现货比特币 ETF 投资者在市场波动中缺乏经验

现货比特币交易所交易基金（ETF）在获得美国证券交易委员会（SEC）批准后已吸引了数十亿美元的资金。然而，链上分析表明，一些投资者可能缺乏经验，价格下跌期间现货比特币 ETF 大量资金流出就证明了这一点。这种行为表明人们更倾向于自我托管而非机构托管，凸显了散户投资者对现货比特币 ETF 市场的潜在影响。

Spot Bitcoin ETF Investors Exhibited Inexperience Amidst Market Volatility

现货比特币 ETF 投资者在市场波动中表现出缺乏经验

Recent inflows into spot Bitcoin exchange-traded funds (ETFs) following the SEC's approval in January have sparked concerns about the experience level of some investors. On-chain analysis by Willy Woo, an analyst at X, suggests that these investors may be less sophisticated than initially assumed.

美国证券交易委员会 (SEC) 一月份批准后，近期资金流入现货比特币交易所交易基金 (ETF)，引发了对一些投资者经验水平的担忧。 X 分析师 Willy Woo 的链上分析表明，这些投资者可能没有最初想象的那么成熟。

During the March 5 market downturn, a significant $1.6 billion outflow was observed from spot Bitcoin ETFs. Notably, this coincided with a $1.1 billion inflow into the Bitcoin network. This dynamic suggests that investors may have redeemed their ETF shares to acquire the underlying cryptocurrency directly, rather than leaving their coins in the custody of the ETF issuers.

在 3 月 5 日市场低迷期间，现货比特币 ETF 出现 16 亿美元的大幅流出。值得注意的是，此时正值 11 亿美元流入比特币网络。这种动态表明，投资者可能已赎回其 ETF 份额以直接购买基础加密货币，而不是将其代币交给 ETF 发行人保管。

Spot Bitcoin ETFs offer an accessible way to gain exposure to Bitcoin without the complexities of buying and storing the coins oneself. However, the on-chain data indicates that some investors may prefer to self-custody their coins, even when it entails redeeming their ETF shares during periods of volatility.

现货比特币 ETF 提供了一种获取比特币的便捷方式，无需自行购买和存储比特币。然而，链上数据表明，一些投资者可能更愿意自行托管他们的代币，即使这需要在波动期间赎回他们的 ETF 份额。

ETF issuers, such as BlackRock, typically rely on third-party custodians like Coinbase Custody to safeguard the Bitcoin backing each ETF share. This arrangement allows investors to indirectly access the cryptocurrency without having to manage their own private keys.

贝莱德等 ETF 发行人通常依赖 Coinbase Custody 等第三方托管机构来保护支持每只 ETF 份额的比特币。这种安排允许投资者间接访问加密货币，而无需管理自己的私钥。

Grayscale Outflows Signal Retail Dominance, Headwinds for BTC

灰度资金流出标志着零售业的主导地位，比特币面临阻力

Woo's observations align with previous studies indicating that retail investors played a significant role in the initial demand for spot Bitcoin ETFs. CoinDesk's investigation revealed that the average trade size for one ETF was approximately $13,000, supporting the notion of retail investor participation.

Woo 的观察结果与之前的研究一致，表明散户投资者在现货比特币 ETF 的初始需求中发挥了重要作用。 CoinDesk 的调查显示，一只 ETF 的平均交易规模约为 13,000 美元，这支持了散户投资者参与的观点。

However, as of March 21, Grayscale and other ETF issuers have reduced their Bitcoin holdings by over $700 million, according to Lookonchain data. This lack of fresh capital inflows into spot Bitcoin ETFs suggests a cautious approach among investors.

然而，根据 Lookonchain 的数据，截至 3 月 21 日，Grayscale 和其他 ETF 发行人已减少了超过 7 亿美元的比特币持有量。现货比特币 ETF 缺乏新的资金流入表明投资者采取谨慎态度。

Furthermore, Bitcoin's price remains below $70,000 and is facing downward pressure, as indicated by CoinMarketCap data. This price action may further discourage investors from allocating capital to spot Bitcoin ETFs, at least in the short term.

此外，CoinMarketCap 数据显示，比特币价格仍低于 70,000 美元，面临下行压力。这种价格走势可能会进一步阻止投资者将资金配置到现货比特币 ETF，至少在短期内如此。

Conclusion

结论

The on-chain analysis of spot Bitcoin ETF inflows and outflows raises questions about the experience level of some investors. The quick sell-off during the March 5 market downturn and the subsequent inflow into the mainnet suggest that some investors may not be fully comfortable with the volatility inherent in cryptocurrency markets.

对现货比特币 ETF 流入和流出的链上分析引发了对一些投资者经验水平的质疑。 3 月 5 日市场低迷期间的快速抛售以及随后流入主网的资金表明，一些投资者可能对加密货币市场固有的波动性并不完全满意。

Additionally, the declining holdings of Grayscale and other ETF issuers indicate a lack of fresh capital entering the spot Bitcoin ETF market. This, coupled with the current downward pressure on Bitcoin's price, may continue to weigh on investor sentiment and limit the growth of spot Bitcoin ETFs in the near future.

此外，灰度和其他 ETF 发行人的持有量下降表明缺乏新资本进入现货比特币 ETF 市场。再加上目前比特币价格的下行压力，可能会继续打压投资者情绪，并在不久的将来限制现货比特币 ETF 的增长。