美联储降息希望破灭，比特币现货 ETF 市场枯竭

截至 4 月 26 日的一周，BTC 现货 ETF 市场连续第三周出现净流出，金额达 3.28 亿美元。尽管最近比特币减半，但这些资金外流与美联储 9 月份降息的预期不断减弱是一致的。目前 4 月份的资金流出总额为 1.308 亿美元，增加了自 1 月份市场启动以来首次出现月度净流出的可能性。随着FOMC新闻发布会、香港BTC和ETH现货ETF推出等重大事件的临近，投资者对BTC现货ETF市场流向的关注度预计将会提升。

BTC Spot ETF Market Experiences Persistent Outflows Amid Fed Rate Cut Concerns

美联储降息担忧下，BTC现货ETF市场资金持续流出

In a significant turn of events, the Bitcoin (BTC) spot exchange-traded fund (ETF) market has recorded net outflows for the third consecutive week ending April 26. This trend coincides with waning expectations of a Federal Reserve interest rate cut in September.

事态发生了重大转折，截至 4 月 26 日，比特币 (BTC) 现货交易所交易基金 (ETF) 市场连续第三周出现净流出。这一趋势与美联储 9 月份降息的预期减弱相吻合。

Despite the highly anticipated Bitcoin Halving on April 20, the BTC spot ETF market has continued to grapple with outflows. Farside Investors reports a total of $328.0 million in net outflows for the week ending April 26.

尽管备受期待的 4 月 20 日比特币减半，比特币现货 ETF 市场仍在继续应对资金外流问题。 Farside Investors 报告称，截至 4 月 26 日当周净流出总额为 3.28 亿美元。

As April draws to a close, with just two trading sessions remaining, the BTC spot ETF market has already registered net outflows of $130.8 million. If demand remains subdued, this could mark the first instance of monthly net outflows since the launch of these ETFs on January 11.

4 月即将结束，仅剩两个交易日，BTC 现货 ETF 市场已净流出 1.308 亿美元。如果需求仍然低迷，这可能标志着自 1 月 11 日推出这些 ETF 以来首次出现月度资金净流出。

This week is particularly crucial for investors monitoring flow trends in the BTC spot ETF market. Two key events will shape market sentiment: the release of US labor market data and the Federal Reserve's highly anticipated press conference on Wednesday, May 1. The markets will scrutinize the Federal Open Market Committee's (FOMC) guidance for clues about the possibility of multiple rate cuts in 2024.

本周对于关注 BTC 现货 ETF 市场流量趋势的投资者来说尤其重要。两个关键事件将塑造市场情绪：美国劳动力市场数据的发布以及美联储 5 月 1 日星期三备受期待的新闻发布会。市场将仔细审查联邦公开市场委员会 (FOMC) 的指引，以寻找有关多重利率可能性的线索。 2024 年削减。

Beyond the US market, the launch of Hong Kong Bitcoin and Ethereum spot ETFs on April 30 could provide a counterbalance to the recent outflow trend. Inflow activity in these new ETFs has the potential to offset the impact of outflows in the US market.

除美国市场外，4 月 30 日推出的香港比特币和以太坊现货 ETF 可能会抵消近期的资金外流趋势。这些新 ETF 的流入活动有可能抵消美国市场资金流出的影响。

Eric Balchunas, Senior ETF Analyst at Bloomberg Intelligence, expressed his optimism regarding the Hong Kong crypto-spot ETF market:

Bloomberg Intelligence 高级 ETF 分析师 Eric Balchunas 表达了他对香港加密货币现货 ETF 市场的乐观态度：

"We're pretty excited about the Hong Kong ETFs. We think it's going to be a game-changer because it's a new market... We think they're going to get a lot of the Chinese money, Singapore money, all of that Asia money."

“我们对香港 ETF 感到非常兴奋。我们认为这将改变游戏规则，因为这是一个新市场……我们认为他们将获得大量中国资金、新加坡资金以及所有其他国家的资金。”亚洲的钱。”

However, Balchunas cautioned that the success of these ETFs hinges on the regulatory landscape and the ability of asset managers to secure custody agreements amid ongoing concerns about crypto market volatility.

然而，Balchunas 警告说，这些 ETF 的成功取决于监管环境以及资产管理公司在对加密市场波动持续担忧的情况下获得托管协议的能力。