比特币在没有催化剂的情况下举步维艰，ETF 流量令人失望

比特币徘徊在 61,000 美元左右，在缺乏主要催化剂的情况下难以维持势头。持续加息的威胁抑制了对包括比特币在内的风险资产的需求。尽管 ETF 资金流入带来了一些希望，但美国上市 ETF 的资金流入有限，周一的资金流入仅带来了适度的收益，抵消了周二的资金流出。

Bitcoin Struggles Amidst Lack of Catalyst, ETF Flows Underwhelm

比特币在缺乏催化剂的情况下挣扎，ETF流动性低迷

Bitcoin (BTC) is grappling to maintain support at $61,000 as Thursday's trading session commences, with the absence of any significant catalyst dampening market sentiment. Simultaneously, the specter of prolonged high-interest rates weighs on demand for riskier assets, including Bitcoin.

截至周四交易时段开始，比特币 (BTC) 正努力维持在 61,000 美元的支撑位，缺乏任何重大催化剂抑制市场情绪。与此同时，长期高利率的幽灵打压了对包括比特币在内的高风险资产的需求。

Technical analysis by TradingView reveals that a concerted effort by bears on Wednesday breached support at $62,000, pushing Bitcoin to a low of $60,605 during the early hours of Thursday. However, bulls managed to halt the decline and regain levels above $62,000.

TradingView 的技术分析显示，周三空头齐心协力突破了 62,000 美元的支撑位，推动比特币在周四凌晨跌至 60,605 美元的低点。然而，多头成功止住跌势并重回 62,000 美元上方。

At the time of writing, BTC hovers around $62,220, exhibiting a modest 0.28% increase on the 24-hour chart.

截至撰写本文时，BTC 徘徊在 62,220 美元附近，24 小时图表上小幅上涨 0.28%。

With no notable catalyst on the horizon and the halving event now in the rearview mirror, market participants have turned their attention to exchange-traded funds (ETFs) as an indicator of investor interest. However, current ETF flows paint a lackluster picture.

由于没有明显的催化剂出现，且减半事件已成为过去，市场参与者已将注意力转向交易所交易基金（ETF），将其作为投资者兴趣的指标。然而，目前的 ETF 资金流向却十分黯淡。

As per data from Farside, inflows into U.S.-listed ETFs were virtually flat on Wednesday, with ten out of eleven products recording zero net flows. The sole exception was the Bitwise Bitcoin ETF (BITB), which saw $11.5 million in inflows.

根据 Farside 的数据，周三流入美国上市 ETF 的资金几乎持平，十一种产品中有十种净流量为零。唯一的例外是 Bitwise 比特币 ETF (BITB)，该基金的资金流入为 1150 万美元。

Overall, the week has been positive from a net flow perspective, with Monday witnessing inflows of $217 million. A net outflow of $15.7 million was recorded on Tuesday, resulting in a provisional weekly total of $212.8 million in inflows. This indicates that flows are beginning to stabilize.

总体而言，从净流量角度来看，本周是积极的，周一流入 2.17 亿美元。周二录得净流出 1,570 万美元，导致每周临时流入总额为 2.128 亿美元。这表明流量开始稳定。

Broadening the scope to the global stage, a report by Fineqia International paints a somewhat different picture. It highlights a 64% growth in total Assets Under Management (AUM) for cryptocurrency-related exchange-traded products (ETPs) year-to-date, reflecting continued investor interest.

Fineqia International 的一份报告将范围扩大到全球舞台，描绘了一幅略有不同的景象。报告强调，今年迄今为止，加密货币相关交易所交易产品 (ETP) 的管理总资产 (AUM) 增长了 64%，反映了投资者持续的兴趣。

However, the report also notes a 14.2% decline in total AUM on a month-to-month basis from $94.4 billion at the end of March to $81 billion.

不过，报告还指出，总资产管理规模环比下降 14.2%，从 3 月底的 944 亿美元降至 810 亿美元。

"The entire market value of digital assets decreased by 18.8%, to about $2.29 trillion from $2.82 trillion in April," analysts at Finequia observed. "Even amid the market decline, financial products backed by digital assets maintained a 24.5% premium over the digital assets market, in line with the trend seen in Q1. Year-to-date, ETPs holding digital assets rose 64% in AUM, while the digital assets market cap increased by 29.2%. This highlights a premium growth for ETPs of roughly 117% compared to the relative underlying."

