灰度比特币信托遭遇 18 亿美元资金外流，反映出行业挑战

过去一周，Grayscale 的比特币信托基金 (GBTC) 的资金流出量达到惊人的 18 亿美元，这标志着加密货币 ETF 领域连续四天出现一致的撤资趋势。值得注意的是，继 3 月 18 日创纪录的 6.42 亿美元流出之后，仅 3 月 21 日，GBTC 就报告流出 3.588 亿美元。

Grayscale's Bitcoin Trust Experiences $1.8 Billion in Outflows, Signaling Industry Headwinds

Grayscale 的比特币信托经历了 18 亿美元的资金外流，预示着行业的逆风

Grayscale's Bitcoin Trust (GBTC) has been battered by a relentless wave of outflows, totaling $1.8 billion over the past week. This unprecedented exodus marks a sustained trend of withdrawals that has plagued the cryptocurrency exchange-traded fund (ETF) sector for four consecutive days.

Grayscale 的比特币信托基金 (GBTC) 受到持续资金外流的打击，过去一周资金外流总额达 18 亿美元。这种史无前例的资金外流标志着一种持续的撤资趋势，该趋势已连续四天困扰加密货币交易所交易基金（ETF）领域。

On March 21 alone, GBTC reported outflows of $358.8 million, following a record-breaking $642 million outflow on March 18, according to data from Farside Investors. The magnitude and consistency of these withdrawals have raised concerns about the stability of the cryptocurrency ETF market.

根据 Farside Investors 的数据，仅 3 月 21 日，GBTC 就报告流出 3.588 亿美元，继 3 月 18 日创纪录的 6.42 亿美元流出之后。这些提款的规模和持续性引发了人们对加密货币 ETF 市场稳定性的担忧。

Eric Balchunas, a senior ETF analyst at Bloomberg, believes that the majority of outflows, particularly those stemming from recent bankruptcies in the crypto industry, may be nearing an end. He notes that the scale and consistency of these withdrawals suggest that they are nearing completion. Balchunas speculates that as this phase subsides, the market could witness retail-driven flows similar to those observed in February.

彭博社高级 ETF 分析师埃里克·巴尔丘纳斯 (Eric Balchunas) 认为，大部分资金外流，尤其是因加密货币行业近期破产而导致的资金外流，可能已接近尾声。他指出，这些撤资的规模和一致性表明它们已接近完成。 Balchunas 推测，随着这一阶段的消退，市场可能会出现类似于 2 月份观察到的零售驱动的流动。

Independent researcher ErgoBTC adds depth to the analysis, highlighting that approximately $1.1 billion of recent GBTC outflows likely originated from Genesis, a bankrupt crypto lender. This observation underscores the intricate interplay between financial institutions and the broader cryptocurrency ecosystem.

独立研究人员 ErgoBTC 增加了分析的深度，强调最近 GBTC 资金流出中约 11 亿美元可能来自破产的加密货币贷款机构 Genesis。这一观察结果强调了金融机构与更广泛的加密货币生态系统之间复杂的相互作用。

The timing and volume of transactions between GBTC and Genesis suggest a correlation between the two. WhalePanda, a pseudonymous crypto market commentator, echoes this sentiment, referring to Genesis's statement about converting GBTC shares into Bitcoin to return assets to creditors.

GBTC 和 Genesis 之间的交易时间和交易量表明两者之间存在相关性。匿名加密货币市场评论员 WhalePanda 也赞同这种观点，他提到了 Genesis 关于将 GBTC 股票转换为比特币以将资产返还给债权人的声明。

The convergence of bankruptcies and liquidations within the crypto industry has amplified selling pressure on GBTC, contributing to the observed outflow trend. Genesis's court-approved liquidation of $1.3 billion in GBTC shares on February 14, aimed at repaying creditors, was a notable instance. Similarly, the bankrupt cryptocurrency exchange FTX liquidated its entire 22 million GBTC shares, valued at nearly $1 billion, just a month earlier.

加密行业内破产和清算的集中加剧了 GBTC 的抛售压力，导致了观察到的资金外流趋势。 Genesis 于 2 月 14 日经法院批准清算了价值 13 亿美元的 GBTC 股票，旨在偿还债权人，这是一个值得注意的例子。同样，就在一个月前，破产的加密货币交易所 FTX 清算了其全部 2200 万股 GBTC 股票，价值近 10 亿美元。

Despite the current market turmoil, analysts remain cautiously optimistic about the prospects of a turnaround. Balchunas hints at the potential stabilization of the market as bankrupt firms purchase Bitcoin with cash, potentially offsetting some of the selling pressure on GBTC.

尽管当前市场动荡，但分析师仍对扭转前景持谨慎乐观态度。 Balchunas 暗示，随着破产公司用现金购买比特币，市场可能会趋于稳定，这可能会抵消 GBTC 的部分抛售压力。

Looking ahead, industry experts anticipate a recalibration in investment trends within the cryptocurrency sector. As market dynamics evolve, investors and stakeholders alike remain vigilant, navigating through the complexities of an ever-changing landscape.

展望未来，行业专家预计加密货币领域的投资趋势将重新调整。随着市场动态的发展，投资者和利益相关者都保持警惕，应对不断变化的复杂局面。