灰度比特币信托在创纪录的资金外流中暴跌

4 月 12 日，灰度比特币信托 (GBTC) 经历了 1.66 亿美元的大幅流出和超过 2,500 个 BTC，延续了自 1 月份以来已撤出超过 162 亿美元的趋势。尽管首席执行官 Michael Sonnenshein 早些时候表现出乐观态度，但最近的数据表明资金外流可能并未稳定下来。该基金每年 1.5% 的高管理费是一个促成因素，很大一部分资金流出可能流向贝莱德 (BlackRock) 的 IBIT 比特币 ETF 等竞争对手。

Grayscale Bitcoin Trust Plunges Amidst Stunning Outflows

灰度比特币信托基金在惊人的资金外流中暴跌

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(ETF), has experienced a relentless torrent of outflows, with a staggering $166 million and over 2,500 Bitcoin (BTC) withdrawn from its holdings on a single day, April 12.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.

开创性的交易所交易基金 (ETF) 灰度比特币信托 (GBTC) 经历了持续的资金外流，4 月 12 日这一天，其持有的资金就达到了惊人的 1.66 亿美元，撤回了超过 2,500 个比特币 (BTC)。这种史无前例的资金外流是 GBTC 自 1 月份推出以来资产大量流失的更广泛模式的一部分，已有超过 162 亿美元的资金流出其金库。

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 月初以来，GBTC 的日流出量忽大忽小，从 7500 万美元到惊人的 3 亿美元不等。这种持续不断的流失掩盖了其他比特币 ETF 的微薄资金流入，表明投资者的兴趣正在减弱。仅本周，GBTC 就损失了 7.67 亿美元，加剧了围绕比特币 ETF 的负面情绪。

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.

尽管经历了动荡，贝莱德仍成为稳定的堡垒，其 IBIT 比特币 ETF 管理的资产飙升至 150 亿美元以上，接近灰度的比特币储备。市场分析师推测，GBTC 资金流出的很大一部分已流入贝莱德的金库。

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 首席执行官 Michael Sonnenshein 此前曾表达过谨慎乐观的态度，暗示比特币信托基金的资金外流可能已达到稳定水平。然而，最新数据描绘了一幅不同的图景，让人对 Sonnenshein 的乐观评估产生怀疑。

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.

推动 GBTC 资金流失的一个关键因素是该基金高昂的管理费​​。尽管资金不断外流，Sonnenshein 一直不愿降低费用，让竞争对手蚕食他的市场份额。 GBTC 1.5% 的年管理费使其竞争对手 0.30% 的平均管理费相形见绌。

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 承认，当 GBTC 等新颖产品出现时，市场最初会非常繁荣，但他也认识到，随着投资者倾向于选择少数产品，成熟过程不可避免。

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.

根据 Farside Investors 的数据，4 月 10 日，GBTC 出现 1750 万美元的小幅流出，与 4 月 9 日消失的 1.549 亿美元相去甚远。此前的低点是 2 月 26 日的 2240 万美元。在过去的四个月里，GBTC 一直在流失。平均每天 2.578 亿美元。

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 的旅程始于 2015 年，并于 1 月份随着其他 9 个比特币 ETF 的推出而演变为 ETF。这一进展是在 Grayscale 在针对美国证券交易委员会 (SEC) 的诉讼中胜诉之后发生的，迫使监管机构重新考虑拒绝 GBTC 的转换要约。

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

最近的一次转折中，破产的加密货币借贷公司 Genesis 出售了约 3600 万股 GBTC 股票，以收购 32,041 枚比特币。

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 的持续资金流出和其他比特币 ETF 的资金流入不温不火，描绘了投资者兴趣下降的故事。尽管 Grayscale 在比特币 ETF 领域发挥着先锋作用，但其高昂的管理费​​以及 Sonnenshein 不愿调整的态度造成了竞争对手正在利用的漏洞。随着比特币 ETF 市场的成熟，投资者的眼光越来越敏锐，寻找费用较低且业绩记录良好的产品。