灰階比特幣信託在創紀錄的資金外流中暴跌

4 月 12 日，灰階比特幣信託 (GBTC) 經歷了 1.66 億美元的大幅流出和超過 2,500 個 BTC，延續了自 1 月以來已撤出超過 162 億美元的趨勢。儘管執行長 Michael Sonnenshein 早前表現出樂觀態度，但最近的數據表明資金外流可能並未穩定下來。該基金每年 1.5% 的高管理費是一個促成因素，很大一部分資金流出可能流向貝萊德 (BlackRock) 的 IBIT 比特幣 ETF 等競爭對手。

Grayscale Bitcoin Trust Plunges Amidst Stunning Outflows

灰階比特幣信託基金在驚人的資金外流中暴跌

The Grayscale Bitcoin Trust (GBTC), a trailblazing exchange-traded fund (ETF), has experienced a relentless torrent of outflows, with a staggering $166 million and over 2,500 Bitcoin (BTC) withdrawn from its holdings on a single day, April 12. This unprecedented outflow is part of a broader pattern that has seen GBTC hemorrhaging assets since its launch in January, with over $16.2 billion exiting its coffers.

開創性的交易所交易基金(ETF) 灰階比特幣信託(GBTC) 經歷了持續的資金外流，4 月12 日這一天，其持有的資金就達到了驚人的1.66 億美元，撤回了超過2,500個比特幣(BTC)。

Since the start of April, the daily outflows from GBTC have surged and ebbed, ranging from $75 million to a staggering $300 million. This relentless bleeding has overshadowed meager inflows into other Bitcoin ETFs, signaling a diminishing appetite among investors. This week alone, GBTC shed $767 million, accentuating the negative sentiment surrounding Bitcoin ETFs.

自 4 月初以來，GBTC 的日流出量忽大忽小，從 7,500 萬美元到驚人的 3 億美元不等。這種持續不斷的流失掩蓋了其他比特幣 ETF 的微薄資金流入，顯示投資者的興趣正在減弱。光是本週，GBTC 就損失了 7.67 億美元，加劇了圍繞比特幣 ETF 的負面情緒。

Despite the turbulence, BlackRock has emerged as a bastion of stability, with assets under management for its IBIT Bitcoin ETF soaring past $15 billion, edging closer to Grayscale's Bitcoin reserves. Market analysts speculate that a significant portion of GBTC's outflows has found its way into BlackRock's coffers.

儘管經歷了動盪，貝萊德仍成為穩定的堡壘，其 IBIT 比特幣 ETF 管理的資產飆升至 150 億美元以上，接近灰階的比特幣儲備。市場分析師推測，GBTC 資金流出的很大一部分已流入貝萊德的金庫。

Grayscale CEO Michael Sonnenshein had previously expressed cautious optimism, suggesting that outflows from the Bitcoin Trust might be reaching a plateau. However, the latest data paints a different picture, casting doubt on Sonnenshein's rosy assessment.

Grayscale 執行長 Michael Sonnenshein 先前曾表達過謹慎樂觀的態度，暗示比特幣信託基金的資金外流可能已達到穩定水平。然而，最新數據描繪了一幅不同的圖景，讓人對 Sonnenshein 的樂觀評估產生懷疑。

One key factor driving the exodus from GBTC is the fund's hefty management fee. Despite the relentless outflows, Sonnenshein has been reluctant to reduce the fees, allowing competitors to chip away at his market share. GBTC's 1.5% annual management fee dwarfs the 0.30% average of its rivals.

推動 GBTC 資金流失的關鍵因素是該基金高昂的管理費用。儘管資金不斷外流，Sonnenshein 一直不願降低費用，讓競爭對手蠶食他的市佔率。 GBTC 1.5% 的年度管理費使其競爭對手 0.30% 的平均管理費相形見絀。

Sonnenshein has acknowledged the market's initial exuberance when novel products like GBTC emerge, but he also recognizes the inevitable maturation process as investors gravitate towards a select few offerings.

Sonnenshein 承認，當 GBTC 等新穎產品出現時，市場最初會非常繁榮，但他也意識到，隨著投資者傾向於選擇少數產品，成熟過程不可避免。

According to Farside Investors data, GBTC saw a modest outflow of $17.5 million on April 10, a far cry from the $154.9 million that vanished on April 9. The previous low was $22.4 million on February 26. Over the past four months, GBTC has shed an average of $257.8 million daily.

根據Farside Investors 的數據，4 月10 日，GBTC 出現1,750 萬美元的小幅流出，與4 月9 日消失的1.549 億美元相去甚遠。在的四個月裡，GBTC 一直在流失。平均每天 2.578 億美元。

GBTC's journey began in 2015, evolving into an ETF in January amidst the launch of nine other Bitcoin ETFs. This development came after Grayscale prevailed in a lawsuit against the Securities and Exchange Commission (SEC), compelling the regulator to reconsider its denial of GBTC's conversion bid.

GBTC 的旅程始於 2015 年，並​​於 1 月隨著其他 9 個比特幣 ETF 的推出而演變為 ETF。這項進展是在 Grayscale 在針對美國證券交易委員會 (SEC) 的訴訟中勝訴之後發生的，迫使監管機構重新考慮拒絕 GBTC 的轉換要約。

In a recent twist, bankrupt crypto lending firm Genesis offloaded approximately 36 million GBTC shares to acquire 32,041 Bitcoin.

在最近的轉折中，破產的加密貨幣借貸公司 Genesis 出售了約 3,600 萬股 GBTC 股票，以收購 32,041 枚比特幣。

The relentless outflows from GBTC and the tepid inflows into other Bitcoin ETFs paint a tale of declining investor interest. Despite Grayscale's pioneering role in the Bitcoin ETF landscape, its exorbitant management fees and Sonnenshein's reluctance to adjust them have created a vulnerability that competitors are exploiting. As the Bitcoin ETF market matures, investors are increasingly discerning, seeking out offerings with lower fees and a proven track record.

GBTC 的持續資金流出和其他比特幣 ETF 的資金流入不溫不火，描繪了投資者興趣下降的故事。儘管 Grayscale 在比特幣 ETF 領域發揮先鋒作用，但其高昂的管理費以及 Sonnenshein 不願調整的態度造成了競爭對手正在利用的漏洞。隨著比特幣 ETF 市場的成熟，投資者的眼光越來越敏銳，尋找費用較低且業績記錄良好的產品。