加密投资产品连续第三周流出

截至 4 月 26 日的一周，加密货币投资产品出现了 4.35 亿美元的大幅流出，这是加密货币交易所交易产品 (ETP) 连续第三周出现流出。比特币基金对资金流出做出了重大贡献，减半后有 4.23 亿美元退出市场，而以太坊产品也面临 3800 万美元的撤资，将其负流量连续时间延长至七周。

Cryptocurrency Investment Products Experience Third Consecutive Week of Outflows

加密货币投资产品连续第三周出现资金外流

London, April 26, 2023 - A recent report from CoinShares reveals a significant outflow of $435 million from cryptocurrency investment products during the week ending April 26. This marks the third consecutive week of outflows for crypto exchange-traded products (ETPs) as Bitcoin's price remains stagnant within the $60,000 range.

伦敦，2023 年 4 月 26 日 - CoinShares 最近的一份报告显示，截至 4 月 26 日的一周内，加密货币投资产品大幅流出 4.35 亿美元。这标志着加密货币交易所交易产品 (ETP) 连续第三周流出比特币价格仍然停滞在 60,000 美元范围内。

Bitcoin (BTC) funds led the outflows, with $423 million exiting the market following the recent halving event. Ether (ETH) investment products also experienced withdrawals of $38 million, extending their negative flow streak to seven consecutive weeks. In contrast, Solana (SOL) and Litecoin (LTC) ETPs received deposits, with net inflows of $4.1 million and $3.1 million, respectively.

比特币 (BTC) 基金引领资金流出，在最近的减半事件后，有 4.23 亿美元退出市场。以太坊（ETH）投资产品也出现了 3800 万美元的提款，将其负流量连续七周延长。相比之下，Solana (SOL) 和莱特币 (LTC) ETP 收到存款，净流入分别为 410 万美元和 310 万美元。

According to CoinShares, the negative outflows are attributed to "deceleration in inflows from new issuers," with only $126 million in inflows recorded last week compared to $254 million the previous week. Notably, data from Farside Investors indicates that BlackRock's Bitcoin ETF, IBIT, experienced "zero flows" for the first time last week. Other issuers have also faced periods of zero inflows amidst decelerating outflows from Grayscale's GBTC.

据 CoinShares 称，负资金流出归因于“新发行人的资金流入减速”，上周仅录得 1.26 亿美元的资金流入，而前一周为 2.54 亿美元。值得注意的是，Farside Investors 的数据显示，贝莱德的比特币 ETF IBIT 上周首次出现“零流量”。在 Grayscale 的 GBTC 流出减速的情况下，其他发行人也面临着零流入的时期。

The negative outflows are believed to be a reflection of investors' concerns over potential U.S. stagflation – a combination of slowed economic growth and rising inflation – which has diminished the likelihood of Federal Reserve rate cuts. CME FedWatch tool suggests that traders currently assign a mere 11.3% probability to a June rate cut, compared to 44.8% for September and 43.8% for November. This implies that market analysts anticipate the U.S. Federal Reserve to maintain interest rates in May and June, with the first potential rate cut occurring later in the year.

负资金流出被认为反映了投资者对美国潜在滞胀（经济增长放缓和通胀上升的结合）的担忧，这降低了美联储降息的可能性。 CME FedWatch 工具显示，交易员目前认为 6 月降息的可能性仅为 11.3%，而 9 月和 11 月的降息概率分别为 44.8% 和 43.8%。这意味着市场分析师预计美联储将在 5 月和 6 月维持利率不变，并可能在今年晚些时候首次降息。

Analysts at brokerage firm Bernstein view the slowdown in spot Bitcoin ETF inflows not as the onset of a negative trend but rather as a "short-term pause" before BTC resumes its bull run. In a note to clients, Bernstein analysts Gautam Chhugani and Mahika Sapra expressed optimism, stating:

经纪公司 Bernstein 的分析师认为，比特币 ETF 现货流入放缓并不是负面趋势的开始，而是 BTC 恢复牛市之前的“短期暂停”。在给客户的一份报告中，伯恩斯坦分析师 Gautam Chhugani 和 Mahika Sapra 表达了乐观态度，他们表示：

"We don't expect the Bitcoin ETF slowdown to be a worrying trend, but believe it is a short-term pause before ETFs become more integrated with private bank platforms, wealth advisors, and even more brokerage platforms."

“我们预计比特币 ETF 的放缓不会成为令人担忧的趋势，但相信这是 ETF 与私人银行平台、财富顾问甚至更多经纪平台更加融合之前的短暂停顿。”

The analysts maintain their price target of $150,000 for Bitcoin by the end of 2025, citing "unprecedented ETF demand" that has resulted in $12 billion of spot Bitcoin ETF net inflows since their market debut on January 11.

分析师维持比特币到 2025 年底 15 万美元的价格目标，理由是“前所未有的 ETF 需求”，导致自 1 月 11 日上市以来现货比特币 ETF 净流入达到 120 亿美元。

However, a report from Ecoinometrics cautions readers to monitor a potential shift in financial conditions that could influence the Bitcoin bull market. The report highlights that while spot Bitcoin ETFs have "opened up a new source of demand," unfavorable macroeconomic conditions and the U.S. Federal Reserve's inability to control inflation could pose challenges.

然而，计量经济学的一份报告提醒读者关注可能影响比特币牛市的金融状况的潜在变化。该报告强调，虽然现货比特币 ETF“开辟了新的需求来源”，但不利的宏观经济条件和美联储无法控制通胀可能会带来挑战。

"That could cause a re-tightening of the financial conditions," the report explains. "And this would create a headwind for the bull market."

报告解释说：“这可能会导致金融状况重新收紧。” “这将为牛市带来阻力。”

Ecoinometrics notes that the Federal Reserve Bank of Chicago's National Financial Conditions Index (NFCI) – a measure of the tightness in the U.S. financial system – has stalled and is at the same level it was in 2022 when interest rates began to rise.

Ecoinometrics 指出，衡量美国金融体系紧张程度的芝加哥联邦储备银行国家金融状况指数 (NFCI) 已陷入停滞，与 2022 年利率开始上升时的水平相同。

"If it just stays at that, then we are simply experiencing a pause in the bull market," Ecoinometrics explains. "But if this is a pivot in the financial conditions, the bull market would be in trouble."

“如果它只是停留在这个水平，那么我们只是在经历牛市的暂停，”计量经济学解释道。 “但如果这是金融状况的关键点，牛市就会遇到麻烦。”

Amidst the market uncertainty, QCP, a provider of data and analytics on digital asset markets, anticipates a potential catalyst next week with the launch of HK BTC and ETH spot ETFs. "Interest is growing in what could be a gateway for the inflow of Asian institutional capital," QCP noted in a recent note.

在市场不确定性的情况下，数字资产市场数据和分析提供商 QCP 预计，下周香港 BTC 和 ETH 现货 ETF 的推出将成为潜在的催化剂。 QCP 在最近的一份报告中指出，“人们对亚洲机构资本流入的门户越来越感兴趣。”

It is important to emphasize that this article does not constitute investment advice or recommendations. Cryptocurrency investments are subject to risks, and investors should conduct thorough research before making any investment decisions.

需要强调的是，本文不构成投资建议或推荐。加密货币投资存在风险，投资者在做出任何投资决定之前应进行彻底的研究。