贝莱德的比特币 ETF 势头因需求减弱和融资利率变化而停滞

由于缺乏资金流入，贝莱德的比特币 ETF (IBIT) 面临潜在的转折点，随着融资利率转为负值以及芝商所未平仓合约的减少，更广泛的比特币市场显示出需求减弱的迹象。

BlackRock's Bitcoin ETF Momentum Pauses Amidst Waning Demand and Negative Funding Rate

贝莱德的比特币 ETF 势头因需求减弱和负融资利率而暂停

Declining Inflows Signal Potential Turning Point

流入量下降标志着潜在的转折点

BlackRock's much-anticipated Bitcoin Exchange-Traded Fund (ETF), under the ticker IBIT, has experienced a notable shift in its trading trajectory. After an unprecedented streak of 71 consecutive days of inflows, IBIT registered zero inflows during the Wednesday trading session, marking the first such occurrence in nearly three months.

贝莱德备受期待的比特币交易所交易基金（ETF）（股票代码为 IBIT）的交易轨迹经历了显着转变。在史无前例的连续 71 天资金流入之后，IBIT 在周三交易时段录得零资金流入，这是近三个月来首次出现此类情况。

This abrupt halt in inflows has raised questions about a potential turning point for the fund, which had emerged as a frontrunner in the race among Bitcoin ETFs, securing the lead in terms of inflows and trading volume. While it fell just short of setting a record for consecutive inflow days, IBIT's 71-day streak is considered remarkable by ETF analysts.

资金流入的突然停止引发了对该基金潜在转折点的质疑，该基金已成为比特币 ETF 竞争中的领跑者，确保了资金流入和交易量方面的领先地位。虽然 IBIT 距离连续流入天数纪录还差一点，但 ETF 分析师认为 IBIT 连续 71 天的增长势头非常出色。

"IBIT's 71-day inflow streak is near record-setting territory, underscoring the incredible performance it has exhibited since launch," noted Eric Balchunas, an ETF expert at Bloomberg. He highlighted that even the widely traded gold ETF, GLD, experienced only a three-day streak of inflows during its initial launch phase.

彭博社 ETF 专家埃里克·巴尔丘纳斯 (Eric Balchunas) 表示：“IBIT 连续 71 天的资金流入接近创纪录的水平，突显了其自推出以来所表现出的令人难以置信的表现。”他强调，即使是交易广泛的黄金 ETF GLD，在其最初推出阶段也只经历了三天的资金连续流入。

However, BlackRock's zero inflows on Wednesday were not an isolated event; eight other Bitcoin ETF issuers also reported similar results. Notably, Fidelity, the runner-up in inflows since trading began in January, and Cathy Wood's Ark Invest were the only managers to record inflows during Wednesday's session, with $5.6 million and $4.2 million, respectively.

然而，贝莱德周三的零资金流入并非孤立事件。其他八家比特币 ETF 发行人也报告了类似的结果。值得注意的是，自 1 月份交易开始以来资金流入排名第二的富达 (Fidelity) 和凯茜·伍德 (Cathy Wood) 的 Ark Invest 是周三交易期间唯一录得资金流入的基金管理公司，资金分别为 560 万美元和 420 万美元。

On the other hand, Grayscale, one of the world's largest BTC holders, continued to experience outflows, with a staggering $130 million outflow on Wednesday alone. Farside data reveals that Grayscale's ETF, GBTC, has witnessed outflows totaling $1.2 billion in April alone. These outflows have contributed to a downward pressure on Bitcoin's price, which has declined by 4.2% in the past 24 hours, currently trading at $62,990.

另一方面，全球最大的 BTC 持有者之一 Grayscale 继续出现资金外流，仅周三就流出了惊人的 1.3 亿美元。 Farside 数据显示，Grayscale 的 ETF GBTC 仅 4 月份的资金流出总额就达到 12 亿美元。这些资金流出对比特币价格造成了下行压力，过去 24 小时内比特币价格下跌了 4.2%，目前交易价格为 62,990 美元。

Waning Demand and Negative Funding Rates

需求减弱和负资金利率

Coinciding with the decline in IBIT's inflows, the Bitcoin market has also exhibited signs of waning bullish sentiment, as two key factors that propelled its growth begin to diminish.

在 IBIT 流入量下降的同时，比特币市场也表现出看涨情绪减弱的迹象，因为推动其增长的两个关键因素开始减弱。

According to Bloomberg, the Bitcoin funding rate, an indicator of 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 shift in funding rates suggests 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（衡量交易者在永续期货市场开设新多头头寸所支付溢价的指标）于 4 月 19 日自 2023 年 10 月以来首次转为负值。资金费率的这种变化表明，比特币资金费率正在放缓。 3 月 15 日，多个美国现货比特币 ETF 推出后，比特币需求激增，当时该代币价格达到 73,700 美元的历史新高。

Bitcoin funding rates had reached a three-year high in March, signaling an overheated market. However, as of Tuesday, they fell below zero, indicating a decreased appetite among traders to open 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兴趣下降。

Julio Moreno, Head of Research at CryptoQuant, explained that such a trend reduces traders' willingness to enter new long positions. Analyst Vetle Lunde from K33 Research noted that the 11-day streak of neutral-to-below-neutral funding rates is unusual, and that past dips in funding rates have typically been 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.

CryptoQuant 研究主管 Julio Moreno 解释说，这种趋势降低了交易者建立新多头头寸的意愿。 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是不寻常的，过去融资利率下跌之后通常会出现一系列杠杆押注。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。

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

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新高下降了 18%。这种下降反映了美国机构在加密货币市场寻求风险敞口和对冲的兴趣减弱。

Hong Kong's Spot Bitcoin ETFs: Potential Catalyst

香港现货比特币 ETF：潜在催化剂

As the cryptocurrency market searches for 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 experienced by their US counterparts.

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

Industry observers believe that the launch of spot Bitcoin ETFs in Hong Kong may revitalize interest in the cryptocurrency market, potentially leading to renewed inflows into Bitcoin ETFs and broader market momentum. However, they emphasize the need for caution and prudent investment decisions in light of the recent shifts in market dynamics.

行业观察人士认为，在香港推出现货比特币 ETF 可能会重振人们对加密货币市场的兴趣，从而可能导致新的资金流入比特币 ETF 和更广泛的市场动力。然而，他们强调，鉴于近期市场动态的变化，需要谨慎和审慎的投资决策。

Conclusion

结论

The market dynamics surrounding Bitcoin ETFs and the broader cryptocurrency market are evolving rapidly. BlackRock's IBIT ETF has experienced a halt in inflows, while the Bitcoin funding rate has turned negative, indicating a moderation in demand. These developments have raised questions about a potential turning point in the market. However, attention is shifting to the upcoming launch of spot Bitcoin ETFs in Hong Kong, which could potentially serve as a catalyst for renewed interest and momentum.

围绕比特币 ETF 和更广泛的加密货币市场的市场动态正在迅速发展。贝莱德 (BlackRock) 的 IBIT ETF 资金流入停止，而比特币融资利率已转为负值，表明需求放缓。这些事态发展引发了人们对市场潜在转折点的质疑。然而，人们的注意力正在转向即将在香港推出的现货比特币 ETF，这可能会成为新的兴趣和势头的催化剂。