比特币 ETF 呈螺旋式下降：资金外流激增，主要提供商遭受损失

Are Bitcoin ETFs Losing Their Shine?

比特币 ETF 正在失去光芒吗？

Bitcoin exchange-traded funds (ETFs) have just endured their longest stretch of net outflows, a troubling sign that investors are growing wary of the once-hot asset class. Over the past five days, these funds have hemorrhaged more than $800 million, with Grayscale's GBTC taking the brunt of the exodus.

比特币交易所交易基金（ETF）刚刚经历了最长的净流出，这是一个令人不安的迹象，表明投资者对曾经炙手可热的资产类别越来越警惕。过去五天里，这些资金流失了超过 8 亿美元，其中 Grayscale 的 GBTC 首当其冲。

BlackRock and Fidelity Feeling the Pain

贝莱德和富达感受到痛苦

The record-low inflows have also taken a toll on major ETF providers. BlackRock's IBIT, which controls nearly half the market, saw inflows plunge to a mere $19 million on Friday, after setting a new low of $49.3 million on Wednesday. Fidelity's FBTC, the third-largest spot bitcoin ETF, also suffered, securing a paltry $2.9 million on Thursday.

创纪录的低流入量也对主要 ETF 提供商造成了影响。控制着近一半市场的贝莱德 (BlackRock) 的 IBIT 在周三创下 4930 万美元的新低后，周五的资金流入骤降至仅 1900 万美元。第三大现货比特币 ETF 富达 (Fidelity) 的 FBTC 也遭受重挫，周四仅获得微不足道的 290 万美元。

What's Driving the Outflows?

是什么推动资金外流？

Experts point to Bitcoin's recent price slide as a major factor behind the outflows. After hitting a new all-time high of $74,000 in March, the cryptocurrency has dropped to around $65,000, raising concerns that it may be headed for a deeper correction.

专家指出，比特币最近的价格下跌是资金流出背后的一个主要因素。在 3 月份触及 74,000 美元的历史新高后，该加密货币已跌至 65,000 美元左右，引发了人们对其可能会进一步调整的担忧。

Genesis' proposed sale of $1.3 billion in GBTC shares has also contributed to the outflows. The move has spooked investors who fear that a flood of new supply could further depress Bitcoin's price.

Genesis 提议出售 13 亿美元的 GBTC 股票也导致了资金外流。此举吓坏了投资者，他们担心大量新供应可能会进一步压低比特币的价格。

Concerns Linger Despite Dovish Outlook

尽管前景温和，但担忧依然存在

Despite the dovish outlook from the Federal Reserve, which has provided some relief to Bitcoin, concerns remain that the cryptocurrency could revisit liquidity levels below $60,000. Market retracements typically take several weeks or even months to play out, but Bitcoin's recent volatility has been unusually swift.

尽管美联储的鸽派前景给比特币带来了一些缓解，但人们仍然担心加密货币可能会重新回到 60,000 美元以下的流动性水平。市场回调通常需要几周甚至几个月的时间才能显现出来，但比特币最近的波动异常迅速。

Is the Halving Priced In?

减半是否已计入价格？

With Bitcoin's halving event just around the corner, some experts believe that the market has already priced in the potential impact. Historically, Bitcoin prices have retraced 14-28 days before the halving, and with only 25 days left until the event, it's possible that the rally has run its course.

随着比特币减半事件即将到来，一些专家认为市场已经消化了其潜在影响。从历史上看，比特币价格在减半前 14-28 天就会回撤，距离减半事件仅剩 25 天，反弹可能已经结束。

The Other Side of the Coin

硬币的另一面

While the outflows are a cause for concern, it's important to note that BTC ETFs are not expected to experience positive flows every day. MicroStrategy and other ETF issuers have been buying Bitcoin as it approached $60,000, suggesting that there is still some institutional interest in the asset.

虽然资金流出令人担忧，但值得注意的是，BTC ETF 预计不会每天都出现正向资金流。当比特币价格接近 60,000 美元时，MicroStrategy 和其他 ETF 发行人一直在买入比特币，这表明机构对该资产仍有一定兴趣。

The Takeaway

外卖

Bitcoin ETFs ending a day with net outflows is not necessarily alarming, but a weeklong trend is a sign that investors are growing increasingly cautious. The outflows serve as a reminder of the unpredictable nature of the market and the risks associated with deep pullbacks.

比特币 ETF 以净流出结束一天并不一定令人担忧，但持续一周的趋势表明投资者变得越来越谨慎。资金外流提醒人们市场的不可预测性以及与深度回调相关的风险。