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- 我是Leo KoGuan我是Leo KoGuan
  ·03-25 22:29
  说说你对这篇新闻的看法...
  伯恩斯坦“泼冷水”：马斯克超级芯片工厂需5-13万亿美元资本开支，"比登陆火星还难"
  伯恩斯坦认为，"Terafab"项目更多停留在炒作层面。据测算，若实现年产1太瓦算力目标，需投入5至13万亿美元资本开支，并新增相当于当前全球半导体总量的产能，难度“堪比再造一个半导体行业”。
  伯恩斯坦“泼冷水”：马斯克超级芯片工厂需5-13万亿美元资本开支，"比登陆火星还难"
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- 我是Leo KoGuan我是Leo KoGuan
  ·2025-02-28
  ｝
  比特币现货ETF单日流出逾10亿美元，创历史新高！分析师预测抄底时机将至
  投资者周二从比特币现货ETF中撤出了超过10亿美元，创下自去年1月该类基金推出以来的单日最大资金流出。这发生在比特币价格下跌之际，投资者在不确定的环境下避开了更具风险的资产。整体而言，比特币基金在连续六天内合计流出了约21亿美元，这是自去年6月以来最长的流出期。世界上最大的数字资产本周承压，价格跌至自11月中以来的最低点，此前比特币在今年早些时候创下历史新高。
  比特币现货ETF单日流出逾10亿美元，创历史新高！分析师预测抄底时机将至
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21:07","market":"fut","language":"zh","title":"伯恩斯坦“泼冷水”：马斯克超级芯片工厂需5-13万亿美元资本开支，\"比登陆火星还难\"","url":"https://stock-news.laohu8.com/highlight/detail?id=2621608220","media":"华尔街见闻","summary":"伯恩斯坦认为，\"Terafab\"项目更多停留在炒作层面。据测算，若实现年产1太瓦算力目标，需投入5至13万亿美元资本开支，并新增相当于当前全球半导体总量的产能，难度“堪比再造一个半导体行业”。","content":"<html><body><p>马斯克雄心勃勃的\"Terafab\"计划遭遇华尔街冷静审视。</p>\n<p>据追风交易台，伯恩斯坦研究在最新报告中以详尽的量化测算指出，<strong>若要实现马斯克所设想的每年1太瓦算力生产目标，所需资本开支高达5至13万亿美元，所需晶圆产能相当于全球现有半导体产能总量，这一挑战\"比登陆火星还难\"。</strong></p>\n<p>马斯克上周末宣布启动\"Terafab\"项目，计划将人类算力生产规模扩张至每年1太瓦，约为当前全球算力供应总量（约20吉瓦）的50倍，并将首先在德克萨斯州奥斯汀建设一座先进晶圆厂，涵盖计算芯片、逻辑芯片、内存、封装及掩模版生产全链条。伯恩斯坦分析师Stacy A. Rasgon领衔的团队随即发布报告，对该计划的可行性进行了系统性量化评估。</p>\n<p>伯恩斯坦指出，若投资者真正相信马斯克能够实现这一目标，半导体设备股将是最直接的受益方向；但就当前而言，<strong>该计划对行业的实质影响\"可能并不大，更多停留在炒作层面\"。</strong></p>\n<h2>天文数字的资本开支测算</h2>\n<p>伯恩斯坦以现有算力架构（<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>机架）为基准，对GPU、HBM内存及CPU三类核心芯片的晶圆需求进行了粗略估算。报告显示，<strong>每年生产1太瓦算力，需要每月700万至1800万片300毫米晶圆启动量，其中HBM内存需求占据主导地位。</strong></p>\n<p><strong>以每月5万片晶圆产能的工厂为单位换算，上述需求相当于新建140至360座此类工厂。按每座工厂350亿美元的资本开支计算，总投入将达5至13万亿美元。</strong>伯恩斯坦在报告中明确标注，上述测算属于\"非常粗略的估算\"，且尚未将网络、光学、模拟及电源芯片等其他半导体品类纳入计算范围。</p>\n<h2>产能需求堪比再造一个全球半导体行业</h2>\n<p>伯恩斯坦的测算揭示了这一计划在产能层面的惊人体量。报告指出，<strong>1太瓦算力所需的晶圆产能，与全球现有半导体产能总量（约每月1600万片300毫米等效晶圆）大体相当。</strong></p>\n<p>若仅聚焦于\"相关\"半导体——即内存加上4纳米及以下先进逻辑晶圆，当前全球已安装产能约为每月500万片300毫米等效晶圆，而1太瓦目标所需产能则是这一数字的数倍之多。换言之，<strong>马斯克的计划实际上要求在现有先进制程产能基础上实现数倍扩张，难度之高不言而喻。</strong></p>\n<h2>行业影响：设备股受益，代工模式暂无威胁</h2>\n<p>伯恩斯坦认为，Terafab计划对半导体行业的近期实质影响有限，但从投资逻辑角度提供了若干值得关注的方向。