主要比特幣信託基金出現大規模資金外流，顯示投資者退出

灰階比特幣信託基金 (GBTC) 面臨大量提款，4 月 12 日，提款金額超過 1.66 億美元，有 2,500 個比特幣被提款。這次撤資是更廣泛趨勢的一部分，自 1 月轉變為現貨比特幣 ETF 以來，資金流出達到 162 億美元。儘管執行長 Michael Sonnenshein 對前景持樂觀態度，但由於高管理費和市場整合，資金外流仍然存在。然而，有一段時間流出量減少，顯示潛在的穩定。

Grayscale Bitcoin Trust (GBTC) Witnesses Significant Withdrawals, Signaling Waning Investor Interest

灰階比特幣信託（GBTC）出現大量撤資，顯示投資者興趣減弱

The Grayscale Bitcoin Trust (GBTC), a prominent cryptocurrency investment vehicle, has experienced a substantial decline in recent months, with over $166 million and more than 2,500 Bitcoin withdrawn on April 12 alone. This latest withdrawal is part of a broader trend that has seen the fund's outflows reach a staggering $16.2 billion since its transformation into a spot Bitcoin exchange-traded fund (ETF) in January, according to data from Farside Investors.

著名的加密貨幣投資工具灰階比特幣信託基金 (GBTC) 近幾個月來經歷了大幅下跌，光是 4 月 12 日就撤回了超過 1.66 億美元和超過 2,500 個比特幣。根據 Farside Investors 的數據，自 1 月轉變為現貨比特幣交易所交易基金 (ETF) 以來，該基金的資金流出已達到驚人的 162 億美元，這一最新的撤資是更廣泛趨勢的一部分。

Throughout the month of April, daily withdrawals have ranged from $75 million to $300 million, highlighting ongoing volatility in investor activity. This downturn in GBTC is mirrored by a general slowdown in inflows across other spot Bitcoin ETFs, pointing to a decrease in investor engagement in the sector. Over the past week alone, GBTC experienced outflows totaling $767 million, contributing significantly to the overall negative flow observed in spot Bitcoin ETFs.

在整個 4 月份，每日提款金額在 7,500 萬美元至 3 億美元之間，凸顯了投資者活動的持續波動。 GBTC 的下滑反映在其他現貨比特幣 ETF 的資金流入普遍放緩，顯示投資者對該行業的參與度有所下降。光是過去一周，GBTC 的資金流出總額就達 7.67 億美元，對現貨比特幣 ETF 的整體負流造成了重大影響。

In contrast, BlackRock's iShares Bitcoin Trust ETF has seen a more positive trajectory, with assets under management exceeding $15 billion, which is beginning to close the gap with GBTC. Despite this positive development, the overall sentiment toward spot Bitcoin ETFs remains cautious.

相較之下，貝萊德的 iShares 比特幣信託 ETF 的發展軌跡更為積極，管理資產超過 150 億美元，開始縮小與 GBTC 的差距。儘管取得了積極的進展，人們對現貨比特幣 ETF 的整體情緒仍然保持謹慎。

Grayscale CEO Michael Sonnenshein, speaking on April 10, hinted that the outflows from the Grayscale Bitcoin Trust might be nearing stabilization, indicating a potential uptick in trader and investor optimism. Despite this hopeful outlook, outflows have persisted.

Grayscale 執行長 Michael Sonnenshein 在 4 月 10 日發表演說時暗示，Grayscale 比特幣信託基金的資金流出可能接近穩定，這表明交易員和投資者的樂觀情緒可能有所上升。儘管前景充滿希望，但資金外流依然存在。

Sonnenshein also commented on the high fees associated with GBTC, noting its 1.5% management fee, significantly higher than the 0.30% average fee of its competitors, as a potential factor driving the outflows.

Sonnenshein 也對 GBTC 的高額費用發表了評論，指出其 1.5% 的管理費，明顯高於競爭對手 0.30% 的平均費用，是推動資金外流的潛在因素。

He further explained the market dynamics, stating, "Markets often exhibit high excitement when commodity or thematic exposure products first emerge. However, these products mature as time passes, leading to market consolidation as investors focus on a few offerings."

他進一步解釋了市場動態，並表示：「當大宗商品或主題投資產品首次出現時，市場通常會表現出高度興奮。然而，隨著時間的推移，這些產品會逐漸成熟，當投資者專注於少數產品時，會導致市場整合。

Despite these challenges, there have been periods of reduced outflow, such as on April 10, when the outflows dropped to $17.5 million—a sharp decline from the $154.9 million seen the previous day. Yet, the average daily outflow since January remains high at $257.8 million.

儘管面臨這些挑戰，但有一段時間流出量有所減少，例如 4 月 10 日，流出量降至 1,750 萬美元，較前一天的 1.549 億美元大幅下降。然而，自 1 月以來的日均流出量仍高達 2.578 億美元。

The shift in GBTC's structure came after a successful lawsuit against the U.S. Securities and Exchange Commission, which led to its conversion to an ETF in January, alongside the introduction of nine other spot Bitcoin ETFs. Adding to the market's dynamics, the bankrupt crypto lending firm Genesis recently sold approximately 36 million GBTC shares to purchase 32,041 Bitcoin, reflecting ongoing shifts within the broader cryptocurrency landscape.

GBTC 結構的轉變是在對美國證券交易委員會成功提起訴訟後發生的，這導致 GBTC 在 1 月轉換為 ETF，同時推出了其他 9 個現貨比特幣 ETF。破產的加密貨幣借貸公司 Genesis 最近出售了約 3,600 萬股 GBTC 股票，購買了 32,041 枚比特幣，這也加劇了市場的活力，反映出更廣泛的加密貨幣格局正在發生的變化。

The recent decline in GBTC and the broader spot Bitcoin ETF sector is a reminder of the inherent volatility and risk associated with cryptocurrency investments. Investors should exercise caution and carefully consider their investment strategies before allocating capital to these products.

GBTC 和更廣泛的現貨比特幣 ETF 領域最近的下跌提醒人們注意與加密貨幣投資相關的固有波動性和風險。投資者在向這些產品配置資金之前應謹慎行事並仔細考慮自己的投資策略。