由于持续不断的 ETF 流出威胁着耗尽，灰度比特币储备不断减少

灰度比特币信托基金 (GBTC) 经历了大量资金外流，仅本周就撤出了 18 亿美元。截至3月21日，自ETF转换以来总流出量达到创纪录的136亿美元。分析师推测，这些资金外流是由于加密行业（尤其是 Genesis）的破产造成的，并预计随着行业复苏，这一趋势将会结束。

Grayscale Bitcoin Reserves Dwindling Amid Unrelenting ETF Outflows

ETF 资金持续外流，灰度比特币储备不断减少

The cryptocurrency community is on high alert as Grayscale Bitcoin Trust (GBTC), the world's largest Bitcoin fund, faces a precipitous decline in its Bitcoin reserves. Analysts warn that the fund's reserves could be depleted by the end of July if the current outflow trend persists.

全球最大的比特币基金灰度比特币信托基金（GBTC）面临比特币储备急剧下降的局面，加密货币社区处于高度戒备状态。分析师警告称，如果目前的资金外流趋势持续下去，该基金的储备可能会在七月底耗尽。

Unprecedented Outflows Fuel Concerns

前所未有的资金外流引发担忧

GBTC has been experiencing a relentless outflow of Bitcoin for weeks, raising alarm among investors and market observers. On March 18th, a staggering $642.5 million worth of Bitcoin was withdrawn from the fund. The following day, outflows dropped to $443.5 million, but the respite was short-lived. On March 21st, the total outflows for the week reached a staggering $1.4 billion.

几周来，GBTC 一直在经历比特币的持续外流，引起了投资者和市场观察人士的警惕。 3 月 18 日，价值 6.425 亿美元的比特币从该基金中被撤出。第二天，资金流出降至 4.435 亿美元，但这种喘息的时间是短暂的。 3月21日，当周资金流出总额达到惊人的14亿美元。

The hemorrhaging of funds from GBTC has had a noticeable impact on the Bitcoin market, contributing to a recent decline in the cryptocurrency's price.

GBTC 的资金流失对比特币市场产生了明显影响，导致近期加密货币价格下跌。

End in Sight for GBTC Outflows?

GBTC 资金外流即将结束？

Despite the alarming outflows, analysts believe that the worst may have passed for GBTC. Bloomberg ETF analyst Eric Balchunas suggests that a significant portion of the recent outflows can be attributed to bankruptcies in the cryptocurrency sector, particularly the collapse of Genesis Trading.

尽管资金外流令人担忧，但分析师认为，GBTC 最糟糕的时期可能已经过去。彭博 ETF 分析师埃里克·巴尔丘纳斯 (Eric Balchunas) 表示，近期资金外流的很大一部分可归因于加密货币行业的破产，尤其是 Genesis Trading 的倒闭。

"The more I think about it, the more likely it seems that the surge in outflows can be attributed to bankruptcies because of their size and consistency," Balchunas wrote in a recent analysis. "February's outflows showed what individuals pulling out funds looks like—smaller and random. Moreover, outflows from Gemini/Genesis probably bought BTC with cash, which would explain why the market has held steady."

巴尔丘纳斯在最近的一份分析中写道：“我想得越多，就越有可能将资金外流的激增归因于破产，因为它们的规模和持续性。” “2 月份的资金流出显示了个人撤出资金的情况——规模较小且随机。此外，Gemini/Genesis 的资金流出可能是用现金购买了 BTC，这可以解释为什么市场保持稳定。”

Balchunas' analysis aligns with that of independent researcher ErgoBTC, who has identified a correlation between GBTC outflows and recent bankruptcies. However, these experts believe that the trend of fund outflows is nearing its end.

Balchunas 的分析与独立研究人员 ErgoBTC 的分析一致，后者发现了 GBTC 资金外流与近期破产之间的相关性。不过，这些专家认为，资金外流的趋势已接近尾声。

Potential Market Rebound on the Horizon

市场潜在反弹即将到来

The anticipation of an end to GBTC outflows has raised hopes of a turnaround in the cryptocurrency market. If the fund outflows abate, it could lead to increased demand for Bitcoin and potentially drive its price higher.

GBTC 资金外流结束的预期引发了人们对加密货币市场好转的希望。如果资金外流减少，可能会导致对比特币的需求增加，并可能推高其价格。

Some analysts suggest that fund outflows from Gemini and Genesis Trading could soon be reinvested into Bitcoin, providing support for the market. This sentiment aligns with the views of ErgoBTC, who believes that the worst of the outflows may be behind us.

一些分析师表示，Gemini 和 Genesis Trading 流出的资金可能很快会再投资到比特币，为市场提供支撑。这种情绪与 ErgoBTC 的观点一致，ErgoBTC 认为最糟糕的资金外流可能已经过去。

Grayscale's Future and Bitcoin's Stability

灰度的未来和比特币的稳定性

The depletion of Grayscale's Bitcoin reserves would have significant implications for the cryptocurrency ecosystem. GBTC has served as a major gateway for institutional investors to gain exposure to Bitcoin, and its demise could reduce the overall demand for the cryptocurrency.

灰度比特币储备的耗尽将对加密货币生态系统产生重大影响。 GBTC 一直是机构投资者接触比特币的主要门户，它的消亡可能会减少对加密货币的总体需求。

However, analysts believe that the end of GBTC outflows and the potential reinvestment of funds into Bitcoin could stabilize the market and mitigate any negative impact on its price.

然而，分析师认为，GBTC 资金外流的结束以及资金可能重新投资于比特币可能会稳定市场并减轻对其价格的负面影响。

As the situation evolves, investors are closely monitoring GBTC's outflows and the broader cryptocurrency market. The end of the outflow trend and the potential market recovery will depend on the resolution of the ongoing bankruptcies and the overall health of the cryptocurrency sector.

随着形势的发展，投资者正在密切关注 GBTC 的资金外流和更广泛的加密货币市场。流出趋势的结束和潜在的市场复苏将取决于正在进行的破产的解决和加密货币行业的整体健康状况。