随着需求的增加和灰度主导地位的减弱，比特币 ETF 将随着机构的采用而飙升

在需求增长和积极的市场情绪的推动下，财富管理公司预计将加大对比特币交易所交易基金（ETF）的投资。 Bitwise 首席执行官 Hunter Horsley 预计 ETF 持有量将增加，这与人们对比特币 ETF 的兴趣增加相一致，尤其是在减半后。

Bitcoin ETFs poised for surge in institutional adoption, fueled by rising demand and Grayscale's waning dominance

在需求增长和灰度主导地位减弱的推动下，比特币 ETF 有望在机构中大幅采用

In the wake of Bitcoin's highly anticipated halving event, wealth management firms are poised to amplify their exposure to the digital asset through exchange-traded funds (ETFs), according to Bitwise CEO Hunter Horsley. This projection mirrors a broader surge in institutional interest towards Bitcoin ETFs, a trend that has been gaining significant momentum in recent times.

Bitwise 首席执行官 Hunter Horsley 表示，在备受期待的比特币减半事件之后，财富管理公司准备通过交易所交易基金 (ETF) 扩大其对数字资产的投资。这一预测反映了机构对比特币 ETF 兴趣的广泛激增，这一趋势近来势头强劲。

Horsley's forecast resonates with the prevailing market sentiment that demand for Bitcoin ETFs is on the rise. Data compiled by analytics firm Farside reveals a positive net inflow into Bitcoin ETFs in the United States market just prior to the halving, following a string of five consecutive days marked by outflows.

霍斯利的预测与当前市场情绪产生共鸣，即比特币 ETF 的需求正在上升。分析公司 Farside 编制的数据显示，在连续五天出现资金流出之后，美国市场的比特币 ETF 在减半前出现净流入。

Among the prominent players in the Bitcoin ETF landscape, BlackRock's iShares Bitcoin Trust (IBIT) is making significant strides, steadily closing the gap with Grayscale's long-held dominance. With a current market capitalization trailing Grayscale's Bitcoin Trust (GBTC) by a mere $2 billion, BlackRock is poised to potentially overtake its rival as the world's largest Bitcoin fund.

在比特币 ETF 领域的知名参与者中，贝莱德 (BlackRock) 的 iShares 比特币信托 (IBIT) 正在取得重大进展，稳步缩小与灰度长期占据主导地位的差距。贝莱德目前的市值仅落后灰度的比特币信托基金 (GBTC) 20 亿美元，有望超越其竞争对手，成为全球最大的比特币基金。

Grayscale's GBTC, once an unchallenged behemoth in the Bitcoin ETF market, has encountered a protracted period of value decline, resulting in a substantial reduction of $16 billion in its assets, which now stand at $19.4 billion.

Grayscale旗下的GBTC曾经是比特币ETF市场无可争议的庞然大物，但现在却遭遇了长时间的价值下跌，导致其资产大幅减少了160亿美元，目前为194亿美元。

In stark contrast to GBTC's downward trajectory, IBIT has witnessed consistent asset growth, propelling its total value to nearly $17.3 billion. However, Grayscale's spot Bitcoin ETF, also known as GBTC, has faced significant capital outflows, with investors withdrawing $89.9 million in the past five days alone, contributing to a net outflow of $1.6 billion since the start of the year.

与 GBTC 的下滑轨迹形成鲜明对比的是，IBIT 的资产持续增长，将其总价值推至近 173 亿美元。然而，Grayscale 的现货比特币 ETF（也称为 GBTC）却面临大幅资金外流，仅过去五天就有投资者撤资 8990 万美元，导致年初以来净流出 16 亿美元。

Despite Grayscale's early dominance in the Bitcoin ETF market, its supremacy appears to be waning. Fidelity and BlackRock have swiftly gained considerable market shares since the inception of trading for their respective ETFs. Notably, both Fidelity and BlackRock Bitcoin ETFs experienced substantial net inflows during the same week, alleviating some liquidity concerns that had previously plagued the market.

尽管灰度早期在比特币 ETF 市场占据主导地位，但其霸主地位似乎正在减弱。自各自的 ETF 交易开始以来，富达和贝莱德迅速获得了相当大的市场份额。值得注意的是，富达和贝莱德比特币 ETF 在同一周都出现了大量净流入，缓解了此前困扰市场的一些流动性担忧。

Bitwise CEO Horsley underscores the increasingly prevalent yet often discreet adoption of Bitcoin ETFs by registered investment advisers (RIAs) and multifamily offices. Major financial institutions are quietly conducting comprehensive evaluations of the Bitcoin market, with a growing number recognizing its potential for inclusion within their investment portfolios.

Bitwise 首席执行官 Horsley 强调，注册投资顾问 (RIA) 和联合家族办公室越来越普遍但谨慎地采用比特币 ETF。主要金融机构正在悄然对比特币市场进行全面评估，越来越多的机构认识到将其纳入其投资组合的潜力。

According to data from Farside, GBTC experienced a significant reduction in outflows on April 10 compared to the preceding day. Since January, the average daily outflow for GBTC has amounted to $257.8 million.

Farside数据显示，4月10日GBTC流出量较前一日大幅减少。自 1 月份以来，GBTC 的日均流出量已达 2.578 亿美元。

GBTC, which was initially launched in 2015, underwent a conversion into an ETF in January, coinciding with the launch of nine other spot Bitcoin ETFs. This development followed Grayscale's legal victory against the United States Securities and Exchange Commission, which had previously denied the company's application to convert GBTC into an ETF.

GBTC 最初于 2015 年推出，并于 1 月份转换为 ETF，与其他 9 个现货比特币 ETF 的推出同时进行。此前，Grayscale 在美国证券交易委员会的诉讼中取得了胜利，美国证券交易委员会此前曾拒绝该公司将 GBTC 转换为 ETF 的申请。

Recently, bankrupt crypto lending firm Genesis sold approximately 36 million GBTC shares to acquire 32,041 Bitcoin. This transaction highlights the ongoing liquidity challenges faced by GBTC, as the fund continues to grapple with the fallout from the collapse of Three Arrows Capital and other major crypto firms.

最近，破产的加密货币借贷公司 Genesis 出售了约 3600 万股 GBTC 股票，以收购 32,041 枚比特币。此次交易突显了 GBTC 持续面临的流动性挑战，因为该基金仍在努力应对三箭资本和其他主要加密货币公司倒闭的影响。

As the Bitcoin ETF market continues to evolve, it remains to be seen whether Grayscale will be able to reclaim its former dominance. However, the rise of BlackRock and Fidelity, coupled with the growing institutional interest in Bitcoin ETFs, suggests that the competitive landscape is becoming increasingly fragmented. It is likely that a multitude of players will coexist in the market, each catering to specific investor segments and preferences.

随着比特币 ETF 市场的不断发展，灰度能否夺回昔日的主导地位还有待观察。然而，贝莱德和富达的崛起，加上机构对比特币 ETF 的兴趣日益浓厚，表明竞争格局正变得越来越分散。市场上可能会有众多参与者共存，每个参与者都迎合特定的投资者群体和偏好。