現貨 ETF 刺激比特幣上漲，但比特幣價格停滯不前

現貨比特幣 ETF 在比特幣近期創下歷史新高的過程中發揮了至關重要的作用，從 1 月到 3 月累計累積了 20 萬BTC。然而，過去一個月，比特幣流入 ETF 的步伐已經停止，導致比特幣價格走勢陷入停滯。計量經濟學將這種停滯歸因於 ETF 需求不足，因為它們目前是比特幣成長的主要驅動力。

Bitcoin's Growth Hinges on Spot ETFs

比特幣的成長取決於現貨 ETF

Surge in BTC Price Coincides with Significant Accumulation by Spot Bitcoin ETFs

比特幣價格飆漲與現貨比特幣 ETF 大幅增持同時發生

In the months leading up to the fourth halving of Bitcoin (BTC), spot Bitcoin exchange-traded funds (ETFs) have played a pivotal role in driving the cryptocurrency to unprecedented heights. According to a recent report published by Ecoinometrics, Bitcoin's continued growth is heavily reliant on these financial vehicles.

在比特幣 (BTC) 第四次減半之前的幾個月裡，現貨比特幣交易所交易基金 (ETF) 在推動加密貨幣達到前所未有的高度方面發揮了關鍵作用。根據計量經濟學最近發布的報告，比特幣的持續成長嚴重依賴這些金融工具。

Data from Ecoinometrics reveals that spot Bitcoin ETFs actively accumulated approximately 200,000 BTC from January to mid-March, despite notable outflows from Grayscale, one of the largest Bitcoin investment trusts. This accumulation period coincided with Bitcoin's price surge from $40,000 to $75,000.

Ecoinometrics 的數據顯示，從 1 月到 3 月中旬，現貨比特幣 ETF 積極累積了約 20 萬 BTC，儘管最大的比特幣投資信託公司之一 Grayscale 出現了顯著的資金流出。這一累積期恰逢比特幣價格從 40,000 美元飆升至 75,000 美元。

However, the report highlights a recent halt in Bitcoin inflows into ETFs, which has resulted in a stagnation of price movement. "If you're wondering why Bitcoin is stuck in the $60k range, look no further," the report states. "The ETFs have stopped accumulating coins for a while now. They are the only game in town. No demand from them means no price appreciation."

然而，該報告強調最近比特幣流入 ETF 的停止，導致價格走勢停滯。報告指出：“如果你想知道為什麼比特幣停留在 6 萬美元的區間，那就別再猶豫了。” 「ETF 已經停止累積代幣有一段時間了。它們是城裡唯一的遊戲。它們沒有需求就意味著價格不會升值。”

Bitcoin's Efficacy as a Hedge Against Debasement

比特幣作為貨幣貶值對沖工具的功效

Despite the pause in ETF accumulation, Ecoinometrics emphasizes the broader economic context and Bitcoin's unique role as a hedge against debasement. Analyzing the performance of Bitcoin, gold, and the NASDAQ over the past decade, the report reveals that Bitcoin has significantly outperformed both assets.

儘管 ETF 累積暫停，計量經濟學強調了更廣泛的經濟背景以及比特幣作為對沖貶值的獨特作用。該報告分析了比特幣、黃金和納斯達克在過去十年的表現，顯示比特幣的表現明顯優於這兩種資產。

While gold has merely kept pace with the growth of the global monetary base, Bitcoin has seen a remarkable 44-fold increase in value. This underscores Bitcoin's effectiveness as a hedge against inflation in the current economic climate.

雖然黃金僅僅跟上了全球貨幣基礎的成長步伐，但比特幣的價值卻顯著增加了 44 倍。這凸顯了比特幣在當前經濟環境下對沖通貨膨脹的有效性。

However, some industry experts have voiced counterarguments. Kaiko, a crypto analytics platform, claims that Bitcoin has failed to attract safe-haven flows despite increased demand for such assets amidst geopolitical tensions in the Middle East.

不過，一些業內專家卻提出了反駁。加密分析平台 Kaiko 聲稱，儘管中東地緣政治緊張局勢對此類資產的需求增加，但比特幣未能吸引避險資金流。

Conclusion

結論

Spot Bitcoin ETFs have played a crucial role in Bitcoin's recent price surge. However, the recent halt in accumulation by these funds has raised concerns about the cryptocurrency's future price trajectory. Despite this, Ecoinometrics maintains a bullish outlook, emphasizing Bitcoin's unique characteristics as a hedge against inflation.

現貨比特幣ETF在比特幣近期價格飆升中發揮了至關重要的作用。然而，這些基金最近停止增持引發了人們對加密貨幣未來價格軌跡的擔憂。儘管如此，Ecoinometrics 仍保持看漲前景，強調比特幣作為對沖通膨的獨特特徵。