Finequia 分析师表示：“数字资产的总市值从 4 月份的 2.82 万亿美元下降至约 2.29 万亿美元，下降了 18.8%。” “即使在市场下滑的情况下，数字资产支持的金融产品仍相对于数字资产市场保持 24.5% 的溢价，与第一季度的趋势一致。年初至今，持有数字资产的 ETP 的管理规模增长了 64%，而数字资产市值增长了 29.2%，这凸显了 ETP 相对于相关基础资产的溢价增长约为 117%。”

They attribute this surge in premium primarily to the launch of spot BTC ETFs in the U.S., which "stimulated capital inflows into financial products featuring digital assets as underlying assets throughout Q1."

他们将溢价飙升主要归因于美国推出现货 BTC ETF，这“刺激了第一季度资本流入以数字资产为基础资产的金融产品”。

"It's fully baked now," asserted Bundeep Singh Rangar, CEO of Fineqia. "With the initial surge from the SEC's yeast impact having cooled off, the loaves are ready and being served on the ETF and ETN shelves worldwide."

Fineqia 首席执行官 Bundeep Singh Rangar 表示：“现在已经完全出炉了。” “随着 SEC 酵母影响最初激增的影响逐渐降温，面包已经准备好并在全球 ETF 和 ETN 货架上供应。”

Last week witnessed the launch of three Bitcoin and three Ether (ETH) ETFs in Hong Kong, and the report predicts that "the U.K. is poised to follow suit shortly." It also highlights the regulatory progress in countries such as Singapore, Japan, South Korea, and Thailand towards creating more conducive environments for digital asset-backed products.

上周，香港推出了三只比特币和三只以太坊 (ETH) ETF，报告预测“英国很快就会效仿”。它还强调了新加坡、日本、韩国和泰国等国家在为数字资产支持产品创造更有利环境方面取得的监管进展。

The report further reveals a 13.6% decline in BTC value during April, from $69,650 to $60,150, accompanied by a 13.2% reduction in AUM for ETPs with BTC as their underlying asset. This suggests a generally neutral trend throughout April, with the decline in AUM mirroring the decrease in the underlying asset's value. Year-to-date, ETPs holding BTC have exhibited a 77.7% increase, while the BTC value has risen by 42.2%, implying an 84% premium growth for BTC-backed financial products in 2024.

该报告进一步显示，4 月份 BTC 价值下降了 13.6%，从 69,650 美元跌至 60,150 美元，同时以 BTC 作为标的资产的 ETP 的 AUM 也减少了 13.2%。这表明整个 4 月份的趋势总体呈中性，资产管理规模的下降反映了基础资产价值的下降。今年迄今为止，持有 BTC 的 ETP 增长了 77.7%，而 BTC 价值则上涨了 42.2%，这意味着 2024 年 BTC 支持的金融产品溢价将增长 84%。

Ether followed a similar trajectory, experiencing a 14.9% drop in April. This coincided with a 16.4% decline in AUM for ETH-denominated ETPs, further strengthening the correlation between ETP performance and the underlying assets. Year-to-date, ETPs holding ETH have exhibited a 26.6% increase, while the ETH value has grown by 31.1%.

以太币也遵循类似的轨迹，4 月份下跌了 14.9%。与此同时，以 ETH 计价的 ETP 的 AUM 下降了 16.4%，进一步加强了 ETP 表现与基础资产之间的相关性。今年迄今为止，持有 ETH 的 ETP 增长了 26.6%，而 ETH 的价值则增长了 31.1%。

"This emphasizes how the rising expectation amongst market contributors of the SEC rejecting the approval of ETH Spot ETFs in May has led to a decrease in institutional exposure to ETH in favor of BTC," the analysts explained.

分析师解释说：“这强调了 SEC 市场贡献者在 5 月份拒绝批准 ETH 现货 ETF 的预期不断上升，导致机构对 ETH 的投资减少，转而青睐 BTC。”

Diversified cryptocurrency ETFs, including those representing a basket of other coins, also witnessed significant declines in April, underscoring the broad-based nature of the pullback following the bull market rally that commenced in January 2023.

多元化的加密货币 ETF，包括代表一篮子其他代币的 ETF，在 4 月份也出现了大幅下跌，突显了 2023 年 1 月开始的牛市反弹后回调的广泛性质。

While ETF flows remain underwhelming and point towards lateral price movement in the short term, crypto investor Elija provided an optimistic perspective from an on-chain analysis viewpoint. He highlighted that Bitcoin's network fundamentals "signify a 300% gain from the current stage," indicating that the Bitcoin peak for this cycle "could be somewhere between $250,000 and $275,000."

虽然 ETF 流量仍然平淡，并表明短期内价格会出现横向波动，但加密货币投资者 Elija 从链上分析的角度提供了乐观的观点。他强调，比特币的网络基本面“意味着当前阶段的涨幅为 300%”，这表明本周期的比特币峰值“可能在 250,000 美元到 275,000 美元之间”。