貝萊德的比特幣 ETF 遭遇經濟放緩，顯示機構謹慎

貝萊德的現貨比特幣 ETF (IBIT) 自 1 月推出以來首日沒有資金流入，結束了連續 71 天的資金流入。現貨 ETF 資金流入放緩和比特幣交易區間狹窄導致加密貨幣價格升值放緩。貝萊德 (BlackRock) 的 IBIT 是最大的現貨比特幣 ETF，已累積了超過 150 億美元的資金，但本月資金流入有所放緩。

BlackRock's Bitcoin ETF Breaks 71-Day Inflow Streak, Signalizing Slowdown in Institutional Adoption

貝萊德比特幣 ETF 打破 71 天連續流入，顯示機構採用放緩

New York, April 25, 2024 - BlackRock's spot bitcoin exchange-traded fund (IBIT), heralded as a catalyst for institutional adoption of the cryptocurrency, has experienced its first day without any inflows since its inception. The development, observed on Wednesday, marks a significant departure from the sustained momentum that characterized the fund's first three months of operation.

紐約，2024 年 4 月 25 日 - 貝萊德的現貨比特幣交易所交易基金 (IBIT) 被譽為機構採用加密貨幣的催化劑，但自成立以來第一天沒有任何資金流入。週三觀察到的這一事態發展，標誌著該基金前三個月運營的持續勢頭明顯背離。

Weakening Institutional Enthusiasm

機構熱情減弱

The halt in inflows into IBIT, traded on the Nasdaq under the ticker symbol IBIT, coincides with a broader slowdown in the pace of institutional adoption of bitcoin. This trend is reflected in reduced inflows into other spot bitcoin ETFs, with seven out of the ten largest such funds exhibiting declines.

IBIT（在納斯達克交易，股票代號為 IBIT）的資金流入停止，恰逢機構採用比特幣的步伐普遍放緩。這一趨勢反映在其他現貨比特幣 ETF 的流入量減少上，十大此類基金中有七隻出現了下降。

Prominent among these is Fidelity's FBTC, which registered a modest inflow of $5.6 million, while ARK 21Shares Bitcoin ETF (ARKB) attracted $4.2 million. However, the decline in inflows into Grayscale's GBTC was particularly noteworthy, with an outflow of $130.4 million. This brings the cumulative outflow from GBTC to $120.6 million, marking its highest level since April 17.

其中最引人注目的是富達 (Fidelity) 的 FBTC，其資金流入溫和，為 560 萬美元，而 ARK 21Shares 比特幣 ETF (ARKB) 則吸引了 420 萬美元。然而，Grayscale 的 GBTC 流入量下降尤其值得注意，流出額為 1.304 億美元。這使得 GBTC 的累積流出量達到 1.206 億美元，創下 4 月 17 日以來的最高水準。

Early Enthusiasm Cools

早期的熱情降溫

The launch of spot bitcoin ETFs in the United States on January 11 was met with great fanfare, with industry experts anticipating billions of dollars in institutional investment. BlackRock's IBIT has emerged as the frontrunner, amassing over $15 billion in assets under management. However, the initial surge in inflows has subsided in recent weeks, with the slowdown particularly pronounced in April.

1 月 11 日，現貨比特幣 ETF 在美國推出，引起了熱烈的關注，行業專家預計將吸引數十億美元的機構投資。貝萊德 (BlackRock) 的 IBIT 已成為領跑者，管理的資產超過 150 億美元。然而，最近幾週資金流入最初的激增已經消退，四月份的放緩尤其明顯。

Bitcoin Price Stagnates

比特幣價格停滯不前

The cooling of institutional enthusiasm has coincided with a period of relative price stagnation for bitcoin. The cryptocurrency, which started the year at around $30,000, has been trading largely within a range of $60,000 to $70,000 this month. This represents a significant departure from the first quarter's near 70% rally, which drove bitcoin to an all-time high above $73,500.

機構熱情的降溫恰逢比特幣價格相對停滯的時期。這種加密貨幣年初價格約為 30,000 美元，本月交易價格基本上在 60,000 美元至 70,000 美元之間。這與第一季近 70% 的漲幅有顯著差異，第一季比特幣價格上漲至 73,500 美元以上的歷史新高。

Industry Impact

產業影響

The slowdown in institutional adoption of bitcoin, as reflected in the pause in inflows into spot bitcoin ETFs, has raised concerns among some industry observers. While the underlying reasons for this trend are still being debated, it suggests that the pace of institutional adoption may not have met initial expectations.

機構採用比特幣的速度放緩，這反映在現貨比特幣 ETF 資金流入的暫停上，這引起了一些行業觀察人士的擔憂。儘管這一趨勢的根本原因仍在爭論中，但這表明機構採用的速度可能未達到最初的預期。

Conclusion

結論

BlackRock's bitcoin ETF has emerged as a bellwether for institutional adoption of the cryptocurrency. The fund's first day without inflows, coupled with the broader slowdown in inflows into spot bitcoin ETFs, may portend a recalibration of expectations regarding the pace of institutional adoption. As the market continues to evolve and develop, it remains to be seen whether this trend will continue or whether renewed institutional interest will re-energize the bitcoin bull run.

貝萊德的比特幣 ETF 已成為機構採用加密貨幣的領導者。該基金第一天沒有資金流入，加上現貨比特幣 ETF 資金流入普遍放緩，可能預示著機構採用步伐的預期將重新調整。隨著市場的不斷演變和發展，這種趨勢是否會持續，或者新的機構興趣是否會重新激發比特幣牛市，還有待觀察。