灰度的比特币持有量暴跌，标志着信任的流失

自 ETF 转换以来，Grayscale 的比特币持有量大幅下降，从 624.28K 降至 361.79K。美国现货比特币ETF面临需求下降，连续四天累计净流出。灰度的 GBTC 一直是资金流出的主要来源，而贝莱德的 IBIT 则出现了一些流入。 ETF 的整体需求受到限制，落后于比特币的价格走势，目前人们的注意力已转向现货 BTC ETF 需求和即将到来的比特币减半事件。

Is Grayscale's BTC Hold Drying Up?

灰度的 BTC 持有量是否正在枯竭？

Grayscale's once-formidable Bitcoin (BTC) holdings have dwindled to 361.79K, a far cry from the 624.28K it held pre-ETF conversion in January. The exodus from Grayscale's Bitcoin Trust (GBTC) has been relentless, with $1.83B in outflows over the past four days alone.

Grayscale 曾经强大的比特币 (BTC) 持有量已减少至 361.79K，与 1 月份 ETF 转换前持有的 624.28K 相差甚远。 Grayscale 的比特币信托 (GBTC) 的资金外流一直在无情地进行，仅过去四天就有 $1.83B 的资金流出。

Is GBTC Bleeding Its Life Away?

GBTC 正在耗尽生命吗？

On March 21st, GBTC's outflows reached a staggering $358.8M, prompting Bloomberg's James Seyffart to quip: "Outflows ain't stopping." Since the ETF conversion, GBTC has hemorrhaged $13.36B, marking a 42.3% decline in its BTC holdings.

3 月 21 日，GBTC 的资金外流达到惊人的 3.588 亿美元，彭博社的 James Seyffart 打趣道：“资金外流并未停止。”自 ETF 转换以来，GBTC 已损失 $13.36B，标志着其 BTC 持有量下降了 42.3%。

Can iShares Counter the GBTC Exodus?

iShares 能否应对 GBTC 的外流？

BlackRock's iShares Bitcoin Trust (IBIT) has emerged as a beacon of hope amidst the GBTC gloom. IBIT has absorbed $451.5M in inflows, but its performance has been erratic, with "dismal" days on Tuesday and Wednesday. However, it rebounded on Thursday with $233.4M in inflows.

贝莱德 (BlackRock) 的 iShares 比特币信托 (IBIT) 已成为 GBTC 低迷时期的希望灯塔。 IBIT 已吸收 4.515 亿美元的资金流入，但其表现却不稳定，周二和周三的日子“惨淡”。然而，周四资金流入量 2.334 亿美元反弹。

Are ETFs Losing Their BTC Mojo?

ETF 正在失去其 BTC 魔力吗？

Despite the BTC price retracement, spot BTC ETFs have failed to ignite demand. Their cumulative net outflows for the fourth consecutive day underscore the waning interest in these investment vehicles.

尽管比特币价格出现回调，但现货比特币 ETF 未能点燃需求。它们连续第四天的累计净流出突显出人们对这些投资工具的兴趣减弱。

Bitwise and Ark Shine Amidst the Gloom

Bitwise 与方舟在黑暗中闪耀

While GBTC falters, Bitwise (BITB) and Ark (ARKB) have reached significant milestones. BITB has surpassed $1.5B in cumulative inflows, and ARKB has crossed the $2B mark. However, the broader ETF landscape remains constrained by the lack of demand.

虽然 GBTC 步履蹒跚，但 Bitwise (BITB) 和 Ark (ARKB) 已经达到了重要的里程碑。 BITB 累计流入量已超过 $1.5B，ARKB 已突破 $2B 大关。然而，更广泛的 ETF 格局仍然受到需求不足的限制。

Will the Fed's Pivot Revive BTC ETF Demand?

美联储的转向会重振 BTC ETF 需求吗？

The market's focus has shifted from the dovish Fed rate decision to the waning spot BTC ETF demand and the upcoming Bitcoin halving event in mid-April. Will the Fed's pivot spark a resurgence in BTC ETF appetite, or will the outflow trend persist?

市场焦点已从鸽派的美联储利率决定转向现货 BTC ETF 需求的减弱以及 4 月中旬即将到来的比特币减半事件。美联储的转向是否会引发 BTC ETF 兴趣的回升，还是资金外流的趋势会持续下去？