美國比特幣ETF將其連勝延長至六個會議

美國現貨比特幣ETF週三公佈了6.09億美元的淨流入，將其連勝延長至六次。

U.S. spot Bitcoin ETFs posted net outflows of $609 million on Wednesday, extending their streak to six straight sessions. Following the increased demand by institutions, bitcoin pushed higher to a new all-time high of over $111,000, driven partly but not solely by ETF activity. The trading volume across 12 U.S.-listed spot Bitcoin ETFs reached $7.64 billion, the highest since late February.

美國現貨比特幣ETF週三發布了6.09億美元的淨流出，將其連勝延長至六個會議。隨著機構需求的增加，比特幣將更高的歷史最高升高到111,000美元以上，部分是由ETF活動驅動的。自2月下旬以來，12個美國現貨比特幣ETF的交易量達到76.4億美元。

After Bitcoin broke past around $109,000 within 24 hours earlier this week, the demand for ETFs soared. It coincided with wider positive crypto market momentum and increased crypto market participation. Cumulative net inflows so far are $43.38 billion since launch, with total May inflows of $4.24 billion.

在本週早些時候24小時內比特幣在24小時內損失了大約109,000美元之後，對ETF的需求飆升。它與更廣泛的積極加密市場動力和加密貨幣市場的參與增加。迄今為止，累計淨流入量為43.8億美元，總計可能流入42.4億美元。

Volume is still strong, and prices are strong, which shows that institutional and retail interest is up. Spot Bitcoin ETF activity confirms strong underlying demand and a favorable liquidity environment. Against this backdrop, U.S.-listed digital asset products continue to draw more inflows.

數量仍然很強，而且價格很高，這表明機構和零售利息正在上升。點比特幣ETF活動證實了強勁的潛在需求和有利的流動性環境。在這種背景下，美國上市的數字資產產品繼續吸引更多的流入。

According to SoSoValue data, net outflows from U.S.-listed digital asset products totaled $1.19 billion last week, marking the third week of outflows. However, this pales in comparison to the massive inflows seen earlier this year.

根據Sosovalue數據，上週在美國上市的數字資產產品中的淨流出總計11.9億美元，這是第三週的流出。但是，與今年早些時候看到的大量流入相比，這顯得蒼白。

The latest round of data also showed that institutional investors pulled back slightly from their bullish bets on Bitcoin, while they increased their bullish exposure to Ethereum.

最新一輪的數據還表明，機構投資者從對比特幣的看漲賭注中略微退縮，而他們增加了對以太坊的看漲。

After a stellar performance in April, which saw a record-high $3.43 billion in net inflows, U.S.-listed crypto products suffered outflows in May for the first time since November 2022.

在四月份的出色表現（淨流入淨流入率達到創紀錄的34.3億美元）之後，美國上市的加密產品在2022年11月以來的5月首次流出。

Despite the recent outflows, the overall picture remains bright, with institutional investors continuing to diversify their portfolios with digital assets.

儘管最近出現了流出，但整體情況仍然很光明，機構投資者繼續通過數字資產使投資組合多樣化。

This trend is likely to continue as more macroeconomic and regulatory uncertainties emerge, rendering cryptocurrencies an increasingly appealing asset class for institutions to allocate capital to.

隨著出現更多的宏觀經濟和監管不確定性，這種趨勢可能會持續下去，這使加密貨幣成為越來越有吸引力的資產類別，可以將資本分配給資本。

Among the U.S. ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) saw an outflow of $530.6 million on Wednesday. Net outflows of over $20 million were seen to Fidelity’s FBTC, Bitwise’s BITC and Grayscale’s Mini Bitcoin Trust. These four funds accounted for most of the capital exiting the Bitcoin ETF market.

在美國ETF中，貝萊德（BlackRock）的iShares比特幣信託基金（IBIT）在周三的流出量為5.306億美元。可以看到超過2000萬美元的淨流出，這是Fidelity的FBTC，Bitwise的BITC和Grayscale的迷你比特幣信託。這四個基金佔了退出比特幣ETF市場的大部分資本。

Meanwhile, net positive flows came elsewhere, including from other providers like VanEck, Ark & 21Shares, and Valkyrie. All fund activities remained stable, showing wide participation in the ongoing rally. Trading interest spiked, confirming renewed confidence in spot Bitcoin ETF structures.

