采用截然相反的交易所交易基金（ETF）策略

年初至今已看到ETF的创纪录流入，提供了杠杆率的长期暴露，例如股票和加密货币

Traders are cutting bullish exchange-traded fund (ETF) strategies and shifting to risk-off assets as the year-to-date has seen record outflows from leveraged long ETFs and inflows into cash and gold funds, according to Bloomberg Intelligence.

根据彭博情报公司的说法，贸易商正在削减看涨的交易所交易基金（ETF）的策略，并转移到风险资产上，因为年初至今已有创纪录的长期ETF和流入现金和金资金的回流。

The year-to-date has seen record inflows into ETFs providing leveraged long exposure to volatile assets such as stocks and cryptocurrencies, as well as funds holding risk-off assets such as cash and gold, according to data from Bloomberg Intelligence (BI).

根据彭博情报局（BI）的数据，年初至今已经看到了创纪录的ETF流入ETF，从而提供了长期利用的股票和加密货币（例如股票和加密货币）以及持有诸如现金和黄金等风险资产的资金。

“There's basically record flows going into leveraged long ETFs but also cash and gold ETFs as people buy the dip and hedge the dip at the same time. May the best degen win!” said BI analyst Eric Balchunas in an April 23 X post.

“基本上有记录流入杠杆的长期ETF，但当人们购买蘸酱并同时对冲浸入时，现金和金ETF也有现金和黄金。也许最好的Degen获胜！” BI分析师Eric Balchunas在4月23日X帖子中说。

Leveraged ETFs are funds that aim to multiply the daily performance of assets like stocks or crypto, usually by two or three times.

杠杆ETF是旨在将股票或加密货币等资产的日常业绩倍增的资金，通常是两次或三次。

In 2025, leveraged long ETFs attracted net inflows of roughly $6 billion, while cash and gold funds saw inflows of nearly $4 billion, according to BI.

根据BI的数据，2025年，利用长期ETF吸引了大约60亿美元的净流入，而现金和黄金基金的流入率近40亿美元。

Digital gold?

数字黄金？

The record fund flows come amid a spike in market turbulence after US President Donald Trump announced plans for sweeping tariffs on US imports on April 2.

在美国总统唐纳德·特朗普（Donald Trump）宣布计划在4月2日对美国进口商品征收关税的计划之后，唱片基金的流量激增了市场动荡。

Since then, the S&P 500 (INDEX:SP500), an index of large US stocks, has shed roughly 5% of its value, according to data from Google Finance.

从那以后，根据Google Finance的数据，S＆P 500（指数：SP500）是美国大型股票的指数大约5％的价值。

Bitcoin (BTC) has been comparatively resilient. On April 22, the cryptocurrency’s spot price reclaimed $90,000 per coin for the first time in six weeks, with Bitcoin ETFs clocking nearly $1 billion in net inflows. The cryptocurrency trades above $93,000 as of April 23, according to Google Finance.

比特币（BTC）相对弹性。 4月22日，加密货币的现货价格在六周内首次回收了每枚硬币90,000美元，比特币ETF的净流入量将近10亿美元。根据Google Finance的数据，截至4月23日，加密货币的交易超过93,000美元。

“Even in the wake of recent tariff announcements, BTC has shown some signs of resilience, holding steady or rebounding on days when traditional risk assets faltered,” Binance said in an April research report.

Binance在4月的研究报告中说：“即使在最近的关税公告之后，BTC也表现出了一些韧性的迹象，在传统风险资产流动的日子里保持稳定或反弹。”

Bitcoin has often been referred to as “digital gold” but the cryptocurrency still has a weak correlation to the safe haven asset and trades more in line with equities, the exchange said. Its correlation with gold has averaged around 0.12 over the past 90 days, versus 0.32 for equities.

交易所表示，比特币通常被称为“数字黄金”，但加密货币仍然与避风港资产的相关性较弱，并且与股票的交易更加一致。在过去的90天中，它与黄金的相关性平均约为0.12，而股票的相关性为0.32。

“The key question is whether BTC can return to its long-term pattern of low correlation with equities,” noted the report, adding that gold is still a preferred safe-haven asset for most investors.

该报告指出：“关键问题是BTC是否可以恢复与股票低相关的长期模式。”该报告补充说，对于大多数投资者来说，黄金仍然是首选的避风势资产。

Meanwhile, cryptocurrency exchanges are profiting off of rising volatility by doubling down on financial derivatives, such as futures.

同时，加密货币交易所通过将金融衍生品（例如期货）加倍而从不断增长的波动率中获利。

In April, net open interest in Bitcoin futures increased by 30% to approximately $28 billion, according to data from Coinalyze.

根据Coinalyze的数据，4月，对比特币期货期货的净开放利息增长了30％，达到约280亿美元。