目的比特幣 ETF 在競爭和大規模資金外流中失利

Purpose 比特幣 ETF (BTCC) 近幾個月來經歷了重大挑戰，自 1 月以來管理的比特幣 (BTC) 減少了 20%。儘管在此期間比特幣的需求不斷增長且價格創下歷史新高，但加拿大基金的持有量卻穩​​步下降。資金流出的原因是，與美國同類 ETF 相比，其管理費用低至 0.25%，而且灰階比特幣信託有可能轉換為 ETF，導致灰階和 Purpose 出現類似的資金流出。

Purpose Bitcoin ETF Lags Behind Amidst Competition and Massive Outflows

目的比特幣 ETF 在競爭和大規模資金外流中落後

Toronto, Ontario - April 10, 2023 - The Purpose Bitcoin ETF (BTCC), hailed as the world's first Bitcoin exchange-traded fund, has faced a significant setback in recent months, struggling to keep pace with its U.S. counterparts and hemorrhaging Bitcoin amidst a surge in demand and record-breaking prices.

安大略省多倫多 - 2023 年 4 月 10 日 - 被譽為全球首支比特幣交易所交易基金的 Purpose Bitcoin ETF (BTCC) 在近幾個月遭遇重大挫折，難以跟上美國同行的步伐，並在需求激增，價格破紀錄。

According to Purpose Investments' website, the fund held 27,871 BTC, valued at approximately $2.56 billion CAD ($1.89 billion USD), as of April 4. This figure represents a substantial 20% decline in its Bitcoin holdings over the past three months, despite a robust market rally that has witnessed unparalleled demand and meteoric price appreciation for the asset.

根據Purpose Investments 網站的數據，截至4 月4 日，該基金持有27,871 枚比特幣，價值約25.6 億加元（18.9 億美元）。這一數字表明過去三個月其比特幣持有量大幅下降20%，儘管強勁的市場反彈見證了該資產無與倫比的需求和快速的價格升值。

Purpose's waning Bitcoin reserves are a stark contrast to the influx of capital witnessed by recently launched U.S. spot Bitcoin ETFs. Since their inception on January 11, these funds have attracted over $12 billion in net inflows, triggering a significant surge in Bitcoin's value, which has soared above $67,000, registering a remarkable 53% increase year-to-date and a staggering 143% gain over the past six months.

Purpose 比特幣儲備的減少與最近推出的美國現貨比特幣 ETF 所見證的資本湧入形成鮮明對比。自 1 月 11 日成立以來，這些基金已吸引超過 120 億美元的淨流入，引發比特幣價值大幅飆升，已飆升至 67,000 美元以上，今年迄今漲幅高達 53%，漲幅高達 143%。過去六個月。

The Purpose Bitcoin ETF's performance stands in stark contrast to its initial success. Following its debut in February 2021, the fund's holdings consistently fluctuated between 20,000 and 40,000 BTC, maintaining relative stability throughout 2023 at approximately 23,000 BTC. However, a significant shift occurred halfway through the year as financial behemoths such as BlackRock and Fidelity filed applications to launch their own spot Bitcoin ETFs.

Purpose 比特幣 ETF 的表現與其最初的成功形成鮮明對比。自 2021 年 2 月推出以來，該基金的持股一直在 20,000 至 40,000 BTC 之間波動，2023 年全年保持相對穩定，約為 23,000 BTC。然而，今年中期發生了重大轉變，貝萊德和富達等金融巨頭申請推出自己的現貨比特幣 ETF。

This regulatory buzz ignited optimism that ETFs might finally receive regulatory approval, leading to a surge in capital inflows into Bitcoin funds, including Purpose's offering. Investors anticipated increased demand for Bitcoin, fueled by ETF accessibility, which in turn would drive up prices.

這種監管熱潮點燃了人們對 ETF 可能最終獲得監管批准的樂觀情緒，導致資本流入比特幣基金（包括 Purpose 的發行）激增。投資者預計，在 ETF 可獲取性的推動下，對比特幣的需求將會增加，進而推高價格。

The prediction proved accurate: the launch of U.S. ETFs on January 11 sparked a massive influx of capital, highlighting the pent-up demand for regulated Bitcoin exposure. However, Purpose's performance has taken a different turn.

