随着比特币融资利率、ETF 需求暴跌，加密货币市场跳水

在加密市场寻找新动力的过程中，加密世界的目光转向了香港，该地区正准备推出自己的现货比特币 ETF。这些 ETF 是否能够满足美国同行的一小部分需求，还有待观察。

Crypto Market Turns Bearish as Bitcoin Funding Rates Hit Three-Year Low

比特币融资利率触及三年低点，加密货币市场转为看跌

Hong Kong's Spot-Bitcoin ETFs Set to Debut Amidst Market Turmoil

香港现货比特币 ETF 将在市场动荡中首次亮相

Bitcoin Traders Lose Enthusiasm, Casting Doubt on ETF Demand

比特币交易者失去热情，对 ETF 需求产生怀疑

The crypto market, once abuzz with bullish sentiment, has hit a roadblock as Bitcoin funding rates plunge to their lowest level in three years, indicating a cooling of demand for the world's largest cryptocurrency.

随着比特币融资利率跌至三年来的最低水平，一度充满看涨情绪的加密货币市场遇到了障碍，这表明对全球最大加密货币的需求正在降温。

According to data from CryptoQuant, the Bitcoin funding rate, which is the premium paid by traders to open new long positions in the token's perpetual futures market, turned negative on April 19 for the first time since October 2023. This metric underscores a sharp decline in demand for Bitcoin after a period of frenzied buying fueled by a surge in spot-Bitcoin ETFs in the United States.

根据 CryptoQuant 的数据，比特币资金费率（即交易者在该代币永续期货市场开设新多头头寸所支付的溢价）于 4 月 19 日自 2023 年 10 月以来首次变为负值。该指标突显了比特币资金费率的急剧下降。在美国现货比特币 ETF 激增推动一段时期的疯狂购买之后，人们对比特币的需求有所增加。

"It certainly means that the desire for traders to open long positions has eased," said Julio Moreno, Head of Research at CryptoQuant.

CryptoQuant 研究主管 Julio Moreno 表示：“这当然意味着交易者开立多头头寸的愿望有所减弱。”

The negative funding rates coincide with a decline in daily inflows into US spot-Bitcoin ETFs. This month, these products have seen a net inflow of only $170 million, significantly lower than the $4 billion they attracted during the same period in March, according to Bloomberg data.

负资金利率与美国现货比特币 ETF 每日流入量下降同时发生。据彭博社数据，本月这些产品的净流入仅为 1.7 亿美元，远低于 3 月份同期的 40 亿美元。

Open interest at CME Group's Bitcoin futures market, a measure of institutional interest in crypto exposure and hedging, has also dropped by 18%, further signaling a waning appetite for Bitcoin among US institutions.

芝商所比特币期货市场的未平仓合约（衡量机构对加密货币敞口和对冲的兴趣的指标）也下降了 18%，进一步表明美国机构对比特币的兴趣减弱。

The downturn in the crypto market has raised questions about the upcoming debut of spot-Bitcoin ETFs in Hong Kong. While these products have gained enormous popularity in the US, it remains to be seen whether they will resonate with investors in the same way.

加密货币市场的低迷引发了人们对即将在香港推出现货比特币 ETF 的质疑。尽管这些产品在美国广受欢迎，但它们是否会以同样的方式引起投资者的共鸣还有待观察。

"The real question is whether the Hong Kong ETFs can attract even a fraction of the demand that the US issuers have enjoyed," said Vetle Lunde, an analyst at K33 Research. "The current market conditions, with negative funding rates and declining inflows into US spot-Bitcoin ETFs, do not bode well for the success of these new products."

K33 Research 分析师维特尔·伦德 (Vetle Lunde) 表示：“真正的问题是，香港 ETF 能否吸引到美国发行人所享有的需求的一小部分。” “目前的市场状况，融资利率为负，美国现货比特币 ETF 的资金流入不断减少，这对于这些新产品的成功来说并不是好兆头。”

As the crypto market navigates these choppy waters, analysts are urging caution. A prolonged period of negative funding rates, coupled with declining institutional interest, could indicate further consolidation or even a downturn in Bitcoin's price.

随着加密货币市场在波涛汹涌的水域中航行，分析师敦促谨慎行事。长期的负资金利率，加上机构兴趣下降，可能表明比特币价格进一步整合甚至下跌。

"The lengthening nature of this perp discount could point toward further price consolidation," added Lunde. "Investors should proceed with caution as the market attempts to find its footing."

伦德补充道：“永久折扣的延长可能会导致价格进一步整合。” “随着市场试图站稳脚跟，投资者应谨慎行事。”

The current market conditions serve as a reminder that the crypto market is a dynamic and volatile environment, where sentiment can change rapidly. Investors are advised to stay vigilant, conduct thorough research, and manage their risk exposure accordingly.

当前的市场状况提醒人们，加密货币市场是一个动态且不稳定的环境，情绪可能会迅速变化。建议投资者保持警惕，深入研究，合理管理风险敞口。