比特币的动力发生转变：机构资金外流有所缓解

Is Bitcoin Shifting Gears as Outflows Ease?

随着资金外流的缓解，比特币是否会发生变化？

Amid recent developments, Bitcoin's momentum may be undergoing a subtle change, with signs of diminishing institutional outflows. Farside, a UK investment firm, reports a modest $170 million reduction in the Grayscale Bitcoin Trust (GBTC) on March 22.

在最近的事态发展中，比特币的势头可能正在发生微妙的变化，机构资金外流有减少的迹象。英国投资公司 Farside 报告称，3 月 22 日，灰度比特币信托基金 (GBTC) 规模小幅减少 1.7 亿美元。

A Tale of Outflows and ETFs

资金外流和 ETF 的故事

This outflow coincides with ongoing discussions about US Spot Bitcoin exchange-traded funds (ETFs), which have faced setbacks, including reduced inflows and record-high outflows from GBTC. These trends hint at a potential consolidation phase before Bitcoin challenges its all-time high once more.

此次资金流出恰逢有关美国现货比特币交易所交易基金（ETF）的持续讨论，该基金面临挫折，包括 GBTC 资金流入减少和创纪录的高流出。这些趋势暗示，在比特币再次挑战其历史高点之前，可能会出现盘整阶段。

Genesis Unloads, Market Slows

Genesis 抛售，市场放缓

Notably, the GBTC outflows paralleled reports of the bankrupt crypto lender Genesis liquidating its GBTC holdings. Analyst Alistair Milne observes a significant slowdown in GBTC selling, resulting in a drop in net outflows from Bitcoin ETFs to -$51.6 million. Milne's insights suggest a possible shift in market momentum.

值得注意的是，GBTC 资金外流与破产的加密货币贷款机构 Genesis 清算其持有的 GBTC 的报道同时发生。分析师 Alistair Milne 观察到 GBTC 抛售大幅放缓，导致比特币 ETF 净流出下降至 -5160 万美元。米尔恩的见解表明市场动力可能会发生转变。

Prices and Inflows Dance Together?

价格和资金流入齐舞？

Supporting this view, statistician Willy Woo introduces a model linking ETF inflows to Bitcoin's price movements, indicating that the most intense selling phase may have concluded. Woo anticipates market volatility leading up to the Bitcoin halving event, echoing the theme of potential consolidation.

支持这一观点的是，统计学家 Willy Woo 引入了一个将 ETF 流入与比特币价格走势联系起来的模型，表明最激烈的抛售阶段可能已经结束。 Woo 预计比特币减半事件之前的市场波动，与潜在整合的主题相呼应。

All-Time Highs, Ahoy?

历史新高，嘿？

Pseudonymous commentator WhalePanda exudes optimism, predicting a sideways market trend that could pave the way for Bitcoin's ascent to new record highs. The commentator emphasizes the need for significant Bitcoin inflows to match the coin's dwindling daily emission rate, which will soon be halved, further tightening supply.

匿名评论员 WhalePanda 流露出乐观情绪，预测市场横向趋势可能为比特币升至新纪录高点铺平道路。这位评论员强调，比特币需要大量流入，以适应比特币日益减少的日发行量，该币的日发行量很快将减半，从而进一步收紧供应。

GBTC Backlash and Future Prospects

GBTC 的强烈反对和未来前景

GBTC has faced criticism for its dwindling assets under management (AUM), currently holding only half of its AUM since its ETF conversion. Critics like Vijay Boyapati argue that GBTC's decline is beneficial for the Bitcoin ecosystem, blaming it for market instability and hindering Bitcoin's growth.

GBTC 因其管理资产 (AUM) 不断减少而面临批评，自 ETF 转换以来，目前仅持有其 AUM 的一半。 Vijay Boyapati 等批评者认为，GBTC 的下跌对比特币生态系统有利，并将其归咎于市场不稳定并阻碍了比特币的增长。

Spot ETFs Hold Firm

现货 ETF 坚挺

Despite these challenges, spot Bitcoin ETFs have historically performed well, amassing $12.15 billion in cumulative flows. ARK Invest's Cathie Wood anticipates increased institutional involvement in the near term, signaling continued interest and investment in Bitcoin.

尽管面临这些挑战，现货比特币 ETF 历来表现良好，累积流量达 121.5 亿美元。 ARK Invest 的 Cathie Wood 预计短期内机构参与会增加，这表明对比特币的持续兴趣和投资。

Institutional Appetite: Here to Stay?

机构胃口：继续存在吗？

The convergence of easing outflows, ETF inflows, and bullish sentiment suggests that institutional appetite for Bitcoin may be on the rise. As the Bitcoin halving approaches, investors will be closely monitoring market dynamics to gauge whether this momentum shift will translate into sustained price gains.

资金流出放缓、ETF 流入和看涨情绪的结合表明，机构对比特币的兴趣可能正在上升。随着比特币减半的临近，投资者将密切关注市场动态，以判断这种势头的转变是否会转化为持续的价格上涨。