事實證明這項預測是準確的：1 月 11 日美國 ETF 的推出引發了大量資本湧入，凸顯了對受監管比特幣曝險的壓抑需求。然而，Purpose的表現卻出現了不同的轉變。

Since reaching its peak of 35,706 BTC on January 5, the fund has endured a relentless outflow, gradually eroding its Bitcoin reserves. This relentless exodus is reminiscent of the Grayscale Bitcoin Trust, which has seen its BTC holdings nearly halve since January 11 and has consistently experienced daily outflows after converting into an ETF.

自 1 月 5 日達到 35,706 BTC 的高峰以來，該基金經歷了持續的資金外流，逐漸侵蝕了其比特幣儲備。這種持續不斷的資金外流讓人想起灰階比特幣信託基金(Grayscale Bitcoin Trust)，自1 月11 日以來，該信託基金的BTC 持有量幾乎減半，並且在轉換為ETF 後，每天都有資金流出。

Purpose and Grayscale face a common challenge: their management fees of 1.5% and 1.0%, respectively, are significantly higher than those of their newer competitors. BlackRock's fund, for instance, charges a modest 0.25% fee, while VanEck's offering has temporarily waived its fee altogether.

Purpose 和 Grayscale 面臨共同的挑戰：它們的管理費分別為 1.5% 和 1.0%，明顯高於新競爭對手。例如，貝萊德的基金收取 0.25% 的適度費用，而 VanEck 的基金則暫時完全免除費用。

These fee differentials provide little incentive for new investors to favor Purpose or Grayscale, particularly amidst a rapidly growing field of lower-cost options. Moreover, as Bitcoin's price continues to climb, seasoned investors in both funds are enticed to cash out their gains, further contributing to the outflows.

這些費用差異幾乎沒有激勵新投資者青睞目的或灰度，特別是在低成本選擇領域快速成長的情況下。此外，隨著比特幣價格持續攀升，兩檔基金的經驗豐富的投資者都被吸引將收益兌現，進一步導致資金外流。

Purpose's woes may be compounded by the fact that it has not made any public commitments to reduce its management fees, unlike Grayscale, whose CEO recently confirmed plans to lower fees over time. This lack of transparency and competitive pricing may further exacerbate Purpose's challenges in attracting and retaining investors.

與 Grayscale 不同的是，Purpose 沒有做出任何降低管理費的公開承諾，該公司的困境可能會更加複雜，Grayscale 的執行長最近確認了隨著時間的推移降低費用的計劃。缺乏透明度和有競爭力的定價可能會進一步加劇 Purpose 在吸引和留住投資者方面的挑戰。

Industry analysts and market observers remain divided on Purpose's prospects. While some believe that its regulatory track record and early market advantage should provide resilience, others express concerns about its relatively high fees and the growing popularity of lower-cost U.S. ETFs.

產業分析師和市場觀察家對 Purpose 的前景仍有分歧。雖然有些人認為其監管記錄和早期市場優勢應能提供彈性，但其他人則對其相對較高的費用和低成本美國 ETF 的日益普及表示擔憂。

The Purpose Bitcoin ETF's fortunes will ultimately depend on its ability to adapt to the evolving market landscape. If it fails to address the competitive pressures and investor concerns, its dominance as the world's first Bitcoin ETF may be short-lived. As the regulatory environment evolves and innovative products emerge, only time will tell if Purpose can regain its footing and reclaim its position as a leader in the burgeoning Bitcoin ETF space.

Purpose 比特幣 ETF 的命運最終將取決於其適應不斷變化的市場格局的能力。如果它不能解決競爭壓力和投資者的擔憂，那麼它作為全球首個比特幣 ETF 的主導地位可能是短暫的。隨著監管環境的發展和創新產品的出現，只有時間才能證明 Purpose 能否重新站穩腳跟，並重新奪回新興比特幣 ETF 領域領導者的地位。