入量為 610 萬美元。資金流入和流出的地理分佈顯示，美國的資金流出量最大，為 8.97 億美元，而歐洲和加拿大的資金流出總額為 4,900 萬美元。

Market Outlook and Uncertainty

市場前景與不確定性

The recent price decline in Bitcoin and the broader market correction have raised questions about the future trajectory of the cryptocurrency market. Some analysts speculate that the upcoming Bitcoin halving event, which typically leads to increased volatility, could contribute to further price fluctuations. Others attribute the market sell-off to broader economic uncertainty, geopolitical tensions, and rising interest rates.

最近比特幣的價格下跌和更廣泛的市場調整引發了人們對加密貨幣市場未來軌跡的質疑。一些分析師推測，即將到來的比特幣減半事件通常會導致波動性增加，可能會導致價格進一步波動。其他人則將市場拋售歸因於更廣泛的經濟不確定性、地緣政治緊張局勢和利率上升。

As the cryptocurrency market navigates these uncertain times, investors are advised to exercise caution and carefully consider their investment decisions.

隨著加密貨幣市場經歷這些不確定的時期，建議投資者謹慎行事並仔細考慮他們的投資決策。