尽管关税混乱，贝莱德的比特币ETF仍排名最高的表演者。

分析师认为，发行人正在稳定比特币的波动，而ETF市场将来将使BTC更加安全。

BlackRock's Bitcoin ETF is in the top 1% of performers in this category despite tariff chaos.

贝莱德的比特币ETF尽管关税混乱，但在这一类别中排名前1％。

Analysts theorize that the issuers are stabilizing Bitcoin's volatility, and the ETF market will make BTC more secure in the future.

分析师认为，发行人正在稳定比特币的波动，而ETF市场将来将使BTC更加安全。

The issuers act as major whales, buying up any token dumps from retail investors. However, this new stability is entirely contingent on these powerful firms, which are exposed to broader macroeconomic concerns.

发行人充当主要鲸鱼，从散户投资者那里购买所有令牌垃圾场。但是，这种新的稳定性完全取决于这些强大的公司，这些公司面临着更广泛的宏观经济问题。

>Bitcoin ETFs have eked out positive outflows past month and YTD and IBIT is +2.4 billion YTD (Top 1%). Impressive, 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在过去一个月中散发出正面流出，而YTD和IBIT为+24亿YTD（最高1％）。令人印象深刻的，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。

EBI's revenue fell slightly month-over-month in April, but it's still up 44% YTD. At the same time, net income for the largest US ETF issuer rose 38% over the last year. These numbers highlight the strength and resilience of the ETF market, even amid broader economic uncertainty.

Ebi的收入在4月份略微下降了一个月，但YTD的收入仍增长了44％。同时，去年，美国ETF发行人最大的发行人的净收入增长了38％。这些数字突出了ETF市场的实力和弹性，甚至在更广泛的经济不确定性中。

As the threat of Trump's tariffs has brought chaos and uncertainty into global markets, the price of Bitcoin has remained relatively stable. While it has fallen from its all-time high in January, it's still trading at levels far higher than before the November election.

由于特朗普的关税威胁使全球市场带来了混乱和不确定性，因此比特币的价格仍然相对稳定。尽管它在一月份的历史最高水平上都下降了，但其水平仍远高于11月大选之前。

One analyst believes that Bitcoin ETFs may be providing the cryptocurrency with this extra stability.

一位分析师认为，比特币ETF可能会为加密货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%). Impressive, and in my opinion, helps explain why BTC's price has been relatively stable: its owners are more stable," the analyst stated.

分析师说：“比特币ETF散发出了过去一个月的积极流入，而YTD和IBIT为+24亿YTD（最高1％）。令人印象深刻，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，”分析师说。

"ETF investors are much stronger hands than most think. This should increase stability and lower volatility and correlation long term."

“ ETF投资者的手比大多数人想到的要强得多。这应该提高稳定性，长期的波动性和相关性降低。”

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

自从第一个比特币ETF上市以来，他们已经完全改变了加密行业，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。

The analyst emphasized that ETF issuers had a powerful demand for BTC, which has powered some changes.

分析师强调，ETF发行人对BTC有强大的需求，这为一些变化提供了动力。

Over the last few months, US ETF issuers have been buying tremendous amounts of Bitcoin.

在过去的几个月中，美国ETF发行人一直在购买大量的比特币。

Together, they surpassed Satoshi's holdings in December and bought 20x as much BTC as the global mining output in January.

他们共同超过了12月Satoshi的股份，并在1月份购买了20倍BTC和全球采矿产量一样多。

Who met this apparent crisis in supply? Retail investors.

谁遇到了这一明显的供应危机？散户投资者。

Bitcoin is more integrated than ever into traditional finance, which presents a few opportunities.

比特币比以往任何时候都更加集成到传统金融中，这提供了一些机会。

For any number of reasons, retailers have been compelled to dump their tokens.

由于多种原因，零售商被迫抛弃其令牌。

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.

换句话说，这些鲸鱼为保持整个市场的信心做了很多事情。

Ideally, ETF issuers will have a mostly positive impact on the sector, potentially curing Bitcoin's infamous chronic volatility.

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-decentralization.

不幸的是，这种实质性的变化带来了严重的实际缺点，甚至折现了对居中的恐惧。

Since the ETFs transformed the market like this, Bitcoin has become more entangled than ever with broader macroeconomic trends.

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变得比以往任何时候都更加纠缠。

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 stable throughout the tariff chaos.

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。

If they lose that confidence for any reason, it could cause a powerful demand crisis.

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。