現貨比特幣 ETF 的熱情因價格下跌而降溫

在比特幣價格下跌的情況下，美國現貨比特幣 ETF 4 月淨流出 3.435 億美元，標誌著三個月的資金流入激增結束。 BlackRock 的 IBIT ETF 主導淨流入，增加 15 億美元，而 Grayscale 的 GBTC 基金引領流出，退出 25 億美元。儘管 IBIT 的 71 天連續流入已於 4 月 23 日結束，但其管理資產仍有望超過 GBTC，目前持有 274,462 BTC，GBTC 為 296,714 BTC。

Bitcoin ETF Hype Cools, Spot ETFs Experience Outflows

比特幣 ETF 炒作降溫，現貨 ETF 資金流出

The initial surge of excitement surrounding spot bitcoin exchange-traded funds (ETFs) has given way to a period of consolidation, with the overall inflows into these products slowing significantly in April. After attracting a combined $12.1 billion in net inflows during the first three months of the year, the U.S. spot bitcoin ETFs faced net outflows totaling $343.5 million in April.

圍繞現貨比特幣交易所交易基金 (ETF) 的最初熱潮已經讓位給一段整合期，四月份流入這些產品的整體資金大幅放緩。在今年前三個月吸引了總計 121 億美元的淨流入後，美國現貨比特幣 ETF 在 4 月面臨總計 3.435 億美元的淨流出。

This reversal in sentiment aligns with a broader decline in the price of bitcoin, which peaked at an all-time high of $73,836 on March 14th. Since then, the cryptocurrency has lost approximately 18% of its value, falling below the $57,000 level on May 6th for the first time since February.

這種情緒的逆轉與比特幣價格的更廣泛下跌相一致，比特幣價格在 3 月 14 日達到歷史新高 73,836 美元。此後，該加密貨幣的價值已下跌約 18%，自 2 月以來首次於 5 月 6 日跌破 57,000 美元的水平。

Grayscale's GBTC Leads Outflows

灰階的 GBTC 引領資金流出

Grayscale's Bitcoin Trust (GBTC), the largest and most well-established bitcoin ETF in the U.S., bore the brunt of the outflows in April. Investors withdrew a substantial $2.5 billion from the fund over the course of the month, contributing significantly to the overall decline in demand for spot bitcoin ETFs.

Grayscale 的比特幣信託 (GBTC) 是美國最大、最完善的比特幣 ETF，在 4 月的資金流出中首當其衝。本月，投資者從該基金撤資了 25 億美元，這對現貨比特幣 ETF 需求的整體下降做出了重大貢獻。

Ark Invest's ARK 21Shares Bitcoin ETF (ARKB) also experienced net outflows of $86.3 million, while Valkyrie's Valkyrie Bitcoin Strategy ETF (BRRR) saw minor outflows of $0.3 million. Notably, Fidelity's Wise Origin Bitcoin Trust (FBTC) and Bitwise's Bitwise 10 Crypto Index Fund (BITB) registered their first daily outflows in April, although they overall continued to record net inflows.

Ark Invest 的 ARK 21Shares 比特幣 ETF (ARKB) 也經歷了 8,630 萬美元的淨流出，而 Valkyrie 的 Valkyrie 比特幣策略 ETF (BRRR) 則出現了 30 萬美元的小幅流出。值得注意的是，Fidelity 的 Wise Origin Bitcoin Trust (FBTC) 和 Bitwise 的 Bitwise 10 Crypto Index Fund (BITB) 在 4 月首次出現每日資金流出，儘管它們總體上繼續錄得淨流入。

BlackRock's IBIT Dominates Inflows

貝萊德的 IBIT 主導資金流入

Despite the overall decline in inflows, BlackRock's iShares Bitcoin Strategy ETF (IBIT) remained a beacon of demand. The fund attracted $1.5 billion in net inflows during April, solidifying its position as the most popular spot bitcoin ETF in the U.S. market.