</p>\n<p>报告指出，若市场相信马斯克能够推进这一计划，半导体设备（semicap）将是最直接的受益标的。</p>\n<p>对于马斯克自建芯片是否会冲击现有芯片厂商，伯恩斯坦持相对乐观态度，认为在算力需求如此强劲的环境下，任何参与者都将面临远超自身承接能力的上行空间，内存厂商同样如此。</p>\n<p>在商业模式层面，伯恩斯坦指出，Terafab将逻辑、内存、掩模版制造、芯片设计及封装整合于一体，实质上构成一种\"超级IDM\"模式，而这一模式已被证明远不如\"代工+无晶圆厂+专业内存IDM\"的分工体系高效。</p>\n<p>因此，报告认为Terafab对<a href=\"https://laohu8.com/S/TSM\">台积电</a>等代工厂商目前构成的威胁有限。</p>\n<h2>伯恩斯坦：不否定马斯克，但挑战\"极为艰巨\"</h2>\n<p>尽管测算结果令人咋舌，伯恩斯坦并未将马斯克成功的可能性完全排除在外。</p>\n<p>报告写道，马斯克此前已多次完成外界认为不可能的事情，\"我们不会轻易否定他\"。</p>\n<p>然而，报告同时明确表示，\"真正意义上的Terafab对我们而言感觉像是一种延伸，尤其是在沿用当前算力范式的前提下。\"</p>\n<p>伯恩斯坦提出两种可能的替代路径：</p>\n<p>其一，马斯克在无法独立推进时，或许会寻求与现有芯片制造商建立合作；</p>\n<p>其二，马斯克或许有某种\"更出人意料\"的技术路径来突破现有范式，但报告坦言\"我们不知道那会是什么\"。</p>\n</body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>伯恩斯坦“泼冷水”：马斯克超级芯片工厂需5-13万亿美元资本开支，\"比登陆火星还难\"</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n伯恩斯坦“泼冷水”：马斯克超级芯片工厂需5-13万亿美元资本开支，\"比登陆火星还难\"\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-24 21:07 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3768281><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>马斯克雄心勃勃的\"Terafab\"计划遭遇华尔街冷静审视。\n据追风交易台，伯恩斯坦研究在最新报告中以详尽的量化测算指出，若要实现马斯克所设想的每年1太瓦算力生产目标，所需资本开支高达5至13万亿美元，所需晶圆产能相当于全球现有半导体产能总量，这一挑战\"比登陆火星还难\"。\n马斯克上周末宣布启动\"Terafab\"项目，计划将人类算力生产规模扩张至每年1太瓦，约为当前全球算力供应总量（约20吉瓦）的50...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3768281\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","BK4511":"特斯拉概念","TSL":"1.25倍做多TSLA ETF-GraniteShares","TSLR":"2倍做多TSLA ETF-GraniteShares","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","BK4534":"瑞士信贷持仓","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","TSLP":"TSLA收益溢价策略ETF-Kurv","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) 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\"A4\" (USD) INC","BK4574":"无人驾驶","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","BK4581":"高盛持仓","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close"},"source_url":"https://wallstreetcn.com/articles/3768281","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2621608220","content_text":"马斯克雄心勃勃的\"Terafab\"计划遭遇华尔街冷静审视。\n据追风交易台，伯恩斯坦研究在最新报告中以详尽的量化测算指出，若要实现马斯克所设想的每年1太瓦算力生产目标，所需资本开支高达5至13万亿美元，所需晶圆产能相当于全球现有半导体产能总量，这一挑战\"比登陆火星还难\"。