现货 BTC ETF 力挽狂澜，富达和贝莱德引领潮流

Has the Tide Turned for Spot BTC ETFs?

现货 BTC ETF 的潮流已经转向吗？

The recent financial inflows into spot Bitcoin ETFs have marked a significant reversal of the trend that has prevailed over the past week. Since March 15th, these ETFs have experienced a net outflow of $887 million. However, on March 25th, the tide changed with a net inflow of $15.4 million, injecting a glimmer of hope into the market.

最近资金流入现货比特币 ETF，标志着过去一周普遍趋势的重大逆转。自3月15日以来，这些ETF已净流出8.87亿美元。然而3月25日风云突变，净流入1540万美元，为市场注入一线希望。

Grayscale's Woes Continue

灰度的困境仍在继续

Despite this positive development, Grayscale's GBTC fund remains in the red. On March 25th, it witnessed a sizeable outflow of $350 million, contributing to the overall aggregate ETF flow figures. This ongoing hemorrhage has seen Grayscale shed 273,335 BTC since its GBTC fund underwent a transformation into a spot ETF in mid-January. The fund currently manages 347,552 BTC, with an estimated $24.7 billion in assets under management.

尽管取得了积极的进展，Grayscale 的 GBTC 基金仍然处于亏损状态。 3 月 25 日，出现了 3.5 亿美元的大规模资金流出，为 ETF 总流量数据做出了贡献。自从 1 月中旬 GBTC 基金转型为现货 ETF 以来，Grayscale 已经损失了 273,335 BTC。该基金目前管理着 347,552 枚比特币，管理资产估计为 247 亿美元。

Fidelity and BlackRock Lead the Charge

富达和贝莱德引领潮流

While Grayscale struggles, Fidelity has emerged as a beacon of positivity with a $262 million inflow into its FBTC fund. The fund's assets under management now stand at an impressive $7.2 billion. BlackRock, the previous leader in the pack, managed a more modest inflow of $35.5 million, falling below its average performance. Its IBIT fund boasts an AUM of $13.4 billion, but the combined assets of BlackRock and Fidelity still fall short of Grayscale's holdings.

当 Grayscale 陷入困境时，Fidelity 已成为积极的灯塔，其 FBTC 基金流入了 2.62 亿美元。该基金管理的资产目前已达 72 亿美元，令人印象深刻。之前的领先者贝莱德 (BlackRock) 的流入额较为温和，为 3,550 万美元，低于其平均业绩。其IBIT基金的资产管理规模高达134亿美元，但贝莱德和富达的总资产仍低于灰度的持股量。

Unprecedented Inflow Streak

前所未有的资金流入

Bloomberg ETF analyst Eric Balchunas has highlighted the remarkable feat achieved by BlackRock and Fidelity, who have maintained a 50-day inflow streak. According to Balchunas, this is an extraordinary accomplishment for a new ETF and sets them apart from the industry norm.

彭博 ETF 分析师埃里克·巴尔丘纳斯 (Eric Balchunas) 强调了贝莱德 (BlackRock) 和富达 (Fidelity) 所取得的非凡成就，它们保持了 50 天的资金连续流入。 Balchunas 表示，对于新 ETF 来说，这是一项非凡的成就，使其有别于行业规范。

Bitcoin's Resurgence

比特币的复兴

The shift in ETF flow trends coincides with a surge in Bitcoin's price, which reached $71,000 in late trading on March 25th. At the time of writing, during the Tuesday morning Asian trading session, Bitcoin was holding steady at $70,641.

ETF 流量趋势的转变与比特币价格的飙升同时发生，比特币价格在 3 月 25 日尾盘交易中达到 71,000 美元。截至撰写本文时，在周二上午的亚洲交易时段，比特币稳定在 70,641 美元。

Ethereum ETF Approval Odds Adjusted

以太坊 ETF 批准赔率调整

The probability of spot Ethereum ETFs receiving regulatory approval has been revised downwards. Balchunas indicates a 25% chance of approval, albeit a pessimistic one. He notes a lack of positive signals or concrete intelligence to support a more optimistic outlook at this time.

以太坊现货 ETF 获得监管批准的可能性已被下调。巴尔丘纳斯表示获得批准的可能性为 25%，尽管这个可能性比较悲观。他指出，目前缺乏积极信号或具体情报来支持更乐观的前景。

Grayscale's Optimism Undeterred

灰度的乐观情绪并未受到影响

Despite the setbacks, Grayscale's chief legal officer, Craig Salm, remains optimistic. He believes that spot Ethereum ETFs should be approved, echoing the equivalence of these ETFs with those tracking spot Bitcoin. Salm also emphasizes that the perceived lack of regulatory engagement should not be seen as indicative of any particular outcome.

尽管遇到挫折，灰度的首席法律官克雷格·萨尔姆仍然保持乐观。他认为现货以太坊 ETF 应该获得批准，这与这些 ETF 与追踪现货比特币的 ETF 的等同性相呼应。萨尔姆还强调，认为缺乏监管参与不应被视为任何特定结果的表现。