灰階的比特幣持有量暴跌，標誌著信任的流失

自 ETF 轉換以來，Grayscale 的比特幣持有量大幅下降，從 624.28K 降至 361.79K。美國現貨比特幣ETF面臨需求下降，連續四天累積淨流出。灰階的 GBTC 一直是資金流出的主要來源，而貝萊德的 IBIT 則出現了一些流入。 ETF 的整體需求受到限制，落後於比特幣的價格走勢，目前人們的注意力已轉向現貨 BTC ETF 需求和即將到來的比特幣減半事件。

Is Grayscale's BTC Hold Drying Up?

灰階的 BTC 持有量是否正在枯竭？

Grayscale's once-formidable Bitcoin (BTC) holdings have dwindled to 361.79K, a far cry from the 624.28K it held pre-ETF conversion in January. The exodus from Grayscale's Bitcoin Trust (GBTC) has been relentless, with $1.83B in outflows over the past four days alone.

Grayscale 曾經強大的比特幣 (BTC) 持有量已減少至 361.79K，與 1 月份 ETF 轉換前持有的 624.28K 相差甚遠。 Grayscale 的比特幣信託 (GBTC) 的資金外流一直在無情地進行，光是過去四天就有 $1.83B 的資金流出。

Is GBTC Bleeding Its Life Away?

GBTC 正在耗盡生命嗎？

On March 21st, GBTC's outflows reached a staggering $358.8M, prompting Bloomberg's James Seyffart to quip: "Outflows ain't stopping." Since the ETF conversion, GBTC has hemorrhaged $13.36B, marking a 42.3% decline in its BTC holdings.

3 月 21 日，GBTC 的資金外流達到驚人的 3.588 億美元，彭博社的 James Seyffart 打趣道：“資金外流並未停止。”自 ETF 轉換以來，GBTC 已損失 $13.36B，標誌著其 BTC 持有量下降了 42.3%。

Can iShares Counter the GBTC Exodus?

iShares 能否應付 GBTC 的外流？

BlackRock's iShares Bitcoin Trust (IBIT) has emerged as a beacon of hope amidst the GBTC gloom. IBIT has absorbed $451.5M in inflows, but its performance has been erratic, with "dismal" days on Tuesday and Wednesday. However, it rebounded on Thursday with $233.4M in inflows.

貝萊德 (BlackRock) 的 iShares 比特幣信託 (IBIT) 已成為 GBTC 低迷時期的希望燈塔。 IBIT 已吸收 4.515 億美元的資金流入，但其表現卻不穩定，週二和週三的日子「慘淡」。然而，週四資金流入量 2.334 億美元反彈。

Are ETFs Losing Their BTC Mojo?

ETF 正在失去 BTC 魔力嗎？

Despite the BTC price retracement, spot BTC ETFs have failed to ignite demand. Their cumulative net outflows for the fourth consecutive day underscore the waning interest in these investment vehicles.

儘管比特幣價格出現回調，但現貨比特幣 ETF 未能點燃需求。它們連續第四天的累積淨流出突顯出人們對這些投資工具的興趣減弱。

Bitwise and Ark Shine Amidst the Gloom

Bitwise 與方舟在黑暗中閃耀

While GBTC falters, Bitwise (BITB) and Ark (ARKB) have reached significant milestones. BITB has surpassed $1.5B in cumulative inflows, and ARKB has crossed the $2B mark. However, the broader ETF landscape remains constrained by the lack of demand.

雖然 GBTC 步履蹣跚，但 Bitwise (BITB) 和 Ark (ARKB) 已經達到了重要的里程碑。 BITB 累計流入量已超過 $1.5B，ARKB 已突破 $2B 大關。然而，更廣泛的 ETF 格局仍然受到需求不足的限制。

Will the Fed's Pivot Revive BTC ETF Demand?

聯準會的轉向會重振 BTC ETF 需求嗎？

The market's focus has shifted from the dovish Fed rate decision to the waning spot BTC ETF demand and the upcoming Bitcoin halving event in mid-April. Will the Fed's pivot spark a resurgence in BTC ETF appetite, or will the outflow trend persist?

市場焦點已從鴿派的聯準會利率決定轉向現貨 BTC ETF 需求的減弱以及 4 月中旬即將到來的比特幣減半事件。聯準會的轉向會引發 BTC ETF 興趣的回升，還是資金外流的趨勢會持續下去？