貝萊德的比特幣 ETF 將取代 Grayscale 的 GBTC 成為最大的加密貨幣持有者

Will BlackRock's Bitcoin ETF Eclipse Grayscale's GBTC?

貝萊德的比特幣 ETF 會超越灰階的 GBTC 嗎？

BlackRock's spot Bitcoin ETF is poised to overtake Grayscale's GBTC in terms of total crypto holdings, potentially within the next three weeks. As of March 22nd, BlackRock's ETF held 238,500 Bitcoin (BTC), valued at $15.5 billion, while GBTC held 350,252 BTC, worth $23 billion.

就加密貨幣持有總量而言，貝萊德的現貨比特幣 ETF 預計在未來三週內超越 Grayscale 的 GBTC。截至3月22日，貝萊德的ETF持有238,500枚比特幣（BTC），價值155億美元，而GBTC持有350,252枚比特幣，價值230億美元。

Inflows and Outflows: A Tale of Two Funds

流入與流出：兩檔基金的故事

BlackRock's ETF has witnessed a surge in inflows, averaging $274 million per day, translating to approximately 4,120 new Bitcoins entering the fund daily. Conversely, GBTC has experienced outflows, averaging $277 million per day, equivalent to around 4,140 BTC leaving the fund.

BlackRock 的 ETF 資金流入激增，平均每天 2.74 億美元，相當於每天約有 4,120 個新比特幣進入該基金。相反，GBTC 則出現資金外流，平均每天 2.77 億美元，相當於約 4,140 BTC 離開該基金。

A Matter of Days?

幾天的事？

If these trends persist, BlackRock's ETF could surpass GBTC by April 11th. However, if BlackRock's inflows return to the previous week's daily average of 7,200 Bitcoin, the overtake could occur even sooner, potentially within 10 days.

如果這些趨勢持續下去，貝萊德的 ETF 可能會在 4 月 11 日超過 GBTC。然而，如果貝萊德的流入量恢復到前一周 7,200 比特幣的日均水平，則超越可能會更快發生，可能在 10 天內。

GBTC's Record Outflows: A Cause for Concern?

GBTC 創紀錄的資金外流：值得擔憂嗎？

GBTC recently recorded its largest daily net outflows, totaling $643 million on March 18th. While outflows have since moderated, analysts caution that they could indicate potential downward volatility in Bitcoin's price.

GBTC 最近在 3 月 18 日錄得最大單日淨流出，總計 6.43 億美元。儘管資金外流此後有所放緩，但分析師警告稱，這可能表明比特幣價格可能出現下行波動。

BlackRock Surges Past MicroStrategy

貝萊德 (BlackRock) 超越 MicroStrategy

BlackRock's spot Bitcoin ETF has already surpassed MicroStrategy's holdings in the cryptocurrency, with MicroStrategy currently holding 214,246 BTC after purchasing an additional 9,000 BTC on March 19th.

BlackRock 的現貨比特幣 ETF 已經超過了 MicroStrategy 的加密貨幣持有量，在 3 月 19 日額外購買了 9,000 BTC 後，MicroStrategy 目前持有 214,246 BTC。

Analyst Commentary

分析師評論

Bloomberg ETF analyst Eric Balchunas downplays the significance of GBTC's outflows, predicting that the exodus will likely subside in the coming weeks. He speculates that bankruptcies of crypto firms like Genesis and Digital Currency Group may have contributed to the recent outflows.

彭博 ETF 分析師 Eric Balchunas 淡化了 GBTC 資金外流的重要性，並預測資金外流可能會在未來幾週內消退。他推測 Genesis 和 Digital Money Group 等加密貨幣公司的破產可能是導致近期資金外流的原因。

Conclusion

結論

BlackRock's Bitcoin ETF is poised to become the world's largest institutional holder of Bitcoin, surpassing Grayscale's GBTC. The pace of inflows and outflows will determine the exact timing of this overtake, but it is likely to occur within the next few weeks.

貝萊德的比特幣 ETF 預計將超越灰階的 GBTC，成為全球最大的比特幣機構持有者。流入和流出的速度將決定這種超越的確切時間，但很可能會在未來幾週內發生。