尽管现货 ETF 流入，但比特币为何仍停滞不前

Glassnode 在一份新报告中讨论了尽管资金流入现货交易所交易基金（ETF），但比特币横盘整理背后的原因。

Glassnode has discussed in a new report the reasons behind Bitcoin moving sideways despite inflows into the spot exchange-traded funds (ETFs).

Glassnode 在一份新报告中讨论了尽管资金流入现货交易所交易基金（ETF），但比特币横盘整理背后的原因。

Why Bitcoin Has Been Stagnant Despite Spot ETF Inflows

尽管现货 ETF 流入，但比特币为何仍停滞不前

In its latest weekly report, the analytics firm has talked about how the impressive inflows into the US spot ETFs have failed to make the price break its sideways trend.

在其最新的每周报告中，该分析公司谈到了美国现货 ETF 的大量资金流入未能使价格突破横盘趋势。

The spot ETFs, which the US Securities And Exchange Commission (SEC) approved in January of this year, have provided investors with an alternate means of gaining exposure to the cryptocurrency.

美国证券交易委员会 (SEC) 今年 1 月批准的现货 ETF 为投资者提供了另一种投资加密货币的方式。

These funds buy and hold Bitcoin on behalf of their users, letting them get indirect exposure to the coin’s price movements without having to own the asset itself.

这些基金代表其用户购买并持有比特币，让他们能够间接接触比特币的价格走势，而无需拥有资产本身。

The more traditional investors, who don’t want to attempt to navigate cryptocurrency exchanges and wallets, have found the spot ETFs to be a comfortable investment option.

不想尝试浏览加密货币交易所和钱包的传统投资者发现现货 ETF 是一种舒适的投资选择。

Since their launch, the spot ETFs have brought large demand for the asset. Initially, these fresh capital inflows helped BTC rise to a new all-time high (ATH), but recently, the asset has been consolidating.

自推出以来，现货ETF带来了对该资产的大量需求。最初，这些新的资本流入帮助比特币升至历史新高（ATH），但最近该资产一直在整合。

Below is a chart that shows how the combined reserve of these funds compares against the other large entities in the sector.

下面的图表显示了这些基金的合并准备金与该行业其他大型实体的比较。

From the graph, it’s visible that the spot ETFs hold 862,000 BTC. This is more than what the miners (excluding Patoshi) hold (706,000 BTC) but notably less than the reserve of the centralized exchanges (2.3 million BTC).

从图中可以看出，现货ETF持有862,000 BTC。这超过了矿工（不包括 Patoshi）持有的（706,000 BTC），但明显低于中心化交易所的储备（230 万 BTC）。

Glassnode has noted that the cryptocurrency exchange Coinbase alone holds a big part of the total exchange reserve and the US spot ETF balance through its custody service.

Glassnode 指出，仅加密货币交易所 Coinbase 通过其托管服务就持有外汇储备总额和美国现货 ETF 余额的很大一部分。

“With Coinbase serving both ETF clients and conventional on-chain asset holders, the gravity of the exchange in the market pricing process has become significant,” reads the report.

报告中写道：“随着 Coinbase 为 ETF 客户和传统链上资产持有者提供服务，交易所在市场定价过程中的重要性变得非常重要。”

The data for the whale deposits to the platform reveal a rising trend until mid-April.

平台上的鲸鱼存款数据显示，截至 4 月中旬，鲸鱼存款呈上升趋势。

According to the analytics firm, a significant portion of these whale deposits had come from the Grayscale Bitcoin Trust (GBTC), adding to the selling pressure in the market.

据该分析公司称，这些鲸鱼存款的很大一部分来自灰度比特币信托基金（GBTC），这增加了市场的抛售压力。

The whale exchange inflows shooting up may partly explain why the spot ETFs haven’t proven as effective. Another factor behind the consolidation can be the trend in the futures market.

鲸鱼交易所资金流入激增可能部分解释了为什么现货 ETF 尚未被证明有效。盘整背后的另一个因素可能是期货市场的趋势。

The chart below shows that the CME’s future open interest has recently been at high levels.

下图显示，CME 的未来持仓量近期处于高位。

The report thinks this could signal that an increasing number of traders have been adopting a cash-and-carry arbitrage strategy.

报告认为，这可能表明越来越多的交易者一直在采用现付套利策略。

This arbitrage involves a market-neutral position, coupling the purchase of a long spot position, and the sale (short) of a position in a futures contract of the same underlying asset which is trading at a premium.

这种套利涉及市场中性头寸，将现货多头头寸的购买与溢价交易的同一标的资产的期货合约头寸的出售（空头）结合起来。

This could explain why the spot ETF inflows have only been able to have a neutral impact on the prices in the Bitcoin market recently.

这可以解释为什么现货 ETF 流入最近只能对比特币市场的价格产生中性影响。

BTC Price

比特币价格

Bitcoin has swiftly recovered more than 4% in the past 24 hours as its price is now back above $69,700.

比特币在过去 24 小时内迅速反弹超过 4%，目前其价格已回到 69,700 美元以上。