經過四個星期的不間斷流出，美國現貨比特幣ETF經歷了歡迎的周轉

該最新數據表明，大多數流入來自貝萊德，方舟投資管理，富達和灰度等大型參與者。

After four weeks of uninterrupted outflows, U.S. Spot Bitcoin ETFs experienced a welcomed turnaround amid some much-needed investor inflows over the past week.

經過四個星期的不間斷流出，美國現貨比特幣ETF經歷了歡迎的周轉，在過去一周中一些急需的投資者流入。

However, while inflows into the ETFs are certainly a welcomed sign, and a stark contrast from a previous month of very negative sentiment, I think it is prudent to express a simple detail: The total amount of inflows into the U.S. Spot Bitcoin ETFs last week was 5,300 BTC.

但是，儘管流入ETF的流入肯定是一個受歡迎的跡象，並且與上個月非常負面情緒的形成鮮明對比，但我認為表達一個簡單的細節是謹慎的：上週進入美國現貨比特幣ETF的總數為5,300 BTC。

The Turnaround in Bitcoin Spot ETF Inflows

比特幣斑點ETF流入的周轉

The latest data shows that most of the inflows came from large players like BlackRock, ARK Investment Management, Fidelity, and Grayscale. Altogether, these firms added quite a bit to the net inflows, with BlackRock pretty much leading the pack and accounting for a massive 75% of the total increase. This is seen as a big positive, that institutional investors in general and maybe BlackRock in particular are once again finding Bitcoin ETFs an attractive investment option.

最新數據表明，大多數流入來自貝萊德，方舟投資管理，富達和灰度等大型參與者。總的來說，這些公司在淨流入中增加了很多東西，貝萊德幾乎引導了這一目標，並佔總增長的75％。這被認為是一個很大的積極，一般來說，機構投資者，尤其是貝萊德再次發現了比特幣ETFS是一種有吸引力的投資選擇。

BlackRock Dominates Bitcoin ETF Inflows

貝萊德占主導地比特幣ETF流入

BlackRock remains the dominant force in the Bitcoin ETF market. Once again, it has emerged as the biggest winner, securing net inflows of 4,069 BTC, representing 88% of the inflows into all Bitcoin ETFs since the SEC began approving such products in late 2022. This is really saying something, as nearly 14,000 BTC have now been harnessed in total by all these products. The trust that institutional investors like BlackRock command seems to be spilling over even more so into the crypto market.

貝萊德仍然是比特幣ETF市場中的主要力量。自從SEC在2022年底開始批准此類產品以來，它再次成為最大的贏家，獲得了4,069 BTC的淨流入量，佔所有比特幣ETF的流入。這確實是在說些什麼，因為近14,000個BTC現在已經用所有這些產品來實現。相信像貝萊德司令部這樣的機構投資者的信任似乎在加密市場上更加溢出。

After BlackRock, ARK Investment Management, led by Cathie Wood, saw significant inflows of its own, adding 938 BTC to its Bitcoin ETF products. Fidelity, another major player in the world of finance, brought in 786 BTC, displaying the same thing we saw after BlackRock’s announcement: institutions are taking a serious interest in Bitcoin ETFs.

在貝萊德（Blackrock）之後，由凱西·伍德（Cathie Wood）領導的方舟投資管理（Ark Investment Management）自身大量流入，在其比特幣ETF產品中增加了938 BTC。 Fidelity是金融界的另一個主要參與者，帶來了786 BTC，在BlackRock宣佈公告之後看到了同樣的東西：機構對比特幣ETF產生了濃厚的興趣。

After 4 consecutive weeks of outflows, US Spot #Bitcoin ETFs finally saw a return to inflows last week -albeit modest in size (+5.3K $BTC in net inflows).pic.twitter.com/CNGVPWPuLc

經過連續4週的流出後，美國#bitcoin ETF終於在上週看到了流入的回報 - 尺寸適中（+5.3k $ btc in net流入中）.pic.twitter.com/cngvpwpwpulc

— glassnode (@glassnode) March 24, 2025

- 2025年3月24日

Even Grayscale Mini, a relatively small but intriguing player, managed to secure 282 BTC in inflows.

