现货比特币 ETF 人气飙升，净流入突破 120 亿美元

自三个月前推出以来，现货比特币 ETF 已累计净流入超过 120 亿美元，而 Grayscale 的 GBTC 继续遭遇清算。贝莱德的 iShares 比特币 ETF (IBIT) 在九只新基金中吸引了最多的资金流入，其管理资产 (AUM) 超过 1.5 亿美元。尽管灰度持续流出，ARK 21Shares 产品的退出量已超过 GBTC。

Spot Bitcoin ETFs Surge in Popularity, Drawing Billions in Net Inflows

现货比特币 ETF 人气飙升，吸引数十亿资金净流入

Within a mere three months of trading, spot Bitcoin exchange-traded funds (ETFs) have amassed an impressive cumulative net inflow surpassing $12 billion, while redemptions from Grayscale's Bitcoin Trust (GBTC) continue.

在短短三个月的交易时间内，现货比特币交易所交易基金 (ETF) 的累计净流入量已超过 120 亿美元，令人印象深刻，而灰度比特币信托基金 (GBTC) 的赎回仍在继续。

Soaring Spot Bitcoin ETF Inflows

现货比特币 ETF 资金流入飙升

Data from SoSoValue, a provider of cryptocurrency market analysis and data, reveals that spot Bitcoin ETFs are experiencing significant net inflows, averaging over $39.4 million per day. BlackRock, a Wall Street titan, stands out as the largest beneficiary of these inflows. Traders have poured $150 million into BlackRock's iShares Bitcoin ETF (IBIT), solidifying it as a formidable player in the market.

加密货币市场分析和数据提供商 SoSoValue 的数据显示，现货比特币 ETF 正在经历大量净流入，平均每天超过 3940 万美元。华尔街巨头贝莱德是这些资金流入的最大受益者。交易员已向贝莱德的 iShares 比特币 ETF (IBIT) 注入了 1.5 亿美元，巩固了其在市场上的强大地位。

BlackRock's dominance is undeniable. The issuer boasts a staggering $17 billion in assets under management (AUM). Its closest rival, excluding Grayscale, is another tradfi behemoth, Fidelity, with $7.6 billion in AUM.

贝莱德的主导地位是不可否认的。该发行人管理的资产 (AUM) 达到惊人的 170 亿美元。除了 Grayscale 之外，其最接近的竞争对手是另一家交易巨头 Fidelity，其资产管理规模为 76 亿美元。

Grayscale GBTC Faces Outflows

灰度GBTC面临资金外流

While Grayscale has faced continued outflows from GBTC, it is ARK 21Shares' product that has emerged as a formidable competitor, eclipsing GBTC with over $87 million in exits. Grayscale's Bitcoin funds, on the other hand, have experienced net outflows of $81.8 million.

尽管 Grayscale 面临 GBTC 的持续资金流出，但 ARK 21Shares 的产品已成为强大的竞争对手，以超过 8700 万美元的退出额超越了 GBTC。另一方面，Grayscale 的比特币基金净流出 8180 万美元。

Spot ETFs Outperform GBTC

现货 ETF 跑赢 GBTC

April 2 marked a turning point, as it was the first day that any of the nine new spot BTC ETFs surpassed GBTC in terms of outflows. However, ETF expert Eric Balchunas cautioned against overreacting to this event, which he described as inevitable and exaggerated, particularly on social media.

4 月 2 日是一个转折点，这是 9 只新现货 BTC ETF 中第一天流出量超过 GBTC。然而，ETF 专家埃里克·巴尔丘纳斯 (Eric Balchunas) 警告不要对这一事件反应过度，他认为这一事件是不可避免的且夸大其词，尤其是在社交媒体上。

Institutional Dominance Reshapes Market Dynamics

机构主导地位重塑市场动态

The emergence of spot Bitcoin ETFs has shifted the narrative ahead of the highly anticipated Bitcoin halving event this month. Institutional investors are now the driving force, with retail buyers playing a complementary role. In past bull cycles, VC and retail investors were the primary movers.

现货比特币 ETF 的出现改变了本月备受期待的比特币减半事件之前的情况。机构投资者现在是驱动力，散户投资者则发挥补充作用。在过去的牛市周期中，风险投资和散户投资者是主要推动者。

Ryan Lee, Bitget's Chief Analyst, believes that pent-up retail demand, now being absorbed by institutional players, is a major catalyst for Bitcoin's potential surge to new all-time highs. Lee anticipates that supply dynamics will tighten even further post-halving, leading to potential price increases.

Bitget 首席分析师 Ryan Lee 认为，被压抑的零售需求现在被机构参与者吸收，是比特币潜在飙升至历史新高的主要催化剂。李预计，减半后供应动态将进一步收紧，导致价格潜在上涨。

Supply Crunch and Price Expectations

供应紧缩和价格预期

A supply crunch is becoming a tangible reality, as Bitcoin balances on exchanges are depleting rapidly. With a current supply rate of 900 BTC per day, the halving event will reduce this to 450 BTC, exacerbating the supply scarcity that could propel the price of Bitcoin to new heights in the weeks and months following the event.

随着交易所的比特币余额迅速耗尽，供应紧缩正在成为现实。目前的供应量为每天 900 BTC，减半事件将减少至 450 BTC，从而加剧供应稀缺性，可能会在事件发生后的几周和几个月内将比特币的价格推向新的高度。

"The presence of spot Bitcoin ETF is changing the narrative ahead of the BTC halving event this month. The current trend leans strongly on institutional investors with retail buyers playing a complementary role, while previous bull cycles were driven by VC and retail buyers." - Ryan Lee, Bitget chief analyst

“现货比特币 ETF 的出现正在改变本月 BTC 减半事件之前的情况。当前的趋势强烈依赖机构投资者，散户买家发挥补充作用，而之前的牛市周期是由风险投资和散户买家推动的。” - Bitget 首席分析师 Ryan Lee

In conclusion, spot Bitcoin ETFs have captured the interest of investors, drawing billions in net inflows and challenging the dominance of Grayscale's GBTC. The shift towards institutional dominance has reshaped market dynamics ahead of the Bitcoin halving event, with supply dynamics expected to play a pivotal role in determining the future direction of Bitcoin's price trajectory.

总之，现货比特币 ETF 吸引了投资者的兴趣，吸引了数十亿美元的净流入，并挑战了 Grayscale 的 GBTC 的主导地位。在比特币减半事件之前，向机构主导地位的转变重塑了市场动态，供应动态预计将在决定比特币价格轨迹的未来方向方面发挥关键作用。