美國：現貨比特幣 ETF 受到資金外流打擊，四月動盪中情緒轉變

現貨比特幣 ETF 在 4 月經歷了下跌，Ark Invest 的 ARKB、Bitwise 的 BITB 和 Fidelity 的 FBTC 等主要基金出現資金流出。資金流出引發了擔憂，但分析師強調，這種波動在成熟的 ETF 中很常見，而且這些基金仍然累積了大量資產。資金流入放緩的部分原因是近期比特幣市場不溫不火。

Spot Bitcoin ETFs Face Turbulence in April: Outflows Surface, Sentiment Shifts

現貨比特幣 ETF 4 月面臨動盪：資金外流、情緒轉變

Amid a tumultuous April, the landscape of spot bitcoin exchange-traded funds (ETFs) has undergone significant shifts, raising questions about their sustainability. While the new ETFs remain largely successful, worrying signs have emerged, signaling a potential change in market sentiment.

在動盪的 4 月份，現貨比特幣交易所交易基金 (ETF) 的格局發生了重大變化，引發了人們對其可持續性的質疑。雖然新的 ETF 仍然基本上成功，但令人擔憂的跡像已經出現，表明市場情緒可能會改變。

Outflows from the funds have become a pressing concern. Grayscale, the trust-converted fund, was initially the primary driver of capital flight. However, the newly launched ETFs have also experienced withdrawals, indicating a broader shift in investor behavior.

資金外流已成為迫切問題。信託轉換基金灰階最初是資本外逃的主要推動者。然而，新推出的 ETF 也出現了撤資情況，顯示投資者行為發生了更廣泛的轉變。

On April 2, a substantial $87.5 million was withdrawn from Ark Invest and 21Shares' ARKB, the third largest of the new ETFs by assets under management (AUM). The ETF also faced outflows on April 16-17 and April 25, further fueling concerns.

4 月 2 日，從 Ark Invest 和 21Shares 的 ARKB 中提取了 8,750 萬美元，這是按資產管理規模 (AUM) 計算的第三大新 ETF。該ETF還在4月16日至17日和4月25日面臨資金流出，進一步加劇了擔憂。

Bitwise's BITB, another notable ETF, experienced two days of outflows this month, totaling $13.3 million. While relatively modest compared to its inflows, these withdrawals have nonetheless raised eyebrows.

另一個著名的 ETF Bitwise 的 BITB 本月經歷了兩天的資金流出，資金總額達 1330 萬美元。雖然與資金流入相比相對溫和，但這些撤資仍然引起了人們的關注。

The most jarring development, perhaps, was Fidelity's FBTC witnessing $22.6 million of outflows on April 25. Although insignificant in the grand scheme of things, this outflow appears to signify a change in sentiment among investors.

最令人震驚的事態發展也許是富達 (Fidelity) 的 FBTC 在 4 月 25 日出現 2260 萬美元的資金外流。

Even BlackRock's IBIT, the most successful of the new ETFs, has not been immune to the recent turbulence. While it has not yet experienced daily outflows, it did clock in $0 worth of flows on April 24, ending its impressive 71-day inflow streak. Its previous 70 days of consecutive inflows had propelled the ETF into the top 10 of funds with the longest streaks of money pouring in.

即使是最成功的新 ETF 貝萊德 (BlackRock) 的 IBIT 也未能倖免於近期的動盪。雖然尚未經歷每日資金流出，但 4 月 24 日確實出現了價值 0 美元的資金流入，結束了其令人印象深刻的 71 天連續流入。先前連續70天資金流入，使該ETF躋身資金連續流入時間最長的基金前十名。

Despite these setbacks, it is important to note that the new ETFs remain largely successful. IBIT still leads the pack in terms of AUM after 72 days, commanding $17.6 billion in assets despite the recent slowdown in inflows. FBTC stands second on the list, while ARKB and BITB maintain positions in the top 10.

儘管遇到這些挫折，但值得注意的是，新的 ETF 仍然基本上是成功的。儘管近期資金流入放緩，但 72 天后，IBIT 的資產管理規模仍處於領先地位，資產規模達 176 億美元。 FBTC 位居第二，ARKB 和 BITB 保持前十名。

Industry analysts have downplayed the significance of these outflows, emphasizing their normalcy in the ETF ecosystem. Bloomberg's James Seyffart and Eric Balchunas have pointed out that ETFs commonly experience periods of no flows or even outflows. They have cautioned against panic, explaining that such fluctuations are typical in mature ETFs.

產業分析師淡化了這些資金外流的重要性，並強調它們在 ETF 生態系統中是正常現象。彭博社的 James Seyffart 和 Eric Balchunas 指出，ETF 通常會經歷無資金流入甚至資金流出的時期。他們警告不要驚慌，並解釋說這種波動在成熟的 ETF 中很常見。

The slowdown in inflows could also be attributed to the more subdued bitcoin market conditions. Bitcoin's 30-day annualized volatility has fallen below 50% this month, indicating a decline in market volatility. This has coincided with a decrease in flows and volumes in the new ETFs, suggesting a correlation between the bitcoin market's performance and ETF activity.

資金流入放緩也可能歸因於比特幣市場狀況更加疲軟。本月比特幣30天年化波動率已跌破50%，顯示市場波動性下降。同時，新 ETF 的流量和交易量均出現下降，這表明比特幣市場表現與 ETF 活動之間存在相關性。

As the bitcoin market continues to evolve, it remains to be seen whether the recent outflows from spot bitcoin ETFs will continue or represent a temporary setback. However, the shift in market sentiment and the departure from the extraordinary success witnessed in the early days of the ETFs warrant close attention from investors and industry observers alike.

隨著比特幣市場的不斷發展，近期比特幣現貨 ETF 的資金流出是否會持續下去還是只是暫時的挫折還有待觀察。然而，市場情緒的轉變以及 ETF 早期取得的非凡成功的背離值得投資者和行業觀察人士密切關注。