尽管宏观经济逆风，Coinshares数据仍连续第九天流入

根据Coinshares的数据，上周数字资产投资产品的流入量为2.26亿美元，标志着交换货运产品（ETP）连续第九个净正流动日。

CoinShares data shows that digital asset investment products recorded an inflow of $226 million last week, continuing a ninth day of positive flows across exchange-traded products (ETPs), despite macroeconomic headwinds.

Coinshares数据显示，尽管宏观经济逆风，但上周，数字资产投资产品上周的流入率为2.26亿美元，持续了跨交易所交易产品（ETP）的第九天正流量。

The report, authored by Head of Research James Butterfill, notes that this institutional capital is slowly returning following record outflows earlier in the month.

该报告由研究主管詹姆斯·巴特菲尔（James Butterfill）撰写，该报告指出，这项机构资本正在慢慢返回，因为本月初的记录流出了。

Bitcoin (CRYPTO: BTC) attracted the majority of the activity, seeing an inflow of $195 million, while short Bitcoin products saw an outflow of $2.5 million, extending a four-week trend of declining bearish positioning, according to CoinShares.

据Coinshares称，比特币（加密：BTC）吸引了大部分活动，看到了1.95亿美元的流入，而短币产品的流出量为250万美元，延长了四周的看跌趋势趋势。

The flow reversal follows a broader market correction, which saw total assets under management across global Bitcoin ETPs fall to $114 billion, their lowest level since the period immediately after the U.S. election.

流动逆转遵循更广泛的市场校正，这使整个全球比特币ETP的管理总资产降至1,140亿美元，这是美国大选后立即开始的最低水平。

For the first time in five weeks, altcoin ETPs posted net inflows, which came in at a total of $33 million. This rotation suggests a modest uptick in investor appetite beyond Bitcoin after four consecutive weeks of altcoin outflows that totaled $1.7 billion.

Altcoin ETP在五周内首次发布了净流入，总计3,300万美元。这次轮换表明，经过连续四个星期的山寨币外流，投资者的胃口超越比特币，总计17亿美元。

Among the altcoins, Ethereum (CRYPTO: ETH) led the way with an inflow of $14.5 million, followed by Solana (CRYPTO: SOL) at $7.8 million. XRP and Sui saw inflows of $4.8 million and $4.0 million, respectively. These figures indicate that while Bitcoin remains the primary focus for institutional capital, select layer-1s and payment-oriented protocols are regaining traction as macro uncertainty weighs on broader risk appetite.

在Altcoins中，以太坊（Crypto：ETH）以1,450万美元的流入领先，其次是Solana（Crypto：Sol），为780万美元。 XRP和SUI的流入分别为480万美元和400万美元。这些数字表明，虽然比特币仍然是机构资本的主要重点，但由于宏不确定对更广泛的风险食欲的影响，因此精选的第1层和面向付款的方案正在恢复牵引力。

CoinShares data also shows that inflows were concentrated across major Western markets. The United States recorded net inflows of $204 million, followed by Switzerland at $14.7 million and Germany at $9.2 million. Minor outflows occurred in Hong Kong ($2.1 million) and Brazil ($1.3 million), suggesting some geographic divergence in sentiment, though overall regional participation remained net positive.

Coinshares数据还表明，流入集中在主要西方市场。美国的净流入量为2.04亿美元，其次是瑞士的1,470万美元，德国为920万美元。香港（210万美元）和巴西（130万美元）发生了较小的流出，尽管总体地区参与率仍然是积极的，但表明情感上的地理差异有些分歧。

The weekly inflow trend was briefly interrupted on Friday when ETPs experienced an outflow of $74 million. CoinShares attributes this setback to the release of higher-than-expected U.S. core personal consumption expenditure (PCE) data, which may have reinforced the Federal Reserve’s expectations of a hawkish stance.

周五，当ETP经历了7400万美元的流出时，每周的流入趋势被短暂中断。 Coinshares将这种挫折归因于发布高于美国核心个人消费支出（PCE）数据的挫折，这可能加强了美联储对鹰派立场的期望。

While recent economic indicators have pointed to slowing growth, the elevated inflation print complicates the Fed’s trajectory, which in turn adds short-term volatility to digital asset flows.

