現貨比特幣 ETF 激增，激發了人們對加密貨幣的樂觀情緒

儘管以太坊 ETF 仍存在不確定性，但比特幣的整體前景仍然樂觀。自今年稍早獲得監管機構批准以來，現貨比特幣交易所交易基金 (ETF) 獲得了巨大的關注，吸引了大量資金流入並累積了超過 50 萬枚比特幣。比特幣的價格仍高於關鍵技術指標，顯示其呈上升趨勢，潛在飆升至 72,000 美元可能為突破歷史高點奠定基礎。

Bitcoin ETFs Flourish, Signal Positive Trajectory for the Digital Currency

比特幣 ETF 蓬勃發展，標誌著數位貨幣的積極發展軌跡

The rapidly evolving cryptocurrency landscape has witnessed a surge in the popularity of spot Bitcoin exchange-traded funds (ETFs) since their regulatory approval earlier this year. This promising trend continued through the end of March, with spot Bitcoin ETFs recording net inflows of $179 million for a fourth consecutive day, according to data from SoSo Value.

自今年稍早獲得監管機構批准以來，快速發展的加密貨幣格局見證了現貨比特幣交易所交易基金（ETF）的受歡迎程度激增。根據 SoSo Value 的數據，這一樂觀趨勢持續到 3 月底，現貨比特幣 ETF 連續第四天淨流入 1.79 億美元。

As of March 28th, the cumulative net inflow reached an impressive $12.13 billion, bolstered by a daily total net inflow of $183 million. BlackRock's iShares Bitcoin ETF led the charge, garnering a substantial $95.12 million in net capital inflow, while Fidelity's Wise Origin Bitcoin Fund drew $69.09 million in net inflows.

截至3月28日，累計淨流入達到令人印象深刻的121.3億美元，每日均淨流入總額達1.83億美元。貝萊德 (BlackRock) 的 iShares 比特幣 ETF 領先，獲得了 9,512 萬美元的淨資本流入，而富達 (Fidelity) 的 Wise Origin 比特幣基金則吸引了 6,909 萬美元的淨資本流入。

Despite the positive overall outlook, Grayscale's Bitcoin Trust, the former industry leader before the introduction of spot ETFs, has experienced consistent net outflows. On March 28th alone, approximately $105 million departed from the fund, hinting at a potential shift in investor preference towards the newer, more transparent spot ETFs that offer increased clarity.

儘管總體前景樂觀，但在推出現貨 ETF 之前的前行業領導者 Grayscale 的比特幣信託基金卻出現了持續的淨流出。僅在 3 月 28 日，就有約 1.05 億美元從該基金流出，這暗示投資者的偏好可能會轉向更新、更透明、更高透明度的現貨 ETF。

While spot Bitcoin ETFs have made an impressive debut, it's important to note the gradual decline in trading volume since their peak in early March. Statistics from The Block reveal that cumulative volumes steadily approached $200 billion before settling at $177.9 billion as of March 27th, indicating a waning of the initial excitement surrounding the launch of these products.

雖然現貨比特幣 ETF 首次亮相令人印象深刻，但值得注意的是，自 3 月初的高峰以來，交易量逐漸下降。 The Block 的統計數據顯示，截至 3 月 27 日，累計交易量穩步接近 2000 億美元，最終達到 1779 億美元，這表明圍繞這些產品推出的最初興奮感正在減弱。

Bitcoin ETFs Accumulate Significant Bitcoin Holdings

比特幣 ETF 累積了大量比特幣持有量

Despite the decline in volumes, assets under management (AUM) and on-chain holdings for spot Bitcoin ETFs have remained stable since peaking earlier this month. HODL15Capital, a prominent ETF analyst, reports that nine newly launched spot Bitcoin ETFs have rapidly amassed a substantial 500,000 BTC since January. This remarkable accumulation, representing 2.54% of Bitcoin's circulating supply, equates to a staggering $35 billion in just 54 trading days.

儘管交易量下降，但現貨比特幣 ETF 的管理資產（AUM）和鏈上持有量自本月初達到高峰以來仍保持穩定。著名 ETF 分析師 HODL15Capital 報告稱，自 1 月以來，九隻新推出的現貨比特幣 ETF 已迅速累積了 50 萬個 BTC。這一驚人的累積佔比特幣流通供應量的 2.54%，相當於在短短 54 個交易日內就累積了驚人的 350 億美元。

Taking a broader perspective, all spot Bitcoin funds in the US market, including Grayscale, collectively hold approximately 835,000 BTC, constituting around 4% of Bitcoin's total supply. This week witnessed a positive reversal, with ETF inflows rebounding to $845 million, effectively countering the outflow trend observed since March 18th and signaling renewed investor confidence in the digital asset space.

從更廣泛的角度來看，包括 Grayscale 在內的美國市場所有現貨比特幣基金總共持有約 835,000 BTC，約佔比特幣總供應量的 4%。本週出現積極逆轉，ETF 流入反彈至 8.45 億美元，有效扭轉了 3 月 18 日以來的流出趨勢，顯示投資者對數位資產領域的信心重拾。

Regulatory Uncertainties for Ethereum ETFs

以太坊 ETF 的監理不確定性

Complicating the situation further, Bitwise submitted an S-1 application for an Ethereum ETF on March 28th. However, ETF expert Eric Balchunas expressed skepticism about its approval in May, estimating a meager 25% chance. He cited the SEC's opaque communication as a potential hindrance, possibly leading to further setbacks.

讓情況更加複雜的是，Bitwise 於 3 月 28 日提交了以太坊 ETF 的 S-1 申請。然而，ETF 專家 Eric Balchunas 對 5 月的批准表示懷疑，估計批准的可能性僅為 25%。他指出美國證券交易委員會不透明的溝通是一個潛在的障礙，可能會導致進一步的挫折。

Bullish Indicators for Bitcoin

比特幣看漲指標

Despite the uncertainty surrounding Ethereum ETFs, the overall outlook for Bitcoin remains positive. Currently trading at $69,870, BTC comfortably maintains its position above key technical indicators, namely the 50-day and 200-day exponential moving averages (EMAs), affirming an upward trajectory.

儘管以太坊 ETF 存在不確定性，但比特幣的整體前景仍然樂觀。目前，BTC 的交易價格為 69,870 美元，輕鬆維持在關鍵技術指標（即 50 天和 200 天指數移動平均線（EMA））之上，確認了上漲軌跡。

Bitcoin has surged 22% in the last 30 days and continues its momentum in an upward direction. A resurgence to the $72,000 level could trigger a further rally towards the March 14th all-time high (ATH) of $73,808. A breakout above this critical level could potentially propel Bitcoin towards the $75,000 milestone.

比特幣在過去 30 天內飆升了 22%，並繼續保持上漲勢頭。重新回到 72,000 美元水平可能會引發進一步反彈，升至 3 月 14 日歷史高點 (ATH) 73,808 美元。突破這一關鍵水平可能會推動比特幣邁向 75,000 美元的里程碑。

Market participants should closely monitor BTC-spot ETF market chatter, SEC activity, and the US economic calendar in the coming days, as these factors could influence price movements. While a return to the ATH appears attainable, a drop below the crucial $69,000 support level may signal a correction towards the $64,000 support zone.

市場參與者應密切注意未來幾天 BTC 現貨 ETF 市場的討論、SEC 活動和美國經濟日曆，因為這些因素可能會影響價格走勢。雖然重返 ATH 似乎是可以實現的，但跌破關鍵的 69,000 美元支撐位可能預示著向 64,000 美元支撐區的修正。