现货比特币 ETF 经历第一周净流出

比特币现货交易所交易基金（ETF）已录得第一周净流出。 Coinbase 指出，4 天内灰度比特币信托基金的资金流出达到 18.3 亿美元。报告指出，抛售压力可能来自 Genesis Global 的破产财产。

Spot Bitcoin ETFs Experience First Week of Net Outflows

现货比特币 ETF 经历第一周净流出

In a notable shift in market sentiment, spot Bitcoin exchange-traded funds (ETFs) have recorded their first week of net outflows in two months. Coinbase (COIN), in a research report released Friday, observed that net outflows amounted to $836 million between March 18 and 21.

市场情绪发生显着转变，现货比特币交易所交易基金（ETF）录得两个月来首周净流出。 Coinbase (COIN) 在周五发布的一份研究报告中指出，3 月 18 日至 21 日期间净流出金额达 8.36 亿美元。

The selling pressure was particularly evident in the Grayscale Bitcoin Trust (GBTC), with outflows totaling $1.83 billion over four days, according to Coinbase. The accelerated outflows coincided with a decline in Bitcoin's price, which fell below $63,000 last week and currently trades around $66,800.

据 Coinbase 称，灰度比特币信托基金 (GBTC) 的抛售压力尤其明显，四天内资金流出总额达 18.3 亿美元。资金外流加速与比特币价格下跌同时发生，比特币上周跌破 63,000 美元，目前交易价格约为 66,800 美元。

The reasons behind the surge in GBTC outflows remain unclear. In recent weeks, positive inflows into other spot ETFs had more than offset GBTC's outflows, suggesting "some capital rotation at the time," wrote analysts David Duong and David Han. GBTC charges higher fees than its peers.

GBTC 流出激增背后的原因尚不清楚。分析师 David Duong 和 David Han 写道，最近几周，其他现货 ETF 的资金流入抵消了 GBTC 的资金流出，这表明“当时存在一定的资本轮换”。 GBTC 收取的费用高于同行。

One potential source of selling pressure stems from the bankruptcy estate of Genesis Global, which holds approximately 35.9 million GBTC shares, Coinbase noted. This is separate from the 30.9 million shares that Genesis pledged as collateral to borrow $1.2 billion from Gemini Earn users in Q3 2022, the report stated. Gemini has reached an agreement with Genesis to return those assets in kind, with the repayment expected in the coming weeks upon court approval.

Coinbase 指出，抛售压力的一个潜在来源来自 Genesis Global 的破产财产，该公司持有约 3590 万股 GBTC 股票。报告称，这与 Genesis 承诺在 2022 年第三季度向 Gemini Earn 用户借入 12 亿美元的 3090 万股股票作为抵押品是分开的。 Gemini 已与 Genesis 达成协议，以实物方式返还这些资产，预计在法院批准后几周内偿还。

Coinbase cautioned that it is not certain whether the recent GBTC outflows are linked to these sales, stating that "we can only infer that the size and magnitude of the change in outstanding GBTC shares coincides with recent developments regarding Genesis' payment obligations."

Coinbase 警告称，不确定最近 GBTC 的流出是否与这些销售有关，并表示“我们只能推断，已发行 GBTC 股票变化的规模和幅度与 Genesis 付款义务的最新进展相符。”

"Importantly, given that the majority of creditor payments will be made in crypto and not in cash, the market impact on Bitcoin performance should ultimately be neutral," the report added.

报告补充说：“重要的是，鉴于大部分债权人付款将以加密货币而非现金形式进行，市场对比特币表现的影响最终应该是中性的。”

The shift in sentiment toward spot Bitcoin ETFs highlights the ongoing influence of macroeconomic factors and regulatory uncertainties on the cryptocurrency market. While the underlying fundamentals of Bitcoin remain unchanged, investors are increasingly scrutinizing the performance and fees of investment vehicles that provide exposure to digital assets.

人们对现货比特币 ETF 的情绪转变凸显了宏观经济因素和监管不确定性对加密货币市场的持续影响。尽管比特币的基本面保持不变，但投资者越来越关注提供数字资产敞口的投资工具的业绩和费用。