尽管近期需求放缓，现货比特币 ETF 仍获得动力

今年，美国批准了比特币现货基金，吸引了投资者的广泛关注，资金流入超过130亿美元。尽管表现优于黄金 ETF，但现货比特币 ETF 的需求已经放缓，这可能是由于近期比特币减半、地缘政治紧张局势以及投资者风险平衡等因素造成的。专家预计需求将暂时下降，减半后有望复苏。此外，一些行业分析师预计，未来一年中心化交易所将出现供应冲击，比特币储备可能在未来九个月内耗尽。

Spot Bitcoin ETFs Gain Momentum, Despite Recent Slowdown

尽管近期放缓，现货比特币 ETF 仍获得动力

The United States' approval of spot funds for Bitcoin, the flagship cryptocurrency, has garnered significant attention from institutional investors. Within months of their launch, these funds have amassed over $13 billion in inflows, surpassing the performance of gold exchange-traded funds (ETFs).

美国批准旗舰加密货币比特币现货基金引起了机构投资者的高度关注。在推出后的几个月内，这些基金已积累了超过 130 亿美元的资金流入，超过了黄金交易所交易基金 (ETF) 的表现。

At their peak, spot Bitcoin ETFs attracted approximately $1 billion daily from investors. However, industry experts have observed a gradual slowdown in demand. One potential factor contributing to this may be the recent halving event on the Bitcoin network, where the mining reward was reduced by half.

在巅峰时期，现货比特币 ETF 每天吸引投资者约 10 亿美元。然而，行业专家观察到需求逐渐放缓。造成这种情况的一个潜在因素可能是最近比特币网络的减半事件，挖矿奖励减少了一半。

Despite the recent slowdown, industry insiders like Kuner, a representative of the trading platform, believe it to be a transient phenomenon. They anticipate a swift recovery in demand for Bitcoin ETFs post-halving.

尽管近期增速放缓，但交易平台代表库纳等业内人士认为，这只是暂时现象。他们预计比特币 ETF 减半后的需求将迅速复苏。

Factors influencing the temporary decline in interest include risk balancing by investors, who have been riding a bullish wave in Bitcoin since the start of the year. Additionally, speculators have likely capitalized on the halving event to secure profits.

影响兴趣暂时下降的因素包括投资者的风险平衡，自今年年初以来，他们一直在比特币的看涨浪潮中乘风破浪。此外，投机者可能会利用减半事件来获取利润。

Geopolitical tensions in the Middle East have also played a role, leading investors to seek safety in conservative assets such as gold, the US dollar, and government bonds.

中东地缘政治紧张局势也起到了一定作用，导致投资者转向黄金、美元和政府债券等保守资产寻求安全。

Looking ahead, industry analysts predict a potential supply shock for centralized exchanges in the coming year. Bybit, a prominent exchange, has estimated that the Bitcoin reserves of several major exchanges could be depleted within the next nine months.

展望未来，行业分析师预测来年中心化交易所可能会出现供应冲击。著名交易所Bybit估计，几家主要交易所的比特币储备可能会在未来九个月内耗尽。

The continued growth and adoption of Bitcoin ETFs, coupled with the potential supply shock faced by exchanges, indicate a bullish outlook for the cryptocurrency market in the long term. Investors are advised to carefully monitor market conditions and assess their risk appetite accordingly.

比特币 ETF 的持续增长和采用，加上交易所面临的潜在供应冲击，表明加密货币市场的长期前景看涨。建议投资者仔细监控市场状况并相应评估其风险偏好。