加密资产投资产品上周面临另一个星期的流出

这种转变强调了投资者之间的谨慎情绪，特别是鉴于宏观经济因素。

Crypto asset investment products faced another week of outflows, continuing the trend from the previous week with investors pulling back from markets. The latest weekly report by CoinShares, released on Monday, revealed outflows totaling $584 million.

Crypto Asset Investment Products面临另一个星期的流出，继续前一周的趋势，投资者从市场上退缩。周一发布的Coinshares的最新每周报告显示，外流总计为5.84亿美元。

This marks the second consecutive week of outflows and follows a three-week streak of inflows that began in March. Together, the two weeks of outflows push the two-week total to roughly $1.2 billion.

这是连续第二周的流出，并遵循三月份开始的三周流入。两周的流出共同将两周的总数推向了约12亿美元。

The trend highlights a cautious sentiment among investors, particularly in response to macroeconomic factors. CoinShares’ Head of Research, James Butterfill, linked the trend to ongoing uncertainty about interest rate policy in the US.

这种趋势凸显了投资者之间的谨慎情绪，特别是在回应宏观经济因素方面。 Coinshares的研究负责人詹姆斯·巴特菲尔（James Butterfill）将趋势与美国利率政策的持续不确定性联系起来。

"We believe this is in reaction to the pessimism amongst investors for the prospect of interest rate cuts by the FED this year," Butterfill stated.

Butterfill说：“我们认为，这是对投资者对今年美联储降低利率的前景的悲观情绪的反应。”

The report also noted a significant drop in market participation, with exchange-traded products (ETPs) globally recording just $6.9 billion in traded volume for the week—the lowest since U.S. spot Bitcoin ETFs launched in January.

该报告还指出，市场参与的大幅度下降，全球交易所交易产品（ETP）的本周交易量仅为69亿美元，这是自1月份推出的美国比特币ETF以来最低的。

The decrease in ETP trading volume could also be linked to the lack of progress in the U.S. Bitcoin ETF application space this year.

ETP交易量的减少也可能与今年美国比特币ETF应用程序空间缺乏进展有关。

Bitcoin Leads Outflows While Altcoins Show Pockets of Strength

比特币引线流出，而山寨币则显示出力量的口袋

The United States saw the highest fund exits with $475 million in outflows, followed by Canada with $109 million. Germany and Hong Kong also registered $24 million and $19 million in respective outflows.

美国看到了最高的资金出口，其外流为4.75亿美元，其次是加拿大1.09亿加元。德国和香港还获得了2400万美元和1900万美元的外流。

In contrast, Switzerland and Brazil stood out as exceptions, recording inflows of $39 million and $48.5 million.

相比之下，瑞士和巴西是例外，记录了3,900万美元和4,850万美元的流入。

Bitcoin remained at the center of the movement, accounting for $630 million in weekly outflows. However, sentiment did not shift heavily toward bearish bets, as short Bitcoin products also saw minor outflows totaling $1.2 million, suggesting a lack of conviction in downside positioning.

比特币仍留在运动的中心，每周出流量为6.3亿美元。但是，情绪并没有大大转向看跌赌注，因为短币产品还看到了总计120万美元的小额流出，这表明缺乏下跌定位的信念。

Ethereum also experienced $58 million in outflows, reflecting broader risk aversion. However, several altcoins bucked the trend, with Solana, Litecoin, and Polygon witnessing modest inflows of $2.7 million, $1.3 million, and $1 million respectively.

以太坊还经历了5800万美元的流出，反映了更广泛的风险规避。但是，几个山寨币使这一趋势震惊，索拉纳（Solana），莱特币（Litecoin）和多边形（Polygon）目睹了270万美元，130万美元和100万美元的适度流入。

These movements indicate that some investors may be seeking exposure to alternative assets amid price corrections. Multi-asset products stood out as a contrasting trend, attracting $98 million in inflows.

这些运动表明，由于价格纠正，一些投资者可能正在寻求替代资产的风险。多资产品产品是一种对比趋势，吸引了9800万美元的流入。

This may suggest that investors are diversifying their portfolios or taking advantage of recent altcoin weaknesses to allocate across multiple assets.

这可能表明投资者正在多元化其投资组合或利用最近的Altcoin弱点来分配多个资产。

Investor Behavior Shaped by Macro Sentiment

宏观情绪塑造的投资者行为

CoinShares’ data reflects a market environment still heavily influenced by macroeconomic outlooks and central bank policy expectations. With investor anticipation for interest rate cuts declining, digital asset fund flows have turned negative.

Coinshares的数据反映了市场环境，仍然受到宏观经济前景和中央银行政策期望的影响。随着投资者对降低利率下降的期望，数字资产基金流量已变成负面。

This shift follows five months of consistent inflows earlier in the year, signaling a change in market behavior.

这一转变是在今年早些时候五个月的一致流入之后，这表明市场行为发生了变化。

Notably, the decrease in ETP trading volume could also reflect a broader lull in investor engagement as markets wait for further direction.

值得注意的是，随着市场等待进一步的方向，ETP交易量的减少也可能反映出投资者参与度更大。

While Bitcoin and Ethereum were the primary drivers of the recent outflows, the inflows into certain altcoins and multi-asset products point to nuanced sentiment rather than broad-based risk-off behavior.

尽管比特币和以太坊是最近流出的主要驱动因素，但流入某些山寨币和多资产品产品的流入指向细微的情感，而不是基于广泛的风险行为。