比特币现货 ETF 需求下滑，表明兴趣减弱

比特币的现货交易所交易基金（ETF）供应吸收量已转为负数，表明对该资产类别的兴趣暂时下降。该指标追踪现货 ETF 收购新开采的代币的比率，已降至 -0.38，表明由于需求下降，比特币的价值可能会下降。分析师将这种负面吸收归因于散户投资者将注意力转向基于 Solana 的 meme 代币，这些代币在最近几周出现了显着增长。

Bitcoin Spot ETF Demand Declines, Indicating Waning Interest in the Asset Class

比特币现货 ETF 需求下降，表明对该资产类别的兴趣减弱

Recent analysis by CryptoQuant analyst Oinonen_t has revealed a decline in Bitcoin (BTC) supply absorption by spot Bitcoin exchange-traded funds (ETFs). This metric, which tracks the rate at which newly mined coins are acquired by these funds, has turned negative, signaling a drop in interest in this asset class.

CryptoQuant 分析师 Oinonen_t 最近的分析显示，现货比特币交易所交易基金 (ETF) 对比特币 (BTC) 供应的吸收量有所下降。这一追踪这些基金收购新开采代币的比率的指标已转为负值，表明人们对该资产类别的兴趣下降。

Supply absorption by spot ETFs plays a significant role, as increased absorption can lead to upward price pressure on BTC. Conversely, decreased demand can indicate a potential decline in the leading cryptocurrency's value.

现货 ETF 的供应吸收发挥着重要作用，因为吸收的增加可能会导致 BTC 的价格上涨压力。相反，需求下降可能表明主要加密货币的价值可能下降。

According to Oinonen_t, the coin's supply absorption recently reached a low of -0.38, indicating a negative trend. This suggests that the demand for newly mined coins is not being met by spot ETFs, potentially contributing to the stagnant price action observed over the past 30 days.

根据 Oinonen_t 的说法，该代币的供应吸收最近达到了-0.38的低点，表明了负面趋势。这表明现货 ETF 无法满足对新开采代币的需求，这可能导致过去 30 天内观察到的价格走势停滞不前。

The analyst further noted that when spot ETFs are unable to absorb newly mined coins, the demand for these coins must come from other sources. However, in the current market environment, retail investors who typically accumulate these coins have shifted their attention towards meme coins.

该分析师进一步指出，当现货 ETF 无法吸收新开采的代币时，对这些代币的需求必须来自其他来源。然而，在当前的市场环境下，通常积累这些币的散户投资者已将注意力转向模因币。

The surge in popularity of Solana (SOL)-based meme coins has led to a significant uptick in their market capitalization, drawing interest away from BTC. This shift in focus by retail investors has contributed to the decline in demand for Bitcoin spot ETFs.

基于 Solana (SOL) 的 meme 币的受欢迎程度激增，导致其市值大幅上升，从而吸引了人们对 BTC 的兴趣。散户投资者注意力的转变导致了比特币现货 ETF 需求的下降。

Despite the current drawback, Oinonen_t remains optimistic about the long-term prospects for Bitcoin. The analyst believes that the negative supply absorption is a temporary setback and that the "bigger picture still looks promising."

尽管目前存在缺陷，Oinonen_t 仍然对比特币的长期前景持乐观态度。这位分析师认为，负供应吸收只是暂时的挫折，“更大的前景仍然充满希望”。

In a multi-year scenario, Oinonen_t predicts that Bitcoin will attempt to reach market capitalization parity with gold, implying a significant potential upside to the current spot price. This indicates that while the spot ETF market may be experiencing a temporary decline in demand, the long-term outlook for Bitcoin remains positive.

Oinonen_t 预测，在多年的情况下，比特币将试图达到与黄金相当的市值，这意味着当前现货价格存在巨大的潜在上涨空间。这表明，虽然现货 ETF 市场的需求可能暂时下降，但比特币的长期前景仍然乐观。

Since their launch, Bitcoin spot ETFs have experienced significant growth, with the daily cumulative volume for this asset category climbing over 3,500%. The Grayscale Bitcoin Trust (GBTC) currently holds the largest market share in the BTC spot ETF market, with an asset under management (AUM) value of $24 billion.

自推出以来，比特币现货 ETF 经历了显着增长，该资产类别的日累计交易量攀升超过 3,500%。灰度比特币信托基金（GBTC）目前在 BTC 现货 ETF 市场中占有最大的市场份额，其管理资产（AUM）价值为 240 亿美元。

Although the decline in supply absorption by spot ETFs may be a temporary setback, it serves as a reminder that the cryptocurrency market can be subject to fluctuations and changes in investor sentiment. However, the long-term potential for Bitcoin remains promising, with the asset poised to continue its growth trajectory as it gains wider adoption and acceptance.

尽管现货 ETF 供应吸收量的下降可能只是暂时的挫折，但它提醒人们，加密货币市场可能会受到投资者情绪波动和变化的影响。然而，比特币的长期潜力仍然充满希望，随着它获得更广泛的采用和接受，该资产有望继续其增长轨迹。