由於持續提款，灰階比特幣 ETF 暴跌至歷史新低

灰階比特幣信託 ETF (GBTC) 創下歷史新低，單日撤資 1,750 萬美元。這有助於該基金類別結束連續兩日的淨流出，扭轉了過去一周大量資金流出的趨勢。 GBTC 的淨流出歸因於與其他現貨比特幣 ETF 相比其費用較高，以及破產貸款機構 Genesis 可能成為持續流出的重要因素。

Grayscale Bitcoin Trust ETF Hits Record Low Amidst Ongoing Outflows

資金持續流出，灰階比特幣信託 ETF 創歷史新低

The Grayscale Bitcoin Trust ETF (GBTC), a prominent investment vehicle that provides exposure to Bitcoin, has experienced a significant withdrawal of $17.5 million in a single day, marking its all-time low. This outflow has contributed to a two-day net outflow streak for the wider fund category.

灰階比特幣信託 ETF (GBTC) 是一種提供比特幣曝險的著名投資工具，單日撤資額達 1,750 萬美元，創下歷史新低。這種資金流出導致更廣泛的基金類別連續兩天出現淨流出。

The news underscores the ongoing challenges faced by GBTC, which has consistently reported net outflows since its transformation into an ETF on January 11. The largest single-day outflow prior to Wednesday was $22 million, recorded on February 26.

這一消息凸顯了 GBTC 面臨的持續挑戰，自 1 月 11 日轉型為 ETF 以來，GBTC 一直報告淨流出。週三之前的最大單日流出額為 2,200 萬美元，記錄於 2 月 26 日。

According to data from Farside Investors, the assets leaving GBTC hit a new low on Wednesday. This outflow contributed to the end of a two-day trend of net withdrawals across the broader fund category. The US spot Bitcoin ETF sector, which consists of 11 funds, achieved net inflows totaling $124 million, a significant turnaround from the net outflows of $224 million and $19 million on Monday and Tuesday, respectively.

Farside Investors的數據顯示，週三離開GBTC的資產創下新低。這種資金流出導致整個基金類別連續兩天的淨撤資趨勢結束。由 11 檔基金組成的美國現貨比特幣 ETF 板塊實現淨流入總額 1.24 億美元，較週一和週二分別淨流出 2.24 億美元和 1,900 萬美元大幅改善。

Analysts attribute GBTC's continued outflows to its 1.5% fee, which is considerably higher than that of its nine other spot Bitcoin ETF counterparts. This fee disparity has led investors to shift towards more cost-effective alternatives.

分析師將 GBTC 的持續資金流出歸因於其 1.5% 的費用，遠高於其他 9 個現貨比特幣 ETF 的費用。這種費用差異導致投資者轉向更具成本效益的替代方案。

While the initial wave of sales by arbitrage traders and those seeking more affordable funds has largely subsided, GBTC's outflows have continued to escalate in recent days. However, some analysts caution that it is premature to declare an end to the outflows. Sumit Roy, a senior analyst at ETF.com, suggests that a pattern of minor outflows or even inflows over several days would be necessary to confirm such a trend.

雖然套利交易者和尋求更實惠資金的人最初的拋售浪潮已基本消退，但最近幾天 GBTC 的資金外流仍在繼續升級。然而，一些分析師警告說，現在宣布資金外流結束還為時過早。 ETF.com 的高級分析師 Sumit Roy 表示，要確認這一趨勢，需要在幾天內出現小額資金流出甚至資金流入的模式。

Some analysts have speculated that the bankruptcy lender Genesis may be a major contributor to the sustained outflows from GBTC. Genesis had previously liquidated its holdings in the fund, with estimates valuing its investment at approximately $1.6 billion. However, court documents indicate that Genesis and its affiliated entities had already sold their entire stake of nearly 36 million GBTC shares by April 2, using the proceeds to purchase 32,041 Bitcoin.

一些分析師猜測，破產貸款機構 Genesis 可能是導致 GBTC 資金持續流出的主要因素。 Genesis 先前已清算了其在該基金中的持股，估計其投資價值約為 16 億美元。然而，法庭文件顯示，Genesis 及其附屬實體已於 4 月 2 日出售了其持有的近 3,600 萬股 GBTC 股票的全部股份，用所得收益購買了 32,041 枚比特幣。

Bitcoin's Market Performance

比特幣的市場表現

At the time of writing, the value of Bitcoin (BTC) stands at $70,640.85, representing a 0.05% increase in the past 24 hours. The market capitalization of BTC is $1,390,240,213,879, with a 24-hour trading volume of $29,676,808,236. BTC's all-time high was recorded on March 14, 2024, at $73,750.07, while its all-time low was $0.04865, reached on July 15, 2010.

截至撰寫本文時，比特幣 (BTC) 的價值為 70,640.85 美元，在過去 24 小時內上漲了 0.05%。 BTC市值為1,390,240,213,879美元，24小時交易量為29,676,808,236美元。 BTC的歷史高點是在2024年3月14日創下的73,750.07美元，而其歷史低點是在2010年7月15日達到的0.04865美元。

The ongoing outflows faced by GBTC highlight the competitive landscape for Bitcoin ETFs and the evolving investor sentiment towards fee structures. As the cryptocurrency market matures, investors are increasingly seeking cost-effective and efficient ways to gain exposure to digital assets.

GBTC 面臨的持續資金外流凸顯了比特幣 ETF 的競爭格局以及投資者對費用結構不斷變化的情緒。隨著加密貨幣市場的成熟，投資者越來越多地尋求經濟高效的方式來獲得數位資產。