現貨比特幣 ETF 人氣飆升，淨流入突破 120 億美元

自三個月前推出以來，現貨比特幣 ETF 已累積淨流入超過 120 億美元，而 Grayscale 的 GBTC 繼續遭遇清算。貝萊德的 iShares 比特幣 ETF (IBIT) 在九隻新基金中吸引了最多的資金流入，其管理資產 (AUM) 超過 1.5 億美元。儘管灰階持續流出，ARK 21Shares 產品的退出量已超過 GBTC。

Spot Bitcoin ETFs Surge in Popularity, Drawing Billions in Net Inflows

現貨比特幣 ETF 人氣飆升，吸引數十億資金淨流入

Within a mere three months of trading, spot Bitcoin exchange-traded funds (ETFs) have amassed an impressive cumulative net inflow surpassing $12 billion, while redemptions from Grayscale's Bitcoin Trust (GBTC) continue.

在短短三個月的交易時間內，現貨比特幣交易所交易基金(ETF) 的累計淨流入量已超過120 億美元，令人印象深刻，而灰度比特幣信託基金(GBTC) 的贖回仍在繼續。

Soaring Spot Bitcoin ETF Inflows

現貨比特幣 ETF 資金流入飆升

Data from SoSoValue, a provider of cryptocurrency market analysis and data, reveals that spot Bitcoin ETFs are experiencing significant net inflows, averaging over $39.4 million per day. BlackRock, a Wall Street titan, stands out as the largest beneficiary of these inflows. Traders have poured $150 million into BlackRock's iShares Bitcoin ETF (IBIT), solidifying it as a formidable player in the market.

加密貨幣市場分析和數據提供商 SoSoValue 的數據顯示，現貨比特幣 ETF 正在經歷大量淨流入，平均每天超過 3,940 萬美元。華爾街巨頭貝萊德是這些資金流入的最大受益者。交易員已向貝萊德的 iShares 比特幣 ETF (IBIT) 注入了 1.5 億美元，鞏固了其在市場上的強大地位。

BlackRock's dominance is undeniable. The issuer boasts a staggering $17 billion in assets under management (AUM). Its closest rival, excluding Grayscale, is another tradfi behemoth, Fidelity, with $7.6 billion in AUM.

貝萊德的主導地位是不可否認的。該發行人管理的資產 (AUM) 達到驚人的 170 億美元。除了 Grayscale 之外，其最接近的競爭對手是另一家交易巨頭 Fidelity，其資產管理規模為 76 億美元。

Grayscale GBTC Faces Outflows

灰階GBTC面臨資金外流

While Grayscale has faced continued outflows from GBTC, it is ARK 21Shares' product that has emerged as a formidable competitor, eclipsing GBTC with over $87 million in exits. Grayscale's Bitcoin funds, on the other hand, have experienced net outflows of $81.8 million.

儘管 Grayscale 面臨 GBTC 的持續資金流出，但 ARK 21Shares 的產品已成為強大的競爭對手，以超過 8,700 萬美元的退出額超越了 GBTC。另一方面，Grayscale 的比特幣基金淨流出 8,180 萬美元。

Spot ETFs Outperform GBTC

現貨 ETF 跑贏 GBTC

April 2 marked a turning point, as it was the first day that any of the nine new spot BTC ETFs surpassed GBTC in terms of outflows. However, ETF expert Eric Balchunas cautioned against overreacting to this event, which he described as inevitable and exaggerated, particularly on social media.

4 月 2 日是一個轉捩點，這是 9 檔新現貨 BTC ETF 中第一天流出量超過 GBTC。然而，ETF 專家 Eric Balchunas 警告不要對這一事件反應過度，他認為這一事件是不可避免的且誇大其詞，尤其是在社交媒體上。

Institutional Dominance Reshapes Market Dynamics

機構主導地位重塑市場動態

The emergence of spot Bitcoin ETFs has shifted the narrative ahead of the highly anticipated Bitcoin halving event this month. Institutional investors are now the driving force, with retail buyers playing a complementary role. In past bull cycles, VC and retail investors were the primary movers.

現貨比特幣 ETF 的出現改變了本月備受期待的比特幣減半事件之前的情況。機構投資人現在是驅動力，散戶則發揮補充作用。在過去的多頭週期中，創投和散戶投資者是主要推動者。

Ryan Lee, Bitget's Chief Analyst, believes that pent-up retail demand, now being absorbed by institutional players, is a major catalyst for Bitcoin's potential surge to new all-time highs. Lee anticipates that supply dynamics will tighten even further post-halving, leading to potential price increases.

Bitget 首席分析師 Ryan Lee 認為，被壓抑的零售需求現在被機構參與者吸收，是比特幣潛在飆升至歷史新高的主要催化劑。李預計，減半後供應動態將進一步收緊，導致價格潛在上漲。

Supply Crunch and Price Expectations

供應緊縮和價格預期

A supply crunch is becoming a tangible reality, as Bitcoin balances on exchanges are depleting rapidly. With a current supply rate of 900 BTC per day, the halving event will reduce this to 450 BTC, exacerbating the supply scarcity that could propel the price of Bitcoin to new heights in the weeks and months following the event.

隨著交易所的比特幣餘額迅速耗盡，供應緊縮正在成為現實。目前的供應量為每天 900 BTC，減半事件將減少至 450 BTC，加劇供應稀缺性，並可能在事件發生後的幾週和幾個月內將比特幣的價格推向新的高度。

"The presence of spot Bitcoin ETF is changing the narrative ahead of the BTC halving event this month. The current trend leans strongly on institutional investors with retail buyers playing a complementary role, while previous bull cycles were driven by VC and retail buyers." - Ryan Lee, Bitget chief analyst

「現貨比特幣ETF 的出現正在改變本月BTC 減半事件之前的情況。當前的趨勢強烈依賴機構投資者，散戶買家發揮補充作用，而之前的牛市週期是由風險投資和散戶買家推動的。” - Bitget 首席分析師 Ryan Lee

In conclusion, spot Bitcoin ETFs have captured the interest of investors, drawing billions in net inflows and challenging the dominance of Grayscale's GBTC. The shift towards institutional dominance has reshaped market dynamics ahead of the Bitcoin halving event, with supply dynamics expected to play a pivotal role in determining the future direction of Bitcoin's price trajectory.

總而言之，現貨比特幣 ETF 吸引了投資者的興趣，吸引了數十億美元的淨流入，並挑戰了 Grayscale 的 GBTC 的主導地位。在比特幣減半事件之前，向機構主導地位的轉變重塑了市場動態，供應動態預計將在決定比特幣價格軌跡的未來方向方面發揮關鍵作用。