分析师：比特币 ETF 零流入是常态，并非疲软迹象

彭博社 ETF 分析师 James Seyffart 表示，近期比特币 ETF 资金流入不足是正常现象，不应被解读为失败。通常情况下，大多数 ETF 在任何一天的流入量都是零，只有当供需严重不匹配并且创建单位足够大以证明有理由利用基础市场时才会出现流出。

Bitcoin ETFs' Zero Inflow Days: A Normal Occurrence, Analyst Stresses

分析师强调，比特币 ETF 的零流入天数是正常现象

James Seyffart, Bloomberg ETF analyst, has dispelled concerns regarding days of zero inflows for Bitcoin exchange-traded funds (ETFs), emphasizing that it is a typical phenomenon and not indicative of product failure.

彭博 ETF 分析师 James Seyffart 消除了人们对比特币交易所交易基金 (ETF) 连续几天零流入的担忧，强调这是一种典型现象，并不表示产品失败。

In a recent analysis, Seyffart noted that the vast majority of United States ETFs experience no inflows on most days, a pattern observed across various sectors. He explained that out of approximately 3,500 ETFs in the U.S., close to 2,900 had zero inflows on a particular day.

Seyffart 在最近的分析中指出，绝大多数美国 ETF 在大多数日子里都没有资金流入，这是在各个行业中观察到的模式。他解释说，在美国大约 3,500 只 ETF 中，有近 2,900 只在某一天的资金流入为零。

Despite concerns raised by some market commentators about lackluster inflows into U.S.-based Bitcoin ETFs, Seyffart attributed this to the nature of inflow recording. According to Seyffart, an ETF records inflows or outflows only when there is a significant supply-demand mismatch that warrants the creation or destruction of new fund shares.

尽管一些市场评论员对美国比特币 ETF 的资金流入乏力表示担忧，但 Seyffart 将其归因于资金流入记录的性质。 Seyffart 表示，只有当存在严重的供需不匹配、需要创建或销毁新基金份额时，ETF 才会记录资金流入或流出。

"This ONLY happens when there is a mismatch in supply [and] demand. And that mismatch has to be large enough to justify tapping the underlying market and a ~bigger mismatch than a creation unit," Seyffart explained.

“这种情况只有在供应和需求不匹配时才会发生。这种不匹配必须足够大，才能证明利用基础市场和比创造单位更大的不匹配是合理的，”塞法特解释道。

Furthermore, Seyffart elaborated on creation units, which represent batches of ETF shares created or redeemed. He observed that different ETFs may have varying creation unit sizes, with spot Bitcoin ETFs typically ranging from 5,000 to 50,000 shares per block.

此外，Seyffart 详细阐述了创建单位，它代表创建或赎回的批次 ETF 份额。他观察到，不同的 ETF 可能具有不同的创建单位规模，现货比特币 ETF 通常每块 5,000 到 50,000 股不等。

In the past week, four out of six trading days have witnessed net outflows from all ten spot Bitcoin products in the U.S., with Grayscale Bitcoin Trust (GBTC) facing substantial selling pressure. According to Farside Investors' preliminary data, GBTC experienced $79.4 million in outflows on April 16, while the ARK 21Shares Bitcoin ETF (ARKB) saw $12.9 million in outflows.

过去一周，美国所有十种现货比特币产品中有六分之四出现净流出，灰度比特币信托（GBTC）面临巨大抛售压力。根据 Farside Investors 的初步数据，4 月 16 日，GBTC 经历了 7940 万美元的资金流出，而 ARK 21Shares 比特币 ETF (ARKB) 的资金流出为 1290 万美元。

Total net outflows for all ETFs on April 14 and 15 stood at $55.1 million and $36.7 million, respectively.

4 月 14 日和 15 日所有 ETF 的净流出总额分别为 5510 万美元和 3670 万美元。

The recent outflows coincide with a decline in Bitcoin's price, which has dropped by 7.8% on the week, falling to $63,723. Experts attribute this volatility to escalating geopolitical tensions in the Middle East and the upcoming Bitcoin halving event, expected to occur on April 20.

最近的资金流出恰逢比特币价格下跌，本周比特币价格下跌 7.8%，跌至 63,723 美元。专家将这种波动归因于中东地缘政治紧张局势不断升级以及即将到来的比特币减半事件（预计将于 4 月 20 日发生）。

Despite the recent outflows, market observers maintain that Bitcoin ETFs remain a relevant investment vehicle for accessing digital assets within the traditional financial ecosystem. As the cryptocurrency industry continues to evolve, it is expected that inflows into Bitcoin ETFs will fluctuate in response to market dynamics.

尽管最近出现资金外流，但市场观察人士仍然认为，比特币 ETF 仍然是在传统金融生态系统中获取数字资产的相关投资工具。随着加密货币行业的不断发展，预计比特币 ETF 的资金流入将根据市场动态而波动。