贝莱德比特币 ETF 臭名昭著的资金流入突然停止，标志着市场转变

贝莱德的比特币 ETF (IBIT) 周三出现了重大转变，资金流入为零，标志着其 71 天连续上涨的暂停，尽管它是比特币 ETF 竞赛中的领跑者。这一事件，加上负资金利率和比特币期货未平仓合约的下降，表明潜在的转折点和比特币需求的放缓。然而，富达和方舟投资在同一交易日录得资金流入。灰度的持续流出也导致了比特币近期价格的下跌。

BlackRock's Bitcoin ETF Inflows Experience Abrupt Halt: A Pivotal Moment for the Crypto Market

贝莱德比特币 ETF 资金流入突然停滞：加密货币市场的关键时刻

In a significant development for the burgeoning Bitcoin (BTC) exchange-traded fund (ETF) landscape, BlackRock's eagerly anticipated Bitcoin ETF, ticker symbol IBIT, has encountered a sudden and noteworthy shift in its trading dynamics. After an impressive streak of 71 consecutive trading days marked by consistent inflows, IBIT recorded a stark zero inflow during Wednesday's trading session, marking the first such occurrence in nearly three months.

在蓬勃发展的比特币 (BTC) 交易所交易基金 (ETF) 领域的重大发展中，贝莱德备受期待的比特币 ETF（股票代码 IBIT）的交易动态遭遇了突然且值得注意的转变。在连续 71 个交易日持续资金流入令人印象深刻之后，IBIT 在周三交易时段录得资金流入完全为零，这是近三个月来首次出现此类情况。

This abrupt cessation of inflows for IBIT has ignited speculation and raised questions about a potential turning point for the fund. Despite falling just shy of setting a record for consecutive inflow days, IBIT had emerged as a frontrunner in the competitive race among Bitcoin ETFs, consistently securing the top spot in terms of inflows and trading volume.

IBIT 资金流入的突然停止引发了猜测，并引发了对该基金潜在转折点的质疑。尽管距离创连续流入天数纪录还差一点，但 IBIT 在比特币 ETF 的竞争中成为了领跑者，在流入量和交易量方面始终稳居榜首。

Eric Balchunas, an esteemed ETF expert at Bloomberg, has underscored the significance of IBIT's 71-day inflow streak, emphasizing its proximity to a record and highlighting its formidable performance since its inception. Balchunas draws a compelling comparison to the popular gold ETF, GLD, which experienced a notable three-day streak of inflows during its initial launch phase.

彭博社备受尊敬的 ETF 专家埃里克·巴尔丘纳斯 (Eric Balchunas) 强调了 IBIT 连续 71 天资金流入的重要性，强调其接近创纪录水平，并强调了其自成立以来的强劲表现。 Balchunas 与广受欢迎的黄金 ETF GLD 进行了令人信服的比较，GLD 在其最初推出阶段经历了连续三天的显着资金流入。

However, it is crucial to note that BlackRock's absence of inflows on Wednesday was not an isolated occurrence. A total of eight other Bitcoin ETF issuers also reported zero inflows, suggesting a broader market trend rather than an idiosyncratic development for IBIT. Notably, Fidelity, a formidable contender in the ETF race and the runner-up in inflows since trading commenced in January, and Cathy Wood's Ark Invest stood out as the sole managers to record inflows during Wednesday's session, with $5.6 million and $4.2 million, respectively.

然而，值得注意的是，贝莱德周三没有资金流入并不是一个孤立的事件。其他八家比特币 ETF 发行人也报告称资金流入为零，这表明 IBIT 存在更广泛的市场趋势，而不是特殊的发展。值得注意的是，富达 (Fidelity) 是 ETF 竞赛中的有力竞争者，也是自 1 月份交易开始以来资金流入量排名第二的公司，而凯茜·伍德 (Cathy Wood) 的 Ark Invest 则脱颖而出，成为周三交易日唯一录得资金流入记录的基金管理公司，资金流入分别为 560 万美元和 420 万美元。 。

In contrast, Grayscale, one of the world's largest BTC holders, continued to experience significant outflows, with a staggering $130 million outflows on Wednesday alone. According to Farside data, Grayscale's ETF GBTC has witnessed outflows totaling $1.2 billion in April alone. These substantial outflows have exerted downward pressure on Bitcoin's price, which has depreciated by 4.2% in the past 24 hours and is currently trading at $62,990.

