隨著需求的增加和灰階主導地位的減弱，比特幣 ETF 將隨著機構的採用而飆升

在需求成長和積極的市場情緒的推動下，財富管理公司預計將增加對比特幣交易所交易基金（ETF）的投資。 Bitwise 執行長 Hunter Horsley 預計 ETF 持有量將增加，這與人們對比特幣 ETF 的興趣增加相一致，尤其是在減半後。

Bitcoin ETFs poised for surge in institutional adoption, fueled by rising demand and Grayscale's waning dominance

在需求成長和灰階主導地位減弱的推動下，比特幣 ETF 預計在機構中大幅採用

In the wake of Bitcoin's highly anticipated halving event, wealth management firms are poised to amplify their exposure to the digital asset through exchange-traded funds (ETFs), according to Bitwise CEO Hunter Horsley. This projection mirrors a broader surge in institutional interest towards Bitcoin ETFs, a trend that has been gaining significant momentum in recent times.

Bitwise 執行長 Hunter Horsley 表示，在備受期待的比特幣減半事件之後，財富管理公司準備透過交易所交易基金 (ETF) 擴大其對數位資產的投資。這項預測反映了機構對比特幣 ETF 興趣的廣泛激增，這一趨勢近來勢頭強勁。

Horsley's forecast resonates with the prevailing market sentiment that demand for Bitcoin ETFs is on the rise. Data compiled by analytics firm Farside reveals a positive net inflow into Bitcoin ETFs in the United States market just prior to the halving, following a string of five consecutive days marked by outflows.

霍斯利的預測與當前市場情緒產生共鳴，即比特幣 ETF 的需求正在上升。分析公司 Farside 編製的數據顯示，在連續五天出現資金流出之後，美國市場的比特幣 ETF 在減半前就出現淨流入。

Among the prominent players in the Bitcoin ETF landscape, BlackRock's iShares Bitcoin Trust (IBIT) is making significant strides, steadily closing the gap with Grayscale's long-held dominance. With a current market capitalization trailing Grayscale's Bitcoin Trust (GBTC) by a mere $2 billion, BlackRock is poised to potentially overtake its rival as the world's largest Bitcoin fund.

在比特幣 ETF 領域的知名參與者中，貝萊德 (BlackRock) 的 iShares 比特幣信託 (IBIT) 正在取得重大進展，穩步縮小與灰度長期佔據主導地位的差距。貝萊德目前的市值僅落後灰階的比特幣信託基金 (GBTC) 20 億美元，預計將超越其競爭對手，成為全球最大的比特幣基金。

Grayscale's GBTC, once an unchallenged behemoth in the Bitcoin ETF market, has encountered a protracted period of value decline, resulting in a substantial reduction of $16 billion in its assets, which now stand at $19.4 billion.

Grayscale旗下的GBTC曾經是比特幣ETF市場無可爭議的龐然大物，但現在卻遭遇了長時間的價值下跌，導致其資產大幅減少了160億美元，目前為194億美元。

In stark contrast to GBTC's downward trajectory, IBIT has witnessed consistent asset growth, propelling its total value to nearly $17.3 billion. However, Grayscale's spot Bitcoin ETF, also known as GBTC, has faced significant capital outflows, with investors withdrawing $89.9 million in the past five days alone, contributing to a net outflow of $1.6 billion since the start of the year.

與 GBTC 的下滑軌跡形成鮮明對比的是，IBIT 的資產持續成長，將其總價值推至近 173 億美元。然而，Grayscale 的現貨比特幣 ETF（也稱為 GBTC）面臨大幅資金外流，光是過去五天就有投資者撤資 8,990 萬美元，導致年初以來淨流出 16 億美元。

Despite Grayscale's early dominance in the Bitcoin ETF market, its supremacy appears to be waning. Fidelity and BlackRock have swiftly gained considerable market shares since the inception of trading for their respective ETFs. Notably, both Fidelity and BlackRock Bitcoin ETFs experienced substantial net inflows during the same week, alleviating some liquidity concerns that had previously plagued the market.

儘管灰階早期在比特幣 ETF 市場佔據主導地位，但其霸主地位似乎正在減弱。自從各自的 ETF 交易開始以來，富達和貝萊德迅速獲得了相當大的市場份額。值得注意的是，富達和貝萊德比特幣 ETF 在同一周都出現了大量淨流入，緩解了先前困擾市場的一些流動性擔憂。

Bitwise CEO Horsley underscores the increasingly prevalent yet often discreet adoption of Bitcoin ETFs by registered investment advisers (RIAs) and multifamily offices. Major financial institutions are quietly conducting comprehensive evaluations of the Bitcoin market, with a growing number recognizing its potential for inclusion within their investment portfolios.

Bitwise 執行長 Horsley 強調，註冊投資顧問 (RIA) 和聯合家族辦公室越來越普遍但謹慎地採用比特幣 ETF。主要金融機構正在悄悄對比特幣市場進行全面評估，越來越多的機構認識到將其納入其投資組合的潛力。

According to data from Farside, GBTC experienced a significant reduction in outflows on April 10 compared to the preceding day. Since January, the average daily outflow for GBTC has amounted to $257.8 million.

Farside數據顯示，4月10日GBTC流出量較前一日大幅減少。自 1 月以來，GBTC 的日均流出量已達 2.578 億美元。

GBTC, which was initially launched in 2015, underwent a conversion into an ETF in January, coinciding with the launch of nine other spot Bitcoin ETFs. This development followed Grayscale's legal victory against the United States Securities and Exchange Commission, which had previously denied the company's application to convert GBTC into an ETF.

GBTC 最初於 2015 年推出，並於 1 月轉換為 ETF，與其他 9 個現貨比特幣 ETF 的推出同時進行。此前，Grayscale 在美國證券交易委員會的訴訟中取得了勝利，美國證券交易委員會此前曾拒絕該公司將 GBTC 轉換為 ETF 的申請。

Recently, bankrupt crypto lending firm Genesis sold approximately 36 million GBTC shares to acquire 32,041 Bitcoin. This transaction highlights the ongoing liquidity challenges faced by GBTC, as the fund continues to grapple with the fallout from the collapse of Three Arrows Capital and other major crypto firms.

最近，破產的加密貨幣借貸公司 Genesis 出售了約 3,600 萬股 GBTC 股票，以收購 32,041 枚比特幣。這項交易突顯了 GBTC 持續面臨的流動性挑戰，因為該基金仍在努力應對三箭資本和其他主要加密貨幣公司倒閉的影響。

As the Bitcoin ETF market continues to evolve, it remains to be seen whether Grayscale will be able to reclaim its former dominance. However, the rise of BlackRock and Fidelity, coupled with the growing institutional interest in Bitcoin ETFs, suggests that the competitive landscape is becoming increasingly fragmented. It is likely that a multitude of players will coexist in the market, each catering to specific investor segments and preferences.

隨著比特幣 ETF 市場的不斷發展，灰階能否奪回昔日的主導地位仍有待觀察。然而，貝萊德和富達的崛起，加上機構對比特幣 ETF 的興趣日益濃厚，顯示競爭格局正變得越來越分散。市場上可能會有眾多參與者共存，每個參與者都迎合特定的投資者群體和偏好。