加密貨幣寒冬愈演愈烈：比特幣 ETF 因破產而大規模流出 9.42 億美元

數位資產投資產品每周大幅流出 9.42 億美元，扭轉了連續 7 週流入 123 億美元的趨勢。灰階比特幣 ETF (GBTC) 經歷了 20 億美元的資金流出，但被新 ETF 發行人流入的 11 億美元所部分抵消。資金外流歸因於破產程序，但預計將放緩。

Bitcoin Investment Funds Witness Unprecedented Outflows Amid Bankruptcy Proceedings

破產程序中比特幣投資基金出現前所未有的資金外流

The digital asset investment landscape has taken a significant turn, as CoinShares reports a record weekly outflow of US$942 million from digital asset investment products. This marks an abrupt reversal from the preceding seven-week period, which saw a robust inflow of US$12.3 billion.

數位資產投資格局已發生重大轉變，CoinShares 報告數位資產投資產品每週流出創紀錄的 9.42 億美元。這標誌著與前七週期間的突然逆轉，前七週期間資金流入強勁，達 123 億美元。

The catalyst behind this outflow is primarily attributed to the bankruptcy proceedings of troubled crypto firms, resulting in the sale of significant Grayscale Bitcoin ETF (GBTC) holdings. Notably, GBTC experienced outflows totaling US$2 billion, overshadowing the US$1.1 billion inflow observed from newer ETF issuers in the US.

這種資金外流背後的催化劑主要歸因於陷入困境的加密貨幣公司的破產程序，導致大量灰階比特幣 ETF (GBTC) 的持有被出售。值得注意的是，GBTC 的資金流出總額為 20 億美元，超過了美國新 ETF 發行人所觀察到的 11 億美元的資金流入。

According to Bloomberg's cryptocurrency strategist, James Seyffart, the outflows from Bitcoin ETFs stem from bankruptcy-related selling activities by Gemini and Genesis. However, Seyffart anticipates a slowdown in outflows in the coming week as the selling pressure associated with bankruptcy proceedings diminishes. The group involved is estimated to hold approximately $3.9 billion worth of GBTC for liquidation.

彭博社的加密貨幣策略師 James Seyffart 表示，比特幣 ETF 的資金流出源自於 Gemini 和 Genesis 與破產相關的拋售活動。然而，塞法特預計，隨著與破產程序相關的拋售壓力減弱，未來一周資金流出將放緩。據估計，該組織持有價值約 39 億美元的 GBTC 進行清算。

Grayscale's High Fees Hamper Inflows

灰度的高額費用阻礙了資金流入

One of the key reasons behind the outflows from Grayscale has been its substantial gas fee, which has discouraged investors. In response, Grayscale CEO Michael Sonnenshein has stated that the company is actively working on reducing these fees.

灰度資金流出的主要原因之一是其高昂的天然氣費，這讓投資者望而卻步。對此，Grayscale 執行長 Michael Sonnenshein 表示，該公司正在積極努力降低這些費用。

Despite these efforts, Bloomberg ETF strategist Eric Balchunas suggests that significant inflows to GBTC may never materialize. Balchunas speculates that smaller versions of Bitcoin-based ETFs could attract inflows if fees are reduced below 30 basis points.

儘管做出了這些努力，彭博 ETF 策略師 Eric Balchunas 表示，大量資金流入 GBTC 可能永遠不會實現。 Balchunas 推測，如果費用降至 30 個基點以下，較小版本的基於比特幣的 ETF 可能會吸引資金流入。

Moreover, Balchunas highlights that a substantial portion of GBTC's assets under management (AUM) may consist of "mirage assets" or "tax hostages," implying that there may not be many actual individuals left who can freely sell their positions.

此外，Balchunas 強調，GBTC 管理資產（AUM）的很大一部分可能由「海市蜃樓資產」或「稅務人質」組成，這意味著可能沒有太多實際個人可以自由出售其頭寸。

Altcoins Experience Mixed Fortunes

山寨幣的命運好壞參半

While Bitcoin dominated the outflows, altcoins exhibited a mixed performance. Ethereum, Solana, and Cardano faced outflows of US$34 million, US$5.6 million, and US$3.7 million, respectively.

雖然比特幣在資金流出中佔據主導地位，但山寨幣的表現卻好壞參半。以太坊、Solana 和 Cardano 分別面臨 3,400 萬美元、560 萬美元和 370 萬美元的資金流出。

However, the broader altcoin landscape saw positive net inflows totaling US$16 million. Notably, Polkadot, Avalanche, and Litecoin recorded significant inflows of US$5 million, US$2.9 million, and US$2 million, respectively.

然而，更廣泛的山寨幣格局出現了總計 1,600 萬美元的正淨流入。值得注意的是，Polkadot、Avalanche 和 Litecoin 分別錄得 500 萬美元、290 萬美元和 200 萬美元的大量流入。

Implications for the Digital Asset Market

對數位資產市場的影響

The recent outflows from digital asset investment products indicate a shift in investor sentiment. The bankruptcy proceedings and associated liquidations have created uncertainty in the market, leading to a reduction in inflows and outflows.

最近數位資產投資產品的資金流出顯示投資者情緒的轉變。破產程序和相關清算為市場帶來了不確定性，導致資金流入和流出減少。

While Grayscale's gas fee remains a deterrent for investors, the company's efforts to reduce fees may partially mitigate this issue. However, the long-term outlook for GBTC remains uncertain, with experts suggesting that significant inflows may not be forthcoming.

雖然灰度的汽油費仍然對投資者構成威懾，但該公司降低費用的努力可能會部分緩解這個問題。然而，GBTC 的長期前景仍不確定，專家表示可能不會出現大量資金流入。

The performance of altcoins remains mixed, with some assets gaining inflows while others face outflows. Investors are advised to exercise caution and conduct thorough due diligence before making any investment decisions.

山寨幣的表現仍然參差不齊，有些資產獲得流入，而有些資產則面臨資金流出。建議投資者在做出任何投資決定之前謹慎行事並進行徹底的盡職調查。