现货比特币 ETF 的热情因价格下跌而降温

在比特币价格下跌的情况下，美国现货比特币 ETF 4 月份净流出 3.435 亿美元，标志着三个月的资金流入激增结束。 BlackRock 的 IBIT ETF 主导净流入，增加 15 亿美元，而 Grayscale 的 GBTC 基金引领流出，退出 25 亿美元。尽管 IBIT 的 71 天连续流入已于 4 月 23 日结束，但其管理资产仍有望超过 GBTC，目前持有 274,462 BTC，GBTC 为 296,714 BTC。

Bitcoin ETF Hype Cools, Spot ETFs Experience Outflows

比特币 ETF 炒作降温，现货 ETF 资金流出

The initial surge of excitement surrounding spot bitcoin exchange-traded funds (ETFs) has given way to a period of consolidation, with the overall inflows into these products slowing significantly in April. After attracting a combined $12.1 billion in net inflows during the first three months of the year, the U.S. spot bitcoin ETFs faced net outflows totaling $343.5 million in April.

围绕现货比特币交易所交易基金 (ETF) 的最初热潮已经让位于一段整合期，四月份流入这些产品的总体资金大幅放缓。在今年前三个月吸引了总计 121 亿美元的净流入后，美国现货比特币 ETF 在 4 月份面临总计 3.435 亿美元的净流出。

This reversal in sentiment aligns with a broader decline in the price of bitcoin, which peaked at an all-time high of $73,836 on March 14th. Since then, the cryptocurrency has lost approximately 18% of its value, falling below the $57,000 level on May 6th for the first time since February.

这种情绪的逆转与比特币价格的更广泛下跌相一致，比特币价格于 3 月 14 日达到历史新高 73,836 美元。此后，该加密货币的价值已下跌约 18%，自 2 月份以来首次于 5 月 6 日跌破 57,000 美元的水平。

Grayscale's GBTC Leads Outflows

灰度的 GBTC 引领资金流出

Grayscale's Bitcoin Trust (GBTC), the largest and most well-established bitcoin ETF in the U.S., bore the brunt of the outflows in April. Investors withdrew a substantial $2.5 billion from the fund over the course of the month, contributing significantly to the overall decline in demand for spot bitcoin ETFs.

Grayscale 的比特币信托 (GBTC) 是美国最大、最完善的比特币 ETF，在 4 月份的资金流出中首当其冲。本月，投资者从该基金撤资了 25 亿美元，这对现货比特币 ETF 需求的整体下降做出了重大贡献。

Ark Invest's ARK 21Shares Bitcoin ETF (ARKB) also experienced net outflows of $86.3 million, while Valkyrie's Valkyrie Bitcoin Strategy ETF (BRRR) saw minor outflows of $0.3 million. Notably, Fidelity's Wise Origin Bitcoin Trust (FBTC) and Bitwise's Bitwise 10 Crypto Index Fund (BITB) registered their first daily outflows in April, although they overall continued to record net inflows.

Ark Invest 的 ARK 21Shares 比特币 ETF (ARKB) 也经历了 8630 万美元的净流出，而 Valkyrie 的 Valkyrie 比特币策略 ETF (BRRR) 则出现了 30 万美元的小幅流出。值得注意的是，Fidelity 的 Wise Origin Bitcoin Trust (FBTC) 和 Bitwise 的 Bitwise 10 Crypto Index Fund (BITB) 在 4 月份首次出现每日资金流出，尽管它们总体上继续录得净流入。

BlackRock's IBIT Dominates Inflows

贝莱德的 IBIT 主导资金流入

Despite the overall decline in inflows, BlackRock's iShares Bitcoin Strategy ETF (IBIT) remained a beacon of demand. The fund attracted $1.5 billion in net inflows during April, solidifying its position as the most popular spot bitcoin ETF in the U.S. market.

