比特幣面臨淨流出，但機構需求表現出韌性

在比特幣現貨ETF持續流出的背景下，市場遭遇拋售，比特幣價格下跌3.77%至64,051美元。下跌的原因是Grayscale 的GBTC 資金大量流出，自2024 年1 月以來，該資金已達到140 億美元。儘管出現資金流出，貝萊德的IBIT ETF 透過記錄淨流入提供了一定的平衡，凸顯了機構對該資產類別的持續興趣。

Bitcoin Market Grapples with Net Outflows, But Institutional Interest Remains Strong

比特幣市場面臨淨流出，但機構興趣依然強勁

The Bitcoin market has been grappling with net outflows this week, with all nine spot Bitcoin exchange-traded funds (ETFs) experiencing outflows over the past five trading days. This decline has been primarily driven by massive outflows from the Grayscale Bitcoin Trust (GBTC), which have surged to a staggering $14 billion since its launch in January 2024.

比特幣市場本週一直在努力應對淨流出，所有九隻現貨比特幣交易所交易基金（ETF）在過去五個交易日都出現資金流出。這種下降主要是由灰階比特幣信託基金 (GBTC) 的大規模資金外流造成的，自 2024 年 1 月推出以來，該信託基金的資金已飆升至驚人的 140 億美元。

On Friday, March 22, spot Bitcoin ETFs witnessed net outflows amounting to $51.6 million. GBTC recorded a significant single-day net outflow of $169 million, according to data from Farside Investors. Conversely, BlackRock's Bitcoin Spot ETF (IBIT) saw net inflows of $18.89 million, marking two days of record lows. Fidelity's Bitcoin ETF (FBTC) also reported net inflows of $18.13 million for the day.

3 月 22 日星期五，現貨比特幣 ETF 淨流出達 5,160 萬美元。 Farside Investors 的數據顯示，GBTC 單日淨流出 1.69 億美元。相反，貝萊德的比特幣現貨ETF（IBIT）淨流入1889萬美元，創兩日歷史新低。富達 (Fidelity) 的比特幣 ETF (FBTC) 也報告當天淨流入 1,813 萬美元。

Despite the overall negative sentiment, BlackRock's sustained inflows have helped to moderate the impact of outflows from GBTC. According to crypto analyst Michael van de Poppe, this indicates ongoing institutional interest in Bitcoin, suggesting that the current market cycle is far from over.

儘管整體情緒負面，但貝萊德的持續資金流入有助於緩解 GBTC 資金流出的影響。加密貨幣分析師 Michael van de Poppe 表示，這表明機構對比特幣的興趣持續存在，表明當前的市場週期遠未結束。

Supply Shock: Bitcoin Moves into Cold Storage

供應衝擊：比特幣進入冷藏庫

Amidst Bitcoin's recent price dip, traders have been focusing on the complexities associated with holding the cryptocurrency in cold storage, ETFs, and utilizing borrowing options. An emerging trend has been the withdrawal of Bitcoin from exchanges, indicating a shift towards long-term holding.

在比特幣最近價格下跌的情況下，交易員一直在關注與冷儲存、ETF 和利用借貸選項相關的複雜性。一個新興趨勢是比特幣從交易所撤出，這表明比特幣轉向長期持有。

Coinbase Pro, a popular cryptocurrency exchange, has seen a substantial outflow of Bitcoin, with 14.7k BTC withdrawn in the past 24 hours and 57.4k BTC over the past 30 days. This trend suggests a potential supply shock, as Bitcoin is being taken off the market and stored in more secure locations.

熱門加密貨幣交易所 Coinbase Pro 出現比特幣大幅流出，過去 24 小時內撤回 1.47 萬枚 BTC，過去 30 天內撤回 5.74 萬枚 BTC。這一趨勢表明潛在的供應衝擊，因為比特幣正在退出市場並儲存在更安全的地方。

Bearish Divergence Remains, But Recovery Expected

看跌背離依然存在，但有望復甦

While Bitcoin's price has been experiencing a decline, analyst Michael van de Poppe believes that the bearish divergence remains relevant. He anticipates that the cryptocurrency is approaching the bottom or may have already reached it, leading to a phase of sideways movement. The decreasing volatility is seen as a positive indicator, suggesting that the market may be stabilizing.

儘管比特幣的價格一直在下跌，但分析師 Michael van de Poppe 認為，看跌背離仍然具有相關性。他預計加密貨幣正在接近底部或可能已經到達底部，從而導致橫向波動階段。波動性下降被視為一個積極指標，表明市場可能正在穩定下來。

Conclusion

結論

The Bitcoin market has been experiencing net outflows, largely driven by redemptions from GBTC. However, BlackRock's continued inflows suggest that institutional interest remains strong. Additionally, the trend of Bitcoin being withdrawn from exchanges indicates a potential supply shock. While the price of Bitcoin has declined, analysts believe that the market is approaching a bottom and expect a period of sideways movement before a recovery.

比特幣市場一直在經歷淨流出，這主要是由 GBTC 的贖回所推動的。然而，貝萊德的持續資金流入顯示機構興趣依然強勁。此外，比特幣從交易所撤出的趨勢顯示潛在的供應衝擊。儘管比特幣價格有所下跌，但分析師認為市場正在接近底部，並預計在復甦之前會經歷一段橫盤整理期。