比特幣在沒有催化劑的情況下舉步維艱，ETF 流量令人失望

比特幣徘徊在 61,000 美元左右，在缺乏主要催化劑的情況下難以維持勢頭。持續升息的威脅抑制了對包括比特幣在內的風險資產的需求。儘管 ETF 資金流入帶來了一些希望，但美國上市 ETF 的資金流入有限，週一的資金流入僅帶來了適度的收益，抵消了周二的資金流出。

Bitcoin Struggles Amidst Lack of Catalyst, ETF Flows Underwhelm

比特幣在缺乏催化劑的情況下掙扎，ETF流動性低迷

Bitcoin (BTC) is grappling to maintain support at $61,000 as Thursday's trading session commences, with the absence of any significant catalyst dampening market sentiment. Simultaneously, the specter of prolonged high-interest rates weighs on demand for riskier assets, including Bitcoin.

截至週四交易時段開始，比特幣 (BTC) 正努力維持在 61,000 美元的支撐位，缺乏任何重大催化劑抑制市場情緒。同時，長期高利率的幽靈打壓了對包括比特幣在內的高風險資產的需求。

Technical analysis by TradingView reveals that a concerted effort by bears on Wednesday breached support at $62,000, pushing Bitcoin to a low of $60,605 during the early hours of Thursday. However, bulls managed to halt the decline and regain levels above $62,000.

TradingView 的技術分析顯示，週三空頭齊心協力突破了 62,000 美元的支撐位，推動比特幣在周四凌晨跌至 60,605 美元的低點。然而，多頭成功止住跌勢並重回 62,000 美元上方。

At the time of writing, BTC hovers around $62,220, exhibiting a modest 0.28% increase on the 24-hour chart.

截至撰寫本文時，BTC 徘徊在 62,220 美元附近，24 小時圖表上小幅上漲 0.28%。

With no notable catalyst on the horizon and the halving event now in the rearview mirror, market participants have turned their attention to exchange-traded funds (ETFs) as an indicator of investor interest. However, current ETF flows paint a lackluster picture.

由於沒有明顯的催化劑出現，且減半事件已成為過去，市場參與者已將注意力轉向交易所交易基金（ETF），將其作為投資者興趣的指標。然而，目前的 ETF 資金流向卻十分黯淡。

As per data from Farside, inflows into U.S.-listed ETFs were virtually flat on Wednesday, with ten out of eleven products recording zero net flows. The sole exception was the Bitwise Bitcoin ETF (BITB), which saw $11.5 million in inflows.

根據 Farside 的數據，週三流入美國上市 ETF 的資金幾乎持平，十一種產品中有十種淨流量為零。唯一的例外是 Bitwise 比特幣 ETF (BITB)，該基金的資金流入為 1,150 萬美元。

Overall, the week has been positive from a net flow perspective, with Monday witnessing inflows of $217 million. A net outflow of $15.7 million was recorded on Tuesday, resulting in a provisional weekly total of $212.8 million in inflows. This indicates that flows are beginning to stabilize.

總體而言，從淨流量角度來看，本周是積極的，週一流入 2.17 億美元。週二錄得淨流出 1,570 萬美元，導致每週臨時流入總額為 2.128 億美元。這表示流量開始穩定。

Broadening the scope to the global stage, a report by Fineqia International paints a somewhat different picture. It highlights a 64% growth in total Assets Under Management (AUM) for cryptocurrency-related exchange-traded products (ETPs) year-to-date, reflecting continued investor interest.

Fineqia International 的一份報告將範圍擴大到全球舞台，描繪了一幅略有不同的景象。報告強調，今年迄今為止，加密貨幣相關交易所交易產品 (ETP) 的管理總資產 (AUM) 成長了 64%，反映了投資者持續的興趣。

However, the report also notes a 14.2% decline in total AUM on a month-to-month basis from $94.4 billion at the end of March to $81 billion.

不過，報告也指出，總資產管理規模季減 14.2%，從 3 月底的 944 億美元降至 810 億美元。

"The entire market value of digital assets decreased by 18.8%, to about $2.29 trillion from $2.82 trillion in April," analysts at Finequia observed. "Even amid the market decline, financial products backed by digital assets maintained a 24.5% premium over the digital assets market, in line with the trend seen in Q1. Year-to-date, ETPs holding digital assets rose 64% in AUM, while the digital assets market cap increased by 29.2%. This highlights a premium growth for ETPs of roughly 117% compared to the relative underlying."