\n马斯克上周末宣布启动\"Terafab\"项目，计划将人类算力生产规模扩张至每年1太瓦，约为当前全球算力供应总量（约20吉瓦）的50倍，并将首先在德克萨斯州奥斯汀建设一座先进晶圆厂，涵盖计算芯片、逻辑芯片、内存、封装及掩模版生产全链条。伯恩斯坦分析师Stacy A. Rasgon领衔的团队随即发布报告，对该计划的可行性进行了系统性量化评估。\n伯恩斯坦指出，若投资者真正相信马斯克能够实现这一目标，半导体设备股将是最直接的受益方向；但就当前而言，该计划对行业的实质影响\"可能并不大，更多停留在炒作层面\"。\n天文数字的资本开支测算\n伯恩斯坦以现有算力架构（英伟达机架）为基准，对GPU、HBM内存及CPU三类核心芯片的晶圆需求进行了粗略估算。报告显示，每年生产1太瓦算力，需要每月700万至1800万片300毫米晶圆启动量，其中HBM内存需求占据主导地位。\n以每月5万片晶圆产能的工厂为单位换算，上述需求相当于新建140至360座此类工厂。按每座工厂350亿美元的资本开支计算，总投入将达5至13万亿美元。伯恩斯坦在报告中明确标注，上述测算属于\"非常粗略的估算\"，且尚未将网络、光学、模拟及电源芯片等其他半导体品类纳入计算范围。\n产能需求堪比再造一个全球半导体行业\n伯恩斯坦的测算揭示了这一计划在产能层面的惊人体量。报告指出，1太瓦算力所需的晶圆产能，与全球现有半导体产能总量（约每月1600万片300毫米等效晶圆）大体相当。\n若仅聚焦于\"相关\"半导体——即内存加上4纳米及以下先进逻辑晶圆，当前全球已安装产能约为每月500万片300毫米等效晶圆，而1太瓦目标所需产能则是这一数字的数倍之多。换言之，马斯克的计划实际上要求在现有先进制程产能基础上实现数倍扩张，难度之高不言而喻。\n行业影响：设备股受益，代工模式暂无威胁\n伯恩斯坦认为，Terafab计划对半导体行业的近期实质影响有限，但从投资逻辑角度提供了若干值得关注的方向。\n报告指出，若市场相信马斯克能够推进这一计划，半导体设备（semicap）将是最直接的受益标的。\n对于马斯克自建芯片是否会冲击现有芯片厂商，伯恩斯坦持相对乐观态度，认为在算力需求如此强劲的环境下，任何参与者都将面临远超自身承接能力的上行空间，内存厂商同样如此。\n在商业模式层面，伯恩斯坦指出，Terafab将逻辑、内存、掩模版制造、芯片设计及封装整合于一体，实质上构成一种\"超级IDM\"模式，而这一模式已被证明远不如\"代工+无晶圆厂+专业内存IDM\"的分工体系高效。\n因此，报告认为Terafab对台积电等代工厂商目前构成的威胁有限。\n伯恩斯坦：不否定马斯克，但挑战\"极为艰巨\"\n尽管测算结果令人咋舌，伯恩斯坦并未将马斯克成功的可能性完全排除在外。\n报告写道，马斯克此前已多次完成外界认为不可能的事情，\"我们不会轻易否定他\"。\n然而，报告同时明确表示，\"真正意义上的Terafab对我们而言感觉像是一种延伸，尤其是在沿用当前算力范式的前提下。\"\n伯恩斯坦提出两种可能的替代路径：\n其一，马斯克在无法独立推进时，或许会寻求与现有芯片制造商建立合作；\n其二，马斯克或许有某种\"更出人意料\"的技术路径来突破现有范式，但报告坦言\"我们不知道那会是什么\"。","news_type":1,"symbols_score_info":{"TSLQ":0.6,"TSII":0.6,"TSLZ":0.6,"TEST":0.6,"TSDD":0.6,"TSLL":0.6,"TSLS":0.6,"07766":0.6,"TLA":0.6,"TSLP":0.6,"TSLT":0.6,"TESL":0.6,"UFO":0.6,"TSLR":0.6,"TSLI":0.6,"TSLY":0.6,"TSLO":0.6,"TSYY":0.6,"TSLG":0.6,"CRSH":0.6,"TSLA":1.91,"TSL":0.6,"TSLW":0.6}},"isVote":1,"tweetType":1,"viewCount":1,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":408267789701720,"gmtCreate":1740695975279,"gmtModify":1740706447514,"author":{"id":"4195642996465412","authorId":"4195642996465412","name":"我是Leo KoGuan","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4195642996465412","authorIdStr":"4195642996465412"},"themes":[],"htmlText":"｝","listText":"｝","text":"｝","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/408267789701720","repostId":"1170955919","repostType":2,"repost":{"id":"1170955919","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1740627162,"share":"https://www.laohu8.com/m/news/1170955919?lang=zh_CN&edition=full","pubTime":"2025-02-27 11:32","market":"us","language":"zh","title":"比特币现货ETF单日流出逾10亿美元，创历史新高！