贝莱德的比特币 ETF 将取代 Grayscale 的 GBTC 成为最大的加密货币持有者

Will BlackRock's Bitcoin ETF Eclipse Grayscale's GBTC?

贝莱德的比特币 ETF 会超越灰度的 GBTC 吗？

BlackRock's spot Bitcoin ETF is poised to overtake Grayscale's GBTC in terms of total crypto holdings, potentially within the next three weeks. As of March 22nd, BlackRock's ETF held 238,500 Bitcoin (BTC), valued at $15.5 billion, while GBTC held 350,252 BTC, worth $23 billion.

就加密货币持有总量而言，贝莱德的现货比特币 ETF 有望在未来三周内超越 Grayscale 的 GBTC。截至3月22日，贝莱德的ETF持有238,500枚比特币（BTC），价值155亿美元，而GBTC持有350,252枚比特币，价值230亿美元。

Inflows and Outflows: A Tale of Two Funds

流入与流出：两只基金的故事

BlackRock's ETF has witnessed a surge in inflows, averaging $274 million per day, translating to approximately 4,120 new Bitcoins entering the fund daily. Conversely, GBTC has experienced outflows, averaging $277 million per day, equivalent to around 4,140 BTC leaving the fund.

BlackRock 的 ETF 资金流入激增，平均每天 2.74 亿美元，相当于每天约有 4,120 个新比特币进入该基金。相反，GBTC 则出现资金外流，平均每天 2.77 亿美元，相当于约 4,140 BTC 离开该基金。

A Matter of Days?

几天的事？

If these trends persist, BlackRock's ETF could surpass GBTC by April 11th. However, if BlackRock's inflows return to the previous week's daily average of 7,200 Bitcoin, the overtake could occur even sooner, potentially within 10 days.

如果这些趋势持续下去，贝莱德的 ETF 可能会在 4 月 11 日超过 GBTC。然而，如果贝莱德的流入量恢复到前一周 7,200 比特币的日均水平，则超越可能会更快发生，可能在 10 天内。

GBTC's Record Outflows: A Cause for Concern?

GBTC 创纪录的资金外流：值得担忧吗？

GBTC recently recorded its largest daily net outflows, totaling $643 million on March 18th. While outflows have since moderated, analysts caution that they could indicate potential downward volatility in Bitcoin's price.

GBTC 最近在 3 月 18 日录得最大单日净流出，总计 6.43 亿美元。尽管资金外流此后有所放缓，但分析师警告称，这可能表明比特币价格可能出现下行波动。

BlackRock Surges Past MicroStrategy

贝莱德 (BlackRock) 超越 MicroStrategy

BlackRock's spot Bitcoin ETF has already surpassed MicroStrategy's holdings in the cryptocurrency, with MicroStrategy currently holding 214,246 BTC after purchasing an additional 9,000 BTC on March 19th.

BlackRock 的现货比特币 ETF 已经超过了 MicroStrategy 的加密货币持有量，在 3 月 19 日额外购买了 9,000 BTC 后，MicroStrategy 目前持有 214,246 BTC。

Analyst Commentary

分析师评论

Bloomberg ETF analyst Eric Balchunas downplays the significance of GBTC's outflows, predicting that the exodus will likely subside in the coming weeks. He speculates that bankruptcies of crypto firms like Genesis and Digital Currency Group may have contributed to the recent outflows.

彭博 ETF 分析师 Eric Balchunas 淡化了 GBTC 资金外流的重要性，并预测资金外流可能会在未来几周内消退。他推测 Genesis 和 Digital Money Group 等加密货币公司的破产可能是导致近期资金外流的原因。

Conclusion

结论

BlackRock's Bitcoin ETF is poised to become the world's largest institutional holder of Bitcoin, surpassing Grayscale's GBTC. The pace of inflows and outflows will determine the exact timing of this overtake, but it is likely to occur within the next few weeks.

贝莱德的比特币 ETF 有望超越灰度的 GBTC，成为全球最大的比特币机构持有者。流入和流出的速度将决定这种超越的确切时间，但很可能会在未来几周内发生。