比特币 ETF 资金流出表明投资者在市场波动中感到不安

在比特币价格大幅下跌的情况下，华尔街比特币交易所交易基金（ETF）已连续五天净流出总计8.88亿美元。 Grayscale 的 GBTC 经历了创纪录的资金流出，导致 ETF 需求持续下降。

Bitcoin ETF Outflows Signal Investor Jitters Amid Price Volatility

比特币 ETF 资金流出表明投资者因价格波动而感到不安

New York, March 23, 2024 - Bitcoin exchange-traded funds (ETFs) listed on Wall Street have experienced a significant outflow of funds, marking five consecutive days of net withdrawals as the price of Bitcoin plunged last week.

纽约，2024 年 3 月 23 日——随着上周比特币价格暴跌，华尔街上市的比特币交易所交易基金（ETF）出现资金大幅流出，连续五天出现净撤资。

The outflows, amounting to $888 million, are a noteworthy reversal from the inflows that had previously contributed to driving the cryptocurrency's price to a record high of $73,000 earlier in 2024. The recent decline in Bitcoin's value, which saw it briefly drop to $60,760 this week, is believed to have dampened investor enthusiasm for the ETFs.

资金流出金额达 8.88 亿美元，与之前的资金流入形成了值得注意的逆转，此前资金流入曾导致加密货币价格在 2024 年初创下 73,000 美元的历史新高。最近比特币价值下跌，本周一度跌至 60,760 美元据信，这削弱了投资者对 ETF 的热情。

The collective outflows from the 10 ETFs tracked by BitMEX Research highlight the impact of Bitcoin's price volatility on investor sentiment. Grayscale's GBTC, the largest Bitcoin ETF by assets under management, experienced a particularly substantial outflow on March 18, 2024, setting a record for the day. This five-day period of continuous net outflows marks the lengthiest observed to date, surpassing a four-day streak recorded in January 2024.

BitMEX Research 追踪的 10 只 ETF 的集体资金流出凸显了比特币价格波动对投资者情绪的影响。 Grayscale 旗下管理资产规模最大的比特币 ETF GBTC 在 2024 年 3 月 18 日经历了特别大幅的资金流出，创下了当天的记录。这五天的连续净流出是迄今为止观察到的最长的一段时间，超过了 2024 年 1 月记录的连续四天的净流出。

In addition to the significant outflows, inflows into Bitcoin ETFs have also been modest. Blackrock's IBIT, which holds nearly half of the Bitcoin ETF market share, registered record-low inflows of $49.3 million on March 20, 2024, followed by an even lower $18.9 million on March 22, 2024. Fidelity's FBTC, the third-largest spot Bitcoin ETF, also experienced record-low inflows, receiving a mere $2.9 million on March 21, 2024.

除了大量资金流出外，比特币 ETF 的流入也很有限。贝莱德 (Blackrock) 的 IBIT 占据了比特币 ETF 市场近一半的份额，其流入量在 2024 年 3 月 20 日创下历史新低，为 4,930 万美元，随后在 2024 年 3 月 22 日流入量甚至更低，为 1,890 万美元。富达 (Fidelity) 的 FBTC，第三大现货比特币ETF 的流入量也创历史新低，2024 年 3 月 21 日仅收到 290 万美元。

While the outflows coincide with Bitcoin's price decline, additional factors may also be contributing to the substantial withdrawals. Bloomberg ETF analyst Eric Balchunas suggests that Grayscale's exceptionally large outflows could be attributed to trading activities by Genesis, a digital financial firm. However, Balchunas also notes that "the new 'Boomer' ETF investors are the strong ones (as we predicted)," indicating that other Bitcoin owners may be behind the selling pressure.

虽然资金流出与比特币价格下跌同时发生，但其他因素也可能导致大量资金流出。彭博 ETF 分析师埃里克·巴尔丘纳斯 (Eric Balchunas) 表示，灰度的异常大规模资金流出可能归因于数字金融公司 Genesis 的交易活动。然而，Balchunas 还指出，“新的‘婴儿潮一代’ETF 投资者是实力强劲的投资者（正如我们预测的那样）”，这表明其他比特币所有者可能是抛售压力的幕后推手。

Investors will be closely monitoring daily data to discern whether the $888 million that exited the ETFs is merely a temporary fluctuation or a sign of a more significant pullback for Bitcoin. Traders will also be watching for the upcoming 'halving,' a scheduled network update set for April 2024, which will halve the financial rewards for miners responsible for verifying new transactions on the blockchain. This event, occurring every four years, is anticipated to have a long-term bullish impact on Bitcoin's price, according to analysts.

投资者将密切关注每日数据，以辨别 ETF 退出的 8.88 亿美元是否只是暂时波动，还是比特币出现更大幅回调的迹象。交易者还将关注即将到来的“减半”，这是一项计划于 2024 年 4 月进行的网络更新，这将使负责验证区块链上新交易的矿工的经济奖励减半。分析师表示，这一事件每四年发生一次，预计将对比特币的价格产生长期看涨影响。

The recent outflows from Bitcoin ETFs underscore the volatility associated with cryptocurrency investments. While the decline in Bitcoin's price has impacted investor sentiment, it remains to be seen whether this marks a reversal of the long-term upward trend or a temporary setback. Analysts will continue to track inflows and outflows from ETFs and monitor Bitcoin's price closely for indications of the future direction of the market.

最近比特币 ETF 的资金流出凸显了与加密货币投资相关的波动性。虽然比特币价格的下跌影响了投资者的情绪，但这是否标志着长期上涨趋势的逆转或暂时的挫折还有待观察。分析师将继续追踪 ETF 的流入和流出，并密切监控比特币的价格，以获取市场未来走向的迹象。