比特币ETF在财政部回购计划后增加53亿美元

美国现货比特币ETF自财政部宣布扩大长期国债回购以来吸引约53亿美元资金

根据ETF分析师Nate Geraci的总结，自美国财政部宣布增加长期债券回购规模以来，美国现货比特币ETF已吸引约53亿美元的资金流入。这一数据反映了市场在特定政策预期下的资金动向。

资金流入详情与年度趋势逆转

数据显示，在8月财政部宣布加大长期债券回购力度后，共有53亿美元涌入现货比特币ETF。仅在截至9月25日的一周内，就有24亿美元净流入美国比特币ETF。其中，周一的单日流入量高达9.99亿美元，创下该类产品自2024年1月上市以来的历史第九大单日流入纪录。

随着这波资金回流，2026年的比特币ETF资金流向由负转正。此前，由于7月份出现了58亿美元的赤字，年初至今的资金面曾面临较大压力。最新的市场数据显示，经过连续五个交易日的强劲表现，年初至今的净流入额已回升至约9.34亿美元。

BlackRock的IBIT基金在上周表现最为突出，净流入量约为12亿美元。Geraci指出，仅在过去一周内，这些基金就吸收了24亿美元资金，而周一近10亿美元的 intake 再次印证了投资者对这类资产的热情。

政策背景与市场解读

Nate Geraci linked the rebound in ETF funds to the Treasury's policy announcement. He mentioned in a tweet posted on September 26:"Since the Treasury Department first announced it would increase long-term bond buybacks, the spot Bitcoin ETF has absorbed $5.3 billion... including $2.4 billion last week. Monday's $1 billion inflow was the ninth-largest single-day inflow on record. After a $5.7 billion gap in July, this year's funding flows have now turned positive."

However, it needs to be clear that although there is overlap in time points, this does not directly prove that the Ministry of Finance's bond repurchase operation led investors to allocate funds into Bitcoin funds. The U.S. Treasury Department announced on August 19 that it would increase the maximum size of liquidity-backed repos involving long-term nominal treasury bonds from US$2 billion to at least US$4 billion, covering the 10-20-year and 20-30-year sectors. These larger operations officially took effect on September 9 and are scheduled to last until November 4.

The Ministry of Finance said the expansion of operations was aimed at providing more liquidity to the long-term government bond market, citing continued strong quotes from market participants in these sectors. It is worth noting that the Treasury Department's larger transaction did not begin until September 9, and Geraci's calculations used the August 19 announcement date as a starting point for measuring the flow of Bitcoin funds.

Strong performance in a single week and major fund dynamics

此次ETF复苏的最强部分出现在9月21日至25日的交易周。根据Farside Investors的数据，美国现货比特币基金在连续五个正收益交易日中吸引了约23.9亿美元的资金。具体来看，周一流入约9.99亿美元，周二为7.147亿美元，周三为3.469亿美元，周四为1.907亿美元，周五为1.345亿美元。这五天的总流入量是自2025年10月以来最高的周度总额。

在此期间，BlackRock的iShares Bitcoin Trust以约11.6亿美元的净流入量领跑。Fidelity的FBTC吸引了7.016亿美元，ARK 21Shares的ARKB增加了2.947亿美元。摩根士丹利的MSBT基金本周也获得了2.033亿美元，这是该基金自4月上线以来的最大周度吸金量。

周一的9.99亿美元流入不仅是2026年最强的单日总量，也是自美国现货比特币ETF启动以来记录的第九大单日流入量。尽管后续交易日的节奏有所放缓，但资金保持正向流入直至周五。

年度亏损收窄与累计规模

最新的订阅热潮扭转了今年前七个月的疲软局面。在7月13日前后，美国比特币ETF的年初至今资金面曾处于约58亿美元的赤字状态。随着最新一周的资金流入，2026年的净流动率已转为约9.34亿美元的正值。另一些基于Farside的计算显示，年初至今的低点接近负56.9亿美元，但在9月22日，ETF资金流首次转为正值，这也是自5月26日以来的首次。

截至目前，自2024年1月上市以来，这些基金累计净流入量约为576亿美元，而截至周五收盘，总净资产接近1084亿美元。

这一转折并非一帆风顺。在9月14日至18日的那一周，比特币基金在周二和周三分别损失了巨额资金后，最终仅录得约610万美元的净流入。直到周五，4.33亿美元的流入才抹去了大部分跌幅。正如之前报道所述，资金流向在9月17日美联储会议后发生转变，随后需求在下个周一加速。

比特币价格表现与技术面分析

随着ETF需求的上升，比特币价格在经历了一波大幅上涨后有所回落。BTC在本周初一度突破87,000美元大关，达到约87,363美元，但随后回撤至84,000美元附近。截至9月26日，加密货币价格维持在84,008美元左右，过去七天涨幅约为3.8%，整个加密市场的总市值接近2.98万亿美元。

Relevant reports pointed out that this rebound was accompanied by stronger ETF demand and an increase in positions of more than $2 billion by futures traders. Despite a subsequent correction in Bitcoin, ETF subscriptions continued. As of September 25, even though BTC was consolidating around US$84,000, funds still maintained a six-day inflow momentum.

Technically, sell orders on September 26 were mainly concentrated between US$85,000 and US$85,800, and the four-hour Supertrend indicator was around US$86,435. Despite the pullback from the weekly highs, Bitcoin remained above the daily 20-cycle median.

Treasury repurchase program to run through November

Treasury's expanded long-term end repurchase program is currently expected to run through the end of the current quarterly refinancing period. According to the Aug. 19 announcement, each operation for the long-term sector could be at least $4 billion, double the previous $2 billion cap. Treasury will release details on the size of future buybacks at its next quarterly refinancing meeting on Nov. 4.

The Treasury Department emphasized that these transactions were supporting operations to provide liquidity for old treasury bonds, rather than monetary stimulus or purchases by the Federal Reserve. Bloomberg ETF analyst Eric Balchunas also cited the same period to discuss the ETF's rebound.

Friday's $134.5 million inflow extended Bitcoin ETF inflow streak to seven trading days. A series of inflows that began on September 17 totaled about $3 billion before the weekend.