主要比特币信托基金出现大规模资金外流，表明投资者退出

灰度比特币信托基金 (GBTC) 面临大量提款，4 月 12 日，提款金额超过 1.66 亿美元，有 2,500 个比特币被提款。此次撤资是更广泛趋势的一部分，自 1 月份转变为现货比特币 ETF 以来，资金流出达到 162 亿美元。尽管首席执行官 Michael Sonnenshein 对前景持乐观态度，但由于高管理费和市场整合，资金外流依然存在。然而，有一段时间流出量减少，表明潜在的稳定。

Grayscale Bitcoin Trust (GBTC) Witnesses Significant Withdrawals, Signaling Waning Investor Interest

灰度比特币信托（GBTC）出现大量撤资，表明投资者兴趣减弱

The Grayscale Bitcoin Trust (GBTC), a prominent cryptocurrency investment vehicle, has experienced a substantial decline in recent months, with over $166 million and more than 2,500 Bitcoin withdrawn on April 12 alone. This latest withdrawal is part of a broader trend that has seen the fund's outflows reach a staggering $16.2 billion since its transformation into a spot Bitcoin exchange-traded fund (ETF) in January, according to data from Farside Investors.

著名的加密货币投资工具灰度比特币信托基金 (GBTC) 近几个月来经历了大幅下跌，仅 4 月 12 日就撤回了超过 1.66 亿美元和超过 2,500 个比特币。根据 Farside Investors 的数据，自 1 月份转变为现货比特币交易所交易基金 (ETF) 以来，该基金的资金流出已达到惊人的 162 亿美元，这一最新的撤资是更广泛趋势的一部分。

Throughout the month of April, daily withdrawals have ranged from $75 million to $300 million, highlighting ongoing volatility in investor activity. This downturn in GBTC is mirrored by a general slowdown in inflows across other spot Bitcoin ETFs, pointing to a decrease in investor engagement in the sector. Over the past week alone, GBTC experienced outflows totaling $767 million, contributing significantly to the overall negative flow observed in spot Bitcoin ETFs.

整个 4 月份，每日取款金额在 7500 万美元至 3 亿美元之间，凸显了投资者活动的持续波动。 GBTC 的下滑反映在其他现货比特币 ETF 的资金流入普遍放缓，表明投资者对该行业的参与度有所下降。仅过去一周，GBTC 的资金流出总额就达 7.67 亿美元，对现货比特币 ETF 的整体负流造成了重大影响。

In contrast, BlackRock's iShares Bitcoin Trust ETF has seen a more positive trajectory, with assets under management exceeding $15 billion, which is beginning to close the gap with GBTC. Despite this positive development, the overall sentiment toward spot Bitcoin ETFs remains cautious.

相比之下，贝莱德的 iShares 比特币信托 ETF 的发展轨迹更为积极，管理资产超过 150 亿美元，开始缩小与 GBTC 的差距。尽管取得了积极的进展，但人们对现货比特币 ETF 的整体情绪仍然保持谨慎。

Grayscale CEO Michael Sonnenshein, speaking on April 10, hinted that the outflows from the Grayscale Bitcoin Trust might be nearing stabilization, indicating a potential uptick in trader and investor optimism. Despite this hopeful outlook, outflows have persisted.

Grayscale 首席执行官 Michael Sonnenshein 在 4 月 10 日发表讲话时暗示，Grayscale 比特币信托基金的资金流出可能接近稳定，这表明交易员和投资者的乐观情绪可能有所上升。尽管前景充满希望，但资金外流依然存在。

Sonnenshein also commented on the high fees associated with GBTC, noting its 1.5% management fee, significantly higher than the 0.30% average fee of its competitors, as a potential factor driving the outflows.

Sonnenshein 还对 GBTC 的高额费用发表了评论，指出其 1.5% 的管理费，明显高于竞争对手 0.30% 的平均费用，是推动资金外流的潜在因素。

He further explained the market dynamics, stating, "Markets often exhibit high excitement when commodity or thematic exposure products first emerge. However, these products mature as time passes, leading to market consolidation as investors focus on a few offerings."

他进一步解释了市场动态，表示：“当大宗商品或主题投资产品首次出现时，市场通常会表现出高度兴奋。然而，随着时间的推移，这些产品会逐渐成熟，当投资者专注于少数产品时，会导致市场整合。”

Despite these challenges, there have been periods of reduced outflow, such as on April 10, when the outflows dropped to $17.5 million—a sharp decline from the $154.9 million seen the previous day. Yet, the average daily outflow since January remains high at $257.8 million.

尽管面临这些挑战，但有一段时间流出量有所减少，例如 4 月 10 日，流出量降至 1,750 万美元，较前一天的 1.549 亿美元大幅下降。然而，自 1 月份以来的日均流出量仍高达 2.578 亿美元。

The shift in GBTC's structure came after a successful lawsuit against the U.S. Securities and Exchange Commission, which led to its conversion to an ETF in January, alongside the introduction of nine other spot Bitcoin ETFs. Adding to the market's dynamics, the bankrupt crypto lending firm Genesis recently sold approximately 36 million GBTC shares to purchase 32,041 Bitcoin, reflecting ongoing shifts within the broader cryptocurrency landscape.

GBTC 结构的转变是在对美国证券交易委员会成功提起诉讼后发生的，这导致 GBTC 在 1 月份转换为 ETF，同时推出了其他 9 个现货比特币 ETF。破产的加密货币借贷公司 Genesis 最近出售了约 3600 万股 GBTC 股票，购买了 32,041 枚比特币，这也加剧了市场的活力，反映出更广泛的加密货币格局正在发生的变化。

The recent decline in GBTC and the broader spot Bitcoin ETF sector is a reminder of the inherent volatility and risk associated with cryptocurrency investments. Investors should exercise caution and carefully consider their investment strategies before allocating capital to these products.

GBTC 和更广泛的现货比特币 ETF 领域最近的下跌提醒人们注意与加密货币投资相关的固有波动性和风险。投资者在向这些产品配置资金之前应谨慎行事并仔细考虑自己的投资策略。