比特幣 ETF 減半後勢頭飆升

Bitwise 執行長 Hunter Horsley 預測，受減半後勢頭增加的預測的推動，財富管理公司的比特幣交易所交易基金 (ETF) 將會增加。貝萊德 (BlackRock) 的 iShares 比特幣信託 (IBIT) 正在追趕灰階 (Grayscale) 的比特幣信託 (GBTC)，而後者卻面臨著損失 160 億美元的下行趨勢。儘管最初佔據主導地位，但隨著富達和貝萊德的進軍，灰階的市場份額正在縮小，這凸顯了機構投資者越來越多地採用比特幣 ETF。

Bitcoin ETFs Surge Amidst Heightened Momentum Post-Halving

比特幣 ETF 因減半後勢頭強勁而飆升

Hunter Horsley, the insightful CEO of Bitwise, has predicted an upswing in Bitcoin exchange-traded funds (ETFs) within the realm of wealth management firms. His astute observation coincides with projections that foresee a surge in Bitcoin ETFs following the recent halving event.

Bitwise 富有洞察力的執行長 Hunter Horsley 預測，財富管理公司領域內的比特幣交易所交易基金 (ETF) 將會成長。他敏銳的觀察與近期減半事件後比特幣 ETF 激增的預測不謀而合。

Horsley's foresight harmonizes with the prevailing market sentiment, which underscores a growing appetite for ETFs. This eagerness is corroborated by the fact that investments in Bitcoin within the US ETF market experienced a substantial net inflow immediately prior to the Bitcoin halving, effectively reversing a five-day trend of outflows.

霍斯利的遠見與當前的市場情緒一致，這突顯了人們對 ETF 的興趣不斷增長。美國 ETF 市場內的比特幣投資在比特幣減半之前經歷了大量淨流入，有效扭轉了連續五天的資金流出趨勢，這一事實證實了這種渴望。

BlackRock's iShares Bitcoin Trust (IBIT) is steadily narrowing the gap with Grayscale's flagship Bitcoin fund, now trailing by a mere $2 billion. This strategic positioning places BlackRock in a prime position to potentially usurp Grayscale as the world's dominant Bitcoin fund. In sharp contrast, Grayscale's Bitcoin Trust (GBTC) has endured a prolonged downtrend spanning 68 days, shedding nearly $16 billion and reducing its assets to $19.4 billion.

貝萊德 (BlackRock) 的 iShares 比特幣信託 (IBIT) 正在穩步縮小與 Grayscale 旗艦比特幣基金的差距，目前僅落後 20 億美元。這項戰略定位使貝萊德處於有利地位，並有可能取代灰階成為全球主導的比特幣基金。與此形成鮮明對比的是，Grayscale 的比特幣信託基金 (GBTC) 經歷了長達 68 天的長期下跌趨勢，損失了近 160 億美元，資產減少至 194 億美元。

Conversely, IBIT has demonstrated consistent growth, with its assets now totaling approximately $17.3 billion. However, Grayscale's Spot Bitcoin ETF has witnessed notable capital outflows. Over the past five days alone, investors have withdrawn a staggering $89.9 million, contributing to a cumulative net outflow of $1.6 billion since January.

相反，IBIT 表現出持續成長，目前其資產總額約為 173 億美元。然而，灰階的現貨比特幣ETF卻出現了明顯的資本外流。光是過去五天，投資者就撤出了驚人的 8,990 萬美元，導致 1 月以來累計淨流出 16 億美元。

Despite its initial dominance, Grayscale's reign over the Bitcoin ETF market appears to be waning. Fidelity and BlackRock have swiftly captured significant market share since commencing trading. Notably, Fidelity and BlackRock Bitcoin ETFs recorded net inflows of $37.3 million and $18.7 million, respectively, in a single week, mitigating some of the liquidity concerns that had plagued the market.

儘管最初佔據主導地位，但灰階對比特幣 ETF 市場的統治似乎正在減弱。自交易開始以來，富達和貝萊德迅速佔領了重要的市場份額。值得注意的是，富達和貝萊德比特幣 ETF 在一週內分別錄得 3,730 萬美元和 1,870 萬美元的淨流入，緩解了困擾市場的一些流動性擔憂。

In related developments, Bitcoin mining shares surged in value leading up to the halving event. Horsley, the astute Bitwise CEO, characterizes the adoption of Bitcoin ETFs by registered investment advisors (RIAs) and multifamily offices as "stealth but significant." He emphasizes that major financial institutions are discreetly conducting comprehensive evaluations of the Bitcoin market.

在相關發展中，比特幣礦業股票在減半事件之前價值飆升。精明的 Bitwise 執行長 Horsley 將註冊投資顧問 (RIA) 和聯合家族辦公室對比特幣 ETF 的採用描述為「秘密但意義重大」。他強調，主要金融機構正在謹慎地對比特幣市場進行全面評估。

Examining the data provided by Farside, GBTC incurred outflows of $17.5 million on April 10, a significant decline from the $154.9 million recorded the previous day. The preceding low occurred on February 26, when GBTC experienced an outflow of $22.4 million. GBTC's average daily outflows since January have amounted to $257.8 million.

根據 Farside 提供的數據，4 月 10 日，GBTC 發生了 1,750 萬美元的資金流出，較前一天記錄的 1.549 億美元大幅下降。先前的低點出現在 2 月 26 日，當時 GBTC 流出 2,240 萬美元。自 1 月以來，GBTC 的日均流出量已達 2.578 億美元。

GBTC, initially launched in 2015 and subsequently transformed into an ETF in January, has faced competition from nine other spot Bitcoin ETFs that emerged following Grayscale's legal victory against the U.S. Securities and Exchange Commission, compelling a review of the previously denied GBTC conversion offering.

GBTC 最初於2015 年推出，隨後於1 月轉變為ETF，面臨來自其他9 個現貨比特幣ETF 的競爭，這些ETF 是在灰度在美國證券交易委員會的法律訴訟中獲勝後出現的，迫使人們對先前被拒絕的GBTC 轉換產品進行審查。

Recently, Genesis, a cryptocurrency lending firm that recently filed for bankruptcy, liquidated approximately 36 million GBTC shares to acquire 32,041 Bitcoin.

最近，最近申請破產的加密貨幣借貸公司 Genesis 清算了約 3,600 萬股 GBTC 股票，以收購 32,041 枚比特幣。