机构抛售令加密货币市场降温，预示着谨慎的前景

机构投资者已经改变了他们在加密货币领域的立场，CoinShares 的每周报告显示资金流出总额为 1.26 亿美元。值得注意的是，以太坊面临 2900 万美元的大幅流出，连续第五周下跌，而 Solana 也出现 360 万美元的流出。 Decentraland、Basic Attention Token 和 LIDO 等山寨币经历了积极的流入，表明投资者对较小的加密资产感兴趣。该报告进一步强调了区域趋势，其中美国对资金流出做出了重大贡献，而德国则利用近期价格下跌来增加资金流入。

Institutional Investors Withdraw from Cryptocurrency Market, Sounding Cautious Note

机构投资者退出加密货币市场，听起来很谨慎

Institutional investors, who play a pivotal role in the cryptocurrency market, have initiated a sell-off of prominent digital assets, signaling a shift in sentiment and a more cautious investment approach.

在加密货币市场中发挥关键作用的机构投资者已开始抛售著名的数字资产，这标志着情绪的转变和更加谨慎的投资方式。

According to CoinShares' latest weekly digital asset inflows report, institutional funds have been divesting from Solana (SOL), Ethereum (ETH), and Bitcoin (BTC), reflecting a departure from the bullish outlook of recent weeks.

根据 CoinShares 最新的每周数字资产流入报告，机构资金一直在从 Solana (SOL)、以太坊 (ETH) 和比特币 (BTC) 撤资，反映出最近几周看涨前景的背离。

Outflows Total $126 Million

资金外流总计 1.26 亿美元

Cryptoasset investment products witnessed a sharp reversal in momentum last week, with outflows amounting to $126 million. This trend suggests that investors are adopting a more conservative stance amid a period of price stagnation.

上周，加密资产投资产品的势头急剧逆转，资金流出达 1.26 亿美元。这一趋势表明，投资者在价格停滞时期采取了更为保守的立场。

Ethereum, the second-largest cryptocurrency by market capitalization, has borne the brunt of the institutional sell-off, experiencing outflows of $29 million for the fifth consecutive week. This indicates that investors may be taking profits or seeking diversification within the crypto asset market.

按市值计算的第二大加密货币以太坊首当其冲受到机构抛售，连续第五周流出 2900 万美元。这表明投资者可能正在加密资产市场中获利或寻求多元化。

SOL and Beyond

SOL 及其他

Apart from Ethereum, Solana has also faced outflows of $3.6 million, according to CoinShares' report. This signals a possible reassessment of the asset's value proposition by institutional investors.

根据 CoinShares 的报告，除了以太坊之外，Solana 还面临 360 万美元的资金外流。这标志着机构投资者可能会重新评估该资产的价值主张。

However, not all cryptocurrencies have been affected by the bearish sentiment. Altcoins, such as Decentraland (MANA), Basic Attention Token (BAT), and LIDO (LDO), have attracted inflows, demonstrating ongoing interest in smaller and more niche digital assets. Litecoin and short Bitcoin also received inflows of $1.6 million and $1.7 million, respectively.

然而，并非所有加密货币都受到看跌情绪的影响。 Decentraland (MANA)、Basic Attention Token (BAT) 和 LIDO (LDO) 等山寨币吸引了资金流入，表明人们对更小、更利基的数字资产持续感兴趣。莱特币和做空比特币也分别获得 160 万美元和 170 万美元的流入。

XRP and Polkadot witnessed inflows of $300,000 and $800,000, respectively, while Cardano and BNB remained neutral during the reporting period.

XRP 和 Polkadot 的资金流入分别为 30 万美元和 80 万美元，而卡尔达诺和 BNB 在报告期内保持中性。

Regional Trends

区域趋势

The CoinShares report also sheds light on regional trends in institutional investment. The United States has been the primary source of outflows, with a total of $145 million withdrawn. This suggests that American investors may be engaging in profit-taking or adjusting their risk tolerance.

CoinShares 报告还揭示了机构投资的区域趋势。美国一直是资金外流的主要来源，总共撤出1.45亿美元。这表明美国投资者可能正在获利了结或调整风险承受能力。

In contrast, Germany has viewed the recent price weakness as a buying opportunity, with inflows amounting to $29 million last week.

相比之下，德国将近期的价格疲软视为买入机会，上周资金流入达 2900 万美元。

Bitcoin's Resilience

比特币的弹性

Despite the overall trend of institutional selling, Bitcoin maintains a long-term appeal for a segment of the market. Despite outflows of $110 million last week, Bitcoin has accumulated positive inflows totaling $555 million since the start of the month.

尽管存在机构抛售的总体趋势，但比特币对部分市场仍保持着长期吸引力。尽管上周资金流出 1.1 亿美元，但自本月初以来，比特币已累计流入 5.55 亿美元。

Notably, short Bitcoin positions, which aim to profit from price declines, experienced a reversal of the three-week outflow trend, attracting a small inflow of $1.7 million.

值得注意的是，旨在从价格下跌中获利的比特币空头头寸经历了三周流出趋势的逆转，吸引了 170 万美元的小幅流入。

Outlook

外表

The institutional sell-off underscores a shift in sentiment among investors, who are becoming more cautious as price gains have stalled. Ethereum and Solana have come under particular pressure, indicating a possible reassessment of their value propositions.

机构抛售凸显了投资者情绪的转变，随着价格上涨停滞，投资者变得更加谨慎。以太坊和 Solana 面临着特别的压力，这表明它们的价值主张可能会被重新评估。

While altcoins have provided some respite, the overall trend suggests that investors are taking a step back and reassessing their cryptocurrency holdings. Regional trends also reveal a divergence in sentiment, with the United States leading the outflows and Germany embracing the dip.

虽然山寨币提供了一些喘息的机会，但总体趋势表明投资者正在退后一步，重新评估他们持有的加密货币。区域趋势也显示出情绪的分歧，美国引领资金外流，而德国则出现下滑。

It remains to be seen whether the institutional sell-off will continue or if it is merely a temporary correction. As the cryptocurrency market evolves and matures, institutional investors will continue to play a significant role in shaping its trajectory.

机构抛售是否会持续，还是只是暂时的调整，还有待观察。随着加密货币市场的发展和成熟，机构投资者将继续在塑造其发展轨迹方面发挥重要作用。