加密货币寒冬愈演愈烈：比特币 ETF 因破产而大规模流出 9.42 亿美元

数字资产投资产品每周大幅流出 9.42 亿美元，扭转了连续 7 周流入 123 亿美元的趋势。灰度比特币 ETF (GBTC) 经历了 20 亿美元的资金流出，但被新 ETF 发行人流入的 11 亿美元所部分抵消。资金外流归因于破产程序，但预计将放缓。

Bitcoin Investment Funds Witness Unprecedented Outflows Amid Bankruptcy Proceedings

破产程序中比特币投资基金出现前所未有的资金外流

The digital asset investment landscape has taken a significant turn, as CoinShares reports a record weekly outflow of US$942 million from digital asset investment products. This marks an abrupt reversal from the preceding seven-week period, which saw a robust inflow of US$12.3 billion.

数字资产投资格局已发生重大转变，CoinShares 报告数字资产投资产品每周流出创纪录的 9.42 亿美元。这标志着与前七周期间的突然逆转，前七周期间资金流入强劲，达 123 亿美元。

The catalyst behind this outflow is primarily attributed to the bankruptcy proceedings of troubled crypto firms, resulting in the sale of significant Grayscale Bitcoin ETF (GBTC) holdings. Notably, GBTC experienced outflows totaling US$2 billion, overshadowing the US$1.1 billion inflow observed from newer ETF issuers in the US.

这种资金外流背后的催化剂主要归因于陷入困境的加密货币公司的破产程序，导致大量灰度比特币 ETF (GBTC) 的持有被出售。值得注意的是，GBTC 的资金流出总额为 20 亿美元，超过了美国新 ETF 发行人所观察到的 11 亿美元的资金流入。

According to Bloomberg's cryptocurrency strategist, James Seyffart, the outflows from Bitcoin ETFs stem from bankruptcy-related selling activities by Gemini and Genesis. However, Seyffart anticipates a slowdown in outflows in the coming week as the selling pressure associated with bankruptcy proceedings diminishes. The group involved is estimated to hold approximately $3.9 billion worth of GBTC for liquidation.

彭博社的加密货币策略师 James Seyffart 表示，比特币 ETF 的资金流出源于 Gemini 和 Genesis 与破产相关的抛售活动。然而，塞法特预计，随着与破产程序相关的抛售压力减弱，未来一周资金流出将放缓。据估计，该组织持有价值约 39 亿美元的 GBTC 进行清算。

Grayscale's High Fees Hamper Inflows

灰度的高额费用阻碍了资金流入

One of the key reasons behind the outflows from Grayscale has been its substantial gas fee, which has discouraged investors. In response, Grayscale CEO Michael Sonnenshein has stated that the company is actively working on reducing these fees.

灰度资金流出的主要原因之一是其高昂的天然气费，这让投资者望而却步。对此，Grayscale 首席执行官 Michael Sonnenshein 表示，该公司正在积极努力降低这些费用。

Despite these efforts, Bloomberg ETF strategist Eric Balchunas suggests that significant inflows to GBTC may never materialize. Balchunas speculates that smaller versions of Bitcoin-based ETFs could attract inflows if fees are reduced below 30 basis points.

尽管做出了这些努力，彭博 ETF 策略师 Eric Balchunas 表示，大量资金流入 GBTC 可能永远不会实现。 Balchunas 推测，如果费用降至 30 个基点以下，较小版本的基于比特币的 ETF 可能会吸引资金流入。

Moreover, Balchunas highlights that a substantial portion of GBTC's assets under management (AUM) may consist of "mirage assets" or "tax hostages," implying that there may not be many actual individuals left who can freely sell their positions.

此外，Balchunas 强调，GBTC 管理资产（AUM）的很大一部分可能由“海市蜃楼资产”或“税收人质”组成，这意味着可能没有多少实际个人可以自由出售其头寸。

Altcoins Experience Mixed Fortunes

山寨币的命运好坏参半

While Bitcoin dominated the outflows, altcoins exhibited a mixed performance. Ethereum, Solana, and Cardano faced outflows of US$34 million, US$5.6 million, and US$3.7 million, respectively.

虽然比特币在资金流出中占据主导地位，但山寨币的表现却好坏参半。以太坊、Solana 和 Cardano 分别面临 3400 万美元、560 万美元和 370 万美元的资金流出。

However, the broader altcoin landscape saw positive net inflows totaling US$16 million. Notably, Polkadot, Avalanche, and Litecoin recorded significant inflows of US$5 million, US$2.9 million, and US$2 million, respectively.

然而，更广泛的山寨币格局出现了总计 1600 万美元的正净流入。值得注意的是，Polkadot、Avalanche 和 Litecoin 分别录得 500 万美元、290 万美元和 200 万美元的大量流入。

Implications for the Digital Asset Market

对数字资产市场的影响

The recent outflows from digital asset investment products indicate a shift in investor sentiment. The bankruptcy proceedings and associated liquidations have created uncertainty in the market, leading to a reduction in inflows and outflows.

最近数字资产投资产品的资金流出表明投资者情绪的转变。破产程序和相关清算给市场带来了不确定性，导致资金流入和流出减少。

While Grayscale's gas fee remains a deterrent for investors, the company's efforts to reduce fees may partially mitigate this issue. However, the long-term outlook for GBTC remains uncertain, with experts suggesting that significant inflows may not be forthcoming.

虽然灰度的汽油费仍然对投资者构成威慑，但该公司降低费用的努力可能会部分缓解这个问题。然而，GBTC 的长期前景仍不确定，专家表示可能不会出现大量资金流入。

The performance of altcoins remains mixed, with some assets gaining inflows while others face outflows. Investors are advised to exercise caution and conduct thorough due diligence before making any investment decisions.

山寨币的表现仍然参差不齐，一些资产获得流入，而另一些则面临资金流出。建议投资者在做出任何投资决定之前谨慎行事并进行彻底的尽职调查。