摩根大通:2026 年 Q1 加密资金流降至 110 亿美元,同比仅为去年三分之一

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Gate News 消息,4 月 3 日,摩根大通(JPMorgan)分析显示,2026 年第一季度数字资产资金流约为 110 亿美元,仅为去年同期的约三分之一,市场动能明显放缓。按当前节奏年化计算,全年资金流或约为 440 亿美元,远低于 2025 年约 1300 亿美元的历史高点。资金结构方面,本季度主要流入来源为企业资产负债表配置(尤其是 Strategy 等公司持续买入比特币)及加密风投资金,而传统投资者(包括机构与散户)参与度明显下降。此外,CME 比特币期货仓位走弱,反映机构需求转为负面;现货比特币与以太坊 ETF 在 1 月出现资金流出,虽 3 月有所回流,但整体仍偏疲软。分析认为,当前市场呈现出’少数大资金主导’的结构特征,而非广泛资金回流。

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