当以太坊（ETH）ETF继续流血时

美国现货交换基金（ETF）市场目前揭示了比特币和以太坊之间的差异。

The US spot Exchange-Traded Fund (ETF) market continues to show a stark divergence between Bitcoin and Ethereum.

美国现货交换基金（ETF）市场继续表现出比特币和以太坊之间的差异。

Bitcoin ETFs saw another $89.06 million in net inflows on March 27, marking their tenth consecutive day of positive flows. In sharp contrast, Ethereum ETFs experienced further net outflows of $4.22 million, extending their recent losing streak to 17 straight days.

比特币ETF在3月27日又有8,906万美元的净流入，标志着他们连续第十次积极流动。相比之下，以太坊ETF经历了422万美元的进一步净流出，将他们最近的连胜纪录延长至17天。

This clear difference in capital movement signals shifting investor preferences between the top two crypto assets, at least within the regulated ETF wrapper.

资本流动的这种明显差异信号信号将投资者的偏好转移到前两个加密货币资产之间，至少在受监管的ETF包装器中。

Why Do Bitcoin ETFs Continue to Attract Capital?

为什么比特币ETF继续吸引资本？

为什么比特币ETF继续吸引资本？

US spot Bitcoin ETFs have shown renewed strength following a brief period marked by outflows earlier in March. They attracted substantial net inflows of $744 million just within the week of March 17-21.

在三月初的流出标志的短暂时期，美国现货比特币ETF已显示出更新的力量。在3月17日至21日的一周内，他们吸引了7.44亿美元的净流入。

These continued positive flows appear to be aiding price stabilization for Bitcoin after a recent 12% market drawdown. Some experts suggest further unrealized profits might be possible for ETF holders as BTC trading levels potentially recover.

这些持续的积极流量似乎有助于比特币的价格稳定。一些专家认为，随着BTC交易水平有可能恢复，ETF持有人可能会有进一步的未实现利润。

Investors’ current preference for Bitcoin ETFs likely stems from the cryptocurrency’s perceived status as a safer, more established digital asset compared to altcoins. Its history of significant price surges further fuels bullish sentiment among some market participants.

与AltCoins相比，投资者目前对比特币ETF的偏好可能源于加密货币认为是一种更安全，更具成熟的数字资产的状态。它的价格巨大的历史进一步激发了一些市场参与者的看涨情绪。

Additionally, many institutional investors primarily view Bitcoin as a strong digital store of value, which leads to sustained capital allocation into accessible products like spot ETFs.

此外，许多机构投资者主要将比特币视为一个强大的价值存储，这导致资本分配到现货ETF等可访问产品中。

What’s Behind Ethereum ETF’s Persistent Outflows?

以太坊ETF持续流出的背后是什么？

以太坊ETF持续流出的背后是什么？

Despite Ethereum’s foundational role supporting the large Decentralized Finance (DeFi) and Non-Fungible Token (NFT) sectors through its smart contract capabilities, its associated spot ETFs are still stagnant in terms of flows.

尽管以太坊通过其智能合同能力支持了大型分散融资（DEFI）和不可杀菌令牌（NFT）部门，但其相关的ETF仍然停滞不前。

Trader “Trader T” highlighted that the March 27 outflows were mainly driven by VanEck’s ETHV (-$2.21M) and Fidelity’s FETH (-$2.01M), while other listed ETH funds saw no net change that day.

Trader“ Trader t”强调，3月27日的流出主要是由Vaneck的Ethv（-221亿美元）和Fidelity的Feth（-201万美元）驱动的，而其他列出的ETH基金当天没有净变化。

Several factors likely contribute to the ETFs’ muted performance. Lingering regulatory concerns in the US, persistent delays regarding potential spot Ethereum ETF approvals (unlike Bitcoin’s earlier approval), and increasing competition from alternative Layer-1 and Layer-2 blockchain networks may all be affecting investor sentiment for ETH exposure via these specific products.

几个因素可能导致ETF的静态性能。在美国挥之不去的监管问题，有关潜在现场以太坊ETF批准的持续延误（与比特币的较早批准不同），以及通过这些特定产品通过这些特定产品的替代层和第2层区块链网络的竞争不断增加。

While some experts believe upcoming Ethereum network upgrades could potentially reignite investor interest, the prevailing sentiment reflected in ETF flows remains cautious for now.

尽管一些专家认为即将进行的以太坊网络升级可能会重新引起投资者的兴趣，但ETF流中反映的现行情绪目前仍然谨慎。

Looking Ahead: Can ETH Regain ETF Momentum?

展望未来：ETH可以恢复ETF动量吗？

展望未来：ETH可以恢复ETF动量吗？

While Bitcoin currently holds the spotlight in the ETF flow race, market observers suggest Ethereum could regain momentum later this year.

尽管比特币目前在ETF Flow Race中占有关注，但市场观察家认为以太坊可以在今年晚些时候恢复动力。

Positive developments stemming from Layer 2 scaling solutions boosting its capacity, or broader institutional adoption utilizing its smart contract features, could serve as future catalysts. On the regulatory front, any favorable signals from US authorities regarding DeFi oversight might also trigger renewed investor confidence in ETH-related funds.

源于第2层扩展解决方案所产生的积极发展，可以提高其能力，或者利用其智能合同功能的更广泛的机构采用，可以作为未来的催化剂。在监管方面，美国当局对DEFI监督的任何有利信号也可能引发投资者对与ETH相关的资金的信心。

For now, crypto analysts have mixed outlooks. Some predict prolonged Bitcoin dominance, which is evident in the current ETF flows. However, others argue that Ethereum’s technological versatility and foundational role in Web3 applications will drive its long-term growth and eventually attract greater institutional ETF capital.

目前，加密分析师的前景不同。一些人预测了长时间的比特币优势，这在当前的ETF流中很明显。但是，其他人认为，以太坊在Web3应用程序中的技术多功能性和基础作用将推动其长期增长，并最终吸引更大的机构ETF资本。

Both assets offer distinct value propositions, and shifting market dynamics, regulatory news, and technological advancements will continue to shape investor demand within the ETF space.

这两种资产都提供了不同的价值主张，而转移的市场动态，监管新闻和技术进步将继续塑造ETF领域内的投资者需求。