贝莱德比特币 ETF 冻结引发市场对资金外流的担忧

贝莱德的现货比特币 ETF IBIT 自推出以来首次停止资金流入，引发了加密货币社区的担忧。 IBIT 连续 71 天的资金流入在 4 月 24 日突然结束，过去四个交易日该基金的持仓量保持在 274,462 BTC 不变。虽然一些观察家推测这可能表明投资者情绪发生了转变，但其他人则认为 ETF 的零流入并不罕见，而 IBIT 之前的连续流入只是一个例外，而不是常态。

BlackRock's Bitcoin ETF Halt Raises Concerns Amidst Market Outflows

贝莱德比特币 ETF 暂停，引发市场资金外流担忧

The Bitcoin (BTC) community is grappling with mounting apprehensions as BlackRock's spot Bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT), breaks its 71-day inflow streak for the first time since its inception. This unprecedented halt has sent shockwaves through the industry, sparking concerns about the fund's future and the broader Bitcoin ETF landscape.

随着贝莱德旗下现货比特币交易所交易基金 (ETF) iShares Bitcoin Trust (IBIT) 自成立以来首次打破 71 天的资金流入记录，比特币 (BTC) 社区正面临着越来越多的担忧。这种史无前例的暂停给整个行业带来了冲击，引发了对该基金未来和更广泛的比特币 ETF 格局的担忧。

Since April 24th, IBIT, the fastest-growing spot Bitcoin ETF in the United States, has remained stagnant at 274,462 BTC, with no new inflows recorded. This abrupt pause has raised eyebrows among crypto observers, who see it as a potential red flag for investors.

自4月24日以来，美国增长最快的现货比特币ETF IBIT一直停滞在274,462 BTC，没有新的资金流入记录。这种突然的暂停引起了加密货币观察人士的关注，他们认为这对投资者来说是一个潜在的危险信号。

"Typically, for new Bitcoins to enter or leave an ETF, there needs to be a substantial mismatch between supply and demand, necessitating the creation or destruction of creation units by market makers," explains Thomas Fahrer, Apollo co-founder, in a recent statement. "This is not unique to Bitcoin ETFs but is characteristic of ETFs in general. However, BlackRock's consistent positive inflows have been an exception to this rule, making the recent halt noteworthy."

Apollo 联合创始人托马斯·法雷尔 (Thomas Fahrer) 在最近的一篇文章中解释道：“通常情况下，新比特币要进入或离开 ETF，供需之间需要存在严重不匹配，从而需要做市商创建或销毁创造单位。”陈述。 “这并不是比特币 ETF 所独有的，而是 ETF 的一般特征。然而，贝莱德持续的正资金流入是这一规则的例外，这使得最近的暂停值得注意。”

Compounding these concerns is the broader market trend of declining inflows into spot Bitcoin ETFs. Outflows from Grayscale Investments, the largest seller of these funds, have continued unabated. According to HODL Capital data, on April 20th, the total daily outflows from 10 spot Bitcoin ETFs in the United States reached 823 BTC.

令这些担忧更加复杂的是，现货比特币 ETF 资金流入下降的更广泛市场趋势。这些基金的最大卖家灰度投资公司(Grayscale Investments)的资金流出持续有增无减。 HODL Capital数据显示，4月20日，美国10只现货比特币ETF日总流出量达到823 BTC。

As of that day, Grayscale's Bitcoin Trust ETF (GBTC) held 297,117 BTC, a significant 52% decline since its initial holdings on January 11th. This places Grayscale's GBTC only around 8% ahead of BlackRock's IBIT, which currently holds 274,462 BTC.

截至当天，Grayscale 的比特币信托 ETF (GBTC) 持有 297,117 BTC，自 1 月 11 日首次持有以来大幅下降 52%。这使得 Grayscale 的 GBTC 仅领先 BlackRock 的 IBIT 约 8%，后者目前持有 274,462 BTC。

Despite the slowdown in spot Bitcoin ETF inflows, the overall holdings of these funds remain in positive territory. As of April 29th, the total BTC ETF holdings stood at an impressive 831,424 BTC, representing a healthy 33.1% increase since January 11th.

尽管比特币 ETF 现货流入放缓，但这些基金的总体持有量仍处于正值。截至 4 月 29 日，BTC ETF 总持有量达到令人印象深刻的 831,424 BTC，自 1 月 11 日以来健康增长了 33.1%。

While this growth is encouraging, the halts in inflows and the broader market outflows have cast a shadow over the Bitcoin ETF market. Industry experts are closely monitoring the situation, eager to assess the long-term implications for both IBIT and the wider Bitcoin ETF ecosystem.

虽然这种增长令人鼓舞，但资金流入的停止和更广泛的市场流出给比特币 ETF 市场蒙上了阴影。行业专家正在密切关注事态发展，渴望评估对 IBIT 和更广泛的比特币 ETF 生态系统的长期影响。