随着利率上升降低了投资者的兴趣，加密货币资金外流激增

数字资产基金投资连续第二周下降，4 月 15 日至 19 日期间撤资 2.06 亿美元。比特币基金在减半事件前以 1.92 亿美元退出市场，引领资金流出，而以太坊投资产品则流出 3400 万美元，连续第六周出现负流。

Bitcoin, Ether Outflows Continue as Investors Grapple with Rising Rates

随着投资者努力应对利率上升，比特币和以太币继续外流

Digital asset investments have faced a second consecutive week of outflows, with $206 million withdrawn between April 15-19, according to data from digital asset investment firm CoinShares. The downtrend has been fueled by growing investor concerns over rising interest rates in the United States, which have made traditional financial instruments more attractive compared to volatile cryptocurrencies.

数字资产投资公司 CoinShares 的数据显示，数字资产投资已连续第二周面临资金外流，4 月 15 日至 19 日期间撤资 2.06 亿美元。投资者对美国利率上升的担忧加剧，加剧了这一下降趋势，这使得传统金融工具比波动性较大的加密货币更具吸引力。

Bitcoin Funds Lead Exodus Ahead of Halving

比特币基金在减半前引领撤离

Bitcoin (BTC) funds spearheaded the outflows, with $192 million exiting the market in anticipation of the upcoming halving event. The halving, scheduled to occur in May, will reduce the block reward for Bitcoin miners by half, potentially impacting the cryptocurrency's supply and demand dynamics.

比特币 (BTC) 基金带头流出，因预期即将到来的减半事件，有 1.92 亿美元退出市场。计划于 5 月发生的减半将使比特币矿工的区块奖励减少一半，可能会影响加密货币的供需动态。

Ether Products Suffer Sixth Consecutive Week of Outflows

以太产品连续第六周流出

Ether (ETH) investment products also experienced outflows of $34 million, marking their sixth consecutive week of negative flow. The persistent outflows suggest that investors are scaling back their exposure to the second-largest cryptocurrency by market capitalization.

以太坊（ETH）投资产品也出现了 3400 万美元的资金流出，连续第六周出现负流量。持续的资金外流表明，投资者正在缩减对市值第二大加密货币的投资。

Blockchain Equities Hit By 11th Consecutive Week of Outflows

区块链股票连续 11 周出现资金流出

Investment in blockchain equities has also been on a downward trajectory, with the sector recording its 11th consecutive week of outflows, totaling $9 million. The sustained outflows indicate a waning interest in blockchain-based companies, likely due to the broader market downturn.

区块链股票的投资也呈下降趋势，该行业已连续 11 周流出，资金总额达 900 万美元。持续的资金外流表明人们对区块链公司的兴趣减弱，这可能是由于更广泛的市场低迷所致。

Rising Interest Rates Dampen Digital Asset Enthusiasm

利率上升抑制数字资产热情

CoinShares analysts attribute the downtrend to investors' apprehensions about rising interest rates in the United States. The Federal Reserve had previously hinted at easing monetary policy in mid-2024, but recent inflation data have dashed those hopes. The annual Consumer Price Index in March increased by 3.5%, exceeding expectations for the third consecutive month, indicating that lower rates may not become a reality until 2025. The federal funds rate currently sits between 5.25% and 5.50%.

CoinShares 分析师将下跌趋势归因于投资者对美国利率上升的担忧。美联储此前曾暗示将在 2024 年中期放松货币政策，但最近的通胀数据让这些希望破灭。 3月份年度消费者价格指数上涨3.5%，连续第三个月超出预期，表明降息可能要到2025年才能成为现实。联邦基金利率目前在5.25%至5.50%之间。

"The data suggests appetite from ETP/ETF investors continues to wane, likely off the back of expectations that the FED is likely to keep interest rates at these high levels for longer than expected," the report said.

报告称：“数据表明，ETP/ETF 投资者的兴趣继续减弱，这可能是由于人们预期美联储可能将利率维持在高水平的时间长于预期。”

Bitcoin Fund Outflows Not Seen as Short Opportunity

比特币基金流出并不被视为做空机会

Despite the Bitcoin fund outflows, investors are not necessarily betting on a sharp decline in the cryptocurrency's price. Trading volume for Bitcoin exchange-traded funds (ETFs) declined slightly to $18 billion over the week, but the outflows did not trigger a significant short-selling trend.

尽管比特币基金流出，但投资者并不一定押注加密货币价格会大幅下​​跌。比特币交易所交易基金（ETF）交易量本周小幅下降至 180 亿美元，但资金流出并未引发明显的卖空趋势。

"These volumes represent a lower percentage of total Bitcoin volumes (which continue to rise) at 28%, compared to 55% a month ago," the report noted.

报告指出：“这些交易量占比特币总交易量（仍在上升）的比例较低，为 28%，而一个月前为 55%。”

BlackRock's Bitcoin Trust Maintains Investor Interest

贝莱德的比特币信托保持了投资者的兴趣

Inflows into Bitcoin ETFs have slowed significantly since their peak in March. However, BlackRock's iShares Bitcoin Trust (IBIT), the largest ETF in terms of assets managed, has maintained a steady level of investor interest this month, drawing $1.4 billion in positive flows as of April 19.

自 3 月份达到峰值以来，比特币 ETF 的资金流入已显着放缓。然而，贝莱德旗下管理资产规模最大的 ETF iShares Bitcoin Trust (IBIT) 本月仍保持稳定的投资者兴趣水平，截至 4 月 19 日吸引了 14 亿美元的正资金流。

The ongoing outflows in digital asset funds underscore the challenges facing the industry as investors navigate a macroeconomic environment characterized by rising interest rates and inflationary pressures. While some investors may be stepping away from volatile cryptocurrencies, others remain cautiously optimistic about the long-term potential of the asset class.

随着投资者应对以利率上升和通胀压力为特征的宏观经济环境，数字资产基金的持续资金外流凸显了该行业面临的挑战。尽管一些投资者可能会远离波动较大的加密货币，但其他投资者仍对该资产类别的长期潜力持谨慎乐观态度。