比特币（BTC）现货交易所贸易资金在4月3日至4月10日之间的净流出$ 8.72亿美元

在4月3日至4月10日之间，现场比特币（BTC）交易所交易基金的净流出总计8.72亿美元，这使交易员怀疑比特币的总体兴趣是否在淡出。

The world of cryptocurrencies is constantly evolving, and with it, the landscape of exchange-traded funds (ETFs). While interest in crypto ETFs has been heating up, recent data from CoinGlass shows that Spot Bitcoin (BTC) ETFs saw a total of $872 million in net outflows between April 3 and April 10.

加密货币的世界一直在不断发展，随之而来的是交换资金（ETF）的景观。尽管对加密ETF的兴趣一直在加热，但Coinglass的最新数据表明，在4月3日至4月10日之间，现场比特币（BTC）ETF的净流出总计为8.72亿美元。

This strong selling pressure began on April 3, as global trade tensions increased and fears of an economic recession grew. The trend is especially concerning after two days of spot Bitcoin ETF net flows below $2 million on April 11 and April 14.

随着全球贸易紧张局势加剧，对经济衰退的担忧加剧，这种强大的销售压力始于4月3日。在4月11日和4月14日的两天的现货比特币ETF净流量低于200万美元之后，这种趋势尤其令人担忧。

Spot Bitcoin ETFs aggregate net flows, USD. Source: CoinGlass

点比特币ETF总净流量，美元。资料来源：小店

The price of Bitcoin has remained relatively stable near $83,000 for the past five weeks, which further suggests weak interest from both buyers and sellers. On one hand, this lack of volatility could show that Bitcoin is becoming a more mature asset class. For example, several S&P 500 companies have dropped 40% or more from their all-time highs, while Bitcoin’s largest drawdown in 2025 was a healthier 32%.

在过去的五周内，比特币的价格保持相对稳定，接近83,000美元，这进一步表明买卖双方都弱了利息。一方面，这种缺乏波动性可能表明比特币正成为一个更成熟的资产类别。例如，几家标准普尔500年的公司从历史高处下降了40％或以上，而比特币在2025年最大的跌幅更健康的32％。

However, Bitcoin’s performance has disappointed those who believed in the “digital gold” narrative. Gold has gained 23% so far in 2025, reaching an all-time high of $3,245 on April 11. Even though Bitcoin outperformed the S&P 500 by 4% over the past 30 days, some investors worry that its appeal is fading, as it is currently uncorrelated with other assets and not acting as a reliable store of value.

但是，比特币的表现使那些相信“数字黄金”叙事的人失望。迄今为止，Gold在2025年上涨了23％，在4月11日达到3,245美元的历史最高点。尽管在过去30天中，比特币在过去30天中的表现优于标准普尔500分的4％，但一些投资者担心其吸引力正在逐渐消失，因为目前与其他资产不相关，并且不与价值相关。

Average Bitcoin ETF volume surpasses $2 billion per day

平均比特币ETF销量每天超过20亿美元

When looking at the spot Bitcoin ETF market—especially compared to gold—Bitcoin has some advantages. On April 14, spot Bitcoin ETFs had a combined trading volume of $2.24 billion, which is 18% below the 30-day average of $2.75 billion. So, it would not be accurate to say that investor interest in these products has disappeared.

当查看现货比特币ETF市场（尤其是与黄金相比）时，Bitcoin具有一些优势。 4月14日，现货比特币ETF的总交易量为22.4亿美元，比30天平均水平的27.5亿美元低18％。因此，说投资者对这些产品的兴趣已经消失并不准确。

Spot Bitcoin ETFs daily volumes, USD. Source: CoinGlass

斑点比特币ETF每日卷，美元。资料来源：小店

While Bitcoin ETF volumes are lower than the $54 billion per day traded by the SPDR S&P 500 ETF (SPY), they are not far behind gold ETFs at $5.3 billion and are ahead of US Treasurys ETFs at $2.1 billion. This is impressive, considering that spot Bitcoin ETFs in the US only launched in January 2024, while gold ETFs have been trading for over 20 years and have $137 billion in assets under management.

虽然比特币ETF量低于SPDR S＆P 500 ETF（间谍）每天540亿美元的$ 540亿美元，但它们并不远远落后于53亿美元的Gold ETF，并以21亿美元的价格领先于美国财政部ETF。考虑到美国仅在2024年1月推出的现货比特币ETF，而黄金ETF的交易已有20多年，并且管理资产为1370亿美元，这真是令人印象深刻。

Even when including the Grayscale GBTC Trust, which surpassed 200,000 shares traded per day in 2017 before it was converted to an ETF, Bitcoin investment products are still less than eight years old. Currently, spot Bitcoin ETFs hold about $94.6 billion in assets under management, which is more than the market capitalization of well-known companies such as British American Tobacco, UBS, ICE, BNP Paribas, Cigna, Sumitomo Mitsui and several others.

即使包括灰度GBTC信托（GBTC Trust），在将其转换为ETF之前，2017年每天超过了200,000股股票，比特币投资产品仍然不到八年。目前，现货比特币ETF的管理资产约为946亿美元，这不仅仅是众所周知的公司的市值，例如英国烟草，瑞银，ICE，BNP Paribas，Cigna，Cigna，Sumitomo Mitsui等。

Related: Bitcoin shows growing strength during market downturn — Wintermute

相关：比特币在市场衰退期间表现出越来越大的力量 - 温特莫特

Ranking of tradeable assets by market capitalization, USD: Source: 8marketcap

按市值排名可交易的资产，美元：资料来源：8MarketCap

To see how spot Bitcoin ETFs have become established in the industry, one can look at the top holders of these products. These include well-known names like Brevan Howard, D.E. Shaw, Apollo Management, Mubadala Investment, and the State of Wisconsin Investment. From pension funds to some of the world’s largest independent asset managers, Bitcoin ETFs provide an alternative to traditional assets, regardless of short-term price movements.

为了了解如何在该行业中建立的现货比特币ETF，可以查看这些产品的顶级持有人。这些名称包括Brevan Howard，De Shaw，Apollo Management，Mubadala Investment和Wisconsin Investment等知名名称。从养老基金到世界上一些最大的独立资产经理，比特币ETF提供了传统资产的替代方案，无论短期价格变动如何。

As the asset class grows and more products like futures and options are listed, Bitcoin may eventually be included in global indexes, whether in the commodities or currencies category. This could lead passive funds to invest, increasing both price potential and trading volume. Therefore, the current lack of strong net inflows or outflows is not unusual and should not be seen as a sign of weakness.

随着资产类别的增长和更多产品（例如期货和期权）的列出，无论是商品还是货币类别中，比特币最终都可能包含在全球指数中。这可能导致被动资金投资，增加价格潜力和交易量。因此，目前缺乏强大的净流入或流出并不罕见，不应被视为虚弱的迹象。