贝莱德 (BlackRock) 的比特币 ETF 有望超越灰度 (Grayscale) 的 GBTC，成为最大的比特币持有者

BlackRock 的比特币 ETF 有望在三周内超过 Grayscale 的 GBTC 比特币持有量，这主要得益于其每日约 2.74 亿美元的大量资金流入，这意味着每天有 4,120 个新比特币进入该基金。 Grayscale 的 GBTC 估计有 350,252 BTC，日均流出量为 2.77 亿美元，即 4,140 BTC。如果目前的趋势继续下去，贝莱德可能会在 4 月 11 日成为比特币最大的机构持有者，如果其流入量增加到前一周日均 7,200 个比特币，则可能会更早。

BlackRock's Bitcoin ETF Poised to Surpass Grayscale's GBTC

贝莱德的比特币 ETF 有望超越灰度的 GBTC

BlackRock's recently launched spot Bitcoin exchange-traded fund (ETF) is on track to eclipse Grayscale's Bitcoin Trust (GBTC) in terms of Bitcoin holdings within the next three weeks, barring any significant shifts in current inflow and outflow trends.

贝莱德最近推出的现货比特币交易所交易基金（ETF）有望在未来三周内超越灰度的比特币信托基金（GBTC），除非当前的流入和流出趋势发生任何重大变化。

As of March 22, BlackRock's Bitcoin ETF held approximately 238,500 Bitcoin (BTC) worth $15.5 billion at current prices. Notably, the fund has been experiencing a robust average daily inflow of $274 million, equivalent to approximately 4,120 new Bitcoin entering the fund each day.

截至 3 月 22 日，贝莱德的比特币 ETF 持有约 238,500 枚比特币 (BTC)，按当前价格计算价值 155 亿美元。值得注意的是，该基金平均每日流入量高达 2.74 亿美元，相当于每天约有 4,120 个新比特币进入该基金。

In contrast, Grayscale's GBTC reports holding an estimated 350,252 BTC, currently valued at $23 billion. However, GBTC has been grappling with an average daily outflow of $277 million or approximately 4,140 BTC over the past two weeks.

相比之下，Grayscale 的 GBTC 报告估计持有 350,252 BTC，目前价值 230 亿美元。然而，过去两周，GBTC 一直在努力应对日均 2.77 亿美元（约 4,140 BTC）的流出。

GBTC's outflows have accelerated in recent days, particularly last week, as depicted in data from FarSide Investors. If the current inflow and outflow rates remain relatively stable, BlackRock's Bitcoin ETF is projected to overtake Grayscale in terms of total Bitcoin held by April 11.

正如 FarSide Investors 的数据所示，最近几天，尤其是上周，GBTC 的资金外流加速。如果当前的流入和流出率保持相对稳定，预计到 4 月 11 日，贝莱德的比特币 ETF 持有量将超过灰度。

This timeline could be accelerated if BlackRock's inflows were to revert to the prior week's daily average inflow of 7,200 Bitcoin, potentially leading to the shift occurring within 10 days.

如果贝莱德的流入量恢复到前一周 7,200 比特币的日均流入量，这一时间表可能会加快，可能导致在 10 天内发生转变。

"BlackRock is going to flip Grayscale soon," asserted YouTuber George Tung in a March 20 video on his CryptosRUs channel. "I say within the next two weeks — it's going to happen."

YouTube 用户 George Tung 在 3 月 20 日在他的 CryptosRUs 频道上发布的视频中断言：“贝莱德很快就会颠覆灰度。” “我说在接下来的两周内——这将会发生。”

Should BlackRock surpass Grayscale, it would officially become the largest institutional holder of Bitcoin globally.

如果贝莱德超越灰度，它将正式成为全球最大的比特币机构持有者。

GBTC Outflows and Bitcoin Price Implications

GBTC 流出和比特币价格影响

On March 18, GBTC recorded a staggering $643 million in net outflows, marking its largest single-day outflow on record. While the outflows have moderated slightly in subsequent days, the elevated volume has prompted some analysts to caution about potential downward volatility in the price of Bitcoin.

3 月 18 日，GBTC 录得惊人的 6.43 亿美元净流出，创下有记录以来最大单日流出量。尽管资金流出在随后几天略有放缓，但交易量的增加促使一些分析师对比特币价格潜在的下行波动发出警告。

However, Eric Balchunas, a senior ETF analyst at Bloomberg, expressed limited concern regarding the GBTC-led outflows, predicting that the exodus could largely subside within the next few weeks. Balchunas further speculated that a significant portion of last week's outflows originated from bankruptcies of crypto firms, such as Genesis and Digital Currency Group, due to their "size and consistency."

然而，彭博社高级 ETF 分析师 Eric Balchunas 对 GBTC 主导的资金外流表示有限的担忧，并预测资金外流可能会在未来几周内基本平息。 Balchunas 进一步推测，上周资金外流的很大一部分源于 Genesis 和 Digital Money Group 等加密货币公司的破产，因为它们的“规模和一致性”。

BlackRock's Ascendance in the Bitcoin Landscape

贝莱德在比特币领域的优势

On March 10, BlackRock's spot Bitcoin ETF officially surpassed MicroStrategy's holdings of the cryptocurrency. As of the time of publication, MicroStrategy holds 214,246 BTC after acquiring an additional 9,000 BTC on March 19.

3 月 10 日，贝莱德 (BlackRock) 的现货比特币 ETF 持有量正式超过 MicroStrategy 的加密货币持有量。截至发稿时，MicroStrategy 在 3 月 19 日额外购买了 9,000 BTC 后，持有 214,246 BTC。

BlackRock's entry into the Bitcoin ETF market has significantly boosted the legitimacy and accessibility of the cryptocurrency for institutional investors. The fund's rapid growth and potential to overtake Grayscale as the largest Bitcoin holder underscore the growing institutional appetite for digital assets.

贝莱德进入比特币 ETF 市场极大地提高了机构投资者对加密货币的合法性和可及性。该基金的快速增长以及超越灰度成为最大比特币持有者的潜力凸显了机构对数字资产日益增长的兴趣。