现货 ETF 刺激比特币上涨，但比特币价格停滞不前

现货比特币 ETF 在比特币近期创下历史新高的过程中发挥了至关重要的作用，从 1 月到 3 月累计积累了 200,000 BTC。然而，过去一个月，比特币流入 ETF 的步伐已经停止，导致比特币价格走势陷入停滞。计量经济学将这种停滞归因于 ETF 需求不足，因为它们目前是比特币增长的主要驱动力。

Bitcoin's Growth Hinges on Spot ETFs

比特币的增长取决于现货 ETF

Surge in BTC Price Coincides with Significant Accumulation by Spot Bitcoin ETFs

比特币价格飙升与现货比特币 ETF 大幅增持同时发生

In the months leading up to the fourth halving of Bitcoin (BTC), spot Bitcoin exchange-traded funds (ETFs) have played a pivotal role in driving the cryptocurrency to unprecedented heights. According to a recent report published by Ecoinometrics, Bitcoin's continued growth is heavily reliant on these financial vehicles.

在比特币 (BTC) 第四次减半之前的几个月里，现货比特币交易所交易基金 (ETF) 在推动加密货币达到前所未有的高度方面发挥了关键作用。根据计量经济学最近发布的一份报告，比特币的持续增长严重依赖这些金融工具。

Data from Ecoinometrics reveals that spot Bitcoin ETFs actively accumulated approximately 200,000 BTC from January to mid-March, despite notable outflows from Grayscale, one of the largest Bitcoin investment trusts. This accumulation period coincided with Bitcoin's price surge from $40,000 to $75,000.

Ecoinometrics 的数据显示，从 1 月到 3 月中旬，现货比特币 ETF 积极积累了约 200,000 BTC，尽管最大的比特币投资信托公司之一 Grayscale 出现了显着的资金流出。这一积累期恰逢比特币价格从 40,000 美元飙升至 75,000 美元。

However, the report highlights a recent halt in Bitcoin inflows into ETFs, which has resulted in a stagnation of price movement. "If you're wondering why Bitcoin is stuck in the $60k range, look no further," the report states. "The ETFs have stopped accumulating coins for a while now. They are the only game in town. No demand from them means no price appreciation."

然而，该报告强调最近比特币流入 ETF 的停止，导致价格走势停滞。报告指出：“如果你想知道为什么比特币停留在 6 万美元的区间，那就别再犹豫了。” “ETF 已经停止积累代币有一段时间了。它们是城里唯一的游戏。它们没有需求就意味着价格不会升值。”

Bitcoin's Efficacy as a Hedge Against Debasement

比特币作为货币贬值对冲工具的功效

Despite the pause in ETF accumulation, Ecoinometrics emphasizes the broader economic context and Bitcoin's unique role as a hedge against debasement. Analyzing the performance of Bitcoin, gold, and the NASDAQ over the past decade, the report reveals that Bitcoin has significantly outperformed both assets.

尽管 ETF 积累暂停，计量经济学强调了更广泛的经济背景以及比特币作为对冲贬值的独特作用。该报告分析了比特币、黄金和纳斯达克在过去十年的表现，显示比特币的表现明显优于这两种资产。

While gold has merely kept pace with the growth of the global monetary base, Bitcoin has seen a remarkable 44-fold increase in value. This underscores Bitcoin's effectiveness as a hedge against inflation in the current economic climate.

虽然黄金仅仅跟上了全球货币基础的增长步伐，但比特币的价值却显着增长了 44 倍。这凸显了比特币在当前经济环境下对冲通胀的有效性。

However, some industry experts have voiced counterarguments. Kaiko, a crypto analytics platform, claims that Bitcoin has failed to attract safe-haven flows despite increased demand for such assets amidst geopolitical tensions in the Middle East.

不过，一些业内专家却提出了反驳。加密分析平台 Kaiko 声称，尽管中东地缘政治紧张局势对此类资产的需求增加，但比特币未能吸引避险资金流。

Conclusion

结论

Spot Bitcoin ETFs have played a crucial role in Bitcoin's recent price surge. However, the recent halt in accumulation by these funds has raised concerns about the cryptocurrency's future price trajectory. Despite this, Ecoinometrics maintains a bullish outlook, emphasizing Bitcoin's unique characteristics as a hedge against inflation.

现货比特币ETF在比特币近期价格飙升中发挥了至关重要的作用。然而，这些基金最近停止增持引发了人们对加密货币未来价格轨迹的担忧。尽管如此，Ecoinometrics 仍保持看涨前景，强调比特币作为对冲通胀的独特特征。