儘管資金流入總體下降，貝萊德的 iShares 比特幣策略 ETF (IBIT) 仍然是需求的燈塔。該基金在 4 月吸引了 15 億美元的淨流入，鞏固了其作為美國市場最受歡迎的現貨比特幣 ETF 的地位。

IBIT's strong performance is evidenced by its 71-day inflow streak, a remarkable achievement that placed it among the top ten ETFs of all time. However, this streak came to an abrupt end on April 23rd, and the fund has since experienced five consecutive days of zero flows.

IBIT 的強勁表​​現體現在其連續 71 天的資金流入，這是一項了不起的成就，使其躋身有史以來排名前十的 ETF 之列。然而，這種連續上漲趨勢在4月23日戛然而止，該基金此後經歷了連續五天的零流量。

Trading Volume Dwindles

交易量減少

The decline in inflows for spot bitcoin ETFs has been mirrored by a significant drop in daily trading volume. After reaching a record $9.9 billion on March 5th as bitcoin broke through its previous cycle peak, trading volume has since dwindled to $2.9 billion on May 7th, according to data from The Block.

現貨比特幣 ETF 流入量的下降反映在每日交易量的大幅下降。根據 The Block 的數據，比特幣在 3 月 5 日突破上一個週期峰值，達到創紀錄的 99 億美元後，5 月 7 日交易量已減少至 29 億美元。

IBIT Closes In on GBTC's Market Share

IBIT 逼近 GBTC 市佔率

Despite the recent slowdown in inflows, BlackRock's IBIT is poised to overtake Grayscale's GBTC as the largest spot bitcoin ETF by assets under management (AUM). IBIT currently holds 274,462 BTC, equivalent to $15.6 billion, while GBTC holds 296,714 BTC or $16.9 billion.

儘管近期資金流入放緩，但按資產管理規模 (AUM) 計算，貝萊德 (BlackRock) 的 IBIT 有望超越 Grayscale 的 GBTC，成為最大的現貨比特幣 ETF。 IBIT 目前持有 274,462 BTC，相當於 156 億美元，而 GBTC 持有 296,714 BTC，相當於 169 億美元。

Grayscale's converted GBTC fund has witnessed a sharp decline in its assets, falling by 52% from 619,220 BTC since spot bitcoin ETF trading began. However, in U.S. dollar terms, this decline amounts to a more modest 41% drop, reflecting the significant increase in bitcoin's price over the same period.

Grayscale 轉換後的 GBTC 基金資產急劇下降，自現貨比特幣 ETF 交易開始以來，從 619,220 BTC 下降了 52%。然而，以美元計算，這一跌幅為 41%，較為溫和，反映出同期比特幣價格的大幅上漲。

Bitcoin Price Struggles

比特幣價格掙扎

Bitcoin's price has also faced headwinds in May, with the cryptocurrency falling around 6% on May 7th alone. This decline brought bitcoin briefly below the $57,000 level, a level it has not traded below since February. The current market capitalization of bitcoin stands at approximately $1.1 trillion.

比特幣的價格在 5 月也面臨阻力，光是 5 月 7 日這筆加密貨幣就下跌了 6% 左右。此次下跌使比特幣一度跌破 57,000 美元的水平，這是自 2 月以來比特幣交易從未低於過的水平。目前比特幣的市值約為 1.1 兆美元。

Conclusion

結論

The initial euphoria surrounding spot bitcoin ETFs has subsided, with these products now experiencing a period of consolidation. The decline in inflows and trading volume coincides with a downturn in the price of bitcoin. While some ETFs, such as Grayscale's GBTC and Ark Invest's ARKB, have faced significant outflows, BlackRock's IBIT remains a standout performer, continuing to attract demand. As the market digests these developments and bitcoin's price outlook remains uncertain, the future trajectory of spot bitcoin ETFs remains to be seen.

最初圍繞現貨比特幣 ETF 的樂觀情緒已經消退，這些產品現在正在經歷一段整合期。資金流入和交易量的下降與比特幣價格的下跌同時發生。儘管 Grayscale 的 GBTC 和 Ark Invest 的 ARKB 等 ETF 面臨大量資金流出，但 BlackRock 的 IBIT 仍然表現出色，繼續吸引需求。隨著市場消化這些進展，且比特幣的價格前景仍不確定，現貨比特幣 ETF 的未來軌跡仍有待觀察。