现货比特币 ETF 激增，GBTC 资金流出因市场波动而暴跌

尽管上周出现大量资金流出，但现货比特币 ETF 本周仍出现净流入。周四，所有 9 只 ETF 的总流入量为 1.78 亿美元，其中 GBTC 的流出量显着下降，录得 1.05 亿美元，较前一天减少 60%。这是自 3 月 12 日以来 GBTC 的最低流出量。

Spot Bitcoin ETFs Surge with Net Inflows, GBTC Outflows Plummet

现货比特币 ETF 净流入激增，GBTC 流出骤降

Amidst the market's recent volatility, spot Bitcoin ETFs (exchange-traded funds) have witnessed a surge in net inflows this week, reversing last week's trend of heavy outflows. On Thursday, March 28, all nine spot Bitcoin ETFs combined recorded a robust inflow of $178 million. Notably, the Grayscale Bitcoin ETF (GBTC) experienced a significant reduction in its outflows.

近期市场波动较大，现货比特币ETF（交易所交易基金）本周净流入激增，扭转了上周大量流出的趋势。 3 月 28 日星期四，所有 9 只现货比特币 ETF 合计录得 1.78 亿美元的强劲流入。值得注意的是，灰度比特币 ETF (GBTC) 的资金流出大幅减少。

GBTC Outflows Reach March Low

GBTC 流出量创 3 月份新低

Since the beginning of March, GBTC has faced substantial outflows, with investors withdrawing significant amounts of Bitcoin from the fund. However, on Thursday, GBTC recorded its lowest outflow since March 12, amounting to $105 million. This represents a substantial 60% decline from the previous day's outflows.

自 3 月初以来，GBTC 面临大量资金流出，投资者从该基金撤回了大量比特币。然而，周四，GBTC 录得 3 月 12 日以来的最低流出量，金额为 1.05 亿美元。这比前一天的流出量大幅下降了 60%。

"GBTC outflows of $105 million on 3/28," tweeted HODL15Capital, an industry analyst.

行业分析师 HODL15Capital 在推特上写道：“3 月 28 日，GBTC 流出了 1.05 亿美元。”

According to data from Farside Investors, over $14.6 billion worth of Bitcoins have been withdrawn from GBTC since its inception as a Bitcoin ETF. Since the year began, GBTC has shed more than half of its Bitcoin holdings, currently standing at approximately $340,000.

根据 Farside Investors 的数据，自 GBTC 作为比特币 ETF 推出以来，已从 GBTC 中提取了价值超过 146 亿美元的比特币。自今年年初以来，GBTC 已抛售了一半以上的比特币持有量，目前价值约为 34 万美元。

High Management Fees Drive Outflows

高额管理费推动资金外流

One of the primary reasons behind the high outflows from GBTC is its relatively high management fee, which is set at 1.5%. This has led to investors moving their assets to other Bitcoin ETFs, such as BlackRock's iShares Bitcoin ETF (IBIT) and Fidelity's FDEX Bitcoin ETF (FDEX), which charge considerably lower management fees. IBIT, with its competitive fee structure, has seen a staggering $13.8 billion in inflows and is poised to surpass GBTC in total assets under management.

GBTC高额流出的主要原因之一是管理费相对较高，为1.5%。这导致投资者将资产转移到其他比特币 ETF，例如贝莱德的 iShares 比特币 ETF (IBIT) 和富达的 FDEX 比特币 ETF (FDEX)，这些基金的管理费要低得多。 IBIT 凭借其具有竞争力的费用结构，流入资金达到惊人的 138 亿美元，管理资产总额有望超越 GBTC。

Prospects for GBTC Outflows

GBTC 资金流出前景

Grayscale, the asset manager behind GBTC, has acknowledged the impact of its high management fees and has pledged to reduce them in the near future. Michael Sonnenshein, Grayscale's CEO, stated last week that the fund's fees will diminish over time, although he did not specify the extent of the reduction.

GBTC 背后的资产管理公司 Grayscale 承认其高管理费的影响，并承诺在不久的将来降低管理费。 Grayscale 首席执行官 Michael Sonnenshein 上周表示，该基金的费用将随着时间的推移而减少，但他没有具体说明减少的程度。

Meanwhile, Bloomberg analysts contend that the massive outflows from GBTC are also partially attributable to heavy liquidations by bankrupt players, such as Gemini, which are seeking to repay creditors. This sell-side pressure is projected to abate over time.

与此同时，彭博社分析师认为，GBTC 的大量资金外流也部分归因于 Gemini 等破产参与者的大量清算，这些公司正在寻求偿还债权人。随着时间的推移，这种卖方压力预计会减弱。

Despite these potential developments, Grayscale faces a formidable challenge from established players like BlackRock and Fidelity, which have already gained a significant market share with their low-fee Bitcoin ETFs.

尽管有这些潜在的发展，灰度仍面临来自贝莱德和富达等老牌公司的巨大挑战，这些公司已经凭借低费用的比特币 ETF 获得了巨大的市场份额。

Implications for Bitcoin Price

对比特币价格的影响

If GBTC outflows continue to decline and inflows remain consistent, it could potentially create a supply shock in the Bitcoin market, driving the price of Bitcoin upwards. The reduction in supply associated with reduced GBTC outflows could stimulate demand and boost the cryptocurrency's value.

如果 GBTC 流出量继续下降，而流入量保持稳定，则可能会对比特币市场造成供应冲击，从而推动比特币价格上涨。与 GBTC 流出减少相关的供应减少可能会刺激需求并提升加密货币的价值。