即使是一個相對較小但有趣的球員灰度迷你，也設法在流入中獲得了282 BTC。

Most other issuers experienced either flat or negative flows during this timeframe. This indicates that the Bitcoin ETF recovery is somewhat selective, with only a few institutional players able to attract new capital. The overall increase was modest in size. However, we could be at the starting gate of a more sustained Bitcoin ETF growth spurt.

在此期間，大多數其他發行人都經歷了平坦或負面流量。這表明比特幣ETF恢復有些選擇性，只有少數機構參與者能夠吸引新資本。總體增加的大小適中。但是，我們可能處於比特幣ETF增長速度更持續的起點。

Ethereum ETFs Continue to Struggle

以太坊ETF繼續掙扎

Although Bitcoin ETFs are starting to recover, the same is not true for U.S. Spot Ethereum ETFs, which are still seeing huge outflows. Just last week, Ethereum ETFs had net outflows of 76,300 ETH, their third-largest weekly outflow since launch. This is very much an “in-your-face” statistic for Ethereum-focused ETFs and one that ostensibly counters their objective of having more net inflows than outflows.

儘管比特幣ETF開始恢復，但對於我們現場的以太坊ETF來說並不是如此，這些ETF仍在看到巨大的流出。就在上週，Ethereum ETF的淨流出為76,300 ETH，這是自推出以來的第三大每周流出。這是針對以太坊的ETF的“臉色”統計量，表面上可以抵消其目標比流出更多的淨流入的目標。

The outflows from Ethereum exchange-traded funds suggest that despite the network’s upgrades, and the burgeoning decentralized finance (DeFi) and non-fungible tokens (NFTs) markets, investors are not allocating capital to Ethereum-based products. One likely reason: the uncertainty surrounding Ethereum’s transition to proof-of-stake (PoS), and the market volatility that could result from a still-evolving network.

以太坊交換貿易資金的流出表明，儘管網絡的升級以及新興的分散融資（DEFI）和不可殺死的代幣（NFTS）市場，但投資者並不是在將資本分配給基於以太坊的產品。一個可能的原因是：以太坊過渡到股份證明（POS）的不確定性以及仍在不斷發展的網絡所致的市場波動。

For ETFs centered on Ethereum, a steady stream of cash leaving may indicate institutional investors are biding their time until the regulatory picture becomes clearer or are more enamored with Bitcoin’s perceived stability these days, especially in light of the renewed inflows into Bitcoin ETFs.

對於以以太坊為中心的ETF，穩定的現金流量可能表明機構投資者正在籌集時間，直到監管情況變得更加清晰或對比特幣的感知穩定性更加迷戀，尤其是鑑於重新流入的流入到比特幣ETF中。

Tracking ETF Performance Through Glassnode Studio

通過GlassNode Studio跟踪ETF性能

If you want an even closer look at how the U.S. Spot Bitcoin and Ethereum ETFs are performing, you can check out the dedicated dashboard that Glassnode Studio offers for this purpose. It tracks all of the most important metrics for both ETF products, which allows us to keep a finger on the pulse of two of the most important developments in this portion of the crypto space.

如果您想更仔細地查看美國現場比特幣和以太坊ETF的表現，則可以查看GlassNode Studio為此目的提供的專用儀表板。它跟踪兩種ETF產品的所有最重要的指標，這使我們能夠掌握加密空間這一部分最重要的發展的脈搏。

As this dashboard display shows, we can see that the Bitcoin ETF has amassed a total of 175,188 Bitcoin since its inception. That sounds like a big number, but when you consider it in the context of how many Bitcoin there are in existence and how many are actually being used or held in a custodial way, the picture changes a little. Since the SEC has not approved a spot ETF for Bitcoin or Ethereum yet, these figures are important to note. They reflect two products that are not really spot ETFs, at least in the way the term was originally intended.

正如該儀表板顯示器所顯示的那樣，我們可以看到比特幣ETF自成立以來總共積累了175,188個比特幣。這聽起來像是一個很大的數字，但是當您在存在多少比特幣的背景下考慮它，以及實際使用或以監護方式使用多少比特幣時，圖片會有所改變。由於SEC尚未批准比特幣或以太坊的ETF，因此要注意這些數字。它們反映了兩種並不是真正斑點ETF的產品，至少按照該術語最初的意圖。

The dashboard serves up, in real time, the net inflows and outflows of the major U.S. Spot Bitcoin and Ethereum

儀表板實時提供美國主要現場比特幣和以太坊的淨流入和流出