在升息猜測中，現貨比特幣 ETF 出現大規模資金外流

美國現貨比特幣 ETF 週三經歷了最大單日流出，顯示近期趨勢仍在延續。儘管聯準會凍結了美國利率，但比特幣 ETF 仍出現大量資金外流，分析師強調這是典型現象，反映了 ETF 的正常運作。

Bitcoin Spot ETFs Witness Record Outflows Amidst Rate Hike Speculations

在升息猜測中，比特幣現貨 ETF 出現創紀錄的資金外流

US-based spot Bitcoin exchange-traded funds (ETFs) have experienced their largest single-day outflow on record, reflecting a continuation of a recent downward trend. Despite the Federal Reserve's decision to maintain current interest rates, investors rapidly sold off these ETFs, raising concerns among market observers.

美國現貨比特幣交易所交易基金（ETF）經歷了有史以來最大的單日流出量，反映出近期下降趨勢的延續。儘管聯準會決定維持當前利率，但投資人迅速拋售這些 ETF，引發市場觀察家的擔憂。

Outflows Mount, Led by Major Players

在主要參與者的帶動下，資金外流不斷增加

According to data from Farside Investors and CoinGlass, the 11 spot Bitcoin ETFs collectively experienced a net outflow of $563.7 million on Wednesday, surpassing the previous record set since their launch in January. Fidelity's FBTC ETF emerged as the primary driver of the outflows, accounting for $191.1 million in withdrawals alone. This significant withdrawal signals a potential shift in market optimism, as FBTC and BlackRock's IBIT had previously been major attractors of funds in the first quarter, offsetting the more substantial and consistent outflows from the Grayscale Bitcoin Trust (GBTC).

根據 Farside Investors 和 CoinGlass 的數據，週三 11 檔現貨比特幣 ETF 合計淨流出 5.637 億美元，超過自 1 月推出以來創下的歷史紀錄。富達 (Fidelity) 的 FBTC ETF 成為資金流出的主要推動者，僅撤資就達 1.911 億美元。此次大幅撤資標誌著市場樂觀情緒的潛在轉變，因為FBTC 和貝萊德的IBIT 此前一直是第一季資金的主要吸引者，抵消了灰度比特幣信託基金(GBTC) 更大量、持續的資金流出。

First-Ever Outflow for BlackRock's ETF

貝萊德 ETF 首次資金流出

BlackRock's iShares Bitcoin Trust, a prominent name in the Bitcoin ETF landscape, also experienced its first-ever outflow day on May 1, with investors withdrawing $36.9 million. This adds to the collective outflows of $526.8 million witnessed across the other nine Bitcoin ETFs.

貝萊德 (BlackRock) 旗下的 iShares Bitcoin Trust（比特幣 ETF 領域的知名品牌）也在 5 月 1 日經歷了有史以來的首次資金流出，投資者撤回了 3,690 萬美元。這增加了其他 9 個比特幣 ETF 的 5.268 億美元的集體流出。

Outflows Persist Despite Market Recovery

儘管市場復甦，資金外流仍存在

The unexpected outflows from Bitcoin ETFs come at a time when the cryptocurrency market was showing signs of recovery. Bitcoin had rallied over the past few days, prompting optimism among traders. However, the outflows indicate that investors remain cautious amidst concerns over potential interest rate hikes.

比特幣 ETF 的意外資金流出正值加密貨幣市場顯示出復甦跡象之際。過去幾天比特幣上漲，引發了交易員的樂觀情緒。然而，資金外流顯示投資者在擔心潛在升息的情況下仍保持謹慎態度。

Fed Maintains Neutral Stance

聯準會維持中立立場

The Federal Reserve's recent decision to maintain current interest rates between 5.25% and 5.5% initially provided some support to risk assets, including Bitcoin. However, Federal Reserve Chairman Jerome Powell's comments during a press conference dispelled hopes of potential rate cuts and raised concerns about renewed tightening measures. Despite a dovish approach that prioritizes employment and economic growth, Powell indicated that the economy's strength precludes the possibility of rate cuts in the near future.

聯準會最近決定將當前利率維持在 5.25% 至 5.5% 之間，最初為包括比特幣在內的風險資產提供了一些支持。然而，聯準會主席鮑威爾在記者會上的言論打消了可能降息的希望，並引發了人們對新一輪緊縮措施的擔憂。儘管鮑威爾採取鴿派態度，優先考慮就業和經濟成長，但他表示，經濟強勁排除了近期降息的可能性。

Quantitative Tightening Reduction and Liquidity Measures

量化緊縮和流動性措施

Despite maintaining interest rates, the Fed announced plans to reduce its quantitative tightening (QT) program starting in June, a move aimed at easing liquidity in the market. Additionally, the US Treasury unveiled a program to repurchase billions of dollars in government debt, another liquidity-enhancing measure.

