什么是加密ETP流出？

Crypto ETP通过传统金融工具提供数字资产的曝光率。当更多的钱退出这些产品而不是进入这些产品时

Crypto ETPs, or exchange-traded products, are a common way for investors to gain exposure to digital assets via traditional financial instruments. When more money exits these products rather than entering them, it is known as an “outflow” rather than an “inflow” — i.e., more people are selling than buying.

加密ETP或交易所交易产品是投资者通过传统金融工具获得数字资产的常见方式。当更多的资金退出这些产品而不是进入它们时，它被称为“流出”，而不是“流入” - 即，卖出的人多于购买。

These products hold crypto assets, such as Bitcoin or Ethereum, as their underlying commodity. The goal is for them to provide an exchange-traded investment for investors who want exposure to crypto without directly buying the digital assets.

这些产品将加密资产（例如比特币或以太坊）作为其潜在商品。目的是让他们为希望在不直接购买数字资产的情况下接触加密货币的投资者提供交易所交易的投资。

Many investors, particularly institutions, prefer this method, as it opens up crypto investing within traditional financial instruments. There is no need to venture into unregulated market areas or take responsibility for the security and safety of crypto assets.

许多投资者，尤其是机构，都喜欢这种方法，因为它在传统金融工具中打开了加密货币投资。无需冒险进入不受监管的市场领域，也无需对加密资产的安全和安全承担责任。

There are several types of crypto ETPs available, including exchange-traded funds (ETFs), exchange-traded commodities (ETCs) and exchange-traded notes (ETNs). Most famously, Bitcoin ETFs were approved and began trading in January 2024. These crypto ETPs are widely traded and often account for the majority of trading volumes — both inflows and outflows.

有几种类型的加密ETP可用，包括交易所交易基金（ETF），交易所交易商品（ETC）和交易所交易票据（ETNS）。最著名的是，比特币ETF获得了批准并于2024年1月开始交易。这些加密ETP的交易广泛，通常是交易量的大部分 - 流入和流出。

If you’ve been following the price action of cryptocurrency like Bitcoin (BTC), then you’ll likely have seen stories about crypto ETP outflows.

如果您一直在关注像比特币（BTC）这样的加密货币的价格动作，那么您可能会看到有关加密ETP流出的故事。

So, what are crypto ETP outflows?

那么，什么是加密ETP流出？

This occurs when money flows out of these investment products, indicating that the market is eager to sell off positions. The reasons for this can vary, including profit-taking, negative market sentiment or risk adjustment.

当钱从这些投资产品中流出时，就会发生这种情况，这表明市场渴望出售头寸。原因可能会有所不同，包括获利，负面市场情绪或风险调整。

Crypto ETP investment trends

加密ETP投资趋势

These crypto fund outflows can be large and drive serious volatility in the markets. For example, in March 2025, global crypto products shed $1.7 billion over the course of a week. This compounded outflow totals $6.4 billion in the trailing five weeks. During this time, 17 consecutive days of outflows were recorded, causing the longest streak since records began in 2015.

这些加密基金流出可能很大，并在市场上推动了严重的波动。例如，在2025年3月，全球加密产品在一周的过程中削减了17亿美元。在五周后，这种复杂的流出总计为64亿美元。在此期间，记录了连续17天的流出，这是自2015年开始记录以来最长的连胜纪录。

As an investor, understanding ETP flow offers insight into institutional investor sentiment. This can often precede the wider market movements in the coming days and weeks. Outflows can signal warning signs of a changing market dynamic. In the case of record-breaking outflows, it could point to a shift in how institutional money is viewing risk within the crypto markets.

作为投资者，了解ETP流程提供了对机构投资者情绪的见解。这通常可以在未来几天和几周内更广泛的市场转移之前。流出可以表示市场动态不断变化的警告信号。在破纪录的流出的情况下，这可能会指出机构资金如何查看加密货币市场中的风险的转变。