專家表示，儘管比特幣 ETF 遭遇了最嚴重的資金外流，但仍表現良好

8 月底和 9 月初，投資者連續八天從基金中撤資約 12 億美元，這是迄今為止最長的連續撤資記錄。

Investors pulled roughly $1.2 billion out of the 12 U.S. spot exchange-traded funds (ETFs) over eight consecutive days in late August and early September. While that might seem concerning on its face, it's more likely a sign of healthy growth, an ETF expert says.

8 月底和 9 月初，投資者連續八天從 12 檔美國現貨交易所交易基金 (ETF) 中撤資約 12 億美元。一位 ETF 專家表示，雖然從表面上看這似乎令人擔憂，但它更有可能是健康成長的跡象。

“This is going to be two steps forward, one step back,” Eric Balchunas, senior ETF analyst at Bloomberg, told CoinDesk. "That’s the way many ETF categories are born and mature,” he said. “Nothing goes up in a straight line – flow-wise – ever because ETFs service long term investors and traders.”

彭博社高級 ETF 分析師 Eric Balchunas 告訴 CoinDesk：“這將是前進兩步，後退一步。”他說：“這就是許多 ETF 類別誕生和成熟的方式。”“從流量角度來看，沒有什麼是直線上升的，因為 ETF 為長期投資者和交易者提供服務。”

The funds bled roughly $1.2 billion worth of bitcoin (BTC) between Aug. 27 and Sept. 6, according to data from Farside Investors. At eight, that was the most consecutive days of net outflows that the ETFs have experienced since launching on Jan. 12.

根據 Farside Investors 的數據，這些基金在 8 月 27 日至 9 月 6 日期間流失了價值約 12 億美元的比特幣 (BTC)。 8 日是 ETF 自 1 月 12 日推出以來連續淨流出最多的日子。

The $1.2 billion represented roughly 3% of total assets in the funds, which, according to Bianco Research, stood at $46 billion after the outflows. A worrisome number, Balchunas said, would be more like 15%-20%.

這 12 億美元約佔這些基金總資產的 3%，根據 Bianco Research 的數據，資金流出後該基金總資產為 460 億美元。巴爾丘納斯表示，一個令人擔憂的數字大概是 15%-20%。

The ETF issuers have mostly been blessed with sizable amounts of cash flowing into their newly-opened funds. In their first two months of trading, the ETFs saw net inflows totallng $12 billion, according to Bianco Research. Not as bullish on the funds as Balchunas, Bianco noted that the pace of inflows has since slowed, with just $4 billion of new money over the next six months, including only $1 billion over the past three months.

ETF 發行人大多幸運地擁有大量現金流入其新設立的基金。 Bianco Research 的數據顯示，在交易的前兩個月，ETF 的淨流入總額達到 120 億美元。 Bianco 並不像 Balchunas 那樣看好這些基金，他指出，此後流入的速度已經放緩，未來 6 個月僅新增 40 億美元資金，其中過去 3 個月僅流入 10 億美元。

“The key to building a category isn't so much taking in money when there's good times, but it's limiting the outflows at bad times and I've seen these Bitcoin ETFs do a great job in the latter,” Balchunas said, referring to recent large price sell-offs associated with Mt. Gox and the German government, during which the ETFs quickly reverted to inflows after seeing only modest exits of money.

Balchunas 表示：「建立一個類別的關鍵不在於在經濟景氣時吸納大量資金，而在於在經濟不景氣時限制資金流出，我已經看到這些比特幣 ETF 在後者方面表現出色。」最近與Mt. Gox 和德國政府相關的大規模價格拋售，在此期間ETF 在看到資金小幅退出後迅速恢復流入。

“The [ETFs have] really done a good job keeping bitcoin out of the abyss,” Balchunas said. “They have saved bitcoin’s butt a couple times in the past couple months, from real, real depths.”

「ETF 確實在讓比特幣遠離深淵方面做得很好，」巴爾丘納斯說。 “在過去的幾個月裡，他們已經多次從真正的深度拯救了比特幣。”