比特幣減半引發了令人驚嘆的里程碑和市場驚喜

比特幣最近的減半引發了一系列熱議，該事件發生的時間恰逢熱門的「4/20」日期，資金流入美國最大的現貨比特幣 ETF，該減半已連續持續 69 天。

Bitcoin Halving Marks Convergence of Meme-Worthy Milestones

比特幣減半標誌著具有里程碑意義的事件的趨同

The recent halving of Bitcoin's block reward has ignited a flurry of meme-filled celebrations, fueled by coincidences that seem almost too perfect.

最近，比特幣的區塊獎勵減半引發了一系列充滿迷因的慶祝活動，而這些巧合似乎過於完美。

4/20 Halving and a 69-Day Inflow Surge

4/20 減半和 69 天資金流入激增

Not only did the halving occur on April 20th, a date revered by cannabis enthusiasts, but it also coincided with the largest US spot Bitcoin exchange-traded fund (ETF) securing 69 consecutive days of inflows. This numerical alignment has delighted market observers, adding an extra layer of amusement to the historical event.

減半不僅發生在大麻愛好者推崇的 4 月 20 日，也恰逢美國最大的現貨比特幣交易所交易基金 (ETF) 連續 69 天資金流入。這種數位一致性讓市場觀察者感到高興，為這一歷史事件增添了額外的樂趣。

ETF Inflows Regain Momentum

ETF 資金流入重拾動力

While ETF inflows have slowed since their March peak, the largest ETF by assets under management, BlackRock's iShares Bitcoin Trust (IBIT), has yet to experience a single day of outflows. Data from Farside indicates a tentative return of momentum towards the end of last week, with IBIT taking in almost $30 million on April 19th.

儘管 ETF 流入量自 3 月高峰以來有所放緩，但管理資產規模最大的 ETF 貝萊德 (BlackRock) 旗下 iShares 比特幣信託 (IBIT) 尚未出現單日流出情況。 Farside 的數據顯示，上週末勢頭暫時恢復，4 月 19 日 IBIT 收入近 3000 萬美元。

Outflows from Grayscale Bitcoin Trust Remain Modest

灰階比特幣信託基金的資金流出仍溫和

The topic of debate surrounding outflows from the Grayscale Bitcoin Trust (GBTC) continued on the halving day, with outflows reaching $45.8 million. However, this amount is relatively modest, indicating that the selling pressure is easing.

減半當天，圍繞灰階比特幣信託基金（GBTC）資金流出的爭論仍在繼續，資金流出達到 4,580 萬美元。不過，這一金額相對較小，顯示拋售壓力正在緩解。

ETF Performance Sparks Divergent Views

ETF 表現引發不同看法

Recent Form 13F filings have raised concerns that Bitcoin ETFs have not yet gained widespread acceptance among mainstream investors. Jim Bianco of Bianco Research described the first-quarter allocation data as a "disappointment," highlighting the shrinking unrealized gains among ETF investors relative to the current BTC price action.

最近提交的 13F 表格引發了人們的擔憂，即比特幣 ETF 尚未獲得主流投資者的廣泛接受。 Bianco Research 的 Jim Bianco 將第一季的分配數據描述為“令人失望”，突顯出 ETF 投資者的未實現收益相對於當前 BTC 價格走勢正在萎縮。

ETF Adopters: Hot Sauce for Conservative Investors

ETF 採用者：保守投資者的辣醬

Countering these concerns, Bloomberg Intelligence ETF analyst Eric Balchunas suggested that asset managers would treat Bitcoin ETFs as a "hot sauce" for conservative investors. He noted that IBIT has attracted numerous holders, but their combined shareholding is a mere 0.4% of the total shares outstanding. This indicates that the majority of investors are taking a cautious approach, nibbling on the product rather than taking large bites.

針對這些擔憂，彭博資訊 ETF 分析師 Eric Balchunas 表示，資產管理公司應將比特幣 ETF 視為保守投資者的「辣醬」。他指出，IBIT吸引了許多持有人，但他們的持股總額僅佔已發行股份總數的0.4%。這表明大多數投資者採取謹慎態度，小口而不是大口買入。

Conclusion

結論

The halving of Bitcoin has provided an abundance of meme-worthy moments, aligning with key dates and numerical coincidences. While ETF inflows have slowed, the momentum is gradually returning, and outflows from GBTC remain modest. While concerns remain about mainstream adoption, analysts suggest that Bitcoin ETFs will likely be utilized as a supplementary asset by conservative investors, similar to how hot sauce enhances a meal without being the main course.

比特幣的減半提供了大量具有模因價值的時刻，與關鍵日期和數字巧合相一致。儘管 ETF 流入放緩，但勢頭正在逐漸恢復，GBTC 的資金流出仍然溫和。儘管對主流採用的擔憂仍然存在，但分析師表示，比特幣 ETF 可能會被保守投資者用作補充資產，類似於辣椒醬如何增強膳食而不是主菜。