市场不确定性下数字资产投资产品持谨慎态度

数字资产投资产品投资者表现出谨慎态度，导致过去一周小幅流出 1.26 亿美元。比特币经历了 1.1 亿美元的资金外流，而以太坊则面临 2900 万美元的巨额资金外流。尽管整体情绪谨慎，但加密产品的流入总额达到 6.46 亿美元，超过了上一年的总额。香港现货加密 ETF 的批准可能会吸引中国大陆投资者的大量投资。然而，有关即将到来的减半事件后矿工可能出现比特币外流的猜测可能会影响市场走势。

Digital Asset Investment Products Witness Cautious Sentiment Amidst Market Uncertainty

市场不确定性下数字资产投资产品情绪谨慎

The past week has witnessed a surge in trading volumes within the digital asset market, rising from $17 billion to $21 billion. However, this increase has been accompanied by a cautious sentiment among investors, leading to minor outflows of $126 million from digital asset investment products. This hesitancy stems from a lack of sustained positive price momentum, prompting investors to adopt a wait-and-see approach.

过去一周，数字资产市场的交易量激增，从 170 亿美元增至 210 亿美元。然而，这一增长伴随着投资者的谨慎情绪，导致数字资产投资产品小幅流出 1.26 亿美元。这种犹豫源于缺乏持续的积极价格动力，促使投资者采取观望态度。

While trading volumes have increased, activity in exchange-traded products (ETPs) and exchange-traded funds (ETFs) has declined relative to the broader market, accounting for only 31% of total volumes last week. This shift suggests that investors are becoming more selective in their investment strategies, seeking out alternative avenues for exposure to digital assets.

尽管交易量有所增加，但交易所交易产品 (ETP) 和交易所交易基金 (ETF) 的活动相对于大盘有所下降，仅占上周总交易量的 31%。这种转变表明投资者在投资策略上变得更加挑剔，寻找投资数字资产的替代途径。

Bitcoin, the flagship cryptocurrency, experienced outflows of $110 million, albeit maintaining positive inflows of $555 million month-to-date. This suggests that while some investors are taking profits, others remain bullish on Bitcoin's long-term prospects. Ethereum, on the other hand, saw the most significant outflows of $29 million last week, marking its fifth consecutive week of outflows. This extended period of outflows indicates that investors are concerned about Ethereum's near-term price performance.

旗舰加密货币比特币尽管本月迄今仍保持 5.55 亿美元的正流入，但流出了 1.1 亿美元。这表明，虽然一些投资者正在获利了结，但其他投资者仍然看好比特币的长期前景。另一方面，以太坊上周出现最显着的资金外流，达 2900 万美元，已连续第五周出现资金外流。长时间的资金流出表明投资者对以太坊的近期价格表现感到担忧。

Despite the overall cautious sentiment, several lesser-known altcoins have attracted inflows, including Decentraland, Basic Attention Token, and LIDO. These inflows suggest that investors are diversifying their portfolios and seeking out altcoins with specific use cases and growth potential.

尽管整体情绪谨慎，但一些不太知名的山寨币仍然吸引了资金流入，包括 Decentraland、Basic Attention Token 和 LIDO。这些资金流入表明投资者正在实现投资组合多元化，并寻找具有特定用例和增长潜力的山寨币。

Regionally, sentiment toward digital assets varied significantly. The United States recorded the largest outflows of $145 million, followed by Switzerland and Canada with $5.7 million and $6 million in outflows, respectively. In contrast, investors in Germany viewed recent price weakness as an opportunity, injecting $29 million in inflows last week. This regional disparity highlights the varying perspectives and market dynamics across different geographies.

从地区来看，对数字资产的看法差异很大。美国的资金流出量最大，达 1.45 亿美元，其次是瑞士和加拿大，分别流出 570 万美元和 600 万美元。相比之下，德国投资者将近期的价格疲软视为机遇，上周注入了 2,900 万美元资金。这种区域差异凸显了不同地区的不同观点和市场动态。

Despite the cautious sentiment and minor outflows, investors poured a total of $646 million into crypto products last week, pushing year-to-date inflows to an unprecedented $13.8 billion, surpassing the previous year's total of $10.6 billion. This substantial inflow underscores the long-term conviction among investors in the growth potential of digital assets. Bitcoin attracted the most attention from investors, with inflows totaling $663 million, indicating continued confidence in its status as a store of value and hedge against inflation.

尽管市场情绪谨慎且资金略有流出，但投资者上周仍向加密产品投入了总计 6.46 亿美元的资金，将年初至今的资金流入量推至前所未有的 138 亿美元，超过了上一年的 106 亿美元总额。这一巨额资金流入凸显了投资者对数字资产增长潜力的长期信念。比特币最受投资者关注，流入总额达 6.63 亿美元，表明对其作为价值储存和对冲通胀的地位的持续信心。

Bitcoin's price experienced a 2.8% surge over a 24-hour period, reaching a trading value above $66,500, fueled by positive news from Hong Kong. Multiple issuers in Hong Kong have received approval for spot crypto ETFs, paving the way for mainland Chinese investors to gain access to Bitcoin and Ether ETFs through the Southbound Stock Connect program. Analysts predict that mainland Chinese investors could invest $25 billion in potential Hong Kong-listed spot Bitcoin ETFs, providing a significant boost to the cryptocurrency's demand.

在香港利好消息的推动下，比特币价格在 24 小时内飙升 2.8%，交易价格达到 66,500 美元以上。香港多家发行人已获得现货加密 ETF 的批准，为中国大陆投资者通过港股通计划购买比特币和以太坊 ETF 铺平了道路。分析师预测，中国大陆投资者可能会向潜在的香港上市现货比特币 ETF 投资 250 亿美元，从而显着提振加密货币的需求。

However, there is also speculation about a potential outflow of Bitcoin from miners following an upcoming halving event, wherein the block reward for mining Bitcoin is reduced by half. Estimates suggest that miners could liquidate around $5 billion worth of BTC over four to six months, potentially leading to sideways movement in Bitcoin's price.

然而，也有人猜测，在即将到来的减半事件之后，比特币可能会从矿工中流出，其中开采比特币的区块奖励减少了一半。据估计，矿商可能会在四到六个月内清算价值约 50 亿美元的比特币，这可能会导致比特币价格横向波动。

In conclusion, the digital asset market has experienced minor outflows in the past week as investors exhibit caution due to stalled positive price momentum. While Bitcoin maintained positive inflows, Ethereum saw continued outflows, and altcoins such as Decentraland, Basic Attention Token, and LIDO attracted inflows. Regionally, investor sentiment varied, with the United States recording the largest outflows and Germany seeing inflows. Despite the cautious sentiment, overall inflows into crypto products continued to rise, surpassing the previous year's total. The approval of spot crypto ETFs in Hong Kong could potentially attract significant investments from mainland Chinese investors, while the potential outflow of Bitcoin from miners following a halving event could influence Bitcoin's price trajectory in the coming months.

总之，由于积极的价格势头停滞，投资者表现出谨慎态度，数字资产市场在过去一周经历了小幅资金外流。虽然比特币保持正流入，但以太坊持续流出，Decentraland、Basic Attention Token 和 LIDO 等山寨币吸引了流入。从地区来看，投资者情绪各异，美国的资金流出最多，而德国的资金流入最多。尽管市场情绪谨慎，但加密产品的总体流入量继续上升，超过了去年的总量。香港现货加密 ETF 的批准可能会吸引中国大陆投资者的大量投资，而减半事件后比特币可能从矿商流出，可能会影响比特币未来几个月的价格走势。