貝萊德比特幣 ETF 凍結引發市場對資金外流的擔憂

貝萊德的現貨比特幣 ETF IBIT 自推出以來首次停止資金流入，引發了加密貨幣社群的擔憂。 IBIT 連續 71 天的資金流入在 4 月 24 日突然結束，過去四個交易日該基金的持倉量保持在 274,462 BTC 不變。雖然一些觀察家推測這可能表明投資者情緒發生了轉變，但其他人則認為 ETF 的零流入並不罕見，而 IBIT 之前的連續流入只是一個例外，而不是常態。

BlackRock's Bitcoin ETF Halt Raises Concerns Amidst Market Outflows

貝萊德比特幣 ETF 暫停，引發市場資金外流擔憂

The Bitcoin (BTC) community is grappling with mounting apprehensions as BlackRock's spot Bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT), breaks its 71-day inflow streak for the first time since its inception. This unprecedented halt has sent shockwaves through the industry, sparking concerns about the fund's future and the broader Bitcoin ETF landscape.

隨著貝萊德旗下現貨比特幣交易所交易基金 (ETF) iShares Bitcoin Trust (IBIT) 自成立以來首次打破 71 天的資金流入記錄，比特幣 (BTC) 社群正面臨越來越多的擔憂。這種史無前例的暫停給整個行業帶來了衝擊，引發了對該基金未來和更廣泛的比特幣 ETF 格局的擔憂。

Since April 24th, IBIT, the fastest-growing spot Bitcoin ETF in the United States, has remained stagnant at 274,462 BTC, with no new inflows recorded. This abrupt pause has raised eyebrows among crypto observers, who see it as a potential red flag for investors.

自4月24日以來，美國成長最快的現貨比特幣ETF IBIT一直停滯在274,462 BTC，沒有新的資金流入記錄。這種突然的暫停引起了加密貨幣觀察家的關注，他們認為這對投資者來說是一個潛在的危險信號。

"Typically, for new Bitcoins to enter or leave an ETF, there needs to be a substantial mismatch between supply and demand, necessitating the creation or destruction of creation units by market makers," explains Thomas Fahrer, Apollo co-founder, in a recent statement. "This is not unique to Bitcoin ETFs but is characteristic of ETFs in general. However, BlackRock's consistent positive inflows have been an exception to this rule, making the recent halt noteworthy."

Apollo 聯合創始人 Thomas Fahrer 在最近的一篇文章中解釋道：「通常情況下，新比特幣要進入或離開ETF，供需之間需要存在嚴重不匹配，從而需要做市商創建或銷毀創造單位。 「這並不是比特幣 ETF 所獨有的，而是 ETF 的一般特徵。然而，貝萊德持續的正資金流入是這一規則的例外，這使得最近的暫停值得注意。”

Compounding these concerns is the broader market trend of declining inflows into spot Bitcoin ETFs. Outflows from Grayscale Investments, the largest seller of these funds, have continued unabated. According to HODL Capital data, on April 20th, the total daily outflows from 10 spot Bitcoin ETFs in the United States reached 823 BTC.

令這些擔憂更加複雜的是，現貨比特幣 ETF 資金流入下降的更廣泛市場趨勢。這些基金的最大賣家灰階投資公司(Grayscale Investments)的資金流出持續有增無減。 HODL Capital數據顯示，4月20日，美國10隻現貨比特幣ETF日總流出量達823 BTC。

As of that day, Grayscale's Bitcoin Trust ETF (GBTC) held 297,117 BTC, a significant 52% decline since its initial holdings on January 11th. This places Grayscale's GBTC only around 8% ahead of BlackRock's IBIT, which currently holds 274,462 BTC.

截至當天，Grayscale 的比特幣信託 ETF (GBTC) 持有 297,117 BTC，自 1 月 11 日首次持有以來大幅下降 52%。這使得 Grayscale 的 GBTC 僅領先 BlackRock 的 IBIT 約 8%，後者目前持有 274,462 BTC。

Despite the slowdown in spot Bitcoin ETF inflows, the overall holdings of these funds remain in positive territory. As of April 29th, the total BTC ETF holdings stood at an impressive 831,424 BTC, representing a healthy 33.1% increase since January 11th.

儘管比特幣 ETF 現貨流入放緩，但這些基金的整體持有量仍處於正值。截至 4 月 29 日，BTC ETF 總持有量達到令人印象深刻的 831,424 BTC，自 1 月 11 日以來健康成長了 33.1%。

While this growth is encouraging, the halts in inflows and the broader market outflows have cast a shadow over the Bitcoin ETF market. Industry experts are closely monitoring the situation, eager to assess the long-term implications for both IBIT and the wider Bitcoin ETF ecosystem.

雖然這種增長令人鼓舞，但資金流入的停止和更廣泛的市場流出給比特幣 ETF 市場蒙上了陰影。行業專家正在密切關注事態發展，渴望評估對 IBIT 和更廣泛的比特幣 ETF 生態系統的長期影響。