現貨比特幣 ETF 經歷第一週淨流出

比特幣現貨交易所交易基金（ETF）已錄得第一週淨流出。 Coinbase 指出，4 天內灰階比特幣信託基金的資金流出達 18.3 億美元。報告指出，拋售壓力可能來自 Genesis Global 的破產財產。

Spot Bitcoin ETFs Experience First Week of Net Outflows

現貨比特幣 ETF 經歷第一週淨流出

In a notable shift in market sentiment, spot Bitcoin exchange-traded funds (ETFs) have recorded their first week of net outflows in two months. Coinbase (COIN), in a research report released Friday, observed that net outflows amounted to $836 million between March 18 and 21.

市場情緒發生顯著轉變，現貨比特幣交易所交易基金（ETF）則錄得兩個月來首周淨流出。 Coinbase (COIN) 在周五發布的一份研究報告中指出，3 月 18 日至 21 日期間淨流出金額達 8.36 億美元。

The selling pressure was particularly evident in the Grayscale Bitcoin Trust (GBTC), with outflows totaling $1.83 billion over four days, according to Coinbase. The accelerated outflows coincided with a decline in Bitcoin's price, which fell below $63,000 last week and currently trades around $66,800.

據 Coinbase 稱，灰階比特幣信託基金 (GBTC) 的拋售壓力尤其明顯，四天內資金流出總額達 18.3 億美元。資金外流加速與比特幣價格下跌同時發生，比特幣上週跌破 63,000 美元，目前交易價格約為 66,800 美元。

The reasons behind the surge in GBTC outflows remain unclear. In recent weeks, positive inflows into other spot ETFs had more than offset GBTC's outflows, suggesting "some capital rotation at the time," wrote analysts David Duong and David Han. GBTC charges higher fees than its peers.

GBTC 流出激增背後的原因尚不清楚。分析師 David Duong 和 David Han 寫道，最近幾週，其他現貨 ETF 的資金流入抵消了 GBTC 的資金流出，這表明「當時存在一定的資本輪換」。 GBTC 收取的費用高於同業。

One potential source of selling pressure stems from the bankruptcy estate of Genesis Global, which holds approximately 35.9 million GBTC shares, Coinbase noted. This is separate from the 30.9 million shares that Genesis pledged as collateral to borrow $1.2 billion from Gemini Earn users in Q3 2022, the report stated. Gemini has reached an agreement with Genesis to return those assets in kind, with the repayment expected in the coming weeks upon court approval.

Coinbase 指出，拋售壓力的一個潛在來源來自 Genesis Global 的破產財產，該公司持有約 3,590 萬股 GBTC 股票。報導稱，這與 Genesis 承諾在 2022 年第三季向 Gemini Earn 用戶借入 12 億美元的 3,090 萬股股票作為抵押品是分開的。 Gemini 已與 Genesis 達成協議，以實物方式返還這些資產，預計在法院批准後幾週內償還。

Coinbase cautioned that it is not certain whether the recent GBTC outflows are linked to these sales, stating that "we can only infer that the size and magnitude of the change in outstanding GBTC shares coincides with recent developments regarding Genesis' payment obligations."

Coinbase 警告稱，不確定最近 GBTC 的流出是否與這些銷售有關，並表示“我們只能推斷，已發行 GBTC 股票變化的規模和幅度與 Genesis 付款義務的最新進展相符。”

"Importantly, given that the majority of creditor payments will be made in crypto and not in cash, the market impact on Bitcoin performance should ultimately be neutral," the report added.

報告補充說：“重要的是，鑑於大部分債權人付款將以加密貨幣而非現金形式進行，市場對比特幣表現的影響最終應該是中性的。”

The shift in sentiment toward spot Bitcoin ETFs highlights the ongoing influence of macroeconomic factors and regulatory uncertainties on the cryptocurrency market. While the underlying fundamentals of Bitcoin remain unchanged, investors are increasingly scrutinizing the performance and fees of investment vehicles that provide exposure to digital assets.

人們對現貨比特幣 ETF 的情緒轉變凸顯了宏觀經濟因素和監管不確定性對加密貨幣市場的持續影響。儘管比特幣的基本面保持不變，但投資者越來越關注提供數位資產曝險的投資工具的績效和費用。