美国比特币ETF将其连胜延长至六个会议

美国现货比特币ETF周三公布了6.09亿美元的净流入，将其连胜延长至六次。

U.S. spot Bitcoin ETFs posted net outflows of $609 million on Wednesday, extending their streak to six straight sessions. Following the increased demand by institutions, bitcoin pushed higher to a new all-time high of over $111,000, driven partly but not solely by ETF activity. The trading volume across 12 U.S.-listed spot Bitcoin ETFs reached $7.64 billion, the highest since late February.

美国现货比特币ETF周三发布了6.09亿美元的净流出，将其连胜延长至六个会议。随着机构需求的增加，比特币将更高的历史最高升高到111,000美元以上，部分是由ETF活动驱动的。自2月下旬以来，12个美国现货比特币ETF的交易量达到76.4亿美元。

After Bitcoin broke past around $109,000 within 24 hours earlier this week, the demand for ETFs soared. It coincided with wider positive crypto market momentum and increased crypto market participation. Cumulative net inflows so far are $43.38 billion since launch, with total May inflows of $4.24 billion.

在本周早些时候24小时内比特币在24小时内损失了大约109,000美元之后，对ETF的需求飙升。它与更广泛的积极加密市场动力和加密货币市场的参与增加。迄今为止，累计净流入量为43.8亿美元，总计可能流入42.4亿美元。

Volume is still strong, and prices are strong, which shows that institutional and retail interest is up. Spot Bitcoin ETF activity confirms strong underlying demand and a favorable liquidity environment. Against this backdrop, U.S.-listed digital asset products continue to draw more inflows.

数量仍然很强，而且价格很高，这表明机构和零售利息正在上升。点比特币ETF活动证实了强劲的潜在需求和有利的流动性环境。在这种背景下，美国上市的数字资产产品继续吸引更多的流入。

According to SoSoValue data, net outflows from U.S.-listed digital asset products totaled $1.19 billion last week, marking the third week of outflows. However, this pales in comparison to the massive inflows seen earlier this year.

根据Sosovalue数据，上周在美国上市的数字资产产品中的净流出总计11.9亿美元，这是第三周的流出。但是，与今年早些时候看到的大量流入相比，这显得苍白。

The latest round of data also showed that institutional investors pulled back slightly from their bullish bets on Bitcoin, while they increased their bullish exposure to Ethereum.

最新一轮的数据还表明，机构投资者从对比特币的看涨赌注中略微退缩，而他们增加了对以太坊的看涨。

After a stellar performance in April, which saw a record-high $3.43 billion in net inflows, U.S.-listed crypto products suffered outflows in May for the first time since November 2022.

在四月份的出色表现（净流入净流入率达到创纪录的34.3亿美元）之后，美国上市的加密产品在2022年11月以来的5月首次流出。

Despite the recent outflows, the overall picture remains bright, with institutional investors continuing to diversify their portfolios with digital assets.

尽管最近出现了流出，但整体情况仍然很光明，机构投资者继续通过数字资产使投资组合多样化。

This trend is likely to continue as more macroeconomic and regulatory uncertainties emerge, rendering cryptocurrencies an increasingly appealing asset class for institutions to allocate capital to.

随着出现更多的宏观经济和监管不确定性，这种趋势可能会持续下去，这使加密货币成为越来越有吸引力的资产类别，可以将资本分配给资本。

Among the U.S. ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) saw an outflow of $530.6 million on Wednesday. Net outflows of over $20 million were seen to Fidelity’s FBTC, Bitwise’s BITC and Grayscale’s Mini Bitcoin Trust. These four funds accounted for most of the capital exiting the Bitcoin ETF market.

在美国ETF中，贝莱德（BlackRock）的iShares比特币信托基金（IBIT）在周三的流出量为5.306亿美元。可以看到超过2000万美元的净流出，这是Fidelity的FBTC，Bitwise的BITC和Grayscale的迷你比特币信托。这四个基金占了退出比特币ETF市场的大部分资本。

Meanwhile, net positive flows came elsewhere, including from other providers like VanEck, Ark & 21Shares, and Valkyrie. All fund activities remained stable, showing wide participation in the ongoing rally. Trading interest spiked, confirming renewed confidence in spot Bitcoin ETF structures.

