比特币 ETF 反弹在市场波动中遇到障碍

尽管比特币价格波动，摩根大通分析师预测比特币价格将跌至 42,000 美元，但机构买盘依然强劲，贝莱德持续流入现货比特币 ETF 就证明了这一点。然而，比特币 ETF 本周净流出超过 8.88 亿美元，其中 Grayscale 的 GBTC 录得大幅单日流出，引发了市场对乐观价格预测的担忧。

Have Bitcoin ETFs Hit a Wall After the Market's Rollercoaster Ride?

市场经历了过山车之后，比特币 ETF 是否已经碰壁了？

In the wake of Bitcoin's price gyrations, Bitcoin exchange-traded funds (ETFs) have witnessed a significant outflow, casting doubt on the market's earlier bullish outlook. This week alone, Bitcoin ETFs saw a net outflow of over $888 million, with spot Bitcoin ETFs experiencing a $51.6 million net outflow on Friday, March 22nd.

比特币价格波动后，比特币交易所交易基金（ETF）出现大幅流出，使人们对市场早先的看涨前景产生怀疑。仅本周，比特币 ETF 的净流出就超过 8.88 亿美元，其中现货比特币 ETF 在 3 月 22 日星期五净流出 5160 万美元。

BlackRock's Steadfast Support Amidst the Exodus

贝莱德在大逃亡中的坚定支持

Despite the outflows, BlackRock's ETF (IBIT) has remained a beacon of stability, with minimal net inflows. This has helped mitigate some of the negative impacts on the Bitcoin ETF market.

尽管出现资金流出，贝莱德的 ETF (IBIT) 仍然是稳定的灯塔，净流入量极小。这有助于减轻对比特币 ETF 市场的一些负面影响。

GBTC's Ongoing Outflow Woes

GBTC 持续的资金外流困境

GBTC, one of the largest Bitcoin ETFs, continues to be plagued by outflows. On Thursday, March 21st, it saw another substantial outflow of $359 million, bringing its weekly total to a staggering $1.8 billion.

GBTC 作为最大的比特币 ETF 之一，继续受到资金外流的困扰。 3 月 21 日星期四，资金再次大幅流出 3.59 亿美元，使其每周总资金流出达到惊人的 18 亿美元。

Single-Day Outflows: A Watershed Moment?

单日资金流出：分水岭时刻？

On Wednesday, March 20th, GBTC experienced a significant single-day outflow of $386 million. This was partially offset by IBIT's inflow of $49.28 million, bringing its total historical net inflow to an impressive $13.09 billion.

3 月 20 日星期三，GBTC 单日大幅流出 3.86 亿美元。这被 IBIT 4928 万美元的流入部分抵消，使其历史净流入总额达到令人印象深刻的 130.9 亿美元。

Institutional Investors Pause as FOMC Looms

联邦公开市场委员会 (FOMC) 临近，机构投资者暂停

On Tuesday, March 19th, Bitcoin ETFs faced multiple days of outflows, totaling $326 million. This shift in market sentiment can be attributed to institutional investors exercising caution ahead of the Federal Open Market Committee (FOMC) decision scheduled for March 20th.

3 月 19 日星期二，比特币 ETF 面临多日资金流出，资金总额达 3.26 亿美元。市场情绪的这种转变可归因于机构投资者在联邦公开市场委员会 (FOMC) 定于 3 月 20 日做出决定之前保持谨慎。

JPMorgan Analysts: A Dose of Realism

摩根大通分析师：现实主义的剂量

JPMorgan analysts have thrown cold water on the market's optimistic predictions of year-end price hikes. They believe that the recent slowdown in spot Bitcoin ETF inflows casts doubt on the sustainability of the rally.

摩根大通分析师对市场对年底物价上涨的乐观预测泼了一盆冷水。他们认为，近期比特币 ETF 现货流入放缓让人对反弹的可持续性产生怀疑。

JP Morgan: Brace for a Post-Halving Price Drop

摩根大通：为减半后价格下跌做好准备

JPMorgan analysts have predicted a drop in Bitcoin's price to $42,000 after the April halving. They argue that the halving and Ethereum upgrade have already been factored into the market, limiting their potential impact.

摩根大通分析师预测 4 月份减半后比特币价格将跌至 42,000 美元。他们认为，减半和以太坊升级已经被纳入市场因素，限制了其潜在影响。

Jamie Dimon's Crypto Skepticism

杰米·迪蒙（Jamie Dimon）的加密怀疑论

JPMorgan's CEO, Jamie Dimon, remains skeptical of cryptocurrencies, dismissing them as a "minor aspect of finance" that receives undue attention. He has compared crypto tokens to "pet rocks" and criticized the excessive hype surrounding them.

摩根大通首席执行官杰米戴蒙仍然对加密货币持怀疑态度，认为它们是受到过度关注的“金融的次要方面”。他将加密代币比作“宠物石头”，并批评围绕它们的过度炒作。

Dimon's Recognition of Blockchain and Web 3.0

戴蒙对区块链和Web 3.0的认可

Despite his skepticism towards cryptocurrencies, Dimon acknowledges the legitimacy of blockchain technology and Web 3.0. He questions why illegal activities are allowed to flourish in the crypto space while banks are held to higher standards.

尽管戴蒙对加密货币持怀疑态度，但他承认区块链技术和 Web 3.0 的合法性。他质疑为什么非法活动能够在加密货币领域蓬勃发展，而银行却被要求遵守更高的标准。

Conclusion: A Pause in the Bitcoin ETF Rally

结论：比特币 ETF 涨势暂停

Bitcoin ETFs have experienced a net outflow of over $888 million this week, signaling a potential pause in the market's upward trajectory. JPMorgan analysts warn of a possible price drop after the halving, while Jamie Dimon remains skeptical of cryptocurrencies. As always, investors should exercise caution and conduct thorough research before making any investment decisions.

比特币 ETF 本周净流出超过 8.88 亿美元，表明市场上行轨迹可能暂停。摩根大通分析师警告减半后价格可能会下跌，而杰米戴蒙仍然对加密货币持怀疑态度。一如既往，投资者在做出任何投资决定之前应谨慎行事并进行彻底的研究。