专家表示，尽管比特币 ETF 遭遇了最严重的资金外流，但仍表现良好

8 月底和 9 月初，投资者连续八天从基金中撤资约 12 亿美元，这是迄今为止最长的连续撤资记录。

Investors pulled roughly $1.2 billion out of the 12 U.S. spot exchange-traded funds (ETFs) over eight consecutive days in late August and early September. While that might seem concerning on its face, it's more likely a sign of healthy growth, an ETF expert says.

8 月底和 9 月初，投资者连续八天从 12 只美国现货交易所交易基金 (ETF) 中撤资约 12 亿美元。一位 ETF 专家表示，虽然从表面上看这似乎令人担忧，但它更有可能是健康增长的迹象。

“This is going to be two steps forward, one step back,” Eric Balchunas, senior ETF analyst at Bloomberg, told CoinDesk. "That’s the way many ETF categories are born and mature,” he said. “Nothing goes up in a straight line – flow-wise – ever because ETFs service long term investors and traders.”

彭博社高级 ETF 分析师 Eric Balchunas 告诉 CoinDesk：“这将是前进两步，后退一步。”他说：“这就是许多 ETF 类别诞生和成熟的方式。”“从流量角度来看，没有什么是直线上升的，因为 ETF 为长期投资者和交易者提供服务。”

The funds bled roughly $1.2 billion worth of bitcoin (BTC) between Aug. 27 and Sept. 6, according to data from Farside Investors. At eight, that was the most consecutive days of net outflows that the ETFs have experienced since launching on Jan. 12.

根据 Farside Investors 的数据，这些基金在 8 月 27 日至 9 月 6 日期间流失了价值约 12 亿美元的比特币 (BTC)。 8 日是 ETF 自 1 月 12 日推出以来连续净流出最多的日子。

The $1.2 billion represented roughly 3% of total assets in the funds, which, according to Bianco Research, stood at $46 billion after the outflows. A worrisome number, Balchunas said, would be more like 15%-20%.

这 12 亿美元约占这些基金总资产的 3%，根据 Bianco Research 的数据，资金流出后该基金总资产为 460 亿美元。巴尔丘纳斯表示，一个令人担忧的数字大概是 15%-20%。

The ETF issuers have mostly been blessed with sizable amounts of cash flowing into their newly-opened funds. In their first two months of trading, the ETFs saw net inflows totallng $12 billion, according to Bianco Research. Not as bullish on the funds as Balchunas, Bianco noted that the pace of inflows has since slowed, with just $4 billion of new money over the next six months, including only $1 billion over the past three months.

ETF 发行人大多幸运地拥有大量现金流入其新设立的基金。 Bianco Research 的数据显示，在交易的前两个月，ETF 的净流入总额达到 120 亿美元。 Bianco 并不像 Balchunas 那样看好这些基金，他指出，此后流入的速度已经放缓，未来 6 个月仅新增 40 亿美元资金，其中过去 3 个月仅流入 10 亿美元。

“The key to building a category isn't so much taking in money when there's good times, but it's limiting the outflows at bad times and I've seen these Bitcoin ETFs do a great job in the latter,” Balchunas said, referring to recent large price sell-offs associated with Mt. Gox and the German government, during which the ETFs quickly reverted to inflows after seeing only modest exits of money.

Balchunas 表示：“建立一个类别的关键不在于在经济景气时吸纳大量资金，而在于在经济不景气时限制资金流出，我已经看到这些比特币 ETF 在后者方面表现出色。”最近与 Mt. Gox 和德国政府相关的大规模价格抛售，在此期间 ETF 在看到资金小幅退出后迅速恢复流入。

“The [ETFs have] really done a good job keeping bitcoin out of the abyss,” Balchunas said. “They have saved bitcoin’s butt a couple times in the past couple months, from real, real depths.”

“ETF 确实在让比特币远离深渊方面做得很好，”巴尔丘纳斯说。 “在过去的几个月里，他们已经多次从真正的深度拯救了比特币。”