貝萊德 (BlackRock) 比特幣 ETF 飆升，超越灰階信託 (Grayscale Trust) 佔據市場主導地位

貝萊德 (BlackRock) 的比特幣 ETF (IBIT) 繼續主導市場，交易量超過 50%，而灰階 (Grayscale) 的 GBTC 佔比不到 24%。投資者青睞 IBIT 較低的費用（0.25%，而 GBTC 為 1.5%）和貝萊德的聲譽，使 IBIT 成為納斯達克最受歡迎的比特幣 ETF 之一。儘管GBTC仍佔據比特幣ETF資產的最大份額，但在美國主要銀行加入參與者的支持下，IBIT的快速成長可能很快就會超越GBTC的主導地位。

BlackRock's Bitcoin ETF Dominates Market, Overtaking Grayscale Trust

貝萊德的比特幣 ETF 主導市場，超越灰階信託

BlackRock's Bitcoin exchange-traded fund (ETF), IBIT, continues its relentless surge in market share, surpassing 50% of total Bitcoin ETF trading volume for the first time since the launch of spot Bitcoin ETFs in mid-January. This dominance has come at the expense of Grayscale's Bitcoin Trust ETF (GBTC), which once held nearly 60% of the market but has now been relegated to less than 24%.

貝萊德的比特幣交易所交易基金 (ETF) IBIT 市場份額持續激增，自 1 月中旬推出現貨比特幣 ETF 以來首次超過比特幣 ETF 總交易量的 50%。這種主導地位是以灰階的比特幣信託 ETF (GBTC) 為代價的，該 ETF 曾經佔據近 60% 的市場份額，但現在已降至不到 24%。

IBIT's triumph over GBTC can be attributed to several factors. First and foremost, IBIT charges a significantly lower annual management fee of 0.25%, compared to GBTC's hefty 1.5%. This substantial cost difference has proved to be a major draw for investors looking for cost-efficient exposure to Bitcoin.

IBIT 戰勝 GBTC 有幾個因素。首先也是最重要的是，IBIT 收取的年管理費為 0.25%，遠低於 GBTC 的 1.5%。事實證明，這種巨大的成本差異對於尋求具有成本效益的比特幣投資的投資者來說是一個主要吸引力。

BlackRock's reputation as the world's largest investor, with over $9 trillion in assets under management, also plays a role in IBIT's appeal. Investors recognize the stability and expertise that BlackRock brings to the table. Moreover, IBIT's listing on Nasdaq, a renowned tech-oriented exchange, adds an aura of innovation and reliability.

貝萊德作為全球最大投資者的聲譽，管理超過 9 兆美元的資產，這也是 IBIT 的吸引力之一。投資者認可貝萊德帶來的穩定性和專業知識。此外，IBIT在著名科技交易所納斯達克上市，增添了創新和可靠性的光環。

In contrast, Grayscale's GBTC has been plagued by concerns over its high fees, lack of transparency, and the complexities associated with its redemption process. While GBTC still holds the largest chunk of Bitcoin ETF funds, its market share is rapidly eroding as investors flock to IBIT.

相較之下，Grayscale 的 GBTC 一直因其高額費用、缺乏透明度以及贖回過程的複雜性而受到困擾。儘管 GBTC 仍然持有比特幣 ETF 基金的最大份額，但隨著投資者湧向 IBIT，其市場份額正在迅速下降。

IBIT's momentum is expected to continue, as BlackRock has recently expanded the number of Authorized Participants (APs) in its Bitcoin ETF product. Major US banks, including Goldman Sachs, Citigroup, and UBS, have joined the ranks of APs, signaling a growing institutional interest in Bitcoin ETFs.

由於貝萊德最近擴大了其比特幣 ETF 產品的授權參與者 (AP) 數量，IBIT 的勢頭預計將持續下去。高盛、花旗集團和瑞銀等美國主要銀行已加入 AP 行列，顯示機構對比特幣 ETF 的興趣日益濃厚。

Eric Balchunas, a Bloomberg analyst, commented on this development, stating: "Big time firms now want a piece of the action and/or are now OK being publicly associated with this."

彭博社分析師 Eric Balchunas 對這一事態發展發表了評論，他表示：“大型公司現在希望參與其中，並且/或現在可以公開參與其中。”

The rise of Bitcoin ETFs is a transformative development for the cryptocurrency industry, as these funds now hold over 4% of Bitcoin's supply. They provide a convenient and accessible way for investors to gain exposure to Bitcoin, without having to deal with the complexities of direct cryptocurrency ownership.

比特幣 ETF 的興起是加密貨幣產業的變革性發展，因為這些基金目前持有比特幣供應量的 4% 以上。它們為投資者提供了一種便捷且容易獲得的方式來接觸比特幣，而無需處理直接擁有加密貨幣的複雜性。

As IBIT continues to dominate the Bitcoin ETF market, it is expected to play an increasingly prominent role in shaping the industry's future. Investors seeking exposure to Bitcoin should carefully consider the advantages and disadvantages of different Bitcoin ETF offerings, ensuring that they make informed investment decisions.

隨著 IBIT 繼續主導比特幣 ETF 市場，預計它將在塑造產業未來方面發揮越來越重要的作用。尋求投資比特幣的投資者應仔細考慮不同比特幣 ETF 產品的優點和缺點，確保他們做出明智的投資決策。

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