分析師：比特幣 ETF 零流入是常態，並非疲軟跡象

彭博社 ETF 分析師 James Seyffart 表示，近期比特幣 ETF 資金流入不足是正常現象，不應被解讀為失敗。通常情況下，大多數 ETF 在任何一天的流入量都是零，只有當供需嚴重不匹配並且創建單位足夠大以證明有理由利用基礎市場時才會出現流出。

Bitcoin ETFs' Zero Inflow Days: A Normal Occurrence, Analyst Stresses

分析師強調，比特幣 ETF 的零流入天數是正常現象

James Seyffart, Bloomberg ETF analyst, has dispelled concerns regarding days of zero inflows for Bitcoin exchange-traded funds (ETFs), emphasizing that it is a typical phenomenon and not indicative of product failure.

彭博 ETF 分析師 James Seyffart 消除了人們對比特幣交易所交易基金 (ETF) 連續幾天零流入的擔憂，強調這是一種典型現象，並不表示產品失敗。

In a recent analysis, Seyffart noted that the vast majority of United States ETFs experience no inflows on most days, a pattern observed across various sectors. He explained that out of approximately 3,500 ETFs in the U.S., close to 2,900 had zero inflows on a particular day.

Seyffart 在最近的分析中指出，絕大多數美國 ETF 在大多數日子裡都沒有資金流入，這是在各個行業中觀察到的模式。他解釋說，在美國大約 3,500 只 ETF 中，有近 2,900 只在某一天的資金流入為零。

Despite concerns raised by some market commentators about lackluster inflows into U.S.-based Bitcoin ETFs, Seyffart attributed this to the nature of inflow recording. According to Seyffart, an ETF records inflows or outflows only when there is a significant supply-demand mismatch that warrants the creation or destruction of new fund shares.

儘管一些市場評論員對美國比特幣 ETF 的資金流入乏力表示擔憂，但 Seyffart 將其歸因於資金流入記錄的性質。 Seyffart 表示，只有當存在嚴重的供需不匹配、需要創建或銷毀新基金份額時，ETF 才會記錄資金流入或流出。

"This ONLY happens when there is a mismatch in supply [and] demand. And that mismatch has to be large enough to justify tapping the underlying market and a ~bigger mismatch than a creation unit," Seyffart explained.

「這種情況只有在供應和需求不匹配時才會發生。這種不匹配必須足夠大，才能證明利用基礎市場和比創造單位更大的不匹配是合理的，」塞法特解釋道。

Furthermore, Seyffart elaborated on creation units, which represent batches of ETF shares created or redeemed. He observed that different ETFs may have varying creation unit sizes, with spot Bitcoin ETFs typically ranging from 5,000 to 50,000 shares per block.

此外，Seyffart 詳細闡述了創建單位，它代表創建或贖回的批次 ETF 份額。他觀察到，不同的 ETF 可能具有不同的創建單位規模，現貨比特幣 ETF 通常每塊 5,000 到 50,000 股不等。

In the past week, four out of six trading days have witnessed net outflows from all ten spot Bitcoin products in the U.S., with Grayscale Bitcoin Trust (GBTC) facing substantial selling pressure. According to Farside Investors' preliminary data, GBTC experienced $79.4 million in outflows on April 16, while the ARK 21Shares Bitcoin ETF (ARKB) saw $12.9 million in outflows.

過去一周，美國所有十種現貨比特幣產品中有六分之四出現淨流出，灰階比特幣信託（GBTC）面臨巨大拋售壓力。根據 Farside Investors 的初步數據，4 月 16 日，GBTC 經歷了 7,940 萬美元的資金流出，而 ARK 21Shares 比特幣 ETF (ARKB) 的資金流出為 1,290 萬美元。

Total net outflows for all ETFs on April 14 and 15 stood at $55.1 million and $36.7 million, respectively.

4 月 14 日和 15 日所有 ETF 的淨流出總額分別為 5,510 萬美元和 3,670 萬美元。

The recent outflows coincide with a decline in Bitcoin's price, which has dropped by 7.8% on the week, falling to $63,723. Experts attribute this volatility to escalating geopolitical tensions in the Middle East and the upcoming Bitcoin halving event, expected to occur on April 20.

最近的資金流出恰逢比特幣價格下跌，本週比特幣價格下跌 7.8%，跌至 63,723 美元。專家將這種波動歸因於中東地緣政治緊張局勢不斷升級以及即將到來的比特幣減半事件（預計將於 4 月 20 日發生）。

Despite the recent outflows, market observers maintain that Bitcoin ETFs remain a relevant investment vehicle for accessing digital assets within the traditional financial ecosystem. As the cryptocurrency industry continues to evolve, it is expected that inflows into Bitcoin ETFs will fluctuate in response to market dynamics.

儘管最近出現資金外流，但市場觀察家仍然認為，比特幣 ETF 仍然是在傳統金融生態系統中獲取數位資產的相關投資工具。隨著加密貨幣產業的不斷發展，預計比特幣 ETF 的資金流入將根據市場動態而波動。