灰階比特幣信託遭遇 18 億美元資金外流，反映產業挑戰

過去一周，Grayscale 的比特幣信託基金 (GBTC) 的資金流出達到驚人的 18 億美元，這標誌著加密貨幣 ETF 領域連續四天一致的撤資趨勢。值得注意的是，繼 3 月 18 日創紀錄的 6.42 億美元流出之後，僅 3 月 21 日，GBTC 就報告流出 3.588 億美元。

Grayscale's Bitcoin Trust Experiences $1.8 Billion in Outflows, Signaling Industry Headwinds

Grayscale 的比特幣信託經歷了 18 億美元的資金外流，預示著該行業的逆風

Grayscale's Bitcoin Trust (GBTC) has been battered by a relentless wave of outflows, totaling $1.8 billion over the past week. This unprecedented exodus marks a sustained trend of withdrawals that has plagued the cryptocurrency exchange-traded fund (ETF) sector for four consecutive days.

Grayscale 的比特幣信託基金 (GBTC) 受到持續資金外流的打擊，過去一週資金外流總額達 18 億美元。這種史無前例的資金外流標誌著持續的撤資趨勢，該趨勢已連續四天困擾加密貨幣交易所交易基金（ETF）領域。

On March 21 alone, GBTC reported outflows of $358.8 million, following a record-breaking $642 million outflow on March 18, according to data from Farside Investors. The magnitude and consistency of these withdrawals have raised concerns about the stability of the cryptocurrency ETF market.

根據 Farside Investors 的數據，僅 3 月 21 日，GBTC 就報告流出 3.588 億美元，繼 3 月 18 日創紀錄的 6.42 億美元流出之後。這些提款的規模和持續性引發了人們對加密貨幣 ETF 市場穩定性的擔憂。

Eric Balchunas, a senior ETF analyst at Bloomberg, believes that the majority of outflows, particularly those stemming from recent bankruptcies in the crypto industry, may be nearing an end. He notes that the scale and consistency of these withdrawals suggest that they are nearing completion. Balchunas speculates that as this phase subsides, the market could witness retail-driven flows similar to those observed in February.

彭博社資深 ETF 分析師 Eric Balchunas 認為，大部分資金外流，尤其是加密貨幣產業近期破產而導致的資金外流，可能已接近尾聲。他指出，這些撤資的規模和一致性表明它們已接近完成。 Balchunas 推測，隨著這一階段的消退，市場可能會出現類似於 2 月觀察到的零售驅動的流動。

Independent researcher ErgoBTC adds depth to the analysis, highlighting that approximately $1.1 billion of recent GBTC outflows likely originated from Genesis, a bankrupt crypto lender. This observation underscores the intricate interplay between financial institutions and the broader cryptocurrency ecosystem.

獨立研究人員 ErgoBTC 增加了分析的深度，強調最近 GBTC 資金流出中約 11 億美元可能來自破產的加密貨幣貸款機構 Genesis。這項觀察結果強調了金融機構與更廣泛的加密貨幣生態系統之間的複雜相互作用。

The timing and volume of transactions between GBTC and Genesis suggest a correlation between the two. WhalePanda, a pseudonymous crypto market commentator, echoes this sentiment, referring to Genesis's statement about converting GBTC shares into Bitcoin to return assets to creditors.

GBTC 和 Genesis 之間的交易時間和交易量表明兩者之間存在相關性。匿名加密貨幣市場評論員 WhalePanda 也同意這一觀點，他提到了 Genesis 關於將 GBTC 股票轉換為比特幣以將資產返還給債權人的聲明。

The convergence of bankruptcies and liquidations within the crypto industry has amplified selling pressure on GBTC, contributing to the observed outflow trend. Genesis's court-approved liquidation of $1.3 billion in GBTC shares on February 14, aimed at repaying creditors, was a notable instance. Similarly, the bankrupt cryptocurrency exchange FTX liquidated its entire 22 million GBTC shares, valued at nearly $1 billion, just a month earlier.

加密產業內破產和清算的集中加劇了 GBTC 的拋售壓力，導致了觀察到的資金外流趨勢。 Genesis 於 2 月 14 日經法院批准清算了價值 13 億美元的 GBTC 股票，旨在償還債權人，這是一個值得注意的例子。同樣，就在一個月前，破產的加密貨幣交易所 FTX 清算了其全部 2,200 萬股 GBTC 股票，價值近 10 億美元。

Despite the current market turmoil, analysts remain cautiously optimistic about the prospects of a turnaround. Balchunas hints at the potential stabilization of the market as bankrupt firms purchase Bitcoin with cash, potentially offsetting some of the selling pressure on GBTC.

儘管當前市場動盪，但分析師仍對扭轉前景持謹慎樂觀態度。 Balchunas 暗示，隨著破產公司用現金購買比特幣，市場可能會趨於穩定，這可能會抵消 GBTC 的部分拋售壓力。

Looking ahead, industry experts anticipate a recalibration in investment trends within the cryptocurrency sector. As market dynamics evolve, investors and stakeholders alike remain vigilant, navigating through the complexities of an ever-changing landscape.

展望未來，產業專家預計加密貨幣領域的投資趨勢將重新調整。隨著市場動態的發展，投資者和利害關係人保持警惕，以應對不斷變化的複雜局面。