貝萊德 (BlackRock) 的比特幣 ETF 有望超越灰階 (Grayscale) 的 GBTC，成為最大的比特幣持有者

BlackRock 的比特幣ETF 預計在三週內超過Grayscale 的GBTC 比特幣持有量，這主要得益於其每日約2.74 億美元的大量資金流入，這意味著每天有4,120 個新比特幣進入該基金。 Grayscale 的 GBTC 估計有 350,252 BTC，日均流出量為 2.77 億美元，即 4,140 BTC。如果目前的趨勢持續下去，貝萊德可能會在 4 月 11 日成為比特幣最大的機構持有者，如果其流入量增加到前一週日均 7,200 個比特幣，則可能會更早。

BlackRock's Bitcoin ETF Poised to Surpass Grayscale's GBTC

貝萊德的比特幣 ETF 預計將超越灰階的 GBTC

BlackRock's recently launched spot Bitcoin exchange-traded fund (ETF) is on track to eclipse Grayscale's Bitcoin Trust (GBTC) in terms of Bitcoin holdings within the next three weeks, barring any significant shifts in current inflow and outflow trends.

貝萊德最近推出的現貨比特幣交易所交易基金（ETF）預計將在未來三週內超越灰階的比特幣信託基金（GBTC），除非當前的流入和流出趨勢發生任何重大變化。

As of March 22, BlackRock's Bitcoin ETF held approximately 238,500 Bitcoin (BTC) worth $15.5 billion at current prices. Notably, the fund has been experiencing a robust average daily inflow of $274 million, equivalent to approximately 4,120 new Bitcoin entering the fund each day.

截至 3 月 22 日，貝萊德的比特幣 ETF 持有約 238,500 枚比特幣 (BTC)，以當前價格計算價值 155 億美元。值得注意的是，該基金平均每日流入量高達 2.74 億美元，相當於每天約有 4,120 個新比特幣進入該基金。

In contrast, Grayscale's GBTC reports holding an estimated 350,252 BTC, currently valued at $23 billion. However, GBTC has been grappling with an average daily outflow of $277 million or approximately 4,140 BTC over the past two weeks.

相比之下，Grayscale 的 GBTC 報告估計持有 350,252 BTC，目前價值 230 億美元。然而，過去兩週，GBTC 一直在努力應對日均 2.77 億美元（約 4,140 BTC）的流出。

GBTC's outflows have accelerated in recent days, particularly last week, as depicted in data from FarSide Investors. If the current inflow and outflow rates remain relatively stable, BlackRock's Bitcoin ETF is projected to overtake Grayscale in terms of total Bitcoin held by April 11.

正如 FarSide Investors 的數據所示，最近幾天，尤其是上週，GBTC 的資金外流加速。如果目前的流入和流出率保持相對穩定，預計到 4 月 11 日，貝萊德的比特幣 ETF 持有量將超過灰階。

This timeline could be accelerated if BlackRock's inflows were to revert to the prior week's daily average inflow of 7,200 Bitcoin, potentially leading to the shift occurring within 10 days.

如果貝萊德的流入量恢復到前一周 7,200 比特幣的日均流入量，這一時間表可能會加快，可能會導致在 10 天內發生轉變。

"BlackRock is going to flip Grayscale soon," asserted YouTuber George Tung in a March 20 video on his CryptosRUs channel. "I say within the next two weeks — it's going to happen."

YouTube 用戶 George Tung 在 3 月 20 日在他的 CryptosRUs 頻道上發布的影片中斷言：​​“貝萊德很快就會顛覆灰度。” “我說在接下來的兩週內——這將會發生。”

Should BlackRock surpass Grayscale, it would officially become the largest institutional holder of Bitcoin globally.

如果貝萊德超越灰度，它將正式成為全球最大的比特幣機構持有者。

GBTC Outflows and Bitcoin Price Implications

GBTC 流出和比特幣價格影響

On March 18, GBTC recorded a staggering $643 million in net outflows, marking its largest single-day outflow on record. While the outflows have moderated slightly in subsequent days, the elevated volume has prompted some analysts to caution about potential downward volatility in the price of Bitcoin.

3 月 18 日，GBTC 錄得驚人的 6.43 億美元淨流出，創下有史以來最大單日流出量。儘管資金流出在隨後幾天略有放緩，但交易量的增加促使一些分析師對比特幣價格潛在的下行波動發出警告。

However, Eric Balchunas, a senior ETF analyst at Bloomberg, expressed limited concern regarding the GBTC-led outflows, predicting that the exodus could largely subside within the next few weeks. Balchunas further speculated that a significant portion of last week's outflows originated from bankruptcies of crypto firms, such as Genesis and Digital Currency Group, due to their "size and consistency."

然而，彭博社高級 ETF 分析師 Eric Balchunas 對 GBTC 主導的資金外流表示有限的擔憂，並預測資金外流可能在未來幾週內基本平息。 Balchunas 進一步推測，上週資金外流的很大一部分源於 Genesis 和 Digital Money Group 等加密貨幣公司的破產，因為它們的「規模和一致性」。

BlackRock's Ascendance in the Bitcoin Landscape

貝萊德在比特幣領域的優勢

On March 10, BlackRock's spot Bitcoin ETF officially surpassed MicroStrategy's holdings of the cryptocurrency. As of the time of publication, MicroStrategy holds 214,246 BTC after acquiring an additional 9,000 BTC on March 19.

3 月 10 日，貝萊德 (BlackRock) 的現貨比特幣 ETF 持有量正式超過 MicroStrategy 的加密貨幣持有量。截至發稿時，MicroStrategy 在 3 月 19 日額外購買了 9,000 BTC 後，持有 214,246 BTC。

BlackRock's entry into the Bitcoin ETF market has significantly boosted the legitimacy and accessibility of the cryptocurrency for institutional investors. The fund's rapid growth and potential to overtake Grayscale as the largest Bitcoin holder underscore the growing institutional appetite for digital assets.

貝萊德進入比特幣 ETF 市場極大地提高了機構投資者對加密貨幣的合法性和可及性。該基金的快速成長以及超越灰階成為最大比特幣持有者的潛力凸顯了機構對數位資產日益增長的興趣。