現貨 BTC ETF 力挽狂瀾，富達和貝萊德引領潮流

Has the Tide Turned for Spot BTC ETFs?

現貨 BTC ETF 的潮流已經轉向嗎？

The recent financial inflows into spot Bitcoin ETFs have marked a significant reversal of the trend that has prevailed over the past week. Since March 15th, these ETFs have experienced a net outflow of $887 million. However, on March 25th, the tide changed with a net inflow of $15.4 million, injecting a glimmer of hope into the market.

最近資金流入現貨比特幣 ETF，標誌著過去一周普遍趨勢的重大逆轉。自3月15日以來，這些ETF已淨流出8.87億美元。然而3月25日風雲突變，淨流入1,540萬美元，為市場注入一線希望。

Grayscale's Woes Continue

灰階的困境仍在繼續

Despite this positive development, Grayscale's GBTC fund remains in the red. On March 25th, it witnessed a sizeable outflow of $350 million, contributing to the overall aggregate ETF flow figures. This ongoing hemorrhage has seen Grayscale shed 273,335 BTC since its GBTC fund underwent a transformation into a spot ETF in mid-January. The fund currently manages 347,552 BTC, with an estimated $24.7 billion in assets under management.

儘管取得了積極的進展，Grayscale 的 GBTC 基金仍然處於虧損狀態。 3 月 25 日，出現了 3.5 億美元的大規模資金流出，為 ETF 總流量數據做出了貢獻。自從 1 月中旬 GBTC 基金轉型為現貨 ETF 以來，Grayscale 已經損失了 273,335 BTC。該基金目前管理 347,552 枚比特幣，管理資產估計為 247 億美元。

Fidelity and BlackRock Lead the Charge

富達和貝萊德引領潮流

While Grayscale struggles, Fidelity has emerged as a beacon of positivity with a $262 million inflow into its FBTC fund. The fund's assets under management now stand at an impressive $7.2 billion. BlackRock, the previous leader in the pack, managed a more modest inflow of $35.5 million, falling below its average performance. Its IBIT fund boasts an AUM of $13.4 billion, but the combined assets of BlackRock and Fidelity still fall short of Grayscale's holdings.

當 Grayscale 陷入困境時，Fidelity 已成為積極的燈塔，其 FBTC 基金流入了 2.62 億美元。該基金管理的資產目前已達 72 億美元，令人印象深刻。之前的領先者貝萊德 (BlackRock) 的流入額較為溫和，為 3,550 萬美元，低於其平均表現。其IBIT基金的資產管理規模高達134億美元，但貝萊德和富達的總資產仍低於灰階的持股。

Unprecedented Inflow Streak

前所未有的資金流入

Bloomberg ETF analyst Eric Balchunas has highlighted the remarkable feat achieved by BlackRock and Fidelity, who have maintained a 50-day inflow streak. According to Balchunas, this is an extraordinary accomplishment for a new ETF and sets them apart from the industry norm.

彭博 ETF 分析師 Eric Balchunas 強調了 BlackRock 和 Fidelity 所取得的非凡成就，它們保持了 50 天的資金連續流入。 Balchunas 表示，對於新 ETF 來說，這是一項非凡的成就，使其有別於行業規範。

Bitcoin's Resurgence

比特幣的復興

The shift in ETF flow trends coincides with a surge in Bitcoin's price, which reached $71,000 in late trading on March 25th. At the time of writing, during the Tuesday morning Asian trading session, Bitcoin was holding steady at $70,641.

ETF 流量趨勢的轉變與比特幣價格的飆升同時發生，比特幣價格在 3 月 25 日尾盤交易中達到 71,000 美元。截至撰寫本文時，在周二上午的亞洲交易時段，比特幣穩定在 70,641 美元。

Ethereum ETF Approval Odds Adjusted

以太坊 ETF 核准賠率調整

The probability of spot Ethereum ETFs receiving regulatory approval has been revised downwards. Balchunas indicates a 25% chance of approval, albeit a pessimistic one. He notes a lack of positive signals or concrete intelligence to support a more optimistic outlook at this time.

以太坊現貨 ETF 獲得監管批准的可能性已被下調。巴爾丘納斯表示獲得批准的可能性為 25%，儘管這個可能性比較悲觀。他指出，目前缺乏正面訊號或具體情報來支持更樂觀的前景。

Grayscale's Optimism Undeterred

灰階的樂觀情緒並未受到影響

Despite the setbacks, Grayscale's chief legal officer, Craig Salm, remains optimistic. He believes that spot Ethereum ETFs should be approved, echoing the equivalence of these ETFs with those tracking spot Bitcoin. Salm also emphasizes that the perceived lack of regulatory engagement should not be seen as indicative of any particular outcome.

儘管遇到挫折，灰階的首席法律官克雷格·薩爾姆仍然保持樂觀。他認為現貨以太坊 ETF 應該獲得批准，這與這些 ETF 與追蹤現貨比特幣的 ETF 的等同性相呼應。薩爾姆也強調，認為缺乏監管參與不應被視為任何特定結果的表現。