比特幣減半後焦點轉向比特幣現貨 ETF 市場

焦點轉向 BTC 現貨 ETF 市場及其對比特幣減半的反應。儘管避免了立即拋售，但 BTC 現貨 ETF 市場流量數據可能至關重要。在上週淨流出 2.043 億美元之後，持續的流出可能會導致獲利了結。相反，現貨 ETF 帶來的需求改善可能會吸引投資者。由於對聯準會 2024 年多次降息的押注逐漸減弱，週一的數據將為本周定下基調。聯準會的鷹派評論和經濟指標（PMI、GDP、個人收入/支出）將影響買家的胃口。新的 BTC 現貨 ETF 產品的表現，包括 Grayscale 的迷你信託和在香港推出的產品，將值得關注。

Bitcoin Halving Aftermath: Focus Shifts to BTC-Spot ETF Market

比特幣減半後果：焦點轉向 BTC 現貨 ETF 市場

The cryptocurrency market is closely monitoring the impact of the recent Bitcoin halving event on the BTC-spot exchange-traded fund (ETF) market. Notably, the price of Bitcoin has remained relatively stable following the halving, suggesting that demand may be driving near-term price trends.

加密貨幣市場正密切關注近期比特幣減半事件對BTC現貨交易所交易基金（ETF）市場的影響。值得注意的是，比特幣價格在減半後保持相對穩定，這表明需求可能正在推動近期價格趨勢。

However, market analysts are paying keen attention to BTC-spot ETF market flow data, which could provide pivotal insights in the coming days. After net outflows of $204.3 million in the week ending April 19, a sustained trend of net outflows could indicate profit-taking by investors. Conversely, an increase in demand through spot ETFs could attract fresh capital to the market.

然而，市場分析師正在密切關注 BTC 現貨 ETF 市場流量數據，這些數據可能在未來幾天提供關鍵的見解。截至 4 月 19 日當週淨流出 2.043 億美元，淨流出持續趨勢可能顯示投資者獲利了結。相反，現貨 ETF 的需求增加可能會吸引新資本進入市場。

The upcoming BTC-spot ETF market flow data for Monday, April 22, is anticipated to set the tone for the week, particularly in light of fading expectations for multiple interest rate cuts by the Federal Reserve (Fed) in 2024. Hawkish commentary from Fed officials last week is believed to have contributed to the recent outflows from the BTC-spot ETF market.

即將發布的 4 月 22 日星期一的 BTC 現貨 ETF 市場流量數據預計將為本周定下基調，特別是考慮到對美聯儲 (Fed) 2024 年多次降息的預期逐漸減弱。信，上週官員的行為導致了近期BTC 現貨ETF 市場的資金流出。

The US economic calendar this week holds several events that could influence investor sentiment towards Bitcoin. The Services Purchasing Managers' Index (PMI) on Tuesday, first-quarter GDP figures on Thursday, and the Personal Income and Outlays Report on Friday will be closely scrutinized by investors. A strong performance in the service sector, upbeat GDP numbers, and persistent inflation could further diminish expectations for a rate cut by the Fed in September. A less accommodative Fed stance could potentially dampen buyer demand for Bitcoin and offset the supply-demand dynamics created by the halving.

本周美國經濟日曆將舉辦幾項可能影響投資者對比特幣情緒的事件。週二的服務業採購經理人指數（PMI）、週四的第一季GDP數據以及週五的個人收入和支出報告將受到投資者的密切關注。服務業的強勁表現、樂觀的 GDP 數據以及持續的通膨可能會進一步削弱聯準會 9 月降息的預期。聯準會不太寬鬆的立場可能會抑制買家對比特幣的需求，並抵消減半造成的供需動態。

Amidst the evolving sentiment surrounding the Fed's interest rate path, the performance of recently launched BTC-spot ETF products is also drawing attention. The Grayscale mini Bitcoin Trust and the BTC-spot ETF launches in Hong Kong warrant close observation as potential bellwethers for the market's direction.

在圍繞聯準會利率路徑的情緒不斷變化的背景下，最近推出的 BTC 現貨 ETF 產品的表現也引起關注。 Grayscale 迷你比特幣信託基金和 BTC 現貨 ETF 在香港推出，值得密切關注，作為市場走向的潛在風向標。

Commenting on the recent flow trends in the BTC-Spot ETF market, Bloomberg Intelligence Senior ETF Analyst Eric Balchunas said, "The trend of redemptions continues, but with a lower magnitude than in March. If redemptions continue consistently, we could see the total assets under management decline by ~$900 million per week."

Bloomberg Intelligence 高級 ETF 分析師 Eric Balchunas 在評論近期 BTC 現貨 ETF 市場的流量趨勢時表示：「贖回趨勢仍在繼續，但幅度低於 3 月。如果贖回持續持續，我們可以看到總資產管理費用每週減少約9 億美元。

As the market digests the implications of the Bitcoin halving and navigates the evolving macro environment, the BTC-spot ETF market remains a focal point for investors seeking exposure to the cryptocurrency. The upcoming flow data and economic indicators will provide crucial insights into the trajectory of the market in the days and weeks ahead.

隨著市場消化比特幣減半的影響並應對不斷變化的宏觀環境，比特幣現貨 ETF 市場仍然是尋求投資加密貨幣的投資者的焦點。即將發布的流量數據和經濟指標將為未來幾天和幾週的市場軌跡提供重要的見解。