比特币交易所贸易资金（ETFS）阶段令人惊讶的周转

比特币交易所交易基金（ETF）看到了令人惊讶的周转

Bitcoin exchange-traded funds (ETFs) experienced a surprising turnaround on March 17, reporting net inflows of $274.6 million. This marks the largest single-day inflow in 41 days and signals a potential shift in investor sentiment.

比特币交易所贸易资金（ETF）在3月17日经历了令人惊讶的周转，净流入量为2.746亿美元。这标志着41天内最大的单日流入，并表明了投资者情绪的潜在转变。

While the surge in demand is a positive sign, experts caution against reading too much into one day’s activity, especially in a market as volatile as crypto.

虽然需求激增是一个积极的信号，但专家们警告不要将过多的一天的活动阅读，尤其是在像加密货币一样易变的市场中。

Among the major players, Fidelity’s Bitcoin ETF (FBTC) attracted $127.28 million, leading the inflow surge. The ARK Bitcoin ETF (ARKB), managed by ARK Invest and 21Shares, also recorded a substantial $88.5 million in inflows. These two funds combined accounted for a significant portion of the day’s total inflows.

在主要参与者中，富达的比特币ETF（FBTC）吸引了1.2728亿美元，领导了流入率。由ARK Invest和21shares管理的方舟比特币ETF（ARKB）还记录了8850万美元的流入。这两个基金的总和占了当天总流入的很大一部分。

However, not all Bitcoin ETFs experienced similar gains. BlackRock’s iShares Bitcoin Trust (IBIT) pulled in $42.3 million, which, while positive, didn’t lead the charge amid ongoing challenges linked to stock market performance. Grayscale’s Bitcoin Trust (GBTC), which had been at the center of major outflows, reported no inflows for the day, highlighting its struggles since its transition to a spot ETF.

但是，并非所有比特币ETF都经历了类似的收益。贝莱德（Blackrock）的iShares比特币信托基金（IBIT）赚了4230万美元，尽管与股票市场绩效有关的持续挑战，但虽然却没有带来积极指控。 Grayscale的比特币信托（GBTC）一直处于主要外流的中心，报告了当天没有流入，突出了自从过渡到现场ETF以来的挣扎。

In contrast, Ethereum-based ETFs continue to face difficulties. Both the ETC Group’s Ethereum ETF (8080) and the Shapeshift+’s Ether (ETH) saw their ninth consecutive day of outflows, losing a combined $7.3 million. This ongoing decline for Ethereum products suggests that investors may be turning their attention away from Ethereum in favor of Bitcoin.

相反，基于以太坊的ETF继续面临困难。 ETC组的以太坊ETF（8080）和Shapeshift+的Ether（ETH）连续第九天出现了出空，损失了730万美元的总和。以太坊产品的这种持续下降表明，投资者可能会将注意力从以太坊转移到以太坊中，而不是比特币。

This trend may be a sign of shifting preferences within the cryptocurrency market, with Bitcoin once again emerging as the more attractive investment option for institutional and retail investors alike.

这种趋势可能是加密货币市场中转移偏好的迹象，比特币再次成为机构和零售投资者的更具吸引力的投资选择。

Despite the strong inflows, analysts urge caution. Bitcoin ETFs have suffered from significant outflows in recent weeks, including four consecutive weeks of losses totaling over $4.5 billion. Various factors, such as profit-taking, regulatory concerns, and broader economic uncertainty, contributed to this downturn.

尽管流入强劲，但分析师敦促谨慎。最近几周，比特币ETF遭受了大量流出，其中包括连续四个星期的损失，总计超过45亿美元。各种因素（例如获利，监管问题和更广泛的经济不确定性）导致了这种低迷。

While Monday’s inflows are a promising development, they are not necessarily indicative of a broader recovery. Some analysts believe that the recent surge could be driven by institutional investors who are recycling capital for short-term price fluctuations. Crypto entrepreneur Kyle Chassé suggests that large hedge funds and institutional investors are engaging in complex trading strategies, such as arbitrage, rather than reflecting genuine retail demand for Bitcoin.

尽管周一的流入是一个有希望的发展，但它们不一定表明恢复更广泛。一些分析人士认为，最近的激增可能是由正在回收资本的机构投资者驱动的，这些投资者会因短期价格波动而进行。加密企业家KyleChassé建议，大量的对冲基金和机构投资者正在从事复杂的交易策略，例如套利，而不是反映对比特币的真正零售需求。

The fate of Bitcoin ETFs—and the broader cryptocurrency market—largely depends on external factors, such as the Federal Reserve’s upcoming policy decisions. There is speculation that the Fed might soon ease monetary policy, potentially boosting liquidity and improving market conditions. However, some experts, like macroeconomic analyst Nicolas Gerbi, warn that these expectations may be unrealistic, especially since interest rates remain high.

比特币ETF的命运以及更广泛的加密货币市场很大程度上取决于外部因素，例如美联储的即将到来的政策决策。有人猜测，美联储可能很快就会简化货币政策，可能提高流动性并改善市场状况。但是，一些专家，例如宏观经济分析师Nicolas Gerbi，警告说这些期望可能是不现实的，尤其是因为利率仍然很高。

As the market reacts to these uncertainties, Bitcoin ETFs may continue to experience volatility, and it remains to be seen whether the recent inflows are a sign of long-term recovery or a temporary blip in an unpredictable market.

随着市场对这些不确定性的反应，比特币ETF可能会继续经历波动，并且最近的流入是长期恢复的迹象还是在不可预测的市场中暂时浮出水面。