随着市场降温，比特币 ETF 遭遇挫折

比特币现货 ETF 的新投资在 71 天后结束，投资总额约为 172.4 亿美元。目前在 ETF 竞赛中排名第二的富达 (Fidelity) 旗下 FBTC 经历了首次资金流出，损失了 2260 万美元，使其管理的资产降至 99 亿美元。这种兴趣下降表明加密货币市场正在降温，并且最初的 ETF 狂热已经结束。

Bitcoin ETFs Experience Setback in Market Cooling

比特币 ETF 因市场降温而遭遇挫折

New York, April 25, 2024 - The cryptocurrency market has witnessed a recent downturn, as evidenced by the pause in fresh investments in leading Bitcoin exchange-traded funds (ETFs). This halt comes after a 71-day streak of consistent inflows totaling approximately $17.24 billion in assets under management (AUM) since these products debuted on January 11th.

纽约，2024 年 4 月 25 日 - 加密货币市场近期出现低迷，领先的比特币交易所交易基金 (ETF) 的新投资暂停就证明了这一点。自这些产品于 1 月 11 日推出以来，管理资产 (AUM) 连续 71 天持续流入，总计约 172.4 亿美元。

Fidelity's FBTC, the second-largest Bitcoin ETF, reported a setback on Thursday, experiencing its first recorded outflow of $22.6 million, reducing its AUM to $9.9 billion, according to CoinGlass data.

根据 CoinGlass 的数据，第二大比特币 ETF 富达 (Fidelity) 的 FBTC 周四报告遭遇挫折，首次出现有记录的资金流出 2260 万美元，其资产管理规模降至 99 亿美元。

This decline in enthusiasm for the two prominent Bitcoin ETFs (excluding Grayscale's GBTC) serves as a key indicator of the cryptocurrency market's cooling trend over the past month. It suggests that the initial ETF frenzy, which contributed to Bitcoin's skyrocketing value, has subsided. Currently trading at around $63,500, Bitcoin has lost approximately 12% of its value since reaching an all-time high of $73,000 in March.

对两个著名比特币 ETF（不包括 Grayscale 的 GBTC）的热情下降是过去一个月加密货币市场降温趋势的一个关键指标。这表明最初导致比特币价值飙升的 ETF 狂热已经平息。目前比特币的交易价格约为 63,500 美元，自 3 月份达到 73,000 美元的历史高点以来，其价值已下跌约 12%。

Only one of the 10 actively traded spot Bitcoin ETFs, Franklin Templeton's EZBC, reported inflows on Thursday.

周四，在 10 只交易活跃的现货比特币 ETF 中，只有富兰克林邓普顿 (Franklin Templeton) 的 EZBC 之一报告资金流入。

Despite the end of its 71-day daily inflow streak, $IBIT continues to hold records. It ranks first among all ETFs in terms of AUM within the first 72 days of their market debuts. However, analysts suggest that this initial surge may have been overheated and that a cooling period was warranted.

尽管结束了 71 天的每日流入记录，但 $IBIT 仍继续保持着记录。上市72天内资产管理规模在所有ETF中排名第一。然而，分析人士认为，最初的飙升可能已经过热，因此需要一段冷却期。

Disappointing inflation data has dampened expectations of Federal Reserve interest rate cuts, and higher borrowing costs tend to reduce appetite for riskier investments such as cryptocurrencies. Additionally, Bitcoin has remained relatively stagnant since early March, partly due to ETF stagnation and the anticipation of the network's "halving" event on April 19th, leading to "buy the rumor, sell the news" trading behavior.

令人失望的通胀数据削弱了美联储降息的预期，而借贷成本上升往往会降低对加密货币等风险较高投资的兴趣。此外，自3月初以来，比特币一直保持相对停滞，部分原因是ETF停滞以及网络对4月19日“减半”事件的预期，导致“谣言买入，消息卖出”的交易行为。

Nate Geraci, president of the ETF Store, told Fortune that ETF inflows typically follow the performance of the underlying asset, so the pause in Bitcoin's price is likely contributing to the short-term hiatus in inflows. However, he emphasized that these products are still in the early stages of adoption.

ETF Store 总裁 Nate Geraci 向《财富》杂志表示，ETF 资金流入通常遵循标的资产的表现，因此比特币价格的暂停可能会导致资金流入的短期中断。不过，他强调这些产品仍处于采用的早期阶段。

Geraci noted that many large institutions have yet to authorize their brokers to facilitate purchases of spot Bitcoin ETFs, and registered investment advisors are gradually allocating funds to this category. He believes that inflows in any ETF category will inevitably fluctuate over time.

Geraci 指出，许多大型机构尚未授权其经纪商协助购买现货比特币 ETF，注册投资顾问正在逐步将资金分配给这一类别。他认为，任何ETF类别的资金流入都将不可避免地随着时间的推移而波动。

Despite the recent setbacks, these funds are widely considered a remarkable success, having amassed over $54 billion in AUM in just over three months of trading, introducing Bitcoin-tracked assets to mainstream investor portfolios.

尽管最近遭遇挫折，但这些基金被广泛认为取得了巨大成功，在短短三个多月的交易中积累了超过 540 亿美元的资产管理规模，将比特币追踪资产引入了主流投资者投资组合。

The success of these ETFs is further evidenced by the recent approval by Hong Kong's Securities and Futures Commission for three spot Bitcoin and Ether ETFs, which will begin trading on Tuesday. Other countries are expected to follow suit. Issuer Harvest has waived management fees for its funds, which could potentially trigger a fee war similar to the one witnessed in the United States, where Grayscale recently announced a Bitcoin Mini Trust with ultra-low fees of 0.15% to attract investors from GBTC, which charges 1.5%.

香港证券及期货事务监察委员会最近批准三只现货比特币和以太币ETF，并于周二开始交易，进一步证明了这些ETF的成功。预计其他国家也会效仿。发行人 Harvest 免除了其基金的管理费，这可能会引发一场类似于美国的费用战，Grayscale 最近宣布推出 0.15% 超低费用的比特币迷你信托，以吸引 GBTC 投资者。收费1.5%。