比特币面临净流出，但机构需求表现出韧性

在比特币现货ETF持续流出的背景下，市场遭遇抛售，比特币价格下跌3.77%至64,051美元。下跌的原因是 Grayscale 的 GBTC 资金大量流出，自 2024 年 1 月以来，该资金已达到 140 亿美元。尽管出现资金流出，贝莱德的 IBIT ETF 通过记录净流入提供了一定的平衡，凸显了机构对该资产类别的持续兴趣。

Bitcoin Market Grapples with Net Outflows, But Institutional Interest Remains Strong

比特币市场面临净流出，但机构兴趣依然强劲

The Bitcoin market has been grappling with net outflows this week, with all nine spot Bitcoin exchange-traded funds (ETFs) experiencing outflows over the past five trading days. This decline has been primarily driven by massive outflows from the Grayscale Bitcoin Trust (GBTC), which have surged to a staggering $14 billion since its launch in January 2024.

比特币市场本周一直在努力应对净流出，所有九只现货比特币交易所交易基金（ETF）在过去五个交易日都出现资金流出。这种下降主要是由灰度比特币信托基金 (GBTC) 的大规模资金外流造成的，自 2024 年 1 月推出以来，该信托基金的资金已飙升至惊人的 140 亿美元。

On Friday, March 22, spot Bitcoin ETFs witnessed net outflows amounting to $51.6 million. GBTC recorded a significant single-day net outflow of $169 million, according to data from Farside Investors. Conversely, BlackRock's Bitcoin Spot ETF (IBIT) saw net inflows of $18.89 million, marking two days of record lows. Fidelity's Bitcoin ETF (FBTC) also reported net inflows of $18.13 million for the day.

3 月 22 日星期五，现货比特币 ETF 净流出达 5160 万美元。 Farside Investors 的数据显示，GBTC 单日净流出 1.69 亿美元。相反，贝莱德的比特币现货ETF（IBIT）净流入1889万美元，创两日历史新低。富达 (Fidelity) 的比特币 ETF (FBTC) 也报告当天净流入 1813 万美元。

Despite the overall negative sentiment, BlackRock's sustained inflows have helped to moderate the impact of outflows from GBTC. According to crypto analyst Michael van de Poppe, this indicates ongoing institutional interest in Bitcoin, suggesting that the current market cycle is far from over.

尽管整体情绪负面，但贝莱德的持续资金流入有助于缓解 GBTC 资金流出的影响。加密货币分析师 Michael van de Poppe 表示，这表明机构对比特币的兴趣持续存在，表明当前的市场周期远未结束。

Supply Shock: Bitcoin Moves into Cold Storage

供应冲击：比特币进入冷库

Amidst Bitcoin's recent price dip, traders have been focusing on the complexities associated with holding the cryptocurrency in cold storage, ETFs, and utilizing borrowing options. An emerging trend has been the withdrawal of Bitcoin from exchanges, indicating a shift towards long-term holding.

在比特币最近价格下跌的情况下，交易员一直关注与冷存储、ETF 和利用借贷选项相关的复杂性。一个新兴趋势是比特币从交易所撤出，这表明比特币转向长期持有。

Coinbase Pro, a popular cryptocurrency exchange, has seen a substantial outflow of Bitcoin, with 14.7k BTC withdrawn in the past 24 hours and 57.4k BTC over the past 30 days. This trend suggests a potential supply shock, as Bitcoin is being taken off the market and stored in more secure locations.

热门加密货币交易所 Coinbase Pro 出现比特币大幅流出，过去 24 小时内撤回 1.47 万枚 BTC，过去 30 天内撤回 5.74 万枚 BTC。这一趋势表明潜在的供应冲击，因为比特币正在退出市场并存储在更安全的地方。

Bearish Divergence Remains, But Recovery Expected

看跌背离依然存在，但有望复苏

While Bitcoin's price has been experiencing a decline, analyst Michael van de Poppe believes that the bearish divergence remains relevant. He anticipates that the cryptocurrency is approaching the bottom or may have already reached it, leading to a phase of sideways movement. The decreasing volatility is seen as a positive indicator, suggesting that the market may be stabilizing.

尽管比特币的价格一直在下跌，但分析师 Michael van de Poppe 认为，看跌背离仍然具有相关性。他预计加密货币正在接近底部或可能已经到达底部，从而导致横向波动阶段。波动性下降被视为一个积极指标，表明市场可能正在企稳。

Conclusion

结论

The Bitcoin market has been experiencing net outflows, largely driven by redemptions from GBTC. However, BlackRock's continued inflows suggest that institutional interest remains strong. Additionally, the trend of Bitcoin being withdrawn from exchanges indicates a potential supply shock. While the price of Bitcoin has declined, analysts believe that the market is approaching a bottom and expect a period of sideways movement before a recovery.

比特币市场一直在经历净流出，这主要是由 GBTC 的赎回推动的。然而，贝莱德的持续资金流入表明机构兴趣依然强劲。此外，比特币从交易所撤出的趋势表明潜在的供应冲击。尽管比特币价格有所下跌，但分析师认为市场正在接近底部，并预计在复苏之前会经历一段横盘整理期。