儘管關稅混亂，貝萊德的比特幣ETF仍排名最高的表演者。

分析師認為，發行人正在穩定比特幣的波動，而ETF市場將來將使BTC更加安全。

BlackRock's Bitcoin ETF is in the top 1% of performers in this category despite tariff chaos.

貝萊德的比特幣ETF儘管關稅混亂，但在這一類別中排名前1％。

Analysts theorize that the issuers are stabilizing Bitcoin's volatility, and the ETF market will make BTC more secure in the future.

分析師認為，發行人正在穩定比特幣的波動，而ETF市場將來將使BTC更加安全。

The issuers act as major whales, buying up any token dumps from retail investors. However, this new stability is entirely contingent on these powerful firms, which are exposed to broader macroeconomic concerns.

發行人充當主要鯨魚，從散戶投資者那裡購買所有令牌垃圾場。但是，這種新的穩定性完全取決於這些強大的公司，這些公司面臨著更廣泛的宏觀經濟問題。

>Bitcoin ETFs have eked out positive outflows past month and YTD and IBIT is +2.4 billion YTD (Top 1%). Impressive, and in my opinion, helps explain why BTC's price has been relatively stable: its owners are more stable. ETF investors are much stronger hands than most think. This should increase stability and lower volatility and correlation long term.

>比特幣ETF在過去一個月中散發出正面流出，而YTD和IBIT為+24億YTD（最高1％）。令人印象深刻的，我認為，有助於解釋為什麼BTC的價格相對穩定：其所有者更穩定。 ETF投資者比大多數人想像的要強得多。這應該提高穩定性並長期降低波動性和相關性。

EBI's revenue fell slightly month-over-month in April, but it's still up 44% YTD. At the same time, net income for the largest US ETF issuer rose 38% over the last year. These numbers highlight the strength and resilience of the ETF market, even amid broader economic uncertainty.

Ebi的收入在4月份略微下降了一個月，但YTD的收入仍增長了44％。同時，去年，美國ETF發行人最大的發行人的淨收入增長了38％。這些數字突出了ETF市場的實力和彈性，甚至在更廣泛的經濟不確定性中。

As the threat of Trump's tariffs has brought chaos and uncertainty into global markets, the price of Bitcoin has remained relatively stable. While it has fallen from its all-time high in January, it's still trading at levels far higher than before the November election.

由於特朗普的關稅威脅使全球市場帶來了混亂和不確定性，因此比特幣的價格仍然相對穩定。儘管它在一月份的歷史最高水平上都下降了，但其水平仍遠高於11月大選之前。

One analyst believes that Bitcoin ETFs may be providing the cryptocurrency with this extra stability.

一位分析師認為，比特幣ETF可能會為加密貨幣提供這種額外的穩定性。

"Bitcoin ETFs have eked out positive inflows past month and YTD and IBIT is +2.4 billion YTD (Top 1%). Impressive, and in my opinion, helps explain why BTC's price has been relatively stable: its owners are more stable," the analyst stated.

分析師說：“比特幣ETF散發出了過去一個月的積極流入，而YTD和IBIT為+24億YTD（最高1％）。令人印象深刻，我認為，有助於解釋為什麼BTC的價格相對穩定：其所有者更穩定，”分析師說。

"ETF investors are much stronger hands than most think. This should increase stability and lower volatility and correlation long term."

“ ETF投資者的手比大多數人想到的要強得多。這應該提高穩定性，長期的波動性和相關性降低。”

Since the first Bitcoin ETFs hit the market, they've totally transformed the crypto industry, but it's been difficult to quantify that transformation.

自從第一個比特幣ETF上市以來，他們已經完全改變了加密行業，但是很難量化這種轉型。

However, this impending economic crisis has given analysts a useful chance to collect hard data from a stress test.

但是，這種即將來臨的經濟危機為分析師提供了一個有用的機會，可以從壓力測試中收集硬數據。

The analyst emphasized that ETF issuers had a powerful demand for BTC, which has powered some changes.

分析師強調，ETF發行人對BTC有強大的需求，這為一些變化提供了動力。

Over the last few months, US ETF issuers have been buying tremendous amounts of Bitcoin.

在過去的幾個月中，美國ETF發行人一直在購買大量的比特幣。

Together, they surpassed Satoshi's holdings in December and bought 20x as much BTC as the global mining output in January.

他們共同超過了12月Satoshi的股份，並在1月份購買了20倍BTC和全球採礦產量一樣多。

Who met this apparent crisis in supply? Retail investors.

誰遇到了這一明顯的供應危機？散戶投資者。

Bitcoin is more integrated than ever into traditional finance, which presents a few opportunities.

比特幣比以往任何時候都更加集成到傳統金融中，這提供了一些機會。

For any number of reasons, retailers have been compelled to dump their tokens.

由於多種原因，零售商被迫拋棄其令牌。

Normally, these actions could spook the markets, but ETF issuers (and Michael Saylor's Strategy) have been willing to buy as much Bitcoin as possible.

通常，這些行動可能會嚇到市場，但是ETF發行人（以及邁克爾·塞勒（Michael Saylor）的策略）願意購買盡可能多的比特幣。

In other words, these whales have done a lot to hold up confidence in the entire market.

換句話說，這些鯨魚為保持整個市場的信心做了很多事情。

Ideally, ETF issuers will have a mostly positive impact on the sector, potentially curing Bitcoin's infamous chronic volatility.

理想情況下，ETF發行人將對該部門產生主要的積極影響，這可能會治愈比特幣臭名昭著的慢性波動。

Unfortunately, this substantial change comes with serious practical drawbacks, even discounting fears of de-decentralization.

不幸的是，這種實質性的變化帶來了嚴重的實際缺點，甚至折現了對居中的恐懼。

Since the ETFs transformed the market like this, Bitcoin has become more entangled than ever with broader macroeconomic trends.

由於ETF改變了這樣的市場，因此比特幣與更廣泛的宏觀經濟趨勢變得比以往任何時候都更加糾纏。

These trends, however, could force these big whales to sell. Can we afford to tie Bitcoin's fate to these actors?

但是，這些趨勢可能會迫使這些大鯨出售。我們可以負擔得起比特幣的命運與這些演員的命運嗎？

The ETF issuers have a high confidence in Bitcoin, which has kept its price stable throughout the tariff chaos.

ETF發行人對比特幣具有很高的信心，該比特幣在整個關稅混亂中保持了價格穩定。

If they lose that confidence for any reason, it could cause a powerful demand crisis.

如果他們出於任何原因失去信心，可能會導致強大的需求危機。

This investment trend has been a tremendous benefit to the crypto industry, but it’s important to keep an eye on the potential risks involved.

這種投資趨勢對加密貨幣行業帶來了巨大的好處，但重要的是要關注涉及的潛在風險。