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BTC 黑石旗下IBIT七日内增持10.8亿美元比特币，持仓逼近78.59万枚
在最近的七个交易日内，贝莱德（BlackRock）旗下的iShares Bitcoin Trust（IBIT）累计购入价值约10.8亿美元的比特币，使其总持仓量攀升至近78.59万枚。这一举措进一步巩固了IBIT在全球持有比特币的投资产品中的领先地位。
投资者申购驱动购买，费率与流动性优势凸显
根据Arkham Intelligence的数据，这些收购行为发生在过去20个交易日内的七个交易日中。随着投资者通过该受监管基金增加其比特币敞口，IBIT的追踪持仓量已升至约78.59万枚比特币，按当前市值计算接近610亿美元。这种积累不仅增强了IBIT作为全球最大比特币投资产品之一的地位，也反映了市场对贝莱德产品的强劲需求。
值得注意的是，尽管加密货币市场整体波动不定，但IBIT依然受益于强劲的流动性、广泛的分销网络、品牌认知度以及具有竞争力的管理费。由于信托是为投资者持有资产，而非作为贝莱德的企业金库，因此投资者的申购往往要求信托机构购入额外的比特币以支持新发行的份额。
灰度巨额流出揭示行业竞争加剧
Meanwhile, rival Grayscale recorded the opposite funding movement. During the same period, investors withdrew approximately $254.7 million from their Bitcoin trusts. The stark contrast highlights the growing competition among fund managers that provide exposure to similar cryptocurrency market performance.
Grayscale's flagship product GBTC previously operated as a closed-end Bitcoin investment trust with a large asset base. However, after switching to an exchange-traded fund (ETF), shareholders have more flexibility to redeem positions through traditional brokerage platforms. Since the conversion, frequent redemptions have put continued pressure on the fund's Bitcoin balance.
Rate differences affect investor choice
Management fees remain a key difference between the two institutions. Grayscale's main fund charges much higher fees than BlackRock's IBIT. Therefore, when multiple products offer similar Bitcoin exposure, investors with large positions may be more inclined to choose lower-cost alternatives. Some of the funds flowing into IBIT may not be new cryptocurrency investments, but capital transferred from other competing funds.
Investors can switch service providers while maintaining exposure to Bitcoin, which distinguishes the flow of funds to individual funds from broader market outcomes. During this period, IBIT captured significant demand, while Grayscale faced capital outflows. This performance gap illustrates how rates, liquidity, accessibility and distribution channels influence investor decisions in the expanding ETF market.
虽然贝莱德不断增长的余额进一步强化了IBIT的领导地位，但其未来的持仓量仍将取决于申购、赎回活动以及比特币价格的走势。
