機構拋售令加密貨幣市場降溫，預示著謹慎的前景

機構投資者已經改變了他們在加密貨幣領域的立場，CoinShares 的每週報告顯示資金流出總額為 1.26 億美元。值得注意的是，以太坊面臨 2,900 萬美元的大幅流出，連續第五週下跌，而 Solana 也出現 360 萬美元的流出。 Decentraland、Basic Attention Token 和 LIDO 等山寨幣經歷了積極的流入，表明投資者對較小的加密資產感興趣。該報告進一步強調了區域趨勢，其中美國對資金流出做出了重大貢獻，而德國則利用近期價格下跌來增加資金流入。

Institutional Investors Withdraw from Cryptocurrency Market, Sounding Cautious Note

機構投資者退出加密貨幣市場，聽起來很謹慎

Institutional investors, who play a pivotal role in the cryptocurrency market, have initiated a sell-off of prominent digital assets, signaling a shift in sentiment and a more cautious investment approach.

在加密貨幣市場中發揮關鍵作用的機構投資者已開始拋售著名的數位資產，這標誌著情緒的轉變和更謹慎的投資方式。

According to CoinShares' latest weekly digital asset inflows report, institutional funds have been divesting from Solana (SOL), Ethereum (ETH), and Bitcoin (BTC), reflecting a departure from the bullish outlook of recent weeks.

根據 CoinShares 最新的每週數位資產流入報告，機構資金一直在從 Solana (SOL)、以太坊 (ETH) 和比特幣 (BTC) 撤資，反映出最近幾週看漲前景的背離。

Outflows Total $126 Million

資金外流總計 1.26 億美元

Cryptoasset investment products witnessed a sharp reversal in momentum last week, with outflows amounting to $126 million. This trend suggests that investors are adopting a more conservative stance amid a period of price stagnation.

上週，加密資產投資產品的勢頭急劇逆轉，資金流出達 1.26 億美元。這一趨勢表明，投資者在價格停滯時期採取了更保守的立場。

Ethereum, the second-largest cryptocurrency by market capitalization, has borne the brunt of the institutional sell-off, experiencing outflows of $29 million for the fifth consecutive week. This indicates that investors may be taking profits or seeking diversification within the crypto asset market.

以市值計算的第二大加密貨幣以太坊首當其衝受到機構拋售，連續第五週流出 2,900 萬美元。這表明投資者可能正在加密資產市場中獲利或尋求多元化。

SOL and Beyond

SOL 及其他

Apart from Ethereum, Solana has also faced outflows of $3.6 million, according to CoinShares' report. This signals a possible reassessment of the asset's value proposition by institutional investors.

根據 CoinShares 的報告，除了以太坊之外，Solana 還面臨 360 萬美元的資金外流。這標誌著機構投資者可能會重新評估該資產的價值主張。

However, not all cryptocurrencies have been affected by the bearish sentiment. Altcoins, such as Decentraland (MANA), Basic Attention Token (BAT), and LIDO (LDO), have attracted inflows, demonstrating ongoing interest in smaller and more niche digital assets. Litecoin and short Bitcoin also received inflows of $1.6 million and $1.7 million, respectively.

然而，並非所有加密貨幣都受到看跌情緒的影響。 Decentraland (MANA)、Basic Attention Token (BAT) 和 LIDO (LDO) 等山寨幣吸引了資金流入，顯示人們對更小、更利基的數位資產持續感興趣。萊特幣和做空比特幣也分別獲得 160 萬美元和 170 萬美元的流入。

XRP and Polkadot witnessed inflows of $300,000 and $800,000, respectively, while Cardano and BNB remained neutral during the reporting period.

XRP 和 Polkadot 的資金流入分別為 30 萬美元和 80 萬美元，而卡爾達諾和 BNB 在報告期間內保持中性。

Regional Trends

區域趨勢

The CoinShares report also sheds light on regional trends in institutional investment. The United States has been the primary source of outflows, with a total of $145 million withdrawn. This suggests that American investors may be engaging in profit-taking or adjusting their risk tolerance.

CoinShares 報告也揭示了機構投資的區域趨勢。美國一直是資金外流的主要來源，總共撤出1.45億美元。這表明美國投資者可能正在獲利了結或調整風險承受能力。

In contrast, Germany has viewed the recent price weakness as a buying opportunity, with inflows amounting to $29 million last week.

相較之下，德國將近期的價格疲軟視為買入機會，上週資金流入達 2,900 萬美元。

Bitcoin's Resilience

比特幣的彈性

Despite the overall trend of institutional selling, Bitcoin maintains a long-term appeal for a segment of the market. Despite outflows of $110 million last week, Bitcoin has accumulated positive inflows totaling $555 million since the start of the month.

儘管存在機構拋售的整體趨勢，但比特幣對部分市場仍保持長期吸引力。儘管上週資金流出 1.1 億美元，但自本月初以來，比特幣已累計流入 5.55 億美元。

Notably, short Bitcoin positions, which aim to profit from price declines, experienced a reversal of the three-week outflow trend, attracting a small inflow of $1.7 million.

值得注意的是，旨在從價格下跌中獲利的比特幣空頭部位經歷了三週流出趨勢的逆轉，吸引了 170 萬美元的小幅流入。

Outlook

外表

The institutional sell-off underscores a shift in sentiment among investors, who are becoming more cautious as price gains have stalled. Ethereum and Solana have come under particular pressure, indicating a possible reassessment of their value propositions.

機構拋售凸顯了投資人情緒的轉變，隨著價格上漲停滯，投資人變得更加謹慎。以太坊和 Solana 面臨著特別的壓力，這表明它們的價值主張可能會被重新評估。

While altcoins have provided some respite, the overall trend suggests that investors are taking a step back and reassessing their cryptocurrency holdings. Regional trends also reveal a divergence in sentiment, with the United States leading the outflows and Germany embracing the dip.

雖然山寨幣提供了一些喘息的機會，但總體趨勢表明投資者正在退後一步，重新評估他們持有的加密貨幣。區域趨勢也顯示出情緒的分歧，美國引領資金外流，而德國則出現下滑。

It remains to be seen whether the institutional sell-off will continue or if it is merely a temporary correction. As the cryptocurrency market evolves and matures, institutional investors will continue to play a significant role in shaping its trajectory.

機構拋售是否會持續，還是只是暫時的調整，還有待觀察。隨著加密貨幣市場的發展和成熟，機構投資者將繼續在塑造其發展軌跡方面發揮重要作用。