加密货币基金遭受三月以来最大损失，比特币领跌

加密货币基金继前一周大量流入 20 亿美元后，上周流出 6 亿美元，结束了最近五周内 43.5 亿美元的流入。

Crypto funds witnessed outflows last week after an intense $2 billion inflow in the prior week, bringing a recent $4.35 billion inflow run over five weeks to an end. The outflow recorded, according to CoinShares data, was the largest since March 22, 2024, and it occurred under comparable circumstances. Notably, the outflow ending March 22 came after a period of significant inflows totaling $3 billion in the week prior. Investors had to pull out their exposure to more stable assets due to the outcome of the FOMC meeting.

加密货币基金在前一周大量流入 20 亿美元后，上周出现资金流出，结束了最近五周内 43.5 亿美元的流入。根据 CoinShares 的数据，此次流出是 2024 年 3 月 22 日以来最大的一次，而且是在类似情况下发生的。值得注意的是，截至 3 月 22 日的资金流出是在前一周出现总计 30 亿美元的大幅流入之后发生的。由于联邦公开市场委员会会议的结果，投资者不得不撤出更稳定的资产。

However, this time around, the outflows were primarily driven by a corresponding drop in the price of Bitcoin throughout the week and a more hawkish-than-expected Federal Open Market Committee (FOMC) meeting. Crypto funds witnessed outflows of $600 million last week, and the outflows were concentrated in Bitcoin and Solana funds, which saw $621 million and $0.2 million exits, respectively. These outflows come despite a more upbeat outlook for the crypto market, which was evident in the five weeks of consecutive inflows prior.

然而，这一次的资金外流主要是由于本周比特币价格的相应下跌以及联邦公开市场委员会（FOMC）会议的态度比预期更加鹰派。加密货币基金上周流出 6 亿美元，流出主要集中在比特币和 Solana 基金，分别流出 6.21 亿美元和 20 万美元。尽管加密货币市场的前景更为乐观，但这些资金流出还是出现了，这一点在之前连续五周的资金流入中就很明显。

The FOMC meeting saw interest rates hold at 5.25%-5.50%, which was higher than the 5.00% that markets were expecting. This led investors to pull out of crypto, which is seen as a risky, speculative asset.

FOMC会议将利率维持在5.25%-5.50%，高于市场预期的5.00%。这导致投资者退出加密货币，因为加密货币被视为一种高风险的投机资产。

Unsurprisingly, most of the outflows came from Bitcoin, with crypto funds of the leading crypto asset losing about $621 million. Furthermore, the majority of this Bitcoin outflow was registered in Spot Bitcoin ETFs trading in the US. According to data, Spot Bitcoin ETFs witnessed outflows every day last week, save for a $100.8 million inflow on June 12. As a result, these Bitcoin ETFs registered a total of $580 million in outflows last week. The negative Bitcoin investor sentiment was also reflected in short Bitcoin products receiving $1.8 million worth of inflows.

不出所料，大部分资金流出来自比特币，领先加密资产的加密基金损失约 6.21 亿美元。此外，大部分比特币流出都是在美国的现货比特币 ETF 交易中进行的。数据显示，除了 6 月 12 日流入 1.008 亿美元外，现货比特币 ETF 上周每天都有资金流出。因此，这些比特币 ETF 上周总共流出 5.8 亿美元。比特币投资者的负面情绪也反映在做空比特币产品获得了价值 180 万美元的资金流入。

Solana, which also had a rough week in terms of price action, recorded $0.2 million of outflows in its investment products. In addition, multi-asset investment products experienced outflows amounting to $1.1 million. Trading volume averaged around $11 billion for the week, well below the $22 billion weekly average for the year. These outflows and little trading volume saw the total assets under management (AuM) fall from over $100 billion to $94 billion over the week.

Solana 的价格走势也经历了艰难的一周，其投资产品流出了 20 万美元。此外，多资产投资产品的资金流出达110万美元。本周平均交易量约为 110 亿美元，远低于全年 220 亿美元的周平均交易量。这些资金外流和少量交易量导致一周内管理总资产 (AuM) 从超过 1000 亿美元下降至 940 亿美元。

On the other hand, Ethereum received $13.1 million in outflows as investor interests continued to grow in anticipation of the launch of Spot Ethereum ETFs. BNB, Litecoin, XRP, Chainlink, and Cardano also witnessed inflows of $0.3 million, $0.8 million, $1.1 million, $0.7 million, and $0.8 million, respectively.

另一方面，由于投资者对现货以太坊 ETF 的推出预期兴趣持续增长，以太坊收到了 1310 万美元的资金流出。 BNB、莱特币、XRP、Chainlink 和 Cardano 的资金流入也分别为 30 万美元、80 万美元、110 万美元、70 万美元和 80 万美元。