Arthur Hayes：ETF 和 DAT 资金流入局面结束，若流动性无法覆盖比特币必须下跌

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Arthur Hayes：ETF 和 DAT 资金流入局面结束，若流动性无法覆盖比特币必须下跌

金色财经2025-11-18

【Arthur Hayes：ETF 和 DAT 资金流入局面结束，若流动性无法覆盖比特币必须下跌】金色财经报道，尽管美元流动性从4月9日收缩至今，但ETF的流入和DAT的买入使比特币能够上涨，不过现在这种局面已经结束。该基调不足以让机构投资者持续购买ETF，且大多数DAT的交易价格低于mNAV，投资者也开始避开这些比特币衍生品证券。如果这些流动无法掩盖负流动性，比特币必须下跌，以反映当前短期担忧美元流动性将收缩或无法如政客们承诺的那样快速增长。

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