相比之下，全球最大的 BTC 持有者之一 Grayscale 继续出现大幅资金外流，仅周三就流出了 1.3 亿美元，令人震惊。 Farside 数据显示，仅 4 月份，Grayscale 的 ETF GBTC 资金流出总额就达 12 亿美元。这些大量资金流出对比特币的价格造成了下行压力，过去 24 小时内贬值了 4.2%，目前交易价格为 62,990 美元。

Beyond the dynamics surrounding inflows and outflows, the Bitcoin market is also navigating other notable developments. Bullish traders have exhibited signs of reducing their positions in the world's largest cryptocurrency as two significant factors that fueled its recent growth begin to wane.

除了资金流入和流出的动态之外，比特币市场还正在经历其他显着的发展。看涨交易者已经表现出减少其在全球最大加密货币中头寸的迹象，因为推动其近期增长的两个重要因素开始减弱。

According to Bloomberg, the Bitcoin funding rate, which represents the premium paid by traders to open new long positions in the perpetual futures market, turned negative on April 19 for the first time since October 2023. This shifting funding rate indicates a moderation in demand for Bitcoin following the launch of several US spot Bitcoin ETFs on March 15, when the token reached record highs of $73,700.

据彭博社报道，比特币资金费率（代表交易者在永续期货市场开设新多头头寸所支付的溢价）自 2023 年 10 月以来首次于 4 月 19 日转为负数。这种变化的资金费率表明比特币需求放缓。 3 月 15 日，多个美国现货比特币 ETF 推出后，比特币价格创下 73,700 美元的历史新高。

Bitcoin funding rates reached a three-year high in March, signaling an overheated market. However, as of Tuesday, they fell below zero, suggesting a decreased desire among traders to open long positions. Julio Moreno, the Head of Research at CryptoQuant, has asserted that this trend reduces traders' willingness to enter new long positions.

3 月份，比特币融资利率达到三年高点，表明市场过热。然而，截至周二，它们跌破零，表明交易者开立多头头寸的意愿下降。 CryptoQuant 研究主管 Julio Moreno 断言，这种趋势降低了交易者建立新多头头寸的意愿。

Analyst Vetle Lunde from K33 Research has pointed out that the 11-day streak of neutral-to-below-neutral funding rates is highly unusual. Historically, past dips in funding rates have been swiftly followed by a flurry of leveraged bets. Lunde suggests that the extended duration of the current perpetual discount may indicate further price consolidation in the market.

K33 Research 分析师 Vetle Lunde 指出，融资利率连续 11 天处于中性至中性以下的水平非常不寻常。从历史上看，过去融资利率的下跌很快就会引发一系列杠杆押注。伦德表示，当前永久折扣持续时间的延长可能表明市场价格进一步盘整。

Furthermore, open interest in the Chicago-based CME Group's Bitcoin futures market has declined by 18% from its record high. This decrease reflects a waning interest among US institutions in cryptocurrency-related exposure and hedging.

此外，总部位于芝加哥的芝商所比特币期货市场的未平仓合约已较历史高位下降了 18%。这一下降反映出美国机构对加密货币相关风险敞口和对冲的兴趣减弱。

As the cryptocurrency market seeks fresh catalysts, attention is now turning to Hong Kong, where a new set of spot Bitcoin ETFs is poised to debut. The market is keenly observing whether these ETFs can generate even a fraction of the demand their US counterparts enjoy.

随着加密货币市场寻求新的催化剂，人们的注意力现在转向香港，一组新的现货比特币 ETF 即将在香港首次亮相。市场正在密切关注这些 ETF 能否产生哪怕是美国同类 ETF 的一小部分需求。

The daily chart reveals that BTC's price has been trending downward over the past 24 hours. This price depreciation coincides with the aforementioned developments in the Bitcoin market, including the cessation of inflows for IBIT, the negative funding rate, and the decline in open interest in CME Group's Bitcoin futures market.

日线图显示，BTC 的价格在过去 24 小时内一直呈下跌趋势。此次价格下跌与比特币市场的上述发展相吻合，包括 IBIT 资金流入停止、负资金利率以及 CME 集团比特币期货市场未平仓合约下降。

In conclusion, the sudden halt in inflows for BlackRock's Bitcoin ETF, combined with the broader market trends and technical indicators, suggests a potential turning point for the cryptocurrency market. While it remains to be seen whether this shift represents a short-term correction or a more sustained trend reversal, market participants are closely monitoring these developments and adjusting their strategies accordingly.

总之，贝莱德比特币 ETF 资金流入突然停止，加上更广泛的市场趋势和技术指标，表明加密货币市场可能出现转折点。尽管这种转变是否代表短期调整还是更持续的趋势逆转还有待观察，但市场参与者正在密切关注这些事态发展并相应调整其策略。