加密貨幣基金遭受三月以來最大損失，比特幣領跌

加密貨幣基金繼前一周大量流入 20 億美元後，上週流出 6 億美元，結束了最近五週內 43.5 億美元的流入。

Crypto funds witnessed outflows last week after an intense $2 billion inflow in the prior week, bringing a recent $4.35 billion inflow run over five weeks to an end. The outflow recorded, according to CoinShares data, was the largest since March 22, 2024, and it occurred under comparable circumstances. Notably, the outflow ending March 22 came after a period of significant inflows totaling $3 billion in the week prior. Investors had to pull out their exposure to more stable assets due to the outcome of the FOMC meeting.

加密貨幣基金在前一周大量流入 20 億美元後，上週出現資金流出，結束了最近五週內 43.5 億美元的流入。根據 CoinShares 的數據，此次流出是自 2024 年 3 月 22 日以來最大的一次，而且是在類似情況下發生的。值得注意的是，截至 3 月 22 日的資金流出是在前一周出現總計 30 億美元的大幅流入之後發生的。由於聯邦公開市場委員會會議的結果，投資者不得不撤出更穩定的資產。

However, this time around, the outflows were primarily driven by a corresponding drop in the price of Bitcoin throughout the week and a more hawkish-than-expected Federal Open Market Committee (FOMC) meeting. Crypto funds witnessed outflows of $600 million last week, and the outflows were concentrated in Bitcoin and Solana funds, which saw $621 million and $0.2 million exits, respectively. These outflows come despite a more upbeat outlook for the crypto market, which was evident in the five weeks of consecutive inflows prior.

然而，這次的資金外流主要是由於本週比特幣價格的相應下跌以及聯邦公開市場委員會（FOMC）會議的態度比預期更加鷹派。加密貨幣基金上週流出 6 億美元，流出主要集中在比特幣和 Solana 基金，分別流出 6.21 億美元和 20 萬美元。儘管加密貨幣市場的前景更為樂觀，但這些資金流出還是出現了，這一點在先前連續五週的資金流入中就很明顯。

The FOMC meeting saw interest rates hold at 5.25%-5.50%, which was higher than the 5.00% that markets were expecting. This led investors to pull out of crypto, which is seen as a risky, speculative asset.

FOMC會議將利率維持在5.25%-5.50%，高於市場預期的5.00%。這導致投資者退出加密貨幣，因為加密貨幣被視為高風險的投機資產。

Unsurprisingly, most of the outflows came from Bitcoin, with crypto funds of the leading crypto asset losing about $621 million. Furthermore, the majority of this Bitcoin outflow was registered in Spot Bitcoin ETFs trading in the US. According to data, Spot Bitcoin ETFs witnessed outflows every day last week, save for a $100.8 million inflow on June 12. As a result, these Bitcoin ETFs registered a total of $580 million in outflows last week. The negative Bitcoin investor sentiment was also reflected in short Bitcoin products receiving $1.8 million worth of inflows.

不出所料，大部分資金流出來自比特幣，領先加密資產的加密基金損失約 6.21 億美元。此外，大部分的比特幣流出都是在美國的現貨比特幣 ETF 交易中進行。數據顯示，除了 6 月 12 日流入 1.008 億美元外，現貨比特幣 ETF 上週每天都有資金流出。比特幣投資者的負面情緒也反映在做空比特幣產品獲得了價值 180 萬美元的資金流入。

Solana, which also had a rough week in terms of price action, recorded $0.2 million of outflows in its investment products. In addition, multi-asset investment products experienced outflows amounting to $1.1 million. Trading volume averaged around $11 billion for the week, well below the $22 billion weekly average for the year. These outflows and little trading volume saw the total assets under management (AuM) fall from over $100 billion to $94 billion over the week.

Solana 的價格走勢也經歷了艱難的一周，其投資產品流出了 20 萬美元。此外，多元資產投資產品的資金流出達110萬美元。本周平均交易量約為 110 億美元，遠低於全年 220 億美元的周平均交易量。這些資金外流和交易量的減少導致一週內管理總資產 (AuM) 從超過 1,000 億美元下降至 940 億美元。

On the other hand, Ethereum received $13.1 million in outflows as investor interests continued to grow in anticipation of the launch of Spot Ethereum ETFs. BNB, Litecoin, XRP, Chainlink, and Cardano also witnessed inflows of $0.3 million, $0.8 million, $1.1 million, $0.7 million, and $0.8 million, respectively.

另一方面，由於投資者對現貨以太坊 ETF 的推出預期興趣持續增長，以太坊收到了 1,310 萬美元的資金流出。 BNB、萊特幣、XRP、Chainlink 和 Cardano 的資金流入也分別為 30 萬美元、80 萬美元、110 萬美元、70 萬美元和 80 萬美元。