美國現貨比特幣 ETF 資金流出超過 5,100 萬美元，引發擔憂

4 月 29 日，美國現貨比特幣 ETF 的總流出量超過 5,150 萬美元，其中 ARK 21Shares 比特幣 ETF 的流出量最大，為 3,134 萬美元。灰階比特幣信託也面臨 2,466 萬美元的資金外流。儘管近期有資金流出，但美國上市現貨 BTC ETF 產品的累計淨流入總額仍接近 600 億美元，這表明機構對比特幣的興趣仍然強勁。

US Spot Bitcoin ETF Outflows Surpass $51 Million, Raising Concerns About Investor Confidence

美國現貨比特幣 ETF 資金流出超過 5,100 萬美元，引發對投資者信心的擔憂

Despite a recent surge in outflows, the accumulated total net inflows for the US-listed spot Bitcoin exchange-traded fund (ETF) products remain substantial, reaching nearly $60 billion. However, the latest outflows have raised questions about investor sentiment and the future prospects of these ETFs.

儘管近期資金流出激增，但美國上市現貨比特幣交易所交易基金（ETF）產品的累計淨流入總額仍可觀，達到近 600 億美元。然而，最新的資金外流引發了人們對投資者情緒和這些 ETF 未來前景的質疑。

As of the close of trading on April 29, the total outflows from US spot Bitcoin ETFs stood at over $51.5 million, marking a significant decline from the peak volume witnessed on March 5. Data from SoSoValue indicates that among the prominent ETFs, ARK 21Shares Bitcoin ETF recorded the largest outflow, with $31.34 million exiting the fund on April 29 alone. This figure came as a surprise to industry observers, as it exceeded the outflows of other ETFs by a significant margin.

截至 4 月 29 日收盤，美國現貨比特幣 ETF 的總流出量超過 5,150 萬美元，較 3 月 5 日的峰值交易量大幅下降。的流出量，光是4 月29 日就有3,134 萬美元流出該基金。這一數字令行業觀察人士感到驚訝，因為它大大超過了其他 ETF 的流出量。

Grayscale Bitcoin Trust (GBTC), a key player in the spot Bitcoin ETF market, also experienced a substantial outflow of $24.66 million in net withdrawals. The Fidelity Wise Origin Bitcoin Fund, another notable ETF, faced a net outflow of $6.85 million. These outflows represent a shift in market dynamics, as Grayscale Bitcoin Trust had previously been the primary driver of outflows. The high management fees associated with GBTC are believed to have discouraged investors, leading them to seek more competitive offerings in the market.

現貨比特幣 ETF 市場的主要參與者灰階比特幣信託公司（GBTC）也出現了 2,466 萬美元淨提款的大幅流出。另一個著名的 ETF Fidelity Wise Origin 比特幣基金面臨 685 萬美元的淨流出。這些資金外流代表了市場動態的轉變，因為灰階比特幣信託先前一直是資金外流的主要驅動力。據信，GBTC 的高額管理費讓投資者望而卻步，導致他們在市場上尋求更具競爭力的產品。

However, not all US spot Bitcoin ETFs experienced outflows. The Bitwise Bitcoin ETF recorded a notable net inflow of $6.84 million, indicating that some investors remain bullish on Bitcoin's future prospects. Bitwise's gain was the highest net inflow among all ETFs during the period.

然而，並非所有美國現貨比特幣 ETF 都出現資金流出。 Bitwise 比特幣 ETF 錄得 684 萬美元的顯著淨流入，顯示一些投資者仍然看好比特幣的未來前景。 Bitwise 的漲幅是該期間所有 ETF 中淨流入最高的。

Valkyrie Bitcoin Fund and Franklin Bitcoin ETF also garnered net inflows of $2.67 million and $1.82 million, respectively. Other ETFs, including BlackRock's iShares Bitcoin Trust, reported net inflows of $0, suggesting a relatively stable investor interest.

Valkyrie 比特幣基金和 Franklin 比特幣 ETF 也分別獲得 267 萬美元和 182 萬美元的淨流入。其他 ETF，包括貝萊德的 iShares Bitcoin Trust，報告淨流入為 0 美元，表明投資者興趣相對穩定。

Focus Shifts to Hong Kong's Financial Market

焦點轉向香港金融市場

Despite the recent outflows, the accumulated total net inflows for the US-listed spot BTC ETF products remain significant. Analysts attribute this to the growing institutional interest in Bitcoin as an investment asset. However, the current outflow trend raises questions about investors' confidence and the potential sustainability of these inflows in the long term.

儘管近期出現資金流出，但美國上市現貨 BTC ETF 產品的累計淨流入總額仍可觀。分析師將此歸因於機構對比特幣作為投資資產的興趣日益濃厚。然而，當前的資金外流趨勢引發了人們對投資者信心以及這些資金流入的長期可持續性的質疑。

Meanwhile, the spotlight has shifted from the US Bitcoin ETFs to Hong Kong's financial markets. The Hong Kong Stock Exchange recently witnessed the debut of six spot Bitcoin and Ethereum ETFs: Bosera HashKey Bitcoin ETF (3008.HK), Bosera HashKey Ether ETF (3009.HK), ChinaAMC Bitcoin ETF (3042.HK), ChinaAMC Ether ETF (3046.HK), Harvest Bitcoin Spot ETF (3439.HK), and Harvest Ether Spot ETF (3179.HK).

同時，焦點已從美國比特幣 ETF 轉移到香港金融市場。香港聯交所近期見證了六隻現貨比特幣和以太坊ETF首次亮相：博時HashKey比特幣ETF（3008.HK）、博時HashKey以太ETF（3009.HK）、華夏比特幣ETF（3042.HK）、華夏以太ETF（3042.HK）。

These ETFs are available to investors within Hong Kong and certain qualified investors outside the city, excluding individuals in mainland China who are still restricted from investing in these products. The listings represent a pivotal development for the Asian cryptocurrency market, potentially diversifying the landscape for spot Bitcoin ETFs.

這些ETF可供香港境內的投資者和香港以外的某些合格投資者投資，不包括仍被限制投資這些產品的中國大陸個人。這些上市代表了亞洲加密貨幣市場的關鍵發展，並有可能使現貨比特幣 ETF 的格局多樣化。

Analysts Remain Cautious Amid Market Volatility

市場波動，分析師保持謹慎

Analysts who previously asserted that the five days of consecutive outflows of the ETF just before Bitcoin halving had no connection to the quadrennial event have remained silent on the recent market bleeding. Despite the setbacks, there are high hopes of a market resurgence soon.

分析師先前曾斷言，比特幣減半前 ETF 連續五天資金流出與四年一次的事件無關，但他們對最近的市場出血保持沉默。儘管遭遇挫折，但人們對市場很快復甦抱持著很大希望。

The recent outflows from US spot Bitcoin ETFs serve as a reminder of the volatility associated with the cryptocurrency market. As regulatory scrutiny and investor sentiment continue to evolve, it remains to be seen how the ETF landscape will unfold in the coming months and years.

最近美國現貨比特幣 ETF 的資金流出提醒人們注意與加密貨幣市場相關的波動。隨著監管審查和投資者情緒的不斷發展，ETF 格局在未來幾個月和幾年內將如何發展仍有待觀察。