分析师预测抄底时机将至","url":"https://stock-news.laohu8.com/highlight/detail?id=1170955919","media":"老虎资讯综合","summary":"投资者周二从比特币现货ETF中撤出了超过10亿美元，创下自去年1月该类基金推出以来的单日最大资金流出。这发生在比特币价格下跌之际，投资者在不确定的环境下避开了更具风险的资产。整体而言，比特币基金在连续六天内合计流出了约21亿美元，这是自去年6月以来最长的流出期。世界上最大的数字资产本周承压，价格跌至自11月中以来的最低点，此前比特币在今年早些时候创下历史新高。","content":"<html><head></head><body><p>投资者周二从比特币现货ETF中撤出了超过10亿美元，创下自去年1月该类基金推出以来的单日最大资金流出。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/488ebae20b6dcc223d592588b57423aa\" title=\"\" tg-width=\"871\" tg-height=\"537\"/></p><p>根据彭博社汇总的数据，富达Wise Origin比特币基金（FBTC）在这些基金中流出的资金最多，其次是iShares比特币信托ETF（IBIT）。这发生在比特币价格下跌之际，投资者在不确定的环境下避开了更具风险的资产。整体而言，比特币基金在连续六天内合计流出了约21亿美元，这是自去年6月以来最长的流出期。</p><p>世界上最大的数字资产本周承压，价格跌至自11月中以来的最低点，此前比特币在今年早些时候创下历史新高。其他加密货币也出现下跌，一项追踪主要数字货币的指数正迎来自8月初以来最大四日跌幅。</p><p>尽管比特币基金出现资金外流，投资者却趁近期股市抛售之际，在一次交易中向Invesco QQQ Trust（QQQ）和SPDR标准普尔500ETF Trust（SPY）合计注入了近70亿美元。</p><p>渣打银行全球数字资产研究负责人Geoff Kendrick表示：“尽管过去12个月有机构资金流入，但数字资产仍然主要由散户资金驱动。这使得它们与股票和固定收益资产有所不同。在我看来，这意味着普通投资者的实力较弱，或者他们的资金不足以应对亏损。因此，更多的痛苦可能会到来。”</p><p>Kendrick预测，比特币的价格可能会进一步下跌，可能会跌至约8万美元左右，到时他将“抄底”。</p><p>VanEck数字资产研究主管Matthew Sigel表示，创纪录的资金流出可能源于对冲基金平仓一种流行的交易策略——基差交易，该策略利用现货和期货市场之间的价格差异。部分基金曾通过ETF从比特币的波动性中获利，或者用它们来对冲衍生品中的空头头寸。</p><p>Sigel解释道：“这种策略是通过买入比特币现货（通常通过ETF）并同时做空比特币期货，以锁定低风险收益。然而，这种交易的利润最近大幅缩水，导致它变得不那么有吸引力。因此，使用ETF进行此策略的对冲基金可能已经平掉了他们的头寸，导致了大规模的赎回。”</p><p><em>本文编译自 Bloomberg 《Bitcoin ETFs Are Hit by a Record $1 Billion Outflow in One Day》</em></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n比特币现货ETF单日流出逾10亿美元，创历史新高！分析师预测抄底时机将至\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2025-02-27 11:32</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>投资者周二从比特币现货ETF中撤出了超过10亿美元，创下自去年1月该类基金推出以来的单日最大资金流出。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/488ebae20b6dcc223d592588b57423aa\" title=\"\" tg-width=\"871\" tg-height=\"537\"/></p><p>根据彭博社汇总的数据，富达Wise Origin比特币基金（FBTC）在这些基金中流出的资金最多，其次是iShares比特币信托ETF（IBIT）。这发生在比特币价格下跌之际，投资者在不确定的环境下避开了更具风险的资产。整体而言，比特币基金在连续六天内合计流出了约21亿美元，这是自去年6月以来最长的流出期。