灰度比特币信托资金流入短暂回升，但资金外流仍在继续

灰度比特币信托基金 (GBTC) 是一种现货比特币交易所交易基金 (ETF)，自成立以来经历了长期的财务损失，但在 5 月初，该基金短暂经历了投资流入的增加。然而，这种积极趋势很快发生逆转，反映出该基金在波动的加密货币市场中面临持续的挑战。短短几天内，GBTC 又重新出现资金外流，突显出尽管其他比特币 ETF 吸引了大量投资，但其持续挣扎。

Grayscale Bitcoin Trust Experiences Brief Resurgence in Inflows, Followed by Continued Outflows

灰度比特币信托资金流入短暂回升，随后资金持续流出

New York, May 12, 2023 - The Grayscale Bitcoin Trust (GBTC), the first spot Bitcoin exchange-traded fund (ETF), witnessed a fleeting resurgence in investment inflows in early May, after enduring a significant period of financial outflows since its inception in January 2023. However, the fund quickly reverted to outflows within just a few days, reflecting its ongoing challenges in the highly volatile cryptocurrency market.

纽约，2023 年 5 月 12 日 - 首只现货比特币交易所交易基金 (ETF) 灰度比特币信托基金 (GBTC) 在经历了自成立以来一段时间的资金外流后，于 5 月初见证了投资流入的短暂复苏2023 年 1 月。然而，该基金在短短几天内迅速恢复流出，反映出其在高度波动的加密货币市场中持续面临的挑战。

GBTC, which made its debut on January 11, 2023, suffered consistent outflows for 78 consecutive days, resulting in a staggering total loss of over $17.5 billion. A temporary reversal occurred in early May, with inflows recorded on May 3 and May 6, amounting to $63 million and $3.9 million respectively. This influx of investment briefly hinted at a potential market stabilization or a renewed investor interest in the fund.

2023年1月11日上市的GBTC连续78天遭遇持续资金流出，总损失超过175亿美元，令人震惊。 5月初出现暂时逆转，5月3日和5月6日流入资金分别为6,300万美元和390万美元。这种投资的涌入短暂地暗示了潜在的市场稳定或投资者对该基金的兴趣重新燃起。

However, this positive trend proved to be short-lived. By May 7 and May 9, GBTC reported outflows of $28.6 million and $43.4 million respectively, effectively negating the gains made in the preceding days. This pattern of rapid reversal underscores the challenges faced by GBTC, making it the only spot Bitcoin ETF issuer to report outflows during that period, while other funds under the jurisdiction of the United States Securities and Exchange Commission (SEC) saw positive or neutral investment flows.

然而，这种积极趋势被证明是短暂的。截至 5 月 7 日和 5 月 9 日，GBTC 分别报告资金流出 2860 万美元和 4340 万美元，有效抵消了前几天的收益。这种快速逆转的模式凸显了 GBTC 面临的挑战，使其成为该时期唯一报告资金流出的现货比特币 ETF 发行人，而美国证券交易委员会 (SEC) 管辖下的其他基金则出现了积极或中性的投资流。

In stark contrast, other Bitcoin ETFs have fared considerably better in the same period. BlackRock's iShares Bitcoin Trust, for instance, attracted substantial investment, totaling nearly $15.5 billion. Other notable funds include Fidelity's Wise Origin Bitcoin Fund, Bitwise Bitcoin ETF, and Cathie Wood's ARK 21Shares Bitcoin ETF, which reported net inflows of $8.1 billion, $1.7 billion, and $2.2 billion respectively.

与此形成鲜明对比的是，同期其他比特币 ETF 的表现要好得多。例如，贝莱德的 iShares 比特币信托吸引了大量投资，总额近 155 亿美元。其他著名基金包括 Fidelity 的 Wise Origin 比特币基金、Bitwise 比特币 ETF 和 Cathie Wood 的 ARK 21Shares 比特币 ETF，这些基金的净流入分别为 81 亿美元、17 亿美元和 22 亿美元。

Despite these fluctuations, the average daily loss for the Grayscale Bitcoin Trust since its launch remains at a substantial $211 million. Nevertheless, the overall Bitcoin ETF market in the U.S. has maintained a positive net balance of $11.7 billion due to robust inflows into other funds.

尽管存在这些波动，灰度比特币信托基金自推出以来的平均每日损失仍然高达 2.11 亿美元。尽管如此，由于其他基金的大量资金流入，美国整个比特币 ETF 市场仍保持 117 亿美元的正净余额。

Providing insights into the makeup of GBTC investors, Jan VanEck, CEO of VanEck, remarked during the Paris Blockchain Week in April that "You've had some Bitcoin whales and some other institutions move some assets in, but they were already exposed to Bitcoin." He further highlighted the predominant retail investor contribution, which accounts for 90% of Bitcoin ETF inflows. Nonetheless, there is an expectation of significant institutional investments from banks and traditional firms, with projections indicating their arrival around May.

VanEck 首席执行官 Jan VanEck 在 4 月份的巴黎区块链周期间对 GBTC 投资者的构成进行了深入分析，他表示：“已经有一些比特币鲸鱼和其他一些机构转移了一些资产，但他们已经接触了比特币。 ”他进一步强调了散户投资者的主要贡献，占比特币 ETF 流入量的 90%。尽管如此，预计银行和传统企业将进行大量机构投资，预计这些投资将在五月左右到来。

While the Grayscale Bitcoin Trust has faced ongoing challenges in the volatile cryptocurrency market, the broader Bitcoin ETF landscape in the U.S. continues to exhibit a positive net balance, driven by strong inflows into other funds. Investors considering exposure to Bitcoin through ETFs should carefully assess the risks and performance of individual funds before making any investment decisions.

尽管灰度比特币信托基金在波动的加密货币市场中面临着持续的挑战，但在其他基金的强劲资金流入的推动下，美国更广泛的比特币 ETF 格局继续呈现出正的净余额。考虑通过 ETF 投资比特币的投资者在做出任何投资决定之前应仔细评估各个基金的风险和表现。