貝萊德 (BlackRock) 比特幣 ETF 取代灰階 (Grayscale) 成為全球最大的比特幣 ETF

iShares 比特幣信託基金吸引了自上線以來最大的資金流入，達 165 億美元，而投資者則從 Grayscale 基金撤資 177 億美元

BlackRock Inc.’s iShares Bitcoin Trust has become the world’s largest fund for the original cryptocurrency, amassing almost $20 billion in total assets since listing in the US at the start of the year.

貝萊德旗下的 iShares 比特幣信託基金已成為全球最大的原始加密貨幣基金，自年初在美國上市以來已累積了近 200 億美元的總資產。

The exchange-traded fund held $19.68 billion of the token Tuesday, dethroning the $19.65 billion Grayscale Bitcoin Trust, data compiled by Bloomberg show. The third largest is the $11.1 billion offering from Fidelity Investments.

彭博社彙編的數據顯示，該交易所交易基金週二持有 196.8 億美元的代幣，取代了 196.5 億美元的灰階比特幣信託基金。第三大是富達投資 (Fidelity Investments) 發行的 111 億美元。

The BlackRock and Fidelity Bitcoin ETFs were among nine that debuted Jan. 11, the same day the more than decade-old Grayscale vehicle converted into an ETF. The launches were a watershed for crypto, making Bitcoin more accessible to investors and spurring a rally in the token to a record $73,798 by March.

貝萊德 (BlackRock) 和富達 (Fidelity) 比特幣 ETF 是 1 月 11 日首次推出的 9 隻比特幣 ETF 之一，同一天，已有十多年歷史的灰階投資工具轉換為 ETF。這些發行是加密貨幣的分水嶺，使投資者更容易獲得比特幣，並刺激該代幣在 3 月上漲至創紀錄的 73,798 美元。

The iShares Bitcoin Trust has attracted the greatest inflow since going live, $16.5 billion, while investors have pulled $17.7 billion from the Grayscale fund over the same period. The latter’s higher fees and exits by arbitragers have been cited as possible drivers of outflows.

iShares 比特幣信託基金吸引了自上線以來最大的資金流入，達到 165 億美元，而投資者同期從 Grayscale 基金撤資 177 億美元。後者較高的費用和套利者的退出被認為是資金外流的可能驅動因素。

Neither BlackRock nor Grayscale Investments LLC immediately replied to requests for comment outside regular US business hours. Grayscale intends to launch a clone of its main fund, according to a March regulatory filing, and fees are expected to be lower, a person familiar with the matter said at the time.

貝萊德和灰階投資股份有限公司均未立即回覆美國正常工作時間以外的置評請求。一位知情人士當時表示，根據 3 月的監管文件，灰度打算推出其主要基金的克隆，費用預計會較低。

The Securities and Exchange Commission reluctantly gave the green light for the first US spot-Bitcoin ETFs in January following a court reversal in 2023 in a case brought by Grayscale.

2023 年，Grayscale 提起的一樁案件被法院推翻，隨後，美國證券交易委員會 (Securities and Exchange Commission) 於 1 月勉強批准了美國第一批現貨比特幣 ETF。

The firm created the Grayscale Bitcoin Trust in 2013 and it became well-known as the biggest such vehicle. But shares in the closed-ended product sometimes traded at substantial premiums or discounts to its net asset value, prompting Grayscale to push for a conversion into an ETF to ensure trading at par.

該公司於 2013 年創建了灰階比特幣信託基金，並以最大的此類工具而聞名。但封閉式產品的股票有時會以其資產淨值大幅溢價或折讓，促使灰階推動轉換為 ETF，以確保以面額交易。

SEC Pivot

SEC 樞軸

Last week, the SEC surprisingly pivoted toward allowing ETFs for Ether, a token that ranks second only to Bitcoin in market value. The agency under Chair Gary Gensler is skeptical of the crypto industry overall following a spate of scandals.

上週，美國證券交易委員會出人意料地轉向允許以太幣 ETF，這種代幣的市值僅次於比特幣。在一系列醜聞發生後，主席加里·詹斯勒 (Gary Gensler) 領導下的該機構對整個加密行業持懷疑態度。

The group of Bitcoin funds — with assets of $58.5 billion to date — have been hailed as one of the most successful new ETF categories. But critics argue volatile digital assets are ill-suited to widespread adoption, even within ETFs.

該比特幣基金迄今為止資產規模達 585 億美元，被譽為最成功的新 ETF 類別之一。但批評者認為，波動性較大的數位資產不適合廣泛採用，即使在 ETF 中也是如此。

Some nations, such as Singapore and China, either curb or ban investor access. In the US, a Vanguard Group spokesperson said in January that the firm has no plans to offer any crypto-related products. BlackRock and Vanguard are the world’s two largest asset managers.

新加坡和中國等一些國家限製或禁止投資者准入。在美國，先鋒集團發言人一月表示，該公司沒有計劃提供任何與加密貨幣相關的產品。貝萊德和先鋒集團是全球最大的兩家資產管理公司。

Bitcoin has quadrupled since the start of last year, helped by the ETFs, in a powerful recovery from a deep bear market in 2022. The token rose about 1% to $68,797 as of 12:48 p.m. Wednesday in Singapore.

自去年初以來，在 ETF 的幫助下，比特幣價格已翻了兩番，從 2022 年的深度熊市中強勁復甦。 截至新加坡週三中午 12:48，該代幣上漲約 1% 至 68,797 美元。