前所未有的資金外流擾亂比特幣 ETF 市場

在穩定的加密貨幣領域，ARKB 引人注目的比特幣 ETF 流出量甚至超過了 Grayscale 的 GBTC，引發了爭論。彭博 ETF 分析師 Eric Balchunas 向投資者保證，他強調了 Vanguard 等成熟 ETF 的例行資金外流情況。 Scott Melker 建議潛在投資者在加密 ETF 領域進行重新分配，而 ETF 市場的彈性則透過隔日 1.135 億美元的正流量體現出來。由於比特幣交易價格為 66,217 美元，分析師仍保持警惕，在資金流入和流出波動的情況下監控市場趨勢。

Unprecedented Outflows Shake Bitcoin ETF Market

前所未有的資金外流震動比特幣 ETF 市場

New York, February 16, 2023 - The cryptocurrency market witnessed a seismic shift on Tuesday as the ARK 21Shares spot Bitcoin ETF (ARKB), spearheaded by renowned investor Cathie Wood, experienced a substantial outflow. This unprecedented event, coupled with outflows exceeding those of Grayscale's established Bitcoin Trust (GBTC), has reignited debates about the implications for Bitcoin's price trajectory.

紐約，2023 年 2 月 16 日 - 週二，加密貨幣市場發生了翻天覆地的變化，由著名投資者 Cathie Wood 牽頭的 ARK 21Shares 現貨比特幣 ETF (ARKB) 經歷了大幅資金外流。這場史無前例的事件，加上資金外流超過灰階建立的比特幣信託基金（GBTC），重新引發了有關比特幣價格軌跡影響的爭論。

ARKB's Unforeseen Outflow

ARKB 不可預見的資金外流

ARKB, one of the "Newborn Nine" ETFs launched in October 2021, has emerged as a force to be reckoned with. However, on Tuesday, it shed a staggering $87.5 million, equivalent to approximately 1,300 Bitcoin, according to Farside Investors. This outflow surpassed the $81.9 million daily outflow reported by GBTC.

ARKB 是 2021 年 10 月推出的「新生九隻」ETF 之一，已成為一股不可忽視的力量。然而，根據 Farside Investors 的數據，週二，它損失了驚人的 8,750 萬美元，相當於約 1,300 個比特幣。這一流出量超過了 GBTC 報告的每日流出量 8,190 萬美元。

Analysts Weigh In

分析師介入

The significant outflows from ARKB have sparked heated debates among investors and analysts. Some question whether these outflows signal an impending bearish phase for Bitcoin, while others argue that they merely reflect the natural ebb and flow of the market.

ARKB的大量資金流出引發了投資者和分析師的激烈爭論。有些人質疑這些資金外流是否預示著比特幣即將進入看跌階段，而有些人則認為它們只是反映了市場的自然潮起潮落。

Eric Balchunas, a highly respected ETF analyst from Bloomberg, has provided a nuanced perspective. Balchunas emphasizes the need to consider the broader context of ETF dynamics, indicating that even renowned ETFs experience routine outflows as part of their operational cycle.

彭博社備受尊敬的 ETF 分析師 Eric Balchunas 提供了細緻的觀點。 Balchunas 強調需要考慮 ETF 動態的更廣泛背景，這表明即使是知名的 ETF 也會在其營運週期中經歷例行資金流出。

ARKB's Historical Performance

ARKB的歷史表現

Balchunas highlights ARKB's remarkable performance since its inception, attracting $2.8 billion in less than three months and ranking among the top three largest ETFs. He suggests that without the buffering effect of ETFs, Bitcoin's price could potentially be hovering around $30,000.

Balchunas強調ARKB自成立以來的卓越表現，在不到三個月的時間內吸引了28億美元，躋身三大ETF之列。他認為，如果沒有 ETF 的緩衝作用，比特幣的價格可能會徘徊在 3 萬美元左右。

Investor Behavior and Market Dynamics

投資者行為與市場動態

Balchunas cautions that it would be simplistic to solely attribute Bitcoin's recent price decline to ETF outflows. He emphasizes that the interplay of market dynamics and diverse investor behavior contribute to price fluctuations.

Balchunas 警告稱，將比特幣近期價格下跌僅歸因於 ETF 資金流出未免過於簡化。他強調，市場動態和多樣化投資者行為的相互作用導致了價格波動。

Cryptocurrency expert Scott Melker has offered an alternative explanation for ARKB's outflows. He posits that a large investor may be reallocating funds to a different ETF, indicating a potential strategic shift within the crypto ETF landscape.

加密貨幣專家 Scott Melker 對 ARKB 的資金外流提供了另一種解釋。他認為，大型投資者可能會將資金重新分配到不同的 ETF，這顯示加密 ETF 領域存在潛在的策略轉變。

Transparency and ETF Trading

透明度和 ETF 交易

Balchunas draws attention to the inherent privacy of ETF trading, stating that the identities of investors moving in and out of ETFs are largely unknown. This anonymity, he emphasizes, is an often overlooked aspect that differentiates ETFs from other investment tools.

Balchunas 提請人們注意 ETF 交易固有的隱私性，並指出進出 ETF 的投資者的身份在很大程度上是未知的。他強調，這種匿名性是一個經常被忽視的方面，也是 ETF 與其他投資工具的區別。

ETF Market Resilience

ETF市場彈性

Despite concerns surrounding the recent outflows, the ETF market has demonstrated its resilience. The following day, inflows totaled $113.5 million, led by significant inflows from Fidelity, Blackrock, and Bitwise. While ARKB remained stagnant, GBTC experienced an additional $75 million outflow.

儘管近期資金流出令人擔憂，但 ETF 市場已展現出其彈性。第二天，資金流入總額達 1.135 億美元，其中 Fidelity、Blackrock 和 Bitwise 的資金大幅流入。雖然 ARKB 仍然停滯不前，但 GBTC 卻額外流出了 7,500 萬美元。

Market Outlook

市場展望

Industry analyst WhalePanda has cautioned that the market requires approximately $60 million per day in buying power to absorb the newly mined supply of Bitcoin. However, he projects that this amount will decline to $30 million within 2.5 weeks at current prices.

產業分析師 WhalePanda 警告稱，市場每天需要約 6,000 萬美元的購買力來吸收新開採的比特幣供應。不過，他預計，以當前價格計算，這筆金額將在 2.5 週內降至 3,000 萬美元。

As the market remains in flux, investors and analysts await the outcome of these developments with keen anticipation. Bitcoin currently trades at $66,217, leaving the path ahead uncertain but充满了可能性。

由於市場仍在不斷變化，投資者和分析師都懷著熱切的期待等待這些事態發展的結果。比特幣目前的交易價格為 66,217 美元，未來的道路充滿不確定性，但充滿了可能性。