美国：现货比特币 ETF 受到资金外流打击，四月动荡中情绪发生转变

现货比特币 ETF 在 4 月份经历了下跌，Ark Invest 的 ARKB、Bitwise 的 BITB 和 Fidelity 的 FBTC 等主要基金出现资金流出。资金流出引发了担忧，但分析师强调，这种波动在成熟的 ETF 中很常见，而且这些基金仍然积累了大量资产。资金流入放缓的部分原因是近期比特币市场不温不火。

Spot Bitcoin ETFs Face Turbulence in April: Outflows Surface, Sentiment Shifts

现货比特币 ETF 4 月份面临动荡：资金外流、情绪转变

Amid a tumultuous April, the landscape of spot bitcoin exchange-traded funds (ETFs) has undergone significant shifts, raising questions about their sustainability. While the new ETFs remain largely successful, worrying signs have emerged, signaling a potential change in market sentiment.

在动荡的 4 月份，现货比特币交易所交易基金 (ETF) 的格局发生了重大变化，引发了人们对其可持续性的质疑。虽然新的 ETF 仍然基本成功，但令人担忧的迹象已经出现，表明市场情绪可能发生变化。

Outflows from the funds have become a pressing concern. Grayscale, the trust-converted fund, was initially the primary driver of capital flight. However, the newly launched ETFs have also experienced withdrawals, indicating a broader shift in investor behavior.

资金外流已成为一个紧迫问题。信托转换基金灰度最初是资本外逃的主要推动者。然而，新推出的 ETF 也出现了撤资情况，表明投资者行为发生了更广泛的转变。

On April 2, a substantial $87.5 million was withdrawn from Ark Invest and 21Shares' ARKB, the third largest of the new ETFs by assets under management (AUM). The ETF also faced outflows on April 16-17 and April 25, further fueling concerns.

4 月 2 日，从 Ark Invest 和 21Shares 的 ARKB 中提取了 8750 万美元，这是按资产管理规模 (AUM) 计算的第三大新 ETF。该ETF还在4月16日至17日和4月25日面临资金流出，进一步加剧了担忧。

Bitwise's BITB, another notable ETF, experienced two days of outflows this month, totaling $13.3 million. While relatively modest compared to its inflows, these withdrawals have nonetheless raised eyebrows.

另一个著名的 ETF Bitwise 的 BITB 本月经历了两天的资金流出，资金总额达 1330 万美元。虽然与资金流入相比相对温和，但这些撤资仍然引起了人们的关注。

The most jarring development, perhaps, was Fidelity's FBTC witnessing $22.6 million of outflows on April 25. Although insignificant in the grand scheme of things, this outflow appears to signify a change in sentiment among investors.

最令人震惊的事态发展也许是富达 (Fidelity) 的 FBTC 在 4 月 25 日出现 2260 万美元的资金外流。虽然从总体来看微不足道，但这一资金外流似乎标志着投资者情绪的变化。

Even BlackRock's IBIT, the most successful of the new ETFs, has not been immune to the recent turbulence. While it has not yet experienced daily outflows, it did clock in $0 worth of flows on April 24, ending its impressive 71-day inflow streak. Its previous 70 days of consecutive inflows had propelled the ETF into the top 10 of funds with the longest streaks of money pouring in.

即使是最成功的新 ETF 贝莱德 (BlackRock) 的 IBIT 也未能幸免于近期的动荡。虽然尚未经历每日资金流出，但 4 月 24 日确实出现了价值 0 美元的资金流入，结束了其令人印象深刻的 71 天连续流入。此前连续70天资金流入，使该ETF跻身资金连续流入时间最长的基金前十名。

Despite these setbacks, it is important to note that the new ETFs remain largely successful. IBIT still leads the pack in terms of AUM after 72 days, commanding $17.6 billion in assets despite the recent slowdown in inflows. FBTC stands second on the list, while ARKB and BITB maintain positions in the top 10.

尽管遇到这些挫折，但值得注意的是，新的 ETF 仍然基本上是成功的。尽管近期资金流入放缓，但 72 天后，IBIT 的资产管理规模仍处于领先地位，资产规模达 176 亿美元。 FBTC 位列第二，ARKB 和 BITB 保持前十名。

Industry analysts have downplayed the significance of these outflows, emphasizing their normalcy in the ETF ecosystem. Bloomberg's James Seyffart and Eric Balchunas have pointed out that ETFs commonly experience periods of no flows or even outflows. They have cautioned against panic, explaining that such fluctuations are typical in mature ETFs.

行业分析师淡化了这些资金外流的重要性，强调它们在 ETF 生态系统中是正常现象。彭博社的 James Seyffart 和 Eric Balchunas 指出，ETF 通常会经历无资金流入甚至资金流出的时期。他们警告不要恐慌，并解释说这种波动在成熟的 ETF 中很常见。

The slowdown in inflows could also be attributed to the more subdued bitcoin market conditions. Bitcoin's 30-day annualized volatility has fallen below 50% this month, indicating a decline in market volatility. This has coincided with a decrease in flows and volumes in the new ETFs, suggesting a correlation between the bitcoin market's performance and ETF activity.

资金流入放缓也可能归因于比特币市场状况更加疲软。本月比特币30天年化波动率已跌破50%，表明市场波动性下降。与此同时，新 ETF 的流量和交易量均出现下降，这表明比特币市场表现与 ETF 活动之间存在相关性。

As the bitcoin market continues to evolve, it remains to be seen whether the recent outflows from spot bitcoin ETFs will continue or represent a temporary setback. However, the shift in market sentiment and the departure from the extraordinary success witnessed in the early days of the ETFs warrant close attention from investors and industry observers alike.

随着比特币市场的不断发展，近期比特币现货 ETF 的资金流出是否会持续下去还是只是暂时的挫折还有待观察。然而，市场情绪的转变以及 ETF 早期取得的非凡成功的背离值得投资者和行业观察人士密切关注。