贝莱德比特币 ETF 飙升，挑战灰度王座

随着贝莱德 (BlackRock) 的 iShares 比特币信托 (IBIT) 相对于灰度 (Grayscale) 长期存在的比特币信托 ETF (GBTC) 的上涨，比特币交易所交易基金 (ETF) 市场正在发生转变。尽管 GBTC 占据 36.8% 的市场份额，但 IBIT 的快速积累和较低的费用（0.25% vs GBTC 1.5%）正推动其增长至 32.6%。两只 ETF 的资金流入均出现放缓，同时比特币价格也出现下跌。

BlackRock's Bitcoin ETF Dominance Heats Up, Challenging Grayscale's Legacy

贝莱德的比特币 ETF 主导地位升温，挑战灰度的传统

The Bitcoin exchange-traded fund (ETF) market is witnessing a transformative shift, with BlackRock's iShares Bitcoin Trust (IBIT) steadily gaining ground on the long-established leader, Grayscale's Bitcoin Trust ETF (GBTC).

比特币交易所交易基金 (ETF) 市场正在经历一场变革，贝莱德 (BlackRock) 的 iShares 比特币信托 (IBIT) 稳步超越长期领先的灰度 (Grayscale) 比特币信托 ETF (GBTC)。

Market Share Battle Intensifies

市场份额争夺战愈演愈烈

As of April 17, IBIT's market share has surged to 32.6%, rapidly approaching Grayscale's dominant 36.8%. This growth is fueled by IBIT's lower 0.25% fee compared to Grayscale's hefty 1.5% fee, making it a more attractive option for cost-conscious investors.

截至4月17日，IBIT的市场份额已飙升至32.6%，迅速逼近灰度的主导地位36.8%。与 Grayscale 1.5% 的高额费用相比，IBIT 的 0.25% 费用较低，推动了这一增长，这使其成为注重成本的投资者更具吸引力的选择。

Accumulation Surge

积累激增

IBIT's rapid accumulation has also drawn attention. Since its launch, IBIT's Bitcoin holdings have skyrocketed over 10,200%, rising from a mere 2,621 BTC to its current position of 272,550 BTC. In contrast, Grayscale's Bitcoin holdings have declined by 50% before the Bitcoin halving, dwindling from 619,220 BTC on January 11 to 308,105 BTC.

IBIT的快速积累也引起关注。自推出以来，IBIT 的比特币持有量已飙升超过 10,200%，从区区 2,621 BTC 增至目前的 272,550 BTC。相比之下，灰度的比特币持有量在比特币减半前已下降了 50%，从 1 月 11 日的 619,220 BTC 减少至 308,105 BTC。

Bitcoin Price Dip Coincides with Trends

比特币价格下跌与趋势一致

The recent dip in Bitcoin's price, which fell 10.7% during the previous week, has coincided with a slowdown in net inflows for both ETFs. This suggests that price fluctuations can impact investor sentiment and subsequent ETF investment.

比特币价格近期下跌（上周下跌 10.7%），同时两只 ETF 净流入放缓。这表明价格波动会影响投资者情绪和后续 ETF 投资。

Grayscale's Sell-Off Moderates

灰度的抛售放缓

Grayscale's sell-off, which raised concerns in the past, has shown signs of moderation. However, Grayscale's overall higher trading fee remains a competitive disadvantage compared to IBIT's lower fee structure.

灰度的抛售过去曾引起人们的担忧，但现在已经显示出放缓的迹象。然而，与 IBIT 较低的费用结构相比，Grayscale 整体较高的交易费用仍然是竞争劣势。

Timeline Overview

时间表概述

The shift in market dynamics can be traced back to several key milestones:

市场动态的转变可以追溯到几个关键的里程碑：

• Before Jan 11: Grayscale Bitcoin Trust (GBTC) holdings stood at 619,220 BTC.
• Jan 11, 2024: iShares Bitcoin Trust (IBIT) launched with initial holdings of 2,621 BTC.
• March 11: Weekly net inflows into Bitcoin ETFs peaked at $2.58 billion.
• March 13: IBIT recorded its highest daily net inflows of $866 million.
• March 19: Grayscale experienced its 4th largest outflow event of $607 million.
• April 17: IBIT market share reached 32.6%, while GBTC held 36.8% with $19 billion in Bitcoin. IBIT's holdings stood at 272,550 BTC, while GBTC's holdings had declined to 308,105 BTC. Daily net inflows into IBIT slowed down to $24.9 million, and Grayscale's outflows dwindled to $79 million.
• April 17-18: Bitcoin price dipped to a low of $59,768.

Implications and Outlook

1 月 11 日之前：灰度比特币信托 (GBTC) 持有量为 619,220 BTC。2024 年 1 月 11 日：iShares 比特币信托 (IBIT) 推出，初始持有量为 2,621 BTC。3 月 11 日：比特币 ETF 的每周净流入达到峰值 25.8 亿美元。 13日：IBIT录得日最高净流入8.66亿美元。 3月19日：灰度经历第四大流出事件，达6.07亿美元。 4月17日：IBIT市场份额达到32.6%，而GBTC以190亿美元的比特币占据36.8%。 IBIT 的持有量为 272,550 BTC，而 GBTC 的持有量已降至 308,105 BTC。 IBIT 的每日净流入放缓至 2490 万美元，灰度的流出减少至 7900 万美元。4 月 17 日至 18 日：比特币价格跌至 59,768 美元的低点。影响和展望

BlackRock's IBIT is emerging as a serious contender to Grayscale's long-held dominance in the Bitcoin ETF space. Its competitive fee structure and impressive accumulation rate position IBIT as a formidable force. While it remains to be seen if IBIT can ultimately dethrone GBTC, the race for market share is undoubtedly heating up.

贝莱德 (BlackRock) 的 IBIT 正在成为灰度 (Grayscale) 在比特币 ETF 领域长期占据主导地位的有力竞争者。其具有竞争力的费用结构和令人印象深刻的累积率使 IBIT 成为一股强大的力量。虽然 IBIT 能否最终取代 GBTC 还有待观察，但市场份额的争夺无疑正在升温。

This competition could benefit investors by driving down costs and increasing accessibility to Bitcoin exposure. As the cryptocurrency market matures, the landscape of Bitcoin ETFs is likely to undergo further transformations, with new players and innovations emerging to shape the future of digital asset investing.

这种竞争可以降低成本并增加比特币投资的可及性，从而使投资者受益。随着加密货币市场的成熟，比特币 ETF 的格局可能会发生进一步的转变，新的参与者和创新的出现将塑造数字资产投资的未来。