尽管关税混乱，贝莱德的比特币ETF还是表现最好的1％。

尽管特朗普的关税威胁到了全球市场的混乱和不确定性，但比特币的价格相对较好。

Nearly 1% of the best-performing investment this year shouldn't be affected by anything, especially not the threat of tariffs, which has brought chaos and uncertainty into global markets.

今年近1％的表现最佳投资不应受到任何影响的影响，尤其是关税的威胁，这将混乱和不确定性带入了全球市场。

However, despite the threat of Trump’s tariffs, crypto has been relatively calm. Although it has fallen from its all-time high in January, its price shelf is still well above its performance before the November election.

但是，尽管特朗普的关税威胁着，但加密货币仍然相对平静。尽管它在一月份的历史最高水平下降，但其价格架子仍远远超过了11月大选之前的表现。

According to one analyst, the ETFs may be providing Bitcoin with this extra stability:

一位分析师认为，ETF可能会为比特币提供这种额外的稳定性：

Bitcoin ETFs have eked out positive inflows past month and YTD and IBIT is +2.4 billion YTD (Top 1%). Impressivem and in my opinion, helps explain why BTC’s price has been relatively stable: its owners are more stable. ETF investors are much stronger hands than most think. This should increase stability and lower volatility and correlation long term

比特币ETF散发出了过去一个月的阳性流入，而YTD和IBIT为+24亿YTD（最高1％）。印象深刻，我认为，有助于解释为什么BTC的价格相对稳定：其所有者更稳定。 ETF投资者比大多数人想象的要强得多。这应该提高稳定性并长期降低波动性和相关性

Since the Bitcoin ETFs first hit the market, they’ve totally transformed the crypto industry, but it’s been difficult to quantify that transformation.

自从比特币ETF首次上市以来，他们已经完全改变了加密货币行业，但是很难量化这种转型。

However, this impending economic crisis has given analysts a useful chance to collect hard data from a stress test.

但是，这种即将来临的经济危机为分析师提供了一个有用的机会，可以从压力测试中收集硬数据。

As the issuers applied for their ETFs earlier this year, they faced an apparent crisis in BTC supply.

随着发行人在今年早些时候申请其ETF，他们在BTC供应中面临明显的危机。

According to Balchunas, US ETF issuers had a powerful demand for BTC, which has powered some changes. Over the last few months, they’ve been buying tremendous amounts of Bitcoin. Collectively, they surpassed Satoshi’s holdings in December and bought 20x as much BTC as the global mining output in January.

根据Balchunas的说法，美国ETF发行人对BTC的需求强大，这为BTC提供了一些变化。在过去的几个月中，他们一直在购买大量的比特币。他们总体上超过了十二月的萨托西的股份，并在1月份购买了20倍的BTC和全球采矿产量。

But who met this apparent crisis in supply? Retail investors.

但是，谁遇到了这一明显的供应危机呢？散户投资者。

Bitcoin is now more integrated than ever into traditional finance, presenting a few opportunities. For any number of reasons, these investors have been compelled to dump their tokens.

现在，比特币比以往任何时候都更加集成到传统的金融中，并提供了一些机会。由于多种原因，这些投资者被迫抛弃其令牌。

Normally, these actions could spook the markets, but ETF issuers (and Michael Saylor’s Strategy) have been willing to buy as much Bitcoin as possible.

通常，这些行动可能会吓到市场，但是ETF发行人（以及迈克尔·塞勒（Michael Saylor）的策略）愿意购买尽可能多的比特币。

In other words, these whales have done a lot to hold up confidence in the entire market. Ideally, ETF issuers will have a mostly positive impact on the sector, potentially curing Bitcoin’s infamous chronic volatility.

换句话说，这些鲸鱼为保持整个市场的信心做了很多事情。理想情况下，ETF发行人将对该部门产生主要的积极影响，这可能会治愈比特币臭名昭著的慢性波动。

Unfortunately, this substantial change comes with serious practical drawbacks, even discounting fears of de-centralization. Since the ETFs transformed the market like this, Bitcoin has been more entangled than ever with broader macroeconomic trends.

不幸的是，这种实质性的变化带来了严重的实际缺点，甚至折现了对偏心化的恐惧。由于ETF改变了这样的市场，因此比特币与更广泛的宏观经济趋势更加纠缠。

These trends, however, could force these big whales to sell. Can we afford to tie Bitcoin’s fate to these actors?

但是，这些趋势可能会迫使这些大鲸出售。我们可以负担得起比特币的命运与这些演员的命运吗？

The ETF issuers have a high confidence in Bitcoin, which has kept its price steady throughout the tariff chaos. If they lose that confidence for any reason, it could cause a powerful demand crisis.

ETF发行人对比特币具有很高的信心，该比特币在整个关税混乱中保持了价格稳定。如果他们出于任何原因失去信心，可能会导致强大的需求危机。

This investment trend has been a tremendous benefit to the crypto industry, but it’s important to keep an eye on the potential risks involved.

这种投资趋势对加密货币行业带来了巨大的好处，但重要的是要关注涉及的潜在风险。