灰階的比特幣信託：瀕臨耗盡？

隨著供應量迅速減少，灰階的比特幣信託基金正瀕臨耗盡的邊緣。由於該基金可能會在短短 96 天內耗盡比特幣，因此焦點轉向灰階將如何度過這一關鍵時刻。隨著該公司的比特幣儲備以驚人的速度耗盡，引發了對其營運可持續性的擔憂，這引發了人們對其營運可持續性的擔憂。目前，灰階投資成為焦點，投資者密切關注事態發展，想知道信託將如何度過這場準備金減少的風暴。

Grayscale's Bitcoin Trust: On the Brink of Exhaustion?

灰階的比特幣信託：瀕臨耗盡？

Since BlackRock's bitcoin ETF made headlines with record daily inflows, the focus has shifted to another major player in the space: Grayscale Investments. But a pressing question lingers: how quickly will Grayscale's fund run out of bitcoin?

自從貝萊德 (BlackRock) 的比特幣 ETF 以創紀錄的每日流入量成為頭條新聞以來，焦點已轉移到該領域的另一個主要參與者：灰階投資 (Grayscale Investments)。但一個迫切的問題仍然存在：灰階的基金多久會耗盡比特幣？

Red Flags: Grayscale's Bitcoin Supply Dwindling

危險訊號：灰階的比特幣供應減少

According to Arkham Intelligence, Grayscale's Bitcoin Trust (GBTC) could exhaust its bitcoin reserves in just 96 days at the current redemption rate. This calculation stems from the 277,470 BTC Grayscale has sold since converting GBTC into an ETF in January.

據 Arkham Intelligence 稱，按照目前的贖回率，Grayscale 的比特幣信託（GBTC）可能會在短短 96 天內耗盡其比特幣儲備。這項計算源自於自 1 月將 GBTC 轉換為 ETF 以來，Grayscale 已售出 277,470 BTC。

By the Numbers: A Sharp Decline in Bitcoin Holdings

從數字來看：比特幣持有量急劇下降

Grayscale began the year with a hefty 618,280 BTC for its Bitcoin Trust. However, as of March 23, its holdings have dwindled to a mere 356,440 BTC. If the current trend continues, the fund's bitcoin supply will be depleted within 14 weeks.

今年年初，灰度為其比特幣信託基金籌集了 618,280 比特幣。然而，截至 3 月 23 日，其持有量已減少至僅 356,440 BTC。如果目前的趨勢持續下去，該基金的比特幣供應將在 14 週內耗盡。

IBIT on the Rise, Threatening GBTC's Dominance

IBIT崛起，威脅GBTC統治地位

Meanwhile, BlackRock's iShares Bitcoin Trust (IBIT) has been amassing an impressive 4,120 BTC per day on average, amounting to over $274 million at current prices. Analysts predict that IBIT could surpass GBTC's bitcoin holdings in as little as two weeks.

同時，貝萊德的 iShares 比特幣信託 (IBIT) 平均每天累積了令人印象深刻的 4,120 比特幣，以當前價格計算，價值超過 2.74 億美元。分析師預測 IBIT 可能在短短兩週內超過 GBTC 的比特幣持有量。

A Glimmer of Hope?

一線希望？

However, some experts believe the worst may be behind GBTC. Bloomberg ETF analyst Eric Balchunas suggests that the recent increase in flows could be linked to bankruptcies, based on their size and consistency. He speculates that Gemini and Genesis outflows may be fueling bitcoin purchases, potentially buoying the market.

然而，一些專家認為，最糟糕的情況可能已經過去了。彭博 ETF 分析師 Eric Balchunas 表示，根據破產規模和一致性，近期資金流入的增加可能與破產有關。他推測 Gemini 和 Genesis 的資金流出可能會刺激比特幣購買，從而提振市場。

The Verdict: Grayscale's Fate Hangs in the Balance

結論：灰階的命運懸而未決

As things stand, Grayscale's Bitcoin Trust is facing a precarious situation. With its bitcoin reserves dwindling rapidly, the fund's long-term viability is in question. While BlackRock's IBIT poses a significant threat, the recent surge in GBTC flows offers a glimmer of hope. However, it remains to be seen whether this positive trend will continue or if Grayscale's days as a major bitcoin custodian are numbered.

從目前的情況來看，灰階的比特幣信託正面臨不穩定的局面。隨著比特幣儲備迅速減少，該基金的長期生存能力受到質疑。雖然貝萊德的 IBIT 構成了重大威脅，但最近 GBTC 流量的激增帶來了一線希望。然而，這種積極趨勢是否會持續，或者灰度作為主要比特幣託管商的日子是否屈指可數，還有待觀察。