现货比特币 ETF 资金连续五天流出，引发担忧

华尔街现货比特币交易所交易基金（ETF）录得历史性连续五天净流出，总计 8.88 亿美元，其中 Grayscale 旗下的 GBTC 跌幅最大。尽管交易量很大，但资金流入仍然疲弱，贝莱德的 IBIT 和富达的 FBTC 资金流入创下历史新低。分析师表示，除了价格波动之外，Genesis 的交易活动等因素也可能导致了资金外流。

Are Crypto Traders Losing Interest in Spot Bitcoin ETFs?

加密货币交易者对现货比特币 ETF 失去兴趣了吗？

Wall Street's spot bitcoin exchange-traded funds (ETFs) have reached a new milestone, but not in a good way. Despite hitting record highs, these ETFs have witnessed five straight days of net outflows, a concerning trend that could indicate waning interest from crypto traders.

华尔街的现货比特币交易所交易基金（ETF）已经达到了一个新的里程碑，但进展并不顺利。尽管创下历史新高，但这些 ETF 已连续五天出现净流出，这一令人担忧的趋势可能表明加密货币交易者的兴趣正在减弱。

Outflows Reach Unprecedented Levels

资金流出达到前所未有的水平

Over the past week, the ten ETFs collectively saw $888 million in outflows, with Grayscale's GBTC leading the charge on Monday, March 18, with a record-breaking single-day outflow. This five-day streak of net outflows is the longest yet, surpassing a four-day streak earlier this year.

过去一周，这 10 只 ETF 总共流出了 8.88 亿美元，其中 Grayscale 的 GBTC 在 3 月 18 日星期一领头羊，创下了创纪录的单日流出量。这五天的净流出是迄今为止最长的，超过了今年早些时候的四天连续净流出。

Weak Inflows Compound the Problem

资金流入疲软使问题更加复杂

Adding to the concerns, inflows have been equally weak. Blackrock's IBIT, which dominates the market, saw a record-low $49.3 million in inflows on Wednesday, March 20, a record that was shattered on Friday with a mere $18.9 million. Fidelity's FBTC, the third-largest spot bitcoin ETF, also hit a record low this week, with only $2.9 million in inflows on Thursday, March 21.

资金流入同样疲软，加剧了人们的担忧。主导市场的贝莱德 (Blackrock) 的 IBIT 在 3 月 20 日星期三的流入额创下历史新低 4,930 万美元，但周五这一纪录被打破，仅为 1,890 万美元。富达旗下第三大现货比特币 ETF FBTC 本周也创下历史新低，3 月 21 日星期四的资金流入仅为 290 万美元。

What's Driving the Outflows?

是什么推动资金外流？

While the outflows coincide with a dip in bitcoin's price, other factors may be at play. Bloomberg ETF analyst Eric Balchunas suggests that Grayscale's unusually large outflows could be attributed to trading by digital financial firm Genesis.

虽然资金外流与比特币价格下跌同时发生，但其他因素可能也在发挥作用。彭博 ETF 分析师埃里克·巴尔丘纳斯 (Eric Balchunas) 表示，灰度异常大规模的资金流出可能归因于数字金融公司 Genesis 的交易。

Trading Volumes Remain Strong

交易量保持强劲

Despite the net negative inflows, trading volumes have remained significant, albeit slightly lower than recent weeks. According to The Block's data dashboard, the cumulative volumes of the spot bitcoin ETFs increased by about $22 billion over the past week, reaching a total of $164 billion.

尽管出现净负流入，但交易量仍然很大，尽管略低于最近几周。根据 The Block 的数据仪表板，现货比特币 ETF 的累计交易量在过去一周增加了约 220 亿美元，达到 1640 亿美元。

Conclusion

结论

The recent outflows from spot bitcoin ETFs raise questions about the sustainability of their growth. While price fluctuations may be a factor, other factors such as trading activity and investor sentiment also warrant consideration. It remains to be seen whether this trend will continue or if it is simply a temporary setback in the broader crypto market.

最近现货比特币 ETF 的资金流出引发了人们对其增长可持续性的质疑。虽然价格波动可能是一个因素，但交易活动和投资者情绪等其他因素也值得考虑。这种趋势是否会持续下去，或者只是更广泛的加密货币市场的暂时挫折，还有待观察。