目的比特币 ETF 在竞争和大规模资金外流中失利

Purpose 比特币 ETF (BTCC) 近几个月来经历了重大挑战，自 1 月份以来管理的比特币 (BTC) 减少了 20%。尽管在此期间比特币的需求不断增长且价格创下历史新高，但加拿大基金的持有量却稳步下降。资金流出的原因是，与美国同类 ETF 相比，其管理费用低至 0.25%，而且灰度比特币信托有可能转换为 ETF，导致灰度和 Purpose 出现类似的资金流出。

Purpose Bitcoin ETF Lags Behind Amidst Competition and Massive Outflows

目的比特币 ETF 在竞争和大规模资金外流中落后

Toronto, Ontario - April 10, 2023 - The Purpose Bitcoin ETF (BTCC), hailed as the world's first Bitcoin exchange-traded fund, has faced a significant setback in recent months, struggling to keep pace with its U.S. counterparts and hemorrhaging Bitcoin amidst a surge in demand and record-breaking prices.

安大略省多伦多 - 2023 年 4 月 10 日 - 被誉为全球首支比特币交易所交易基金的 Purpose Bitcoin ETF (BTCC) 在近几个月遭遇重大挫折，难以跟上美国同行的步伐，并在需求激增，价格破纪录。

According to Purpose Investments' website, the fund held 27,871 BTC, valued at approximately $2.56 billion CAD ($1.89 billion USD), as of April 4. This figure represents a substantial 20% decline in its Bitcoin holdings over the past three months, despite a robust market rally that has witnessed unparalleled demand and meteoric price appreciation for the asset.

根据 Purpose Investments 网站的数据，截至 4 月 4 日，该基金持有 27,871 枚比特币，价值约 25.6 亿加元（18.9 亿美元）。这一数字表明过去三个月其比特币持有量大幅下降 20%，尽管强劲的市场反弹见证了该资产无与伦比的需求和飞速的价格升值。

Purpose's waning Bitcoin reserves are a stark contrast to the influx of capital witnessed by recently launched U.S. spot Bitcoin ETFs. Since their inception on January 11, these funds have attracted over $12 billion in net inflows, triggering a significant surge in Bitcoin's value, which has soared above $67,000, registering a remarkable 53% increase year-to-date and a staggering 143% gain over the past six months.

Purpose 比特币储备的减少与最近推出的美国现货比特币 ETF 所见证的资本涌入形成鲜明对比。自 1 月 11 日成立以来，这些基金已吸引超过 120 亿美元的净流入，引发比特币价值大幅飙升，已飙升至 67,000 美元以上，今年迄今涨幅高达 53%，涨幅高达 143%。过去六个月。

The Purpose Bitcoin ETF's performance stands in stark contrast to its initial success. Following its debut in February 2021, the fund's holdings consistently fluctuated between 20,000 and 40,000 BTC, maintaining relative stability throughout 2023 at approximately 23,000 BTC. However, a significant shift occurred halfway through the year as financial behemoths such as BlackRock and Fidelity filed applications to launch their own spot Bitcoin ETFs.

Purpose 比特币 ETF 的表现与其最初的成功形成鲜明对比。自 2021 年 2 月推出以来，该基金的持有量一直在 20,000 至 40,000 BTC 之间波动，2023 年全年保持相对稳定，约为 23,000 BTC。然而，今年中期发生了重大转变，贝莱德和富达等金融巨头申请推出自己的现货比特币 ETF。

This regulatory buzz ignited optimism that ETFs might finally receive regulatory approval, leading to a surge in capital inflows into Bitcoin funds, including Purpose's offering. Investors anticipated increased demand for Bitcoin, fueled by ETF accessibility, which in turn would drive up prices.

这种监管热潮点燃了人们对 ETF 可能最终获得监管批准的乐观情绪，导致资本流入比特币基金（包括 Purpose 的发行）激增。投资者预计，在 ETF 可获取性的推动下，对比特币的需求将会增加，这反过来又会推高价格。

The prediction proved accurate: the launch of U.S. ETFs on January 11 sparked a massive influx of capital, highlighting the pent-up demand for regulated Bitcoin exposure. However, Purpose's performance has taken a different turn.

