加密货币情绪转变：资金流出连续第二周占据主导地位，蜜月期令人怀疑

尽管今年早些时候资金流入创历史新高，但资金流出已连续第二周占据主导地位，总计达 2.06 亿美元，这表明投资者的担忧日益加剧，尤其是在美国。这种情绪的转变归因于利率预期，美联储的鹰派立场削弱了人们对加密资产的热情。

Crypto Market Sentiment Shifts: Outflows Dominate for Second Week, Casting Doubt on Honeymoon Period

加密货币市场情绪转变：资金流出连续第二周占据主导地位，蜜月期受到质疑

The honeymoon period for crypto asset investment products appears to have reached its end, as a recent report from CoinShares reveals a significant shift in investor sentiment. For the second consecutive week, outflows have dominated, marking a total of $206 million exiting the market. This growing concern among investors, particularly in the United States, suggests a waning enthusiasm for digital assets.

加密资产投资产品的蜜月期似乎已经结束，CoinShares 最近的一份报告显示投资者情绪发生了重大转变。连续第二周资金外流占主导地位，退出市场的资金总额为 2.06 亿美元。投资者（尤其是美国投资者）日益担忧，表明人们对数字资产的热情正在减弱。

Interest Rate Expectations Dampen Crypto Enthusiasm

利率预期抑制了加密货币热情

The report highlights interest rate expectations as a key factor driving this change. The Federal Reserve's (FED) hawkish stance, indicating prolonged high interest rates, has dampened enthusiasm for crypto assets. This sentiment is reflected in the decline in transaction volumes for Exchange Traded Products (ETPs), falling to $18 billion. Notably, the share of ETP volumes in total Bitcoin volumes has plummeted from 55% a month ago to just 28%, suggesting that ETP/ETF investors, who fueled initial volatility, are becoming increasingly cautious.

该报告强调利率预期是推动这一变化的关键因素。美联储（FED）的鹰派立场表明利率将长期处于高位，这削弱了人们对加密资产的热情。这种情绪反映在交易所交易产品 (ETP) 交易量下降至 180 亿美元上。值得注意的是，ETP 交易量占比特币总交易量的比例已从一个月前的 55% 骤降至 28%，这表明最初加剧波动性的 ETP/ETF 投资者变得越来越谨慎。

US ETFs Bear Brunt of Outflows

美国ETF首当其冲受到资金外流

The negative sentiment was concentrated geographically, with US ETFs taking the biggest hit. These well-established ETFs witnessed outflows of $244 million, while newly launched ETFs continue to see inflows, albeit at a slower pace. This indicates a potential shift towards these new options, but an overall wait-and-see approach seems to prevail.

负面情绪集中在地域上，其中美国 ETF 受到的打击最大。这些成熟的 ETF 出现了 2.44 亿美元的资金流出，而新推出的 ETF 则继续出现资金流入，尽管速度较慢。这表明可能会转向这些新选择，但总体观望态度似乎占主导地位。

Bitcoin and Ethereum Lead Outflows

比特币和以太坊引领资金外流

Bitcoin, the dominant cryptocurrency, experienced the largest portion of outflows at $192 million. However, it is noteworthy that short Bitcoin positions did not receive significant interest, suggesting that investors hesitate to bet entirely against Bitcoin despite the current pullback. Ethereum, on the other hand, continues its losing streak, with outflows totaling $34 million for its sixth consecutive week.

占主导地位的加密货币比特币的资金流出量最大，达 1.92 亿美元。然而，值得注意的是，比特币空头头寸并没有引起太大兴趣，这表明尽管当前出现回调，投资者仍犹豫是否完全做空比特币。另一方面，以太坊继续连续下跌，资金流出总额连续第六周达到 3400 万美元。

Bright Spots Emerge Amidst Selloff

抛售中出现亮点

Despite the overall negative sentiment, there were a few bright spots. Multi-asset investment products renewed confidence with an inflow of $9 million, while Litecoin, Chainlink, BNB, XRP, ADA coin, and DOT also saw inflows. This suggests that some investors remain optimistic about the long-term prospects of these specific assets.

尽管总体情绪消极，但也有一些亮点。多资产投资产品重拾信心，流入 900 万美元，莱特币、Chainlink、BNB、XRP、ADA 币和 DOT 也出现流入。这表明一些投资者对这些特定资产的长期前景仍持乐观态度。

Blockchain Stocks Continue to Face Outflows

区块链股票继续面临资金流出

The report also highlights another area of concern: blockchain stocks. For the eleventh consecutive week, these stocks faced outflows totaling $9 million. This ongoing trend reflects investor concerns about the upcoming Bitcoin halving, which is expected to significantly reduce miner rewards.

该报告还强调了另一个值得关注的领域：区块链股票。这些股票连续第十一周面临总计 900 万美元的资金流出。这种持续的趋势反映了投资者对即将到来的比特币减半的担忧，预计这将大幅减少矿工的奖励。

Conclusion

结论

The CoinShares report paints a picture of a maturing crypto market, where investors are becoming more cautious in the face of macroeconomic uncertainties. While interest rate expectations continue to weigh on sentiment, some altcoins and multi-asset products are providing bright spots amidst the selloff. As the market continues to evolve, it remains to be seen how the ongoing shift in investor sentiment will impact the long-term trajectory of crypto assets.

CoinShares 报告描绘了一个成熟的加密货币市场的景象，投资者面对宏观经济的不确定性变得更加谨慎。尽管利率预期继续打压市场情绪，但一些山寨币和多资产产品在抛售中提供了亮点。随着市场的不断发展，投资者情绪的持续转变将如何影响加密资产的长期轨迹仍有待观察。