</p><p>世界上最大的数字资产本周承压，价格跌至自11月中以来的最低点，此前比特币在今年早些时候创下历史新高。其他加密货币也出现下跌，一项追踪主要数字货币的指数正迎来自8月初以来最大四日跌幅。</p><p>尽管比特币基金出现资金外流，投资者却趁近期股市抛售之际，在一次交易中向Invesco QQQ Trust（QQQ）和SPDR标准普尔500ETF Trust（SPY）合计注入了近70亿美元。</p><p>渣打银行全球数字资产研究负责人Geoff Kendrick表示：“尽管过去12个月有机构资金流入，但数字资产仍然主要由散户资金驱动。这使得它们与股票和固定收益资产有所不同。在我看来，这意味着普通投资者的实力较弱，或者他们的资金不足以应对亏损。因此，更多的痛苦可能会到来。”</p><p>Kendrick预测，比特币的价格可能会进一步下跌，可能会跌至约8万美元左右，到时他将“抄底”。</p><p>VanEck数字资产研究主管Matthew Sigel表示，创纪录的资金流出可能源于对冲基金平仓一种流行的交易策略——基差交易，该策略利用现货和期货市场之间的价格差异。部分基金曾通过ETF从比特币的波动性中获利，或者用它们来对冲衍生品中的空头头寸。</p><p>Sigel解释道：“这种策略是通过买入比特币现货（通常通过ETF）并同时做空比特币期货，以锁定低风险收益。然而，这种交易的利润最近大幅缩水，导致它变得不那么有吸引力。因此，使用ETF进行此策略的对冲基金可能已经平掉了他们的头寸，导致了大规模的赎回。”</p><p><em>本文编译自 Bloomberg 《Bitcoin ETFs Are Hit by a Record $1 Billion Outflow in One Day》</em></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2b6ee35d5e3953381b46896042cc8e62","relate_stocks":{"RIOT":"Riot Platforms","MSTR":"Strategy","BTBT":"Bit Digital, Inc.","CLSK":"CleanSpark, Inc.","MARA":"MARA Holdings","COIN":"Coinbase Global, Inc."},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170955919","content_text":"投资者周二从比特币现货ETF中撤出了超过10亿美元，创下自去年1月该类基金推出以来的单日最大资金流出。根据彭博社汇总的数据，富达Wise Origin比特币基金（FBTC）在这些基金中流出的资金最多，其次是iShares比特币信托ETF（IBIT）。这发生在比特币价格下跌之际，投资者在不确定的环境下避开了更具风险的资产。整体而言，比特币基金在连续六天内合计流出了约21亿美元，这是自去年6月以来最长的流出期。世界上最大的数字资产本周承压，价格跌至自11月中以来的最低点，此前比特币在今年早些时候创下历史新高。其他加密货币也出现下跌，一项追踪主要数字货币的指数正迎来自8月初以来最大四日跌幅。尽管比特币基金出现资金外流，投资者却趁近期股市抛售之际，在一次交易中向Invesco QQQ Trust（QQQ）和SPDR标准普尔500ETF Trust（SPY）合计注入了近70亿美元。渣打银行全球数字资产研究负责人Geoff Kendrick表示：“尽管过去12个月有机构资金流入，但数字资产仍然主要由散户资金驱动。这使得它们与股票和固定收益资产有所不同。在我看来，这意味着普通投资者的实力较弱，或者他们的资金不足以应对亏损。因此，更多的痛苦可能会到来。”Kendrick预测，比特币的价格可能会进一步下跌，可能会跌至约8万美元左右，到时他将“抄底”。VanEck数字资产研究主管Matthew Sigel表示，创纪录的资金流出可能源于对冲基金平仓一种流行的交易策略——基差交易，该策略利用现货和期货市场之间的价格差异。部分基金曾通过ETF从比特币的波动性中获利，或者用它们来对冲衍生品中的空头头寸。Sigel解释道：“这种策略是通过买入比特币现货（通常通过ETF）并同时做空比特币期货，以锁定低风险收益。然而，这种交易的利润最近大幅缩水，导致它变得不那么有吸引力。因此，使用ETF进行此策略的对冲基金可能已经平掉了他们的头寸，导致了大规模的赎回。”本文编译自 Bloomberg 《Bitcoin ETFs Are Hit by a Record $1 Billion Outflow in One Day》","news_type":1,"symbols_score_info":{"MARA":1.1,"COIN":1.1,"BTBT":1.1,"MSTR":1.1,"RIOT":1.1,"CLSK":1.1}},"isVote":1,"tweetType":1,"viewCount":2558,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}