現貨比特幣 ETF 激增，GBTC 資金流出因市場波動而暴跌

儘管上週出現大量資金流出，但現貨比特幣 ETF 本週仍出現淨流入。週四，所有 9 隻 ETF 的總流入量為 1.78 億美元，其中 GBTC 的流出量顯著下降，錄得 1.05 億美元，較前一天減少 60%。這是自 3 月 12 日以來 GBTC 的最低流出量。

Spot Bitcoin ETFs Surge with Net Inflows, GBTC Outflows Plummet

現貨比特幣 ETF 淨流入激增，GBTC 流出驟降

Amidst the market's recent volatility, spot Bitcoin ETFs (exchange-traded funds) have witnessed a surge in net inflows this week, reversing last week's trend of heavy outflows. On Thursday, March 28, all nine spot Bitcoin ETFs combined recorded a robust inflow of $178 million. Notably, the Grayscale Bitcoin ETF (GBTC) experienced a significant reduction in its outflows.

近期市場波動較大，現貨比特幣ETF（交易所交易基金）本週淨流入激增，扭轉了上週大量流出的趨勢。 3 月 28 日星期四，所有 9 隻現貨比特幣 ETF 合計錄得 1.78 億美元的強勁流入。值得注意的是，灰階比特幣 ETF (GBTC) 的資金流出大幅減少。

GBTC Outflows Reach March Low

GBTC 流出量創下 3 月新低

Since the beginning of March, GBTC has faced substantial outflows, with investors withdrawing significant amounts of Bitcoin from the fund. However, on Thursday, GBTC recorded its lowest outflow since March 12, amounting to $105 million. This represents a substantial 60% decline from the previous day's outflows.

自 3 月初以來，GBTC 面臨大量資金流出，投資者從該基金撤回了大量比特幣。然而，週四，GBTC 錄得 3 月 12 日以來的最低流出量，金額為 1.05 億美元。這比前一天的流出量大幅下降了 60%。

"GBTC outflows of $105 million on 3/28," tweeted HODL15Capital, an industry analyst.

產業分析師 HODL15Capital 在推特上寫道：“3 月 28 日，GBTC 流出了 1.05 億美元。”

According to data from Farside Investors, over $14.6 billion worth of Bitcoins have been withdrawn from GBTC since its inception as a Bitcoin ETF. Since the year began, GBTC has shed more than half of its Bitcoin holdings, currently standing at approximately $340,000.

根據 Farside Investors 的數據，自 GBTC 作為比特幣 ETF 推出以來，已從 GBTC 中提取了價值超過 146 億美元的比特幣。自今年年初以來，GBTC 已拋售了一半以上的比特幣持有量，目前價值約 34 萬美元。

High Management Fees Drive Outflows

高額管理費推動資金外流

One of the primary reasons behind the high outflows from GBTC is its relatively high management fee, which is set at 1.5%. This has led to investors moving their assets to other Bitcoin ETFs, such as BlackRock's iShares Bitcoin ETF (IBIT) and Fidelity's FDEX Bitcoin ETF (FDEX), which charge considerably lower management fees. IBIT, with its competitive fee structure, has seen a staggering $13.8 billion in inflows and is poised to surpass GBTC in total assets under management.

GBTC高額流出的主要原因之一是管理費相對較高，為1.5%。這導致投資者將資產轉移到其他比特幣 ETF，例如貝萊德的 iShares 比特幣 ETF (IBIT) 和富達的 FDEX 比特幣 ETF (FDEX)，這些基金的管理費要低得多。 IBIT 憑藉其具有競爭力的費用結構，流入資金達到驚人的 138 億美元，管理資產總額可望超越 GBTC。

Prospects for GBTC Outflows

GBTC 資金流出前景

Grayscale, the asset manager behind GBTC, has acknowledged the impact of its high management fees and has pledged to reduce them in the near future. Michael Sonnenshein, Grayscale's CEO, stated last week that the fund's fees will diminish over time, although he did not specify the extent of the reduction.

GBTC 背後的資產管理公司 Grayscale 承認其高管理費的影響，並承諾在不久的將來降低管理費。 Grayscale 執行長 Michael Sonnenshein 上週表示，該基金的費用將隨著時間的推移而減少，但他沒有具體說明減少的程度。

Meanwhile, Bloomberg analysts contend that the massive outflows from GBTC are also partially attributable to heavy liquidations by bankrupt players, such as Gemini, which are seeking to repay creditors. This sell-side pressure is projected to abate over time.

與此同時，彭博社分析師認為，GBTC 的大量資金外流也部分歸因於 Gemini 等破產參與者的大量清算，這些公司正在尋求償還債權人。隨著時間的推移，這種賣方壓力預計會減弱。

Despite these potential developments, Grayscale faces a formidable challenge from established players like BlackRock and Fidelity, which have already gained a significant market share with their low-fee Bitcoin ETFs.

儘管有這些潛在的發展，灰階仍面臨來自貝萊德和富達等老牌公司的巨大挑戰，這些公司已經憑藉低費用的比特幣 ETF 獲得了巨大的市場份額。

Implications for Bitcoin Price

對比特幣價格的影響

If GBTC outflows continue to decline and inflows remain consistent, it could potentially create a supply shock in the Bitcoin market, driving the price of Bitcoin upwards. The reduction in supply associated with reduced GBTC outflows could stimulate demand and boost the cryptocurrency's value.

如果 GBTC 流出量持續下降，而流入量保持穩定，可能會對比特幣市場造成供應衝擊，從而推動比特幣價格上漲。與 GBTC 流出減少相關的供應減少可能會刺激需求並提升加密貨幣的價值。