现货比特币 ETF 激增，激发了人们对加密货币的乐观情绪

尽管以太坊 ETF 仍存在不确定性，但比特币的整体前景仍然乐观。自今年早些时候获得监管机构批准以来，现货比特币交易所交易基金 (ETF) 获得了巨大的关注，吸引了大量资金流入并积累了超过 500,000 枚比特币。比特币的价格仍高于关键技术指标，表明其呈上升趋势，潜在飙升至 72,000 美元可能为突破历史高点奠定基础。

Bitcoin ETFs Flourish, Signal Positive Trajectory for the Digital Currency

比特币 ETF 蓬勃发展，标志着数字货币的积极发展轨迹

The rapidly evolving cryptocurrency landscape has witnessed a surge in the popularity of spot Bitcoin exchange-traded funds (ETFs) since their regulatory approval earlier this year. This promising trend continued through the end of March, with spot Bitcoin ETFs recording net inflows of $179 million for a fourth consecutive day, according to data from SoSo Value.

自今年早些时候获得监管机构批准以来，快速发展的加密货币格局见证了现货比特币交易所交易基金（ETF）的受欢迎程度激增。根据 SoSo Value 的数据，这一乐观趋势持续到 3 月底，现货比特币 ETF 连续第四天净流入 1.79 亿美元。

As of March 28th, the cumulative net inflow reached an impressive $12.13 billion, bolstered by a daily total net inflow of $183 million. BlackRock's iShares Bitcoin ETF led the charge, garnering a substantial $95.12 million in net capital inflow, while Fidelity's Wise Origin Bitcoin Fund drew $69.09 million in net inflows.

截至3月28日，累计净流入达到令人印象深刻的121.3亿美元，日均净流入总额达1.83亿美元。贝莱德 (BlackRock) 的 iShares 比特币 ETF 领跑，获得了 9512 万美元的净资本流入，而富达 (Fidelity) 的 Wise Origin 比特币基金则吸引了 6909 万美元的净资本流入。

Despite the positive overall outlook, Grayscale's Bitcoin Trust, the former industry leader before the introduction of spot ETFs, has experienced consistent net outflows. On March 28th alone, approximately $105 million departed from the fund, hinting at a potential shift in investor preference towards the newer, more transparent spot ETFs that offer increased clarity.

尽管总体前景乐观，但在推出现货 ETF 之前的前行业领导者 Grayscale 的比特币信托基金却出现了持续的净流出。仅 3 月 28 日，就有约 1.05 亿美元从该基金流出，这暗示投资者的偏好可能会转向更新、更透明、透明度更高的现货 ETF。

While spot Bitcoin ETFs have made an impressive debut, it's important to note the gradual decline in trading volume since their peak in early March. Statistics from The Block reveal that cumulative volumes steadily approached $200 billion before settling at $177.9 billion as of March 27th, indicating a waning of the initial excitement surrounding the launch of these products.

虽然现货比特币 ETF 首次亮相令人印象深刻，但值得注意的是，自 3 月初的峰值以来，交易量逐渐下降。 The Block 的统计数据显示，截至 3 月 27 日，累计交易量稳步接近 2000 亿美元，最终达到 1779 亿美元，这表明围绕这些产品推出的最初兴奋感正在减弱。

Bitcoin ETFs Accumulate Significant Bitcoin Holdings

比特币 ETF 积累了大量比特币持有量

Despite the decline in volumes, assets under management (AUM) and on-chain holdings for spot Bitcoin ETFs have remained stable since peaking earlier this month. HODL15Capital, a prominent ETF analyst, reports that nine newly launched spot Bitcoin ETFs have rapidly amassed a substantial 500,000 BTC since January. This remarkable accumulation, representing 2.54% of Bitcoin's circulating supply, equates to a staggering $35 billion in just 54 trading days.

尽管交易量有所下降，但现货比特币 ETF 的管理资产（AUM）和链上持有量自本月初达到峰值以来仍保持稳定。著名 ETF 分析师 HODL15Capital 报告称，自 1 月份以来，九只新推出的现货比特币 ETF 已迅速积累了 50 万个 BTC。这一惊人的积累占比特币流通供应量的 2.54%，相当于在短短 54 个交易日内就积累了惊人的 350 亿美元。

Taking a broader perspective, all spot Bitcoin funds in the US market, including Grayscale, collectively hold approximately 835,000 BTC, constituting around 4% of Bitcoin's total supply. This week witnessed a positive reversal, with ETF inflows rebounding to $845 million, effectively countering the outflow trend observed since March 18th and signaling renewed investor confidence in the digital asset space.

从更广泛的角度来看，包括 Grayscale 在内的美国市场所有现货比特币基金总共持有约 835,000 BTC，约占比特币总供应量的 4%。本周出现积极逆转，ETF 流入反弹至 8.45 亿美元，有效扭转了 3 月 18 日以来的流出趋势，表明投资者对数字资产领域的信心重拾。

Regulatory Uncertainties for Ethereum ETFs

以太坊 ETF 的监管不确定性

Complicating the situation further, Bitwise submitted an S-1 application for an Ethereum ETF on March 28th. However, ETF expert Eric Balchunas expressed skepticism about its approval in May, estimating a meager 25% chance. He cited the SEC's opaque communication as a potential hindrance, possibly leading to further setbacks.

让情况进一步复杂化的是，Bitwise 于 3 月 28 日提交了以太坊 ETF 的 S-1 申请。然而，ETF 专家埃里克·巴尔丘纳斯 (Eric Balchunas) 对 5 月份的批准表示怀疑，估计批准的可能性仅为 25%。他指出美国证券交易委员会不透明的沟通是一个潜在的障碍，可能会导致进一步的挫折。

Bullish Indicators for Bitcoin

比特币看涨指标

Despite the uncertainty surrounding Ethereum ETFs, the overall outlook for Bitcoin remains positive. Currently trading at $69,870, BTC comfortably maintains its position above key technical indicators, namely the 50-day and 200-day exponential moving averages (EMAs), affirming an upward trajectory.

尽管以太坊 ETF 存在不确定性，但比特币的整体前景仍然乐观。目前，BTC 的交易价格为 69,870 美元，轻松维持在关键技术指标（即 50 天和 200 天指数移动平均线（EMA））之上，确认了上涨轨迹。

Bitcoin has surged 22% in the last 30 days and continues its momentum in an upward direction. A resurgence to the $72,000 level could trigger a further rally towards the March 14th all-time high (ATH) of $73,808. A breakout above this critical level could potentially propel Bitcoin towards the $75,000 milestone.

比特币在过去 30 天内飙升了 22%，并继续保持上涨势头。重新回到 72,000 美元水平可能会引发进一步反弹，升至 3 月 14 日历史高点 (ATH) 73,808 美元。突破这一关键水平可能会推动比特币迈向 75,000 美元的里程碑。

Market participants should closely monitor BTC-spot ETF market chatter, SEC activity, and the US economic calendar in the coming days, as these factors could influence price movements. While a return to the ATH appears attainable, a drop below the crucial $69,000 support level may signal a correction towards the $64,000 support zone.

市场参与者应密切关注未来几天 BTC 现货 ETF 市场的讨论、SEC 活动和美国经济日历，因为这些因素可能会影响价格走势。虽然重返 ATH 似乎是可以实现的，但跌破关键的 69,000 美元支撑位可能预示着向 64,000 美元支撑区的修正。