尽管最近的经济指标指出增长速度放缓，但通货膨胀率升高使美联储的轨迹复杂化，这反过来又增加了短期波动率。

Despite the week’s net inflows, Butterfill describes investor positioning as cautious, reflecting the complex macroeconomic backdrop.

尽管一周的净流入，Butterfill仍将投资者定位谨慎，这反映了复杂的宏观经济背景。

“This week’s flows were broadly in line with expectations, with Bitcoin continuing to attract the majority of capital inflows. However, the fact that we saw outflows following the release of higher-than-expected U.S. PCE data highlights how sensitive investor positioning remains to macroeconomic shifts,” Butterfill concludes.

“本周的流量与预期广泛一致，比特币继续吸引大多数资本流入。但是，在发布高于预期的美国PCE数据之后，我们看到了流出，这一事实突出了敏感的投资者定位如何依赖宏观经济转移，” ButterFilllill结论。”

The sustained inflows suggest a degree of conviction in returning to the crypto market, but the sensitivity to inflation data illustrates how central bank policy continues to be a decisive factor in crypto allocation decisions. This analysis underscores the importance of cross-asset correlations and macroeconomic drivers in shaping institutional behavior, especially within the evolving landscape of digital asset investment products.

持续的流入表明，返回加密货币市场的信念程度，但对通货膨胀数据的敏感性说明了中央银行政策如何继续是加密分配决策的决定性因素。该分析强调了跨资本相关性和宏观经济驱动力在塑造机构行为中的重要性，尤其是在数字资产投资产品不断发展的景观中。

According to CoinShares, total assets under management in global Bitcoin ETPs fell to $114 billion, reaching their lowest level since the period immediately after the U.S. election. This decline in AUM for Bitcoin ETPs is attributed to a broader reassessment of growth expectations and inflation persistence, both of which remain central to digital asset risk exposure frameworks.

根据Coinshares的数据，全球比特币ETP的管理总资产降至1,140亿美元，自美国大选后紧接的时期以来，其水平达到了最低水平。比特币ETP的AUM下降归因于对增长期望和通货膨胀持续性的更广泛的重新评估，这两者都是数字资产风险敞口框架的核心。

Moreover, the report highlights that investors are returning to altcoins, having pulled out of these markets in the previous four weeks with outflows totaling $1.7 billion. This shift is attributed to a decrease in bearish positioning on Bitcoin, which saw four consecutive weeks of outflows, ultimately reaching $2.5 billion.

此外，该报告强调，投资者正在返回Altcoins，在过去的四个星期中退出了这些市场，流出总计17亿美元。这种转变归因于比特币对比特币的看跌位置下降，后者连续四个星期的流出，最终达到25亿美元。

Among the altcoins, Ethereum saw inflows of $14.5 million, while Solana and XRP followed with inflows of $7.8 million and $4.8 million, respectively. Additionally, Sui saw an inflow of $4 million.

在Altcoins中，以太坊的流入量为1,450万美元，而Solana和XRP随后流入了780万美元和480万美元。此外，Sui的流入为400万美元。

CoinShares data shows that the United States recorded net inflows of $204 million, followed by Switzerland at $14.7 million and Germany at $9.2 million. Meanwhile, Hong Kong saw outflows of $2.1 million, and Brazil experienced outflows of $1.3 million, suggesting some geographic divergence in sentiment. Overall, regional participation remained net positive.

Coinshares的数据显示，美国的净流入量为2.04亿美元，其次是瑞士的1,470万美元，德国为920万美元。同时，香港的流出价为210万美元，巴西经历了130万美元的流出，这表明情感上有些地理不同。总体而言，区域参与仍然是净积极的。

The weekly inflow trend was briefly interrupted on Friday when ETPs experienced an outflow of $74 million. CoinShares attributes this setback to the release of higher-than-expected U.S. core personal consumption expenditure (PCE) data, which may have reinforced the Federal Reserve’s expectations of a hawkish stance.

周五，当ETP经历了7400万美元的流出时，每周的流入趋势被短暂中断。 Coinshares将这种挫折归因于发布高于美国核心个人消费支出（PCE）数据的挫折，这可能加强了美联储对鹰派立场的期望。

While recent economic indicators have pointed to slowing growth, the elevated inflation print complicates the

尽管最近的经济指标指出增长速度放缓，但通货膨胀印刷升高使