同时，净积极流量来了其他地方，包括来自Vaneck，Ark＆21Shares和Valkyrie等其他提供商。所有基金活动都保持稳定，显示出广泛参加正在进行的集会。交易兴趣激增，证实了对现货比特币ETF结构的新信心。

Collectively, the 12 spot Bitcoin ETFs saw their highest trading day in nearly three months. Constant outflows contributed to continuing the strength of market sentiment and the liquidity depth—a strong directional bias on Bitcoin-related products is revealed in the form of net outflows.

总体而言，这12个比特币ETF在近三个月内看到了他们最高的交易日。恒定的流出有助于延续市场情绪和流动性深度 - 与比特币相关产品的强烈定向偏见以净流出的形式揭示。

Bitcoin Liquidity and Metrics Signal Bullish Setup

比特币流动性和指标信号看涨

Market liquidity and order book positioning signal continued upside for Bitcoin in the shorter term, according to Hyblock Capital. Now, its Combined Books metric has climbed into the 98th percentile over 90 days, indicating more action. There has also been a jump in open interest to the 96th percentile on major exchanges. According to Hyblock, the support zone at $101,000 to $102,500 repeatedly saw long positions enter on key platforms. Within this band, we find a pattern of trapping short sellers and increasing long exposure with limit orders. It’s also worth noting that cumulative volume delta shows breakout potential if net buying crosses $250 million.

根据Hyblock Capital的说法，在较短的期限内，比特币的市场流动性和订单簿定位信号继续上涨。现在，其合并的书籍指标已在90天内攀升至第98个百分位数，这表明采取了更多的行动。在主要交易所中，第96个百分点的公开兴趣也引起了人们的兴趣。根据Hyblock的说法，支持区为101,000美元至102,500美元，反复看到了很长的位置。在该乐队中，我们发现了一种诱捕短卖方并增加限制订单的长时间曝光的模式。还值得注意的是，如果净购买额超过2.5亿美元，则累计数量达美航空显示出突破的潜力。

Lower retail long exposure remains a key indicator for sustained gains, as retail participation is a key indicator. However, a net drop below $500 million might not be long before reversals come into the equation. These signals suggest the Bitcoin ETF market remains well-positioned for further growth.

零售长期暴露仍然是持续增长的关键指标，因为零售参与是关键指标。但是，低于5亿美元的净下降可能不久之后逆转等式。这些信号表明，比特币ETF市场仍然有充分的位置，以进一步增长。

Macro Trends Reinforce Bitcoin ETF Momentum

宏趋势增强比特币ETF动量

Persistent inflation concerns and rate cut expectations continue to boost Bitcoin’s appeal as a hedge among macro-focused participants. Last week, the U.S., Germany, and Hong Kong led inflows, while Sweden, Canada, and Brazil led outflows. This gap in activity illustrates changing tastes for digital asset exposure across various geopolitical regimes.

持续的通货膨胀率关注和降低期望继续提高比特币作为宏观注重参与者的树篱的吸引力。上周，美国，德国和香港领导了流入，而瑞典，加拿大和巴西领导了外流。活动差距说明了各种地缘政治制度中数字资产暴露的口味变化。

Bitcoin led digital asset inflows with $557 million last week, down slightly but still dominating all categories. Short-Bitcoin products also posted modest gains, suggesting hedging activity alongside bullish positioning.

比特币领导数字资产流入，上周为5.57亿美元，略有下降，但仍在所有类别中占主导地位。短币产品还发布了适度的收益，这表明与看涨的定位一起进行对冲活动。

After a stellar performance in April, which saw a record-high $3.43 billion in net inflows, U.S.-listed crypto products suffered outflows in May for the first time since November 2022. Despite the recent outflows, the overall picture remains

在四月份的表现出色之后，净流入率达到了创纪录的34.3亿美元，美国上市的加密产品自2022年11月以来的5月首次流出。尽管最近出现了，但整体情况仍然存在