比特币现货 ETF 失去动力：资金流入暂停，富达 FBTC 报告资金流出

本周，ETF 市场的势头发生了转变，贝莱德的 IBIT 资金流入为零，结束了其管理资产 (AUM) 总计 172.4 亿美元的连续 71 天流入记录。富达 (Fidelity) 的 FBTC 也报告首次流出 2260 万美元，使其资产管理规模减少至 99 亿美元。人们对比特币 ETF（不包括 Grayscale 的 GBTC）的兴趣减弱，反映出加密货币市场的降温以及将比特币价格推至新高的最初 ETF 狂热的消退。

Weakening Momentum: Bitcoin Spot ETFs Experience Inflow Pause, Fidelity FBTC Reports Outflows

动能减弱：比特币现货ETF经历资金流入暂停，富达FBTC报告资金流出

Amidst the recent market downturn, the once-boisterous inflows into leading Bitcoin spot exchange-traded funds (ETFs) have come to a sudden halt, signaling a potential shift in investor sentiment towards digital assets.

在最近的市场低迷中，一度活跃的比特币现货交易所交易基金（ETF）资金流入突然停止，这表明投资者情绪可能转向数字资产。

BlackRock's IBIT, once a beacon of growth, has seen its remarkable 71-day streak of fresh investments come to an end, with zero inflows recorded over Wednesday and Thursday. This pause in momentum follows an impressive accumulation of $17.24 billion in assets under management since its inception on January 11th.

贝莱德的 IBIT 曾经是增长的灯塔，但其连续 71 天的新投资记录已经结束，周三和周四的资金流入为零。自 1 月 11 日成立以来，管理资产累计达到 172.4 亿美元，令人印象深刻。

Meanwhile, Fidelity's FBTC, which has been chasing IBIT in the ETF race, suffered its first reported outflow on Thursday, amounting to a loss of $22.6 million. This outflow has reduced FBTC's assets under management to around $9.9 billion, according to data from CoinGlass.

与此同时，在 ETF 竞赛中一直追赶 IBIT 的 Fidelity 旗下 FBTC 周四首次出现资金流出，损失达 2260 万美元。根据 CoinGlass 的数据，这种资金外流使 FBTC 管理的资产减少至约 99 亿美元。

The waning interest in these prominent Bitcoin ETFs, excluding Grayscale's GBTC, is a telling indicator of the recent cooling in the cryptocurrency market. The initial frenzy surrounding Bitcoin ETF approvals, which propelled the digital currency to new heights, has subsided. With Bitcoin currently trading around $63,500, a 12% decline from its March high of $73,000, only one of the 10 trading spot Bitcoin ETFs, Franklin Templeton's EZBC, reported inflows on Thursday.

人们对这些著名的比特币 ETF（不包括 Grayscale 的 GBTC）的兴趣减弱，是近期加密货币市场降温的一个明显指标。最初围绕比特币 ETF 批准的狂热已经平息，这种狂热将数字货币推向了新的高度。目前比特币交易价格约为 63,500 美元，较 3 月份高点 73,000 美元下跌 12%，在 10 只现货比特币 ETF 中，只有富兰克林邓普顿 (Franklin Templeton) 旗下的 EZBC 周四报告资金流入。

The slowdown in inflows can be attributed to several factors. Disappointing inflation data has dampened hopes for Federal Reserve interest rate cuts, and higher borrowing costs typically diminish market appetite for riskier investments like cryptocurrencies. Additionally, Bitcoin has remained relatively stagnant since early March, partly due to ETF stagnation and the anticipation surrounding the network's recent "halving" event on April 19th. Investors, following the "buy the rumor, sell the news" strategy, have liquidated their holdings.

资金流入放缓可归因于多个因素。令人失望的通胀数据削弱了美联储降息的希望，而较高的借贷成本通常会降低市场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 停滞以及对网络最近 4 月 19 日“减半”事件的预期。投资者按照“谣言买入，消息卖出”的策略，纷纷抛售所持股票。

Nate Geraci, President of the ETF Store, cautions against reading too much into the recent slowdown, emphasizing that ETF flows often mirror the underlying asset's performance. A pause in Bitcoin's price appreciation could result in a temporary hiatus in inflows. However, Geraci notes that these products are still in their early stages of adoption, with many large institutions yet to grant permission to their brokers to facilitate purchases of spot Bitcoin ETFs and registered investment advisors entering the category with caution.

ETF Store 总裁 Nate Geraci 警告不要过度解读最近的经济放缓，并强调 ETF 流量通常反映了基础资产的表现。比特币价格上涨的暂停可能会导致资金流入暂时中断。然而，Geraci 指出，这些产品仍处于采用的早期阶段，许多大型机构尚未向其经纪人授予便利购买现货比特币 ETF 的许可，注册投资顾问也谨慎进入该类别。

Despite the recent slowdown, the success of these funds cannot be overstated. They have accumulated over $54 billion in assets in just over three months of trading, integrating Bitcoin-tracked assets into the portfolios of millions of mainstream investors.

尽管最近经济放缓，但这些基金的成功不容小觑。他们在短短三个多月的交易中积累了超过 540 亿美元的资产，将比特币追踪的资产整合到了数百万主流投资者的投资组合中。

Hong Kong's Securities and Futures Commission has recently approved three spot Bitcoin and Ether ETFs, set to begin trading on Tuesday. This move signals a growing global acceptance of Bitcoin ETFs, with other countries expected to follow suit.

香港证券及期货事务监察委员会最近批准了三只现货比特币和以太币ETF，将于周二开始交易。此举标志着全球对比特币 ETF 的接受度不断提高，预计其他国家也会效仿。

Amidst this regulatory progress, Harvest, the issuer of one of the approved Hong Kong ETFs, is waiving management fees for its funds, setting the stage for a fee war akin to the heated competition in the U.S. market. Grayscale, in an attempt to stem outflows from its GBTC product which charges a 1.5% fee, has introduced a Bitcoin Mini Trust with ultra-low fees of 0.15%.

在这一监管进展中，其中一只获批准的香港 ETF 的发行人 Harvest 正在免除其基金的管理费，为一场类似于美国市场激烈竞争的费用战奠定了基础。为了阻止收取 1.5% 费用的 GBTC 产品资金外流，Grayscale 推出了超低费用 0.15% 的比特币迷你信托。

The changing landscape of Bitcoin spot ETFs, with inflows slowing and outflows emerging, is a reflection of the broader cryptocurrency market correction. However, the long-term potential of these products for bringing digital assets to the mainstream remains significant, as evidenced by the continued regulatory approvals and fee wars.

比特币现货 ETF 格局的变化（资金流入放缓和资金流出不断出现）反映了更广泛的加密货币市场调整。然而，这些产品将数字资产带入主流的长期潜力仍然巨大，持续的监管批准和费用战就证明了这一点。