比特币 ETF：创纪录的涌入但影响不大

最近，美国比特币ETF的资本规模突破了200亿美元的门槛，而且这一势头没有放缓的迹象。

Bitcoin ETFs have recently crossed the 20 billion dollar threshold in capital within the United States, and this momentum continues unabated. From one continent to another, investors are flocking to these financial instruments, enticed by the promise of swift gains. Europe is not lagging behind, with over 105 billion dollars being invested in Bitcoin ETFs in 2024, setting a new record. But then, why is the price of BTC struggling to breach the symbolic barrier of 70,000 dollars?

比特币 ETF 最近在美国突破了 200 亿美元的资本门槛，并且这一势头有增无减。从一个大陆到另一个大陆，投资者在快速收益的诱惑下纷纷涌向这些金融工具。欧洲也不甘落后，2024 年比特币 ETF 投资额将超过 1050 亿美元，创下新纪录。那么，为什么 BTC 的价格难以突破 70,000 美元的象征性关口呢？

Bitcoin ETFs: A record influx but a muted impact

比特币 ETF：创纪录的涌入但影响不大

European investors have poured over 105 billion dollars into Bitcoin ETFs in the United States this year, smashing all previous records. This wave of investments is not limited to Europe; Asian flows are also surging.

今年，欧洲投资者已向美国的比特币 ETF 注入了超过 1050 亿美元，打破了之前的所有记录。这波投资热潮不仅限于欧洲；亚洲的资金流动也在激增。

Despite this enthusiasm, the price of Bitcoin has remained stuck below 70,000 dollars since July.

尽管存在这种热情，但自 7 月份以来，比特币的价格一直徘徊在 70,000 美元以下。

A Bloomberg analyst, Eric Balchunas, noted that these massive inflows do not have an immediate effect on the market as some traders use ETFs as “exit liquidity.”

彭博社分析师埃里克·巴尔丘纳斯 (Eric Balchunas) 指出，这些大量资金流入不会对市场产生立竿见影的影响，因为一些交易员使用 ETF 作为“退出流动性”。

Stagnation of BTC price despite records

尽管有记录，但比特币价格仍停滞不前

The price of Bitcoin, though bolstered by ETF inflows, has failed to cross the make-or-break threshold of 69,500 dollars, a crucial signal for an impending rally. This situation persists despite six consecutive days of net positive inflows into ETFs, peaking at 555 million dollars on October 14, which only triggered a transient 5% increase.

比特币的价格虽然受到 ETF 流入的提振，但未能突破 69,500 美元的成败门槛，这是即将上涨的关键信号。尽管ETF连续六天净流入，这种情况仍然持续，并在10月14日达到5.55亿美元的峰值，仅引发了短暂的5%的增长。

According to Bitfinex analysts, the delay in the impact of ETF inflows can be attributed to the sequence of transactions in the market. The strong initial demand is typically followed by a correction as the momentum fizzles out.

Bitfinex分析师表示，ETF流入影响的延迟可归因于市场交易的顺序。强劲的初始需求通常会随着动力的减弱而出现修正。

Hence, market participants should exercise caution as the rise of Bitcoin ETFs could soon dictate market flows. Heavyweights like BlackRock and Grayscale have certainly not exhausted their options.

因此，市场参与者应谨慎行事，因为比特币 ETF 的崛起可能很快就会决定市场流动。像贝莱德和灰度这样的重量级公司当然还没有用尽他们的选择。

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La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose, à minima. Mais en attendant, restez connectés les amis, car ici, on ne lâche rien !

区块链和加密革命正在进行中！当世界上最脆弱的经济体感受到影响的那一天，尽管一切希望都没有，我会说，至少我与它有关。但与此同时，请继续关注朋友们，因为在这里，我们不会放弃！