事实证明这一预测是准确的：1 月 11 日美国 ETF 的推出引发了大量资本涌入，凸显了对受监管比特币敞口的压抑需求。然而，Purpose的表现却出现了不同的转变。

Since reaching its peak of 35,706 BTC on January 5, the fund has endured a relentless outflow, gradually eroding its Bitcoin reserves. This relentless exodus is reminiscent of the Grayscale Bitcoin Trust, which has seen its BTC holdings nearly halve since January 11 and has consistently experienced daily outflows after converting into an ETF.

自 1 月 5 日达到 35,706 BTC 的峰值以来，该基金经历了持续的资金外流，逐渐侵蚀了其比特币储备。这种持续不断的资金外流让人想起灰度比特币信托基金(Grayscale Bitcoin Trust)，自 1 月 11 日以来，该信托基金的 BTC 持有量几乎减半，并且在转换为 ETF 后，每天都有资金流出。

Purpose and Grayscale face a common challenge: their management fees of 1.5% and 1.0%, respectively, are significantly higher than those of their newer competitors. BlackRock's fund, for instance, charges a modest 0.25% fee, while VanEck's offering has temporarily waived its fee altogether.

Purpose 和 Grayscale 面临着共同的挑战：它们的管理费分别为 1.5% 和 1.0%，明显高于新竞争对手。例如，贝莱德的基金收取 0.25% 的适度费用，而 VanEck 的基金则暂时完全免除费用。

These fee differentials provide little incentive for new investors to favor Purpose or Grayscale, particularly amidst a rapidly growing field of lower-cost options. Moreover, as Bitcoin's price continues to climb, seasoned investors in both funds are enticed to cash out their gains, further contributing to the outflows.

这些费用差异几乎没有激励新投资者青睐目的或灰度，特别是在低成本选择领域快速增长的情况下。此外，随着比特币价格持续攀升，两只基金的经验丰富的投资者都被吸引将收益兑现，进一步导致资金外流。

Purpose's woes may be compounded by the fact that it has not made any public commitments to reduce its management fees, unlike Grayscale, whose CEO recently confirmed plans to lower fees over time. This lack of transparency and competitive pricing may further exacerbate Purpose's challenges in attracting and retaining investors.

与 Grayscale 不同的是，Purpose 没有做出任何降低管理费的公开承诺，该公司的困境可能会更加复杂，Grayscale 的首席执行官最近确认了随着时间的推移降低费用的计划。缺乏透明度和有竞争力的定价可能会进一步加剧 Purpose 在吸引和留住投资者方面的挑战。

Industry analysts and market observers remain divided on Purpose's prospects. While some believe that its regulatory track record and early market advantage should provide resilience, others express concerns about its relatively high fees and the growing popularity of lower-cost U.S. ETFs.

行业分析师和市场观察家对 Purpose 的前景仍存在分歧。虽然一些人认为其监管记录和早期市场优势应能提供弹性，但其他人则对其相对较高的费用和低成本美国 ETF 的日益普及表示担忧。

The Purpose Bitcoin ETF's fortunes will ultimately depend on its ability to adapt to the evolving market landscape. If it fails to address the competitive pressures and investor concerns, its dominance as the world's first Bitcoin ETF may be short-lived. As the regulatory environment evolves and innovative products emerge, only time will tell if Purpose can regain its footing and reclaim its position as a leader in the burgeoning Bitcoin ETF space.

Purpose 比特币 ETF 的命运最终将取决于其适应不断变化的市场格局的能力。如果它不能解决竞争压力和投资者的担忧，那么它作为全球首个比特币 ETF 的主导地位可能是短暂的。随着监管环境的发展和创新产品的出现，只有时间才能证明 Purpose 能否重新站稳脚跟，并重新夺回新兴比特币 ETF 领域领导者的地位。