尽管流入放缓和最近的价格下降，但比特币ETF仍维持了超过95％的投资资本

这种弹性与传统股票ETF相当的韧性反映了加密投资者的行为的变化。

Exchange-traded funds (ETFs) tracking Bitcoin (BTC) have managed to retain over 95% of their invested capital, even amid a slowdown in inflows and a recent 25% price decline, highlighting a shift in crypto investor behavior.

交易所交易的基金（ETF）跟踪比特币（BTC）已设法保留了其投资资本的95％以上，甚至在流入放缓和最近的25％的价格下降的情况下，也强调了加密货币投资者行为的转变。

Still, U.S. spot BTC ETFs saw record outflows last week, and other indicators suggest more turbulence ahead.

尽管如此，美国现场BTC ETF上周看到了回流的创纪录，其他指标则表明进一步的湍流。

ETFs hold strong despite Bitcoin woes

尽管比特币困扰，ETF仍然坚强

In a recent post on X, James Seyffart, senior ETF analyst at Bloomberg, shared an update on the state of Bitcoin ETFs.

彭博社高级ETF分析师James Seyffart在最近的一篇有关X的文章中分享了有关比特币ETF状态的更新。

According to his analysis, these funds have seen their new inflows slow down from a peak of $40 billion to about $35 billion.

根据他的分析，这些资金已经看到他们的新流入从400亿美元的峰值降至约350亿美元。

However, with a total of $115 billion in assets under management (AUM), they have managed to retain more than 95% of their invested capital despite a significant 25% drop in the price of Bitcoin from its recent high.

但是，尽管管理资产总计为1,150亿美元，但他们设法保留了其投资资本的95％以上，尽管比特币的价格从最近的高点开始下跌了25％。

This resilience in the face of market pressure is more commonly observed in traditional American stock ETFs.

面对市场压力的这种韧性在传统的美国股票ETF中通常观察到。

During periods of bearishness, long-term investors do not panic and withdraw their capital. On the contrary, they continue to buy shares.

在看跌期间，长期投资者不会惊慌和撤回其资本。相反，他们继续购买股票。

This signals a broader paradigm shift from a short-term speculative approach to a long-term wealth investment strategy, especially among retail investors.

这表明从短期投机方法转变为长期财富投资策略，尤其是零售投资者之间的更广泛的范式转变。

But several indicators suggest more turbulence ahead for the crypto market.

但是一些指标表明，加密货币市场的湍流更大。

U.S. spot Bitcoin ETFs saw capital outflows of $870 million last week and $1.6 billion over the past month, according to SoSoValue.

根据Sosovalue的数据，美国现货比特币ETF上周的资本流出为8.7亿美元，过去一个月的资本流出为16亿美元。

Other warning signals are emerging.

其他警告信号正在出现。

Darkfost, a contributor at CryptoQuant, highlighted a substantial drop in Bitcoin demand since December.

CryptoQuant的撰稿人Darkfost强调了自12月以来的比特币需求下降。

Analyzing the 30-day moving average of "apparent demand," which compares the new supply to BTC that has been inactive for over a year, shows a clear decline, indicating a decrease in the number of active buyers and a more cautious market.

分析“明显需求”的30天移动平均线，将新供应与BTC进行了比较，该供应已有一年以上的时间，这表明有效的买家数量和更谨慎的市场的数量有所下降。

Sharpe ratio drops for Bitcoin

比特币的夏普比率下降

Another analysis from Alphractal shows the Sharpe ratio of Bitcoin has been declining since March 2024.

来自字母的另一项分析表明，自2024年3月以来，比特币的夏普比率一直在下降。

This trend, which is unfolding despite Bitcoin reaching historical highs above $100,000, indicates an increase in risk per unit of return.

尽管比特币达到了100,000美元以上的历史高点，但这种趋势仍在发展，这表明每单位收益风险增加。

This deterioration can be attributed to several macroeconomic factors, such as inflation, interest rates, and geopolitical instability, which contribute to market uncertainty and volatility.

这种恶化可以归因于几个宏观经济因素，例如通货膨胀，利率和地缘政治不稳定，这有助于市场不确定性和波动性。

Additionally, the slowdown in short-term returns from Bitcoin price appreciation might also be contributing to the decrease in the Sharpe ratio.

此外，比特币价格升值的短期回报放缓也可能导致夏普比率下降。

Moreover, data from Santiment shows that large Bitcoin holders, in the bracket of 100 to 1,000 BTC, sold a total of over 50,000 BTC last week alone, which is valued at about $4.07 billion.

此外，来自Santiment的数据表明，仅上周，大型比特币持有人在100至1,000 BTC的范围内出售了超过50,000 BTC，价值约为40.7亿美元。

Bitcoin ETFs display remarkable resilience over short-term market pressures, yet multiple warning signals suggest turbulence in the coming months.

比特币ETF在短期市场压力上表现出显着的弹性，但是多个警告信号表明在未来几个月内动荡。

Investors now seem to be adopting a longer-term vision with wealth accumulation strategies, even as new uncertainties emerge.

现在，即使新的不确定性出现，投资者似乎正在采用长期愿景，并采用财富积累策略。