投資者對加密產品的興趣沒有顯示出放緩的跡象，即使每週的流入速度散發出巨大的激增。

根據Coinshares的一份報告，在過去一周

Investor appetite for crypto products shows no signs of slowing, even as weekly inflows cool from April’s massive surge. According to a report by CoinShares, global crypto investment products attracted an astonishing US$882M in the past week, bringing year-to-date inflows to US$6.7B—nearly reaching the US$7.3B record set in early February.

投資者對加密產品的興趣沒有顯示出放緩的跡象，即使每週的流入速度散發出巨大的激增。根據Coinshares的一份報告，全球加密投資產品在過去一周中吸引了驚人的8.82億美元，使年度流入至6.7B美元，幾乎達到了2月初創下的7.3億美元記錄。

Remarkably, over the last four weeks alone, inflows hit US$6.3B, accounting for 93% of total 2025 activity.

值得注意的是，僅在過去的四個星期中，流入率達到6.3B美元，佔2025年活動的93％。

Bitcoin Remains King

比特幣仍然是國王

Among individual coins, Bitcoin pulled over US$860M last week and pushed US-listed Bitcoin ETFs to a new milestone: US$62.9B in net inflows since their January 2024 debut. That figure officially surpasses the previous high of US$61.6B set back in February.

在個人硬幣中，比特幣上週撤出了8.6億美元，並將我們上市的比特幣ETF推向了一個新的里程碑：自2024年1月的首次亮相以來，淨流入淨額為62.9B美元。該數字正式超過了2月份的61.6B $ 61.6B的高價。

The second-largest crypto by market cap, Ethereum, attracted just US$1.5M over the same period. But it was Sui that made the real noise among altcoins, drawing US$11.7M, more than both ETH and SOL, and lifting its year-to-date inflows to US$84M.

在同一時期，市值以太坊的第二大加密貨幣僅吸引了150萬美元。但是，正是Sui在Altcoins之間發出了真正的噪音，吸引了1,170萬美元，比ETH和SOL都多，並將其逐年流入提升到8400萬美元。

XRP picked up US$1.4M in weekly inflows, bringing its YTD total to US$258M and pushing its assets under management to US$1.35B. While most other altcoins showed minimal movement, investor interest remains clearly concentrated around a handful of names.

XRP的每周流入率達到140萬美元，其YTD總計達到2.58億美元，並將其管理資產推向了1.35B美元。儘管大多數其他Altcoins顯示出最小的移動，但投資者的興趣顯然仍然集中在少數名稱周圍。

As usual, the lion’s share of capital went straight to BlackRock. Its iShares Bitcoin ETF alone pulled in US$1B last week, more than the entire industry combined, on paper. Since launch, iShares has now attracted US$8.1B in net inflows, eclipsing the broader sector’s cumulative 2025 total.

像往常一樣，獅子的資本份額直接進入了貝萊德。上週，它的iShares比特幣ETF上週就達到了1B美元，比整個行業的總和還多。自推出以來，iShares現在吸引了8.1B美元的淨流入，使更廣泛的部門的累計2025黯然失色。

What’s Fueling the Capital Injection?

是什麼促進了資本注入？

CoinShares mostly attributes the inflows to broader macroeconomic forces, starting with the expansion of global M2 money supply, which has injected significant liquidity into markets and prompted a search for harder assets.

Coinshares主要將流入量歸因於更廣泛的宏觀經濟力量，從全球M2貨幣供應的擴展開始，該貨幣供應已向市場注入了大量流動性，並促使人們尋求更艱難的資產。

According to CoinShares’ Head of Research, James Butterfill, another reason is that stagflation fears in the US (with inflation remaining sticky despite slowing growth, as per the latest CPI data) have pushed investors toward alternative assets like Bitcoin:

根據Coinshares的研究負責人詹姆斯·巴特菲爾（James Butterfill）的說法，另一個原因是，根據最新的CPI數據，在美國的停滯恐懼（儘管增長速度放緩，但通貨膨脹率仍然持續下降），這使投資者推向了像比特幣這樣的替代資產：

“With the latest CPI figures showing that inflation is proving sticky and consumer price rises are coming in above expectations, we anticipate that this may continue to drive investors toward recognized safe havens like Bitcoin in the upcoming period.”

“最新的CPI數據表明，通貨膨脹證明是粘性的，消費者價格上漲卻超過了預期，我們預計這可能會繼續推動投資者在即將到來的時期朝著像比特幣這樣的公認的避風港邁進。”

Several US states have already approved Bitcoin as a strategic asset, starting with Arizona and New Hampshire, rendering the legal status of crypto a hot topic.

從亞利桑那州和新罕布什爾州開始，美國幾個州已經批准了比特幣作為一種戰略資產，這使加密貨幣的法律地位成為熱門話題。