同時，淨積極流量來了其他地方，包括來自Vaneck，Ark＆21Shares和Valkyrie等其他提供商。所有基金活動都保持穩定，顯示出廣泛參加正在進行的集會。交易興趣激增，證實了對現貨比特幣ETF結構的新信心。

Collectively, the 12 spot Bitcoin ETFs saw their highest trading day in nearly three months. Constant outflows contributed to continuing the strength of market sentiment and the liquidity depth—a strong directional bias on Bitcoin-related products is revealed in the form of net outflows.

總體而言，這12個比特幣ETF在近三個月內看到了他們最高的交易日。恆定的流出有助於延續市場情緒和流動性深度 - 與比特幣相關產品的強烈定向偏見以淨流出的形式揭示。

Bitcoin Liquidity and Metrics Signal Bullish Setup

比特幣流動性和指標信號看漲

Market liquidity and order book positioning signal continued upside for Bitcoin in the shorter term, according to Hyblock Capital. Now, its Combined Books metric has climbed into the 98th percentile over 90 days, indicating more action. There has also been a jump in open interest to the 96th percentile on major exchanges. According to Hyblock, the support zone at $101,000 to $102,500 repeatedly saw long positions enter on key platforms. Within this band, we find a pattern of trapping short sellers and increasing long exposure with limit orders. It’s also worth noting that cumulative volume delta shows breakout potential if net buying crosses $250 million.

根據Hyblock Capital的說法，在較短的期限內，比特幣的市場流動性和訂單簿定位信號繼續上漲。現在，其合併的書籍指標已在90天內攀升至第98個百分位數，這表明採取了更多的行動。在主要交易所中，第96個百分點的公開興趣也引起了人們的興趣。根據Hyblock的說法，支持區為101,000美元至102,500美元，反复看到了很長的位置。在該樂隊中，我們發現了一種誘捕短賣方並增加限制訂單的長時間曝光的模式。還值得注意的是，如果淨購買額超過2.5億美元，則累計數量達美航空顯示出突破的潛力。

Lower retail long exposure remains a key indicator for sustained gains, as retail participation is a key indicator. However, a net drop below $500 million might not be long before reversals come into the equation. These signals suggest the Bitcoin ETF market remains well-positioned for further growth.

零售長期暴露仍然是持續增長的關鍵指標，因為零售參與是關鍵指標。但是，低於5億美元的淨下降可能不久之後逆轉等式。這些信號表明，比特幣ETF市場仍然有充分的位置，以進一步增長。

Macro Trends Reinforce Bitcoin ETF Momentum

宏趨勢增強比特幣ETF動量

Persistent inflation concerns and rate cut expectations continue to boost Bitcoin’s appeal as a hedge among macro-focused participants. Last week, the U.S., Germany, and Hong Kong led inflows, while Sweden, Canada, and Brazil led outflows. This gap in activity illustrates changing tastes for digital asset exposure across various geopolitical regimes.

持續的通貨膨脹率關注和降低期望繼續提高比特幣作為宏觀注重參與者的樹籬的吸引力。上週，美國，德國和香港領導了流入，而瑞典，加拿大和巴西領導了外流。活動差距說明了各種地緣政治制度中數字資產暴露的口味變化。

Bitcoin led digital asset inflows with $557 million last week, down slightly but still dominating all categories. Short-Bitcoin products also posted modest gains, suggesting hedging activity alongside bullish positioning.

比特幣領導數字資產流入，上週為5.57億美元，略有下降，但仍在所有類別中占主導地位。短幣產品還發布了適度的收益，這表明與看漲的定位一起進行對沖活動。

After a stellar performance in April, which saw a record-high $3.43 billion in net inflows, U.S.-listed crypto products suffered outflows in May for the first time since November 2022. Despite the recent outflows, the overall picture remains

在四月份的表現出色之後，淨流入率達到了創紀錄的34.3億美元，美國上市的加密產品自2022年11月以來的5月首次流出。儘管最近出現了，但整體情況仍然存在