尽管资金流入总体下降，贝莱德的 iShares 比特币策略 ETF (IBIT) 仍然是需求的灯塔。该基金在 4 月份吸引了 15 亿美元的净流入，巩固了其作为美国市场最受欢迎的现货比特币 ETF 的地位。

IBIT's strong performance is evidenced by its 71-day inflow streak, a remarkable achievement that placed it among the top ten ETFs of all time. However, this streak came to an abrupt end on April 23rd, and the fund has since experienced five consecutive days of zero flows.

IBIT 的强劲表现体现在其连续 71 天的资金流入，这是一项了不起的成就，使其跻身有史以来排名前十的 ETF 之列。然而，这种连续上涨趋势在4月23日戛然而止，该基金此后经历了连续五天的零流量。

Trading Volume Dwindles

交易量减少

The decline in inflows for spot bitcoin ETFs has been mirrored by a significant drop in daily trading volume. After reaching a record $9.9 billion on March 5th as bitcoin broke through its previous cycle peak, trading volume has since dwindled to $2.9 billion on May 7th, according to data from The Block.

现货比特币 ETF 流入量的下降反映在每日交易量的大幅下降。根据 The Block 的数据，比特币在 3 月 5 日突破上一个周期峰值，达到创纪录的 99 亿美元后，5 月 7 日交易量已减少至 29 亿美元。

IBIT Closes In on GBTC's Market Share

IBIT 逼近 GBTC 市场份额

Despite the recent slowdown in inflows, BlackRock's IBIT is poised to overtake Grayscale's GBTC as the largest spot bitcoin ETF by assets under management (AUM). IBIT currently holds 274,462 BTC, equivalent to $15.6 billion, while GBTC holds 296,714 BTC or $16.9 billion.

尽管近期资金流入放缓，但按资产管理规模 (AUM) 计算，贝莱德 (BlackRock) 的 IBIT 有望超越 Grayscale 的 GBTC，成为最大的现货比特币 ETF。 IBIT 目前持有 274,462 BTC，相当于 156 亿美元，而 GBTC 持有 296,714 BTC，相当于 169 亿美元。

Grayscale's converted GBTC fund has witnessed a sharp decline in its assets, falling by 52% from 619,220 BTC since spot bitcoin ETF trading began. However, in U.S. dollar terms, this decline amounts to a more modest 41% drop, reflecting the significant increase in bitcoin's price over the same period.

Grayscale 转换后的 GBTC 基金资产急剧下降，自现货比特币 ETF 交易开始以来，从 619,220 BTC 下降了 52%。然而，以美元计算，这一跌幅为 41%，较为温和，反映出同期比特币价格的大幅上涨。

Bitcoin Price Struggles

比特币价格挣扎

Bitcoin's price has also faced headwinds in May, with the cryptocurrency falling around 6% on May 7th alone. This decline brought bitcoin briefly below the $57,000 level, a level it has not traded below since February. The current market capitalization of bitcoin stands at approximately $1.1 trillion.

比特币的价格在 5 月份也面临阻力，仅 5 月 7 日这一加密货币就下跌了 6% 左右。此次下跌使比特币一度跌破 57,000 美元的水平，这是自 2 月份以来比特币交易从未低于过的水平。目前比特币的市值约为 1.1 万亿美元。

Conclusion

结论

The initial euphoria surrounding spot bitcoin ETFs has subsided, with these products now experiencing a period of consolidation. The decline in inflows and trading volume coincides with a downturn in the price of bitcoin. While some ETFs, such as Grayscale's GBTC and Ark Invest's ARKB, have faced significant outflows, BlackRock's IBIT remains a standout performer, continuing to attract demand. As the market digests these developments and bitcoin's price outlook remains uncertain, the future trajectory of spot bitcoin ETFs remains to be seen.

最初围绕现货比特币 ETF 的乐观情绪已经消退，这些产品现在正在经历一段整合期。资金流入和交易量的下降与比特币价格的下跌同时发生。尽管 Grayscale 的 GBTC 和 Ark Invest 的 ARKB 等 ETF 面临大量资金流出，但 BlackRock 的 IBIT 仍然表现出色，继续吸引需求。随着市场消化这些进展，且比特币的价格前景仍不确定，现货比特币 ETF 的未来轨迹仍有待观察。