灰階 GBTC 資金外流抑制了比特幣的漲勢，但預計未來將大幅上漲

灰階比特幣信託基金（GBTC）的大規模資金外流已成為比特幣價格上漲的阻力。 GBTC 曾經是機構比特幣曝險的熱門工具，現在正在將其產品轉換為現貨比特幣 ETF。這次拋售暫時增加了比特幣的供應，減緩了上漲勢頭，並使價格低於歷史高點。

Are Bitcoin Outflows from Grayscale's GBTC Weighing on the Rally?

Grayscale GBTC 的比特幣流出是否會影響反彈？

Analysts are pointing the finger at massive outflows from Grayscale's Bitcoin Trust (GBTC) as a culprit for recent headwinds in Bitcoin's upward trajectory. But how long will this outflow pressure persist?

分析師指出，灰階比特幣信託基金（GBTC）的大規模資金外流是近期比特幣上漲軌跡遇到阻力的罪魁禍首。但這種流出壓力會持續多久？

GBTC, once the go-to vehicle for institutions seeking Bitcoin exposure, is currently unwinding and transitioning into a spot Bitcoin ETF. However, this conversion is having unintended consequences for Bitcoin's price momentum.

GBTC 曾經是尋求比特幣投資的機構的首選工具，目前正在逐步轉型為現貨比特幣 ETF。然而，這種轉換對比特幣的價格勢頭產生了意想不到的影響。

Outflows Stall Bitcoin's Upside

資金外流阻礙了比特幣的上漲

As GBTC liquidates more Bitcoin, the upward momentum slows due to a temporary increase in supply. This has kept Bitcoin below its all-time high of around $73,737.

隨著 GBTC 清算更多比特幣，由於供應量暫時增加，上漲勢頭放緩。這使得比特幣價格低於 73,737 美元左右的歷史高點。

Lookonchain data reveals that Friday marked the fourth consecutive day of net negative flows for US-listed spot Bitcoin ETFs, with GBTC leading the charge. BlackRock, however, added a substantial $226 million worth of Bitcoin, exacerbating the outflow pressure.

Lookonchain 數據顯示，週五是美國上市現貨比特幣 ETF 連續第四天出現淨負流量，其中 GBTC 處於領先地位。然而貝萊德卻大量增持了價值2.26億美元的比特幣，加劇了資金外流壓力。

BlackRock's Role

貝萊德的角色

Despite continued inflows from BlackRock and other top spot Bitcoin ETF issuers, there has been persistent outflow over the past week. The 7-day net inflow stood at 8,179 BTC, or -$516.7 million, by March 22.

儘管貝萊德和其他頂級比特幣 ETF 發行人持續流入資金，但過去一周資金仍持續流出。截至 3 月 22 日，7 天淨流入量為 8,179 BTC，即 5.167 億美元。

This accelerated redemption has coincided with a drop in Bitcoin's price, reaching a low of $62,300 on Friday before stabilizing over the weekend.

這種加速贖回恰逢比特幣價格下跌，週五跌至 62,300 美元的低點，然後在周末穩定下來。

Genesis Liquidation Rumors

Genesis 清算傳聞

Coinbase Institutional analysts speculate that Genesis, the bankrupt crypto lender, may be liquidating its GBTC holdings. The exact amount of GBTC held by Genesis remains unknown, but if they are unwinding at spot or over-the-counter exchanges, it could have a ripple effect on Bitcoin's price.

Coinbase 機構分析師推測，破產的加密貨幣貸款機構 Genesis 可能正在清算其持有的 GBTC。 Genesis 持有的 GBTC 的確切數量仍不清楚，但如果它們在現貨或場外交易所平倉，可能會對比特幣的價格產生連鎖反應。

GBTC's Unwinding: A Double-Edged Sword

GBTC 的解綁：一把雙面刃

For Bitcoin holders, the liquidation of GBTC is a double-edged sword. While it's contributing to the current outflow pressure, it's also reducing GBTC's total Bitcoin holdings.

對比特幣持有者來說，GBTC的清算是一把雙面刃。雖然它加劇了當前的資金外流壓力，但也減少了 GBTC 的比特幣總持有量。

By Friday, GBTC controlled 355,759 BTC, having liquidated 5,900 BTC from Thursday. This suggests that Grayscale has liquidated roughly half of its total haul from January 2024.

截至週五，GBTC 控制了 355,759 BTC，從週四開始清算了 5,900 BTC。這表明自 2024 年 1 月起，Grayscale 已清算了其總交易量的大約一半。

Spot Bitcoin ETFs Buying the Dip

現貨比特幣 ETF 逢低買入

As GBTC liquidates, other issuers, including BlackRock, have been accelerating their purchases on behalf of clients. This suggests that spot Bitcoin ETFs are taking advantage of the dip.

隨著 GBTC 清算，包括貝萊德在內的其他發行人一直在加速代表客戶購買。這表明現貨比特幣 ETF 正在利用下跌的機會。

Halving Event and Grayscale's Motivation

減半事件及灰階的動機

Once Grayscale fully unwinds GBTC and converts into a spot Bitcoin ETF, BTC prices are likely to rally even higher, breaking above $74,000. This is especially true considering the impending BTC halving event in April, which will reduce the supply of new BTC by 50%.

一旦灰階完全解約 GBTC 並轉換為現貨比特幣 ETF，BTC 價格可能會進一步上漲，突破 74,000 美元。考慮到 4 月即將到來的 BTC 減半事件尤其如此，這將使新 BTC 的供應量減少 50%。

Perhaps Grayscale's sudden sell-off is motivated by this upcoming halving event, as the firm seeks to reposition itself as a spot Bitcoin ETF before the supply shock.

也許灰階的突然拋售是由即將到來的減半事件推動的，因為該公司尋求在供應衝擊之前將自己重新定位為現貨比特幣 ETF。

BlackRock: Potential Largest BTC Holder

貝萊德：潛在最大的比特幣持有者

If the outflow from GBTC continues at an accelerated pace, BlackRock could emerge as the largest BTC holder among all spot BTC ETFs in the United States.

如果 GBTC 的資金持續加速流出，貝萊德可能會成為美國所有現貨 BTC ETF 中最大的 BTC 持有者。