Grayscale的比特币ETF市场份额下降至50%

灰度比特币ETF的市场份额已经降至50%以下，由于来自黑石集团和富达公司的ETF流入推挤出其GBTC

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Grayscale ETF Falls Below 50% Market Share Amid Increasing Competition

Crypto asset manager Grayscale’s spot Bitcoin (BTC) exchange-traded fund (ETF) has experienced a significant decline in market share. For the first time since spot Bitcoin ETFs began trading in the United States on January 11, Grayscale’s market share has fallen below 50%. As of March 12, the total assets under management (AUM) in the Grayscale Bitcoin Trust (GBTC) have slumped to $28.5 billion, making up only 48.9% of the total $56.7 billion held between ten U.S. Bitcoin ETFs, according to Dune Analytics data[^1^].

The Rise and Fall of Grayscale’s Market Share

On the first trading day of the ten U.S. spot Bitcoin ETFs, Grayscale’s fund accounted for a staggering 99.5% of their total AUM. However, consistent daily outflows from the GBTC, averaging $329 million per day last week, have eaten away at the ETF’s market share[^2^].

GBTC experienced its most significant outflows within the first month of Bitcoin ETFs going live, with over $7 billion leaving the fund in just over a month. However, outflows began to slow in late January, leading analysts to speculate that they may be coming to an end[^3^]. That assumption was challenged when bankruptcy courts allowed crypto lender Genesis to liquidate approximately $1.3 billion worth of GBTC shares, resulting in increased outflows[^4^]. To date, GBTC outflows have reached a total of over $11 billion[^5^].

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The Evolution of Grayscale’s ETF

Grayscale’s ETF started as a trust that allowed institutional investors to gain exposure to Bitcoin by locking up funds for at least six months. However, after a court win over the Securities and Exchange Commission in August and subsequent approvals of other spot Bitcoin ETF applications, the trust was converted into an ETF. This conversion allowed institutional investors who took advantage of a GBTC arbitrage trade to remove their capital from the fund permanently or shift their assets to Bitcoin ETFs with lower fees[^6^].

The Shift in Market Dynamics

While the market initially worried about the increasing outflows from the GBTC, growing net inflows into BlackRock’s iShares Bitcoin ETF (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC) have provided optimism. These funds have generated a total of $16.9 billion worth of inflows since their inception[^7^].

Many market commentators credit these growing inflows into the nine newly launched ETFs as one of the fundamental driving forces behind the rapid appreciation in the price of Bitcoin. On March 11, Bitcoin reached a new all-time high of $72,900[^8^]. BlackRock’s fund, for instance, currently holds over 200,000 BTC, worth approximately $14.3 billion at current prices[^9^].

Q&A: What Else Do You Want to Know?

Q: How does the decline in Grayscale’s market share reflect the changing landscape of the Bitcoin ETF market in the United States? A: The decline in Grayscale’s market share illustrates the increasing competition among Bitcoin ETFs in the United States. With the approval of multiple spot Bitcoin ETFs and the entrance of well-established financial institutions like BlackRock and Fidelity, investors now have more options to choose from, leading to a redistribution of market share.

Q: What impact do outflows from Grayscale’s GBTC have on the overall Bitcoin market? A: Outflows from Grayscale’s GBTC suggest a shift in investor sentiment towards other Bitcoin investment vehicles, potentially impacting the demand and liquidity in the broader Bitcoin market. However, the growing inflows into other Bitcoin ETFs, such as BlackRock’s IBIT and Fidelity’s FBTC, indicate that investor interest in Bitcoin remains strong.

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Q: 什么是投资比特币ETF与其他形式的加密货币投资相比的优势？ A: 投资比特币ETF为投资者提供了更受监管和更易获取的方式来获得加密货币市场的曝光。ETF提供了在传统股票交易所上交易的便利，使投资者可以轻松买卖股份。此外，ETF通常通过持有一篮子加密货币来实现多样化，降低了投资单一数字资产所涉及的风险。

比特币ETF的未来

随着市场不断发展，越来越多的机构投资者进入该领域，比特币ETF的格局可能会进一步发生变化。增加的竞争将推动ETF产品的创新和改进，为投资者提供更好的选择。此外，加密货币得到越来越多地融入主流金融体系的接受和整合将推动对比特币ETF的需求。

总之，Grayscale的现货比特币ETF下跌至市场份额不足50%标志着美国比特币ETF市场动态的重大转变。随着竞争加剧，新参与者进入市场，投资者在比特币ETF选择方面现在有更多选择。对其他ETF产品的不断流入显示了对比特币作为投资资产的持续兴趣。比特币ETF的未来看起来很有前途，预计会推出进一步的进展和产品，以满足机构和零售投资者的需求。

参考资料：

1. Dune Analytics – Grayscale比特币信托资产净值

2. 比特币ETF不见了

3. 尽管净流出，Grayscale首席执行官为GBTC产品高费用辩护

4. 加密货币借贷方Genesis被允许卖出价值约13亿美元的GBTC股份

5. Farside比特币ETF流动数据

6. SEC要求法院在币安案中考虑Terraform Labs的裁决

7. 稳定的比特币ETF流入被认为推高了比特币价格

8. Sweatcoin称摇晃是假的，MotoDEX评论，Gods Unchained 2024

9. Vetle Lunde的Twitter

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