現貨比特幣 ETF 的回歸：通往下一次牛市的路徑？

自從比特幣決定重返 6 萬美元以上以來，加密貨幣市場正在恢復色彩。好消息讓我們重新點燃了迄今尚未出現的牛市前景。

As the price of bitcoin continues to trade above $60,000, following the recent macroeconomic data, the market seems to be paying close attention to the performance of the crypto.

隨著比特幣價格繼續保持在 60,000 美元以上，根據最近的宏觀經濟數據，市場似乎正在密切關注加密貨幣的表現。

With the Fed lowering interest rates and China announcing a $140 billion stimulus plan, to name a few, the narrative appears to be shifting towards a bull run in the digital asset markets.

舉幾個例子，隨著聯準會降息和中國宣布 1,400 億美元的刺激計劃，數位資產市場的敘述似乎正在轉向牛市。

This is further supported by the recent political developments in the US, with Kamala Harris’ support for the crypto economy, and seems to be panning out in the markets.

美國最近的政治發展以及卡馬拉·哈里斯對加密經濟的支持進一步支持了這一點，並且似乎正在市場上取得成功。

While bitcoin has been trading sideways for months now, with the anticipation of a bull run, the entry of an exchange-traded fund in the US has brought a new dimension to the crypto market.

儘管比特幣已經橫盤交易數月了，但隨著多頭市場的預期，交易所交易基金的進入為加密貨幣市場帶來了新的維度。

With the bitcoin ETF now trading for several months, the attention has shifted towards its performance, and its role in driving crypto prices.

隨著比特幣 ETF 現在交易了幾個月，人們的注意力已經轉向它的表現以及它在推動加密貨幣價格方面的作用。

While the narrative has been largely positive, with the bitcoin ETF hitting new highs,踽 a deeper look into the data reveals a different picture.

儘管隨著比特幣 ETF 創下新高，人們的敘述在很大程度上是積極的，但更深入地研究數據卻揭示了不同的情況。

Despite the bitcoin ETF seeing another day of inflows, with the BlackRock IBIT ETF seeing inflows of $184.4 million on Friday,彙 the total inflows into bitcoin ETFs were recorded at $105.9 million for the day.

儘管比特幣 ETF 又迎來一天資金流入，其中貝萊德 IBIT ETF 週五流入 1.844 億美元，但當天比特幣 ETF 的總流入額為 1.059 億美元。

This is due to outflows from the FBTC and ARKB ETFs, to the tune of $32.2 million and $47.4 million, respectively.

這是由於 FBTC 和 ARKB ETF 的資金流出分別為 3,220 萬美元和 4,740 萬美元。

According to CryptoQuant analyst Ki Young Ju, these inflows resulted in a net 30-day change in total holdings turning positive once again.

CryptoQuant 分析師 Ki Young Ju 表示，這些資金流入導致總持股的 30 天淨變動再次轉為正值。