由於持續不斷的 ETF 流出威脅著耗盡，灰階比特幣儲備不斷減少

灰階比特幣信託基金 (GBTC) 經歷了大量資金外流，光是本週就撤出了 18 億美元。截至3月21日，自ETF轉換以來總流出量達到創紀錄的136億美元。分析師推測，這些資金外流是由於加密產業（尤其是 Genesis）的破產造成的，並預計隨著產業復甦，這一趨勢將會結束。

Grayscale Bitcoin Reserves Dwindling Amid Unrelenting ETF Outflows

ETF 資金持續外流，灰階比特幣儲備不斷減少

The cryptocurrency community is on high alert as Grayscale Bitcoin Trust (GBTC), the world's largest Bitcoin fund, faces a precipitous decline in its Bitcoin reserves. Analysts warn that the fund's reserves could be depleted by the end of July if the current outflow trend persists.

全球最大的比特幣基金灰階比特幣信託基金（GBTC）面臨比特幣儲備急劇下降的局面，加密貨幣社群處於高度戒備狀態。分析師警告稱，如果目前的資金外流趨勢持續下去，該基金的儲備可能會在七月底耗盡。

Unprecedented Outflows Fuel Concerns

前所未有的資金外流引發擔憂

GBTC has been experiencing a relentless outflow of Bitcoin for weeks, raising alarm among investors and market observers. On March 18th, a staggering $642.5 million worth of Bitcoin was withdrawn from the fund. The following day, outflows dropped to $443.5 million, but the respite was short-lived. On March 21st, the total outflows for the week reached a staggering $1.4 billion.

幾週來，GBTC 一直在經歷比特幣的持續外流，引起了投資者和市場觀察家的警惕。 3 月 18 日，價值 6.425 億美元的比特幣從該基金中被撤出。第二天，資金流出降至 4.435 億美元，但這種喘息的時間是短暫的。 3月21日，當週資金流出總額達到驚人的14億美元。

The hemorrhaging of funds from GBTC has had a noticeable impact on the Bitcoin market, contributing to a recent decline in the cryptocurrency's price.

GBTC 的資金流失對比特幣市場產生了明顯影響，導致近期加密貨幣價格下跌。

End in Sight for GBTC Outflows?

GBTC 資金外流即將結束？

Despite the alarming outflows, analysts believe that the worst may have passed for GBTC. Bloomberg ETF analyst Eric Balchunas suggests that a significant portion of the recent outflows can be attributed to bankruptcies in the cryptocurrency sector, particularly the collapse of Genesis Trading.

儘管資金外流令人擔憂，但分析師認為，GBTC 最糟糕的時期可能已經過去。彭博 ETF 分析師 Eric Balchunas 表示，近期資金外流的很大一部分可歸因於加密貨幣產業的破產，尤其是 Genesis Trading 的倒閉。

"The more I think about it, the more likely it seems that the surge in outflows can be attributed to bankruptcies because of their size and consistency," Balchunas wrote in a recent analysis. "February's outflows showed what individuals pulling out funds looks like—smaller and random. Moreover, outflows from Gemini/Genesis probably bought BTC with cash, which would explain why the market has held steady."

巴爾丘納斯在最近的一份分析中寫道：“我想得越多，就越有可能將資金外流的激增歸因於破產，因為它們的規模和持續性。” “2 月份的資金流出顯示了個人撤出資金的情況——規模較小且隨機。此外，Gemini/Genesis 的資金流出可能是用現金購買了 BTC，這可以解釋為什麼市場保持穩定。”

Balchunas' analysis aligns with that of independent researcher ErgoBTC, who has identified a correlation between GBTC outflows and recent bankruptcies. However, these experts believe that the trend of fund outflows is nearing its end.

Balchunas 的分析與獨立研究人員 ErgoBTC 的分析一致，後者發現了 GBTC 資金外流與近期破產之間的相關性。不過，這些專家認為，資金外流的趨勢已接近尾聲。

Potential Market Rebound on the Horizon

市場潛在反彈即將到來

The anticipation of an end to GBTC outflows has raised hopes of a turnaround in the cryptocurrency market. If the fund outflows abate, it could lead to increased demand for Bitcoin and potentially drive its price higher.

GBTC 資金外流結束的預期引發了人們對加密貨幣市場好轉的希望。如果資金外流減少，可能會導致對比特幣的需求增加，並可能推高其價格。

Some analysts suggest that fund outflows from Gemini and Genesis Trading could soon be reinvested into Bitcoin, providing support for the market. This sentiment aligns with the views of ErgoBTC, who believes that the worst of the outflows may be behind us.

一些分析師表示，Gemini 和 Genesis Trading 流出的資金可能很快就會再投資到比特幣，為市場提供支撐。這種情緒與 ErgoBTC 的觀點一致，ErgoBTC 認為最糟糕的資金外流可能已經過去。

Grayscale's Future and Bitcoin's Stability

灰階的未來和比特幣的穩定性

The depletion of Grayscale's Bitcoin reserves would have significant implications for the cryptocurrency ecosystem. GBTC has served as a major gateway for institutional investors to gain exposure to Bitcoin, and its demise could reduce the overall demand for the cryptocurrency.

灰階比特幣儲備的耗盡將對加密貨幣生態系統產生重大影響。 GBTC 一直是機構投資者接觸比特幣的主要門戶，它的消亡可能會減少對加密貨幣的整體需求。

However, analysts believe that the end of GBTC outflows and the potential reinvestment of funds into Bitcoin could stabilize the market and mitigate any negative impact on its price.

然而，分析師認為，GBTC 資金外流的結束以及資金可能重新投資於比特幣可能會穩定市場並減輕對其價格的負面影響。

As the situation evolves, investors are closely monitoring GBTC's outflows and the broader cryptocurrency market. The end of the outflow trend and the potential market recovery will depend on the resolution of the ongoing bankruptcies and the overall health of the cryptocurrency sector.

隨著情況的發展，投資者正在密切關注 GBTC 的資金外流和更廣泛的加密貨幣市場。流出趨勢的結束和潛在的市場復甦將取決於正在進行的破產的解決和加密貨幣行業的整體健康狀況。