在加息猜测中，现货比特币 ETF 出现大规模资金外流

美国现货比特币 ETF 周三经历了最大单日流出，表明近期趋势仍在延续。尽管美联储冻结了美国利率，但比特币 ETF 仍出现大量资金外流，分析师强调这是典型现象，反映了 ETF 的正常运作。

Bitcoin Spot ETFs Witness Record Outflows Amidst Rate Hike Speculations

在加息猜测中，比特币现货 ETF 出现创纪录的资金外流

US-based spot Bitcoin exchange-traded funds (ETFs) have experienced their largest single-day outflow on record, reflecting a continuation of a recent downward trend. Despite the Federal Reserve's decision to maintain current interest rates, investors rapidly sold off these ETFs, raising concerns among market observers.

美国现货比特币交易所交易基金（ETF）经历了有记录以来最大的单日流出量，反映出近期下降趋势的延续。尽管美联储决定维持当前利率，但投资者迅速抛售这些 ETF，引发市场观察人士的担忧。

Outflows Mount, Led by Major Players

在主要参与者的带动下，资金外流不断增加

According to data from Farside Investors and CoinGlass, the 11 spot Bitcoin ETFs collectively experienced a net outflow of $563.7 million on Wednesday, surpassing the previous record set since their launch in January. Fidelity's FBTC ETF emerged as the primary driver of the outflows, accounting for $191.1 million in withdrawals alone. This significant withdrawal signals a potential shift in market optimism, as FBTC and BlackRock's IBIT had previously been major attractors of funds in the first quarter, offsetting the more substantial and consistent outflows from the Grayscale Bitcoin Trust (GBTC).

根据 Farside Investors 和 CoinGlass 的数据，周三 11 只现货比特币 ETF 合计净流出 5.637 亿美元，超过自 1 月份推出以来创下的历史纪录。富达 (Fidelity) 的 FBTC ETF 成为资金流出的主要推动者，仅撤资就达 1.911 亿美元。此次大幅撤资标志着市场乐观情绪的潜在转变，因为 FBTC 和贝莱德的 IBIT 此前一直是第一季度资金的主要吸引者，抵消了灰度比特币信托基金 (GBTC) 更大量、持续的资金流出。

First-Ever Outflow for BlackRock's ETF

贝莱德 ETF 首次资金流出

BlackRock's iShares Bitcoin Trust, a prominent name in the Bitcoin ETF landscape, also experienced its first-ever outflow day on May 1, with investors withdrawing $36.9 million. This adds to the collective outflows of $526.8 million witnessed across the other nine Bitcoin ETFs.

贝莱德 (BlackRock) 旗下的 iShares Bitcoin Trust（比特币 ETF 领域的知名品牌）也在 5 月 1 日经历了有史以来的首次资金流出，投资者撤回了 3690 万美元。这增加了其他 9 个比特币 ETF 的 5.268 亿美元的集体流出。

Outflows Persist Despite Market Recovery

尽管市场复苏，资金外流依然存在

The unexpected outflows from Bitcoin ETFs come at a time when the cryptocurrency market was showing signs of recovery. Bitcoin had rallied over the past few days, prompting optimism among traders. However, the outflows indicate that investors remain cautious amidst concerns over potential interest rate hikes.

比特币 ETF 的意外资金流出正值加密货币市场显示出复苏迹象之际。过去几天比特币上涨，引发了交易员的乐观情绪。然而，资金外流表明投资者在担心潜在加息的情况下仍保持谨慎态度。

Fed Maintains Neutral Stance

美联储维持中立立场

The Federal Reserve's recent decision to maintain current interest rates between 5.25% and 5.5% initially provided some support to risk assets, including Bitcoin. However, Federal Reserve Chairman Jerome Powell's comments during a press conference dispelled hopes of potential rate cuts and raised concerns about renewed tightening measures. Despite a dovish approach that prioritizes employment and economic growth, Powell indicated that the economy's strength precludes the possibility of rate cuts in the near future.

美联储最近决定将当前利率维持在 5.25% 至 5.5% 之间，最初为包括比特币在内的风险资产提供了一些支持。然而，美联储主席鲍威尔在新闻发布会上的言论打消了可能降息的希望，并引发了人们对新一轮紧缩措施的担忧。尽管鲍威尔采取鸽派态度，优先考虑就业和经济增长，但他表示，经济强劲排除了近期降息的可能性。

Quantitative Tightening Reduction and Liquidity Measures

量化紧缩和流动性措施

Despite maintaining interest rates, the Fed announced plans to reduce its quantitative tightening (QT) program starting in June, a move aimed at easing liquidity in the market. Additionally, the US Treasury unveiled a program to repurchase billions of dollars in government debt, another liquidity-enhancing measure.

