隨著減半臨近，灰階比特幣信託受到贖回打擊，競爭對手獲得關注

在比特幣減半即將到來之際，灰階比特幣信託基金 (GBTC) 面臨大量贖回，過去五天內撤回了超過 8,990 萬美元。這一流出是自 1 月以來趨勢的一部分，總計 16 億美元。貝萊德（BlackRock）和富達（Fidelity）等競爭對手的湧入，以較低的費用，擾亂了灰度的主導地位。儘管如此，機構投資者仍然看好比特幣，RIA 和對沖基金可能會在減半後增加其比特幣風險。

GrayScale Bitcoin Trust Experiences Significant Redemptions Ahead of Halving Event, While Competitors Gain Ground

灰階比特幣信託在減半事件之前經歷了重大贖回，而競爭對手則取得了進展

Amidst heightened anticipation for the imminent Bitcoin halving event, Grayscale Bitcoin Trust (GBTC) has witnessed substantial redemptions, reflecting a cautious stance among investors. In the past five days alone, investors have withdrawn $89.9 million from the trust, bringing the total outflows since January to an alarming $1.6 billion.

在人們對即將到來的比特幣減半事件的高度預期中，灰階比特幣信託（GBTC）出現了大量贖回，反映出投資者的謹慎立場。光是在過去五天裡，投資人就從信託基金撤資 8,990 萬美元，使自 1 月以來的總資金流出達到驚人的 16 億美元。

This surge in redemptions suggests that investors are reassessing their positions in light of the impending halving, which is expected to reduce the supply of new Bitcoins by 50%. The significant outflows indicate a desire to mitigate potential risks associated with the event, which could impact the price of Bitcoin.

贖回激增表明，投資者正在根據即將到來的減半重新評估自己的頭寸，預計新比特幣的供應量將減少 50%。大量資金外流顯示人們希望減輕與該事件相關的潛在風險，這可能會影響比特幣的價格。

The GBTC redemptions have coincided with the emergence of new competitors in the digital asset management space. BlackRock and Fidelity have garnered considerable market share due to their lower fees, posing a formidable challenge to Grayscale.

GBTC 贖回恰逢數位資產管理領域新競爭對手的出現。貝萊德和富達憑藉較低的費用獲得了相當大的市場份額，對灰階構成了巨大的挑戰。

Within a single week, Fidelity's Bitcoin Trust (FBTC) and BlackRock's Bitcoin Strategy (IBIT) funds attracted net inflows of approximately $37 million and $18.7 million, respectively. However, these inflows were short-lived, with BlackRock experiencing an outflow of around $17 billion on April 18th.

在一週之內，富達的比特幣信託（FBTC）和貝萊德的比特幣策略（IBIT）基金分別吸引了約 3,700 萬美元和 1,870 萬美元的淨流入。然而，這些資金流入是短暫的，貝萊德在 4 月 18 日經歷了約 170 億美元的資金流出。

In response to the competitive landscape, Grayscale CEO Mike Sonnenshein has hinted at plans to reduce fees and introduce a new Bitcoin product, Bitcoin Mini Trust, aimed at providing exposure to Bitcoin at a lower cost than a full exchange of the cryptocurrency.

為了應對競爭格局，Grayscale 執行長 Mike Sonnenshein 暗示計劃降低費用並推出新的比特幣產品 Bitcoin Mini Trust，旨在以比加密貨幣完全交易更低的成本提供比特幣敞口。

Despite the recent redemptions, institutional investors continue to express growing interest in Bitcoin. A recent report from Bitwise revealed that registered investment advisors (RIAs) and multifamily offices are actively considering including Bitcoin in their portfolios. Additionally, hedge funds are expected to increase their demand for Bitcoin following the halving.

儘管最近出現了贖回，機構投資者仍然對比特幣表現出越來越大的興趣。 Bitwise 最近的一份報告顯示，註冊投資顧問（RIA）和聯合家族辦公室正在積極考慮將比特幣納入其投資組合。此外，減半後，對沖基金預計將增加對比特幣的需求。

The Bitcoin halving event, scheduled for May 12th, is a significant milestone in the cryptocurrency's history. Its potential impact on the price of Bitcoin remains uncertain, but investors are closely monitoring its approach. Meanwhile, Grayscale and its competitors will continue to adapt their strategies in a bid to capture market share in the increasingly competitive digital asset management industry.

定於 5 月 12 日舉行的比特幣減半事件是加密貨幣歷史上的重要里程碑。它對比特幣價格的潛在影響仍不確定，但投資者正在密切關注其做法。同時，灰階及其競爭對手將繼續調整策略，以期在競爭日益激烈的數位資產管理產業中搶佔市場份額。