Finequia 分析師表示：“數位資產的總市值從 4 月的 2.82 兆美元下降至約 2.29 兆美元，下降了 18.8%。” 「即使在市場下滑的情況下，數位資產支持的金融產品仍相對於數位資產市場保持24.5% 的溢價，與第一季的趨勢一致。年初至今，持有數位資產的ETP 的管理規模增長了64 %，而數位資產市值增長了 29.2%，這凸顯了 ETP 相對於相關基礎資產的溢價增長約為 117%。

They attribute this surge in premium primarily to the launch of spot BTC ETFs in the U.S., which "stimulated capital inflows into financial products featuring digital assets as underlying assets throughout Q1."

他們將溢價飆升主要歸因於美國推出現貨 BTC ETF，這「刺激了第一季資本流入以數位資產為基礎資產的金融產品」。

"It's fully baked now," asserted Bundeep Singh Rangar, CEO of Fineqia. "With the initial surge from the SEC's yeast impact having cooled off, the loaves are ready and being served on the ETF and ETN shelves worldwide."

Fineqia 執行長 Bundeep Singh Rangar 表示：“現在已經完全出爐了。” “隨著 SEC 酵母影響最初激增的影響逐漸降溫，麵包已經準備好並在全球 ETF 和 ETN 貨架上供應。”

Last week witnessed the launch of three Bitcoin and three Ether (ETH) ETFs in Hong Kong, and the report predicts that "the U.K. is poised to follow suit shortly." It also highlights the regulatory progress in countries such as Singapore, Japan, South Korea, and Thailand towards creating more conducive environments for digital asset-backed products.

上週，香港推出了三隻比特幣和三隻以太坊 (ETH) ETF，報告預測「英國很快就會效仿」。它也強調了新加坡、日本、韓國和泰國等國家在為數位資產支援產品創造更有利環境方面取得的監管進展。

The report further reveals a 13.6% decline in BTC value during April, from $69,650 to $60,150, accompanied by a 13.2% reduction in AUM for ETPs with BTC as their underlying asset. This suggests a generally neutral trend throughout April, with the decline in AUM mirroring the decrease in the underlying asset's value. Year-to-date, ETPs holding BTC have exhibited a 77.7% increase, while the BTC value has risen by 42.2%, implying an 84% premium growth for BTC-backed financial products in 2024.

該報告進一步顯示，4 月 BTC 價值下降了 13.6%，從 69,650 美元跌至 60,150 美元，同時以 BTC 作為標的資產的 ETP 的 AUM 也減少了 13.2%。這顯示整個 4 月的趨勢總體呈中性，資產管理規模的下降反映了基礎資產價值的下降。今年迄今為止，持有 BTC 的 ETP 成長了 77.7%，而 BTC 價值則上漲了 42.2%，這意味著 2024 年 BTC 支持的金融產品溢價將增加 84%。

Ether followed a similar trajectory, experiencing a 14.9% drop in April. This coincided with a 16.4% decline in AUM for ETH-denominated ETPs, further strengthening the correlation between ETP performance and the underlying assets. Year-to-date, ETPs holding ETH have exhibited a 26.6% increase, while the ETH value has grown by 31.1%.

以太幣也遵循類似的軌跡，4 月下跌了 14.9%。同時，以 ETH 計價的 ETP 的 AUM 下降了 16.4%，進一步加強了 ETP 表現與基礎資產之間的相關性。今年迄今為止，持有 ETH 的 ETP 成長了 26.6%，而 ETH 的價值則成長了 31.1%。

"This emphasizes how the rising expectation amongst market contributors of the SEC rejecting the approval of ETH Spot ETFs in May has led to a decrease in institutional exposure to ETH in favor of BTC," the analysts explained.

分析師解釋說：“這強調了 SEC 市場貢獻者在 5 月份拒絕批准 ETH 現貨 ETF 的預期不斷上升，導致機構對 ETH 的投資減少，轉而青睞 BTC。”

Diversified cryptocurrency ETFs, including those representing a basket of other coins, also witnessed significant declines in April, underscoring the broad-based nature of the pullback following the bull market rally that commenced in January 2023.

多元化的加密貨幣 ETF，包括代表一籃子其他代幣的 ETF，在 4 月也出現了大幅下跌，突顯了 2023 年 1 月開始的牛市反彈後回調的廣泛性質。

While ETF flows remain underwhelming and point towards lateral price movement in the short term, crypto investor Elija provided an optimistic perspective from an on-chain analysis viewpoint. He highlighted that Bitcoin's network fundamentals "signify a 300% gain from the current stage," indicating that the Bitcoin peak for this cycle "could be somewhere between $250,000 and $275,000."

雖然 ETF 流量仍然平淡，並表明短期內價格會出現橫向波動，但加密貨幣投資者 Elija 從鏈上分析的角度提供了樂觀的觀點。他強調，比特幣的網路基本面“意味著當前階段的漲幅為 300%”，這表明本週期的比特幣峰值“可能在 250,000 美元到 275,000 美元之間”。