尽管维持利率不变，美联储仍宣布计划从 6 月份开始减少量化紧缩（QT）计划，此举旨在缓解市场流动性。此外，美国财政部公布了一项回购数十亿美元政府债务的计划，这是另一项增强流动性的措施。

Outflows Mirror Traditional Assets

资金流出反映传统资产

Notably, the Hashdex Bitcoin ETF did not experience any recorded outflows, according to preliminary data from Farside. However, the Fidelity Wise Origin Bitcoin Fund witnessed the largest single-day departure of funds, amounting to $191.1 million, followed by the Grayscale Bitcoin Trust's outflows of $167.4 million. These outflows coincide with a 10.7% decline in Bitcoin's value over the past week.

值得注意的是，根据 Farside 的初步数据，Hashdex 比特币 ETF 没有出现任何资金流出记录。然而，Fidelity Wise Origin 比特币基金单日资金流出规模最大，达 1.911 亿美元，其次是 Grayscale 比特币信托基金，流出 1.674 亿美元。这些资金外流恰逢比特币价值在过去一周下跌 10.7%。

Despite the significant outflows from cryptocurrency ETFs, Nate Geraci, president of the ETF Store, highlights that traditional assets have also experienced substantial withdrawals. Both the iShares Gold ETF and SPDR Gold ETFs have recorded outflows of $1 billion and $3 billion, respectively, this year. Notably, gold has seen a 16% increase in its value year-to-date.

尽管加密货币 ETF 资金大量流出，但 ETF Store 总裁 Nate Geraci 强调，传统资产也经历了大量撤资。 iShares 黄金 ETF 和 SPDR 黄金 ETF 今年分别录得 10 亿美元和 30 亿美元的资金流出。值得注意的是，今年迄今为止，黄金的价值已上涨 16%。

Analyst Asserts Smooth ETF Functioning

分析师断言 ETF 运作平稳

Bloomberg ETF analyst James Seyffart emphasizes that despite the outflows, Bitcoin ETFs are "operating smoothly across the board." He reinforces that both inflows and outflows are a natural part of an ETF's life cycle and should be anticipated.

彭博 ETF 分析师 James Seyffart 强调，尽管存在资金外流，但比特币 ETF“全面运行平稳”。他强调，资金流入和资金流出都是 ETF 生命周期的自然组成部分，应该予以预期。

Bitcoin's Reaction to Liquidity Shift

比特币对流动性转移的反应

As with other risk assets, Bitcoin is highly susceptible to liquidity changes. Following Powell's remarks, Bitcoin experienced a brief surge from $56,620 to $59,430. Simultaneously, yields on the 10- and two-year Treasury notes declined alongside the dollar index. However, BTC's rebound proved short-lived, as it retreated to $57,901 by the time of publication.

与其他风险资产一样，比特币极易受到流动性变化的影响。鲍威尔发表讲话后，比特币经历了短暂的从 56,620 美元飙升至 59,430 美元。与此同时，十年期和两年期国债收益率随美元指数下跌。然而，事实证明，比特币的反弹是短暂的，截至本文发布时，比特币价格已回落至 57,901 美元。

Hong Kong's Debut Bitcoin ETFs Fall Flat

香港首次推出的比特币 ETF 表现平平

Earlier this week, Hong Kong launched Asia's first spot Bitcoin and Ethereum (ETH) ETFs. However, these ETFs garnered underwhelming volumes, dampening sentiment in the global cryptocurrency market.

本周早些时候，香港推出了亚洲首个现货比特币和以太坊 (ETH) ETF。然而，这些 ETF 的成交量并不理想，抑制了全球加密货币市场的情绪。

Conclusion

结论

The record outflows witnessed by US spot Bitcoin ETFs raise concerns about investor sentiment and the potential impact on the broader cryptocurrency market. While the Federal Reserve's decision to maintain interest rates provided some initial support, Powell's comments and the prospect of continued liquidity tightening measures have weighed on sentiment. The outflows reflect a cautious approach among investors, who are navigating a complex and uncertain economic landscape.

美国现货比特币 ETF 创纪录的资金外流引发了人们对投资者情绪及其对更广泛的加密货币市场的潜在影响的担忧。尽管美联储维持利率的决定提供了一些初步支撑，但鲍威尔的言论以及持续收紧流动性措施的前景打压了市场情绪。资金外流反映出投资者在复杂且不确定的经济形势下采取谨慎态度。