貝萊德 (BlackRock) 的 IBIT 將超越灰階 (Grayscale) 的 GBTC，成為頂級比特幣 ETF

貝萊德(BlackRock) 的iShares 比特幣信託(IBIT) 預計在4 月底取代灰階(Grayscale) 的比特幣信託(GBTC)，成為美國最大的比特幣ETF，分析師預測，這一「翻轉」事件將標誌著比特幣投資格局的重大轉變。儘管 GBTC 目前領先 23 億美元，但 IBIT 的快速增長表明即將被接管，這是由於其較低的費用以及投資者對現貨比特幣 ETF 的興趣增加所推動的。

BlackRock's IBIT Poised to Overtake Grayscale's GBTC as Leading Bitcoin ETF

貝萊德 (BlackRock) 的 IBIT 有望超越灰階 (Grayscale) 的 GBTC，成為領先的比特幣 ETF

Analysts predict that BlackRock's iShares Bitcoin Trust (IBIT) will surpass the Grayscale Bitcoin Trust (GBTC) as the largest Bitcoin exchange-traded fund (ETF) in the United States by the end of April 2024. Currently, GBTC holds a slim lead of $2.3 billion, but IBIT has been rapidly gaining ground.

分析師預測，到2024 年4 月底，貝萊德的iShares 比特幣信託基金(IBIT) 將超越灰階比特幣信託基金(GBTC)，成為美國最大的比特幣交易所交易基金(ETF)。 GBTC 微弱領先2.3 美元億美元，但 IBIT 一直在迅速發展。

IBIT's Ascendance

IBIT的優勢

IBIT, launched in October 2021, was initially overshadowed by GBTC, which had dominated the Bitcoin ETF market since its inception in 2013. However, IBIT has benefited from its lower fees and increased transparency, attracting investors who were dissatisfied with GBTC's high expense ratio and lack of regulatory clarity.

IBIT 於2021 年10 月推出，最初被GBTC 所掩蓋，GBTC 自2013 年推出以來一直主導比特幣ETF 市場。和不滿的投資者。

Since its approval, IBIT's assets under management (AUM) have grown steadily, while GBTC's AUM has declined. This trend has been exacerbated by the recent bankruptcies of several major crypto firms, which led to forced liquidations of GBTC shares.

自核准以來，IBIT的資產管理規模（AUM）穩定成長，而GBTC的AUM則有所下降。最近幾家主要加密貨幣公司破產導致 GBTC 股票被迫清算，加劇了這一趨勢。

GBTC's Struggles

GBTC 的掙扎

GBTC, once a behemoth with AUM exceeding $43 billion, has faced significant challenges in recent years. The fund's value plummeted during the crypto market downturn of 2022, and it has struggled to regain its former glory.

GBTC 曾經是資產管理規模超過 430 億美元的龐然大物，近年來卻面臨重大挑戰。該基金的價值在 2022 年加密貨幣市場低迷期間暴跌，並且一直在努力恢復昔日的輝煌。

Grayscale, GBTC's parent company, has been actively working to convert GBTC into a spot Bitcoin ETF, which would allow investors to redeem their shares for physical Bitcoin. However, the U.S. Securities and Exchange Commission (SEC) has repeatedly rejected Grayscale's applications, citing concerns about market manipulation and investor protection.

GBTC 的母公司 Grayscale 一直在積極致力於將 GBTC 轉換為現貨比特幣 ETF，這將允許投資者將其股票贖回為實體比特幣。然而，美國證券交易委員會（SEC）多次拒絕灰階的申請，理由是擔心市場操縱和投資人保護。

The Flippening

翻轉

The "flippening" refers to the moment when IBIT's AUM surpasses that of GBTC, effectively dethroning the incumbent champion. Analysts believe that this milestone could occur as early as April 30, 2024.

「翻轉」是指 IBIT 的 AUM 超過 GBTC 的時刻，有效地推翻了現任冠軍的寶座。分析師認為，這一里程碑最早可能在 2024 年 4 月 30 日實現。

If IBIT does indeed overtake GBTC, it would mark a significant shift in the Bitcoin ETF landscape. IBIT would become the new benchmark for Bitcoin investors, and Grayscale would face pressure to adapt to the changing market dynamics.

如果 IBIT 確實超越 GBTC，這將標誌著比特幣 ETF 格局發生重大轉變。 IBIT 將成為比特幣投資者的新基準，灰階將面臨適應不斷變化的市場動態的壓力。

Bitcoin Market Outlook

比特幣市場展望

Despite recent volatility, Bitcoin prices have performed well since the beginning of 2024, gaining approximately 35%. The upcoming Bitcoin halving, which is expected to take place on April 19, 2024, is also likely to have an impact on the market.

儘管最近出現波動，但比特幣價格自 2024 年初以來表現良好，上漲了約 35%。即將到來的比特幣減半預計將於 2024 年 4 月 19 日發生，也可能對市場產生影響。

Traditionally, halvings have been associated with price rallies, as the reduced supply of new Bitcoins entering the market creates scarcity. However, the halving of 2024 will be the fourth in Bitcoin's history, and its impact on the market is uncertain.

傳統上，減半與價格上漲有關，因為進入市場的新比特幣供應減少會造成稀缺。不過，2024年減半將是比特幣史上的第四次減半，對市場的影響尚不確定。

ETF Outflows

ETF 流出

Despite the positive outlook for Bitcoin, Bitcoin ETFs have experienced three consecutive days of outflows totaling approximately $149 million. This suggests that some investors are taking profits or seeking alternative investment opportunities.

儘管比特幣前景樂觀，但比特幣 ETF 已連續三天出現總計約 1.49 億美元的資金流出。這表明一些投資者正在獲利了結或尋求其他投資機會。

Conclusion

結論

The race between IBIT and GBTC for dominance in the Bitcoin ETF market is nearing its conclusion. IBIT appears to be on track to surpass GBTC as the largest Bitcoin ETF by the end of April 2024. This shift will have significant implications for the Bitcoin ETF landscape and could potentially affect the broader cryptocurrency market.

IBIT 和 GBTC 爭奪比特幣 ETF 市場主導地位的競賽已接近尾聲。 IBIT 似乎預計在 2024 年 4 月底之前超越 GBTC，成為最大的比特幣 ETF。

Meanwhile, the Bitcoin market continues to fluctuate, and the upcoming halving is likely to add further volatility. Investors should monitor the market closely and make informed decisions based on their risk tolerance and investment goals.

同時，比特幣市場持續波動，即將到來的減半可能會進一步加劇波動。投資者應密切關注市場，並根據自己的風險承受能力和投資目標做出明智的決定。