儘管維持利率不變，聯準會仍宣布計劃從 6 月開始減少量化緊縮（QT）計劃，此舉旨在緩解市場流動性。此外，美國財政部公佈了一項回購數十億美元政府債務的計劃，這是另一項增強流動性的措施。

Outflows Mirror Traditional Assets

資金流出反映傳統資產

Notably, the Hashdex Bitcoin ETF did not experience any recorded outflows, according to preliminary data from Farside. However, the Fidelity Wise Origin Bitcoin Fund witnessed the largest single-day departure of funds, amounting to $191.1 million, followed by the Grayscale Bitcoin Trust's outflows of $167.4 million. These outflows coincide with a 10.7% decline in Bitcoin's value over the past week.

值得注意的是，根據 Farside 的初步數據，Hashdex 比特幣 ETF 沒有出現任何資金流出記錄。然而，Fidelity Wise Origin 比特幣基金單日資金流出規模最大，達 1.911 億美元，其次是 Grayscale 比特幣信託基金，流出 1.674 億美元。這些資金外流恰逢比特幣價值在過去一周下跌 10.7%。

Despite the significant outflows from cryptocurrency ETFs, Nate Geraci, president of the ETF Store, highlights that traditional assets have also experienced substantial withdrawals. Both the iShares Gold ETF and SPDR Gold ETFs have recorded outflows of $1 billion and $3 billion, respectively, this year. Notably, gold has seen a 16% increase in its value year-to-date.

儘管加密貨幣 ETF 資金大量流出，但 ETF Store 總裁 Nate Geraci 強調，傳統資產也經歷了大量撤資。 iShares 黃金 ETF 和 SPDR 黃金 ETF 今年分別錄得 10 億美元和 30 億美元的資金流出。值得注意的是，今年迄今為止，黃金的價值已上漲 16%。

Analyst Asserts Smooth ETF Functioning

分析師斷言 ETF 運作平穩

Bloomberg ETF analyst James Seyffart emphasizes that despite the outflows, Bitcoin ETFs are "operating smoothly across the board." He reinforces that both inflows and outflows are a natural part of an ETF's life cycle and should be anticipated.

彭博 ETF 分析師 James Seyffart 強調，儘管存在資金外流，但比特幣 ETF「全面運作平穩」。他強調，資金流入和資金流出都是 ETF 生命週期的自然組成部分，應該要預期。

Bitcoin's Reaction to Liquidity Shift

比特幣對流動性轉移的反應

As with other risk assets, Bitcoin is highly susceptible to liquidity changes. Following Powell's remarks, Bitcoin experienced a brief surge from $56,620 to $59,430. Simultaneously, yields on the 10- and two-year Treasury notes declined alongside the dollar index. However, BTC's rebound proved short-lived, as it retreated to $57,901 by the time of publication.

與其他風險資產一樣，比特幣極易受到流動性變化的影響。鮑威爾發表演說後，比特幣經歷了短暫的從 56,620 美元飆升至 59,430 美元。同時，十年期和兩年期公債殖利率隨美元指數下跌。然而，事實證明，比特幣的反彈是短暫的，截至本文發佈時，比特幣價格已回落至 57,901 美元。

Hong Kong's Debut Bitcoin ETFs Fall Flat

香港首次推出的比特幣 ETF 表現平平

Earlier this week, Hong Kong launched Asia's first spot Bitcoin and Ethereum (ETH) ETFs. However, these ETFs garnered underwhelming volumes, dampening sentiment in the global cryptocurrency market.

本週早些時候，香港推出了亞洲首個現貨比特幣和以太幣 (ETH) ETF。然而，這些 ETF 的成交量並不理想，抑制了全球加密貨幣市場的情緒。

Conclusion

結論

The record outflows witnessed by US spot Bitcoin ETFs raise concerns about investor sentiment and the potential impact on the broader cryptocurrency market. While the Federal Reserve's decision to maintain interest rates provided some initial support, Powell's comments and the prospect of continued liquidity tightening measures have weighed on sentiment. The outflows reflect a cautious approach among investors, who are navigating a complex and uncertain economic landscape.

美國現貨比特幣 ETF 創紀錄的資金外流引發了人們對投資者情緒及其對更廣泛的加密貨幣市場的潛在影響的擔憂。儘管聯準會維持利率的決定提供了一些初步支撐，但鮑威爾的言論以及持續收緊流動性措施的前景打壓了市場情緒。資金外流反映出投資人在複雜且不確定的經濟情勢下採取謹慎態度。