经济疑虑下数字资产基金大量外流

在全球经济不确定性和比特币屡创新高的情况下，投资者正在从数字资产投资产品中撤出资金。仅过去一周，现货比特币 ETF 就出现了 3.28 亿美元的资金流出，而 Grayscale 的比特币信托基金则出现了 4.54 亿美元的资金流出。这标志着比特币、以太坊和 Solana 的资金连续三周流出，总计 1.02 亿美元。美联储的利率叙述现在被视为对价格走势的关键影响，超越了最初围绕现货比特币 ETF 的兴奋。

Outflows Surge from Digital Asset Investment Products Amid Economic Uncertainty

经济不确定性下数字资产投资产品资金外流激增

A steady decline in the value of Bitcoin and skepticism surrounding the Federal Reserve's monetary policy have triggered a significant outflow of capital from digital asset investment products. According to the latest data from CoinShares, these investments have witnessed three consecutive weeks of outflows, with a loss of $435 million in the past seven days alone. The month-to-date outflows for Bitcoin, Ethereum, and Solana have reached $102 million.

比特币价值的稳步下跌以及对美联储货币政策的怀疑引发了数字资产投资产品的资金大量外流。根据CoinShares的最新数据，这些投资已连续三周流出，仅过去7天就损失了4.35亿美元。本月迄今为止，比特币、以太坊和 Solana 的资金流出已达到 1.02 亿美元。

"We've observed a slowdown in inflows from new ETF issuers in the United States," said James Butterfill, Head of Research at CoinShares. "They're still experiencing inflows, but at a reduced rate."

CoinShares 研究主管 James Butterfill 表示：“我们观察到美国新 ETF 发行人的资金流入放缓。” “他们仍在经历资金流入，但速度有所下降。”

Grayscale's Bitcoin Trust, a prominent digital asset investment vehicle, has faced consistent outflows. Butterfill noted that the constant trickle of withdrawals from this $19 billion fund has overshadowed the modest inflows seen by other funds that have debuted on Wall Street this year.

灰度的比特币信托是一种著名的数字资产投资工具，但一直面临资金外流。 Butterfill 指出，这只 190 亿美元基金的持续资金撤资掩盖了今年在华尔街推出的其他基金的温和资金流入。

Spot Bitcoin ETFs, which track the real-time price of Bitcoin, experienced net outflows of $328 million last week, according to Farside Investors. Meanwhile, Grayscale's Bitcoin Trust alone withdrew $454 million, significantly outweighing any allocations to the sector as a whole.

据 Farside Investors 称，跟踪比特币实时价格的现货比特币 ETF 上周净流出 3.28 亿美元。与此同时，仅 Grayscale 的比特币信托基金就撤回了 4.54 亿美元，远远超过了对该行业整体的分配。

Bitcoin's price has declined by 12% in the past month to $63,000, following its previous all-time high in March. The drop in value has coincided with heightened interest in the Federal Reserve's policy meeting this week, where market participants will scrutinize statements for signs of monetary policy tightening.

继 3 月份创下历史新高后，比特币价格在过去一个月下跌了 12% 至 63,000 美元。价值下跌之际，美联储本周的政策会议兴趣浓厚，市场参与者将仔细审查声明中货币政策收紧的迹象。

"For the first part of this year, the focus was primarily on ETFs," Butterfill said. "I believe the narrative surrounding interest rates is increasingly influencing prices."

“今年上半年，焦点主要集中在 ETF 上，”巴特菲尔说。 “我相信围绕利率的叙述对价格的影响越来越大。”

The Fed is anticipated to maintain interest rates at their current level during this week's policy meeting; however, market participants will closely monitor any dovish or hawkish signals. Risk assets, which typically benefit from low borrowing costs, have suffered as expectations of future interest rate cuts have been pushed back.

预计美联储将在本周的政策会议上将利率维持在当前水平；然而，市场参与者将密切关注任何鸽派或鹰派信号。由于未来降息的预期被推迟，通常受益于低借贷成本的风险资产受到了影响。

BlackRock's spot Bitcoin ETF, which had experienced a 71-day streak of inflows, also saw its momentum disrupted last week as Bitcoin's price declined. After accumulating $17.5 billion worth of Bitcoin since its approval in January, BlackRock's ETF experienced three straight days of neither inflows nor outflows.

贝莱德的现货比特币 ETF 经历了连续 71 天的资金流入，上周也因比特币价格下跌而中断了其势头。自 1 月份获得批准以来，贝莱德的 ETF 积累了价值 175 亿美元的比特币，之后连续三天既没有流入也没有流出。

Despite the recent slowdown in momentum for spot Bitcoin ETFs, Butterfill emphasized that it is "not necessarily concerning," given that digital asset investment products have had their best year on record, attracting $13 billion in inflows so far.

尽管最近现货比特币 ETF 的势头有所放缓，但 Butterfill 强调，这“不一定令人担忧”，因为数字资产投资产品迎来了有记录以来最好的一年，迄今为止吸引了 130 亿美元的资金流入。

Analysts from Bernstein anticipate a resurgence in inflows as the year progresses, suggesting that market participants in the U.S. have not fully adopted spot Bitcoin ETFs. In a note to clients, Gautam Chhugani and Mahika Sapra wrote that the slowing inflows indicate a "short-term pause before ETFs become more integrated with private bank platforms, wealth advisors, and even more brokerage platforms."

伯恩斯坦的分析师预计，随着时间的推移，资金流入将会复苏，这表明美国市场参与者尚未完全采用现货比特币 ETF。 Gautam Chhugani 和 Mahika Sapra 在给客户的一份报告中写道，资金流入放缓表明“ETF 与私人银行平台、财富顾问甚至更多经纪平台更加一体化之前会出现短暂的停顿。”

The Federal Reserve's monetary policy stance, along with the overall economic climate, will continue to shape the trajectory of digital asset investments. Investors are advised to closely monitor market developments and weigh the risks and potential returns carefully before making any financial decisions.

美联储的货币政策立场以及整体经济环境将继续影响数字资产投资的轨迹。建议投资者在做出任何财务决策之前密切关注市场发展并仔细权衡风险和潜在回报。