比特币 ETF 面临净流出，Grayscale 的 GBTC 关键驱动因素

在全球加密货币市场大涨的背景下，美国现货比特币ETF（ETF）连续出现净流出，昨日总计超过5800万美元，累计净流入降至124.3亿美元。 Grayscale 的比特币信托 (GBTC) 占据了大部分资金流出，损失了近 7940 万美元，而 Ark 21Shares 比特币 ETF 也出现了净赎回。尽管如此，资金流入仍主导其他现货比特币 ETF，其中 iShares Bitcoin Trust 以 2578 万美元领先。

Spot Bitcoin ETFs Experience Net Outflows, Grayscale's GBTC Dominating the Trend

现货比特币ETF出现净流出，灰度GBTC主导趋势

Spot bitcoin exchange-traded funds (ETFs) in the United States have witnessed a consecutive three-day stretch of net outflows. Yesterday alone, over $58 million was withdrawn from these products, reducing the cumulative net inflow to approximately $12.43 billion.

美国现货比特币交易所交易基金（ETF）已连续三天出现净流出。仅昨天，这些产品就已撤资超过 5800 万美元，累计净流入减少至约 124.3 亿美元。

Grayscale's bitcoin trust (GBTC) has been primarily responsible for the net outflows. According to data from SoSoValue, nearly $79.4 million exited the ETF yesterday. The Ark 21Shares Bitcoin ETF also experienced net outflows, with an outflow of approximately $12.88 million.

灰度的比特币信托（GBTC）是净流出的主要原因。根据 SoSoValue 的数据，昨天有近 7940 万美元退出该 ETF。 Ark 21Shares 比特币 ETF 也出现净流出，流出额约为 1288 万美元。

In contrast, most other spot bitcoin ETFs saw modest inflows ranging from $1.37 million to $3.56 million. The iShares Bitcoin Trust emerged as the frontrunner in inflows, with a net gain of $25.78 million.

相比之下，大多数其他现货比特币 ETF 的资金流入规模不大，从 137 万美元到 356 万美元不等。 iShares 比特币信托成为资金流入的领跑者，净收益为 2578 万美元。

Overall, spot bitcoin ETF volumes have stabilized throughout April following a steady decline from their peak in early March. Cumulative volumes surpassed $215 billion on Monday, according to data from The Block.

总体而言，现货比特币 ETF 交易量在从 3 月初的峰值稳步下降后，在整个 4 月份趋于稳定。根据 The Block 的数据，周一累计交易量超过 2150 亿美元。

Notably, inflows and outflows have contracted in both directions. Spot bitcoin ETF inflows and outflows have gradually narrowed since March.

值得注意的是，流入和流出双向收缩。 3月份以来，现货比特币ETF流入和流出逐渐收窄。

Currently, bitcoin is trading above $64,300, representing a gain of over 2.6%, as per The Block's Bitcoin Price Page. The halving of the cryptocurrency's block reward is anticipated to occur on Friday.

根据 The Block 的比特币价格页面，目前比特币交易价格高于 64,300 美元，涨幅超过 2.6%。加密货币的区块奖励预计将于周五减半。

Market Analysis

市场分析

The latest net outflows in spot bitcoin ETFs may indicate a cautious sentiment among investors or a desire to take profits following the recent rise in bitcoin's price. The dominance of Grayscale's GBTC in the outflow trend suggests that larger investors may be adjusting their positions.

现货比特币 ETF 的最新净流出可能表明投资者的谨慎情绪或在近期比特币价格上涨后希望获利了结。灰度的 GBTC 在流出趋势中占据主导地位，表明较大的投资者可能正在调整其头寸。

While the cumulative net inflow for spot bitcoin ETFs remains significant, the recent outflows serve as a reminder of the potential volatility in these products. Investors should carefully evaluate the risks and potential rewards before investing in spot bitcoin ETFs.

虽然现货比特币 ETF 的累计净流入仍然很大，但最近的资金流出提醒人们这些产品的潜在波动。投资者在投资现货比特币 ETF 之前应仔细评估风险和潜在回报。

The upcoming halving of bitcoin's block reward is another event that could impact the market. Historically, halvings have been followed by price rallies, but it is essential to note that past performance does not guarantee future results. Investors should exercise caution and consider the possibility of market fluctuations.

即将到来的比特币区块奖励减半是另一个可能影响市场的事件。从历史上看，减半之后就会出现价格上涨，但必须注意的是，过去的表现并不能保证未来的结果。投资者应谨慎行事，考虑市场波动的可能性。