币圈貔貅灰度，只进不出疯狂买买买，告诉你他的真面目！！

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">在加密资产市场，有一位比特币巨鲸<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"="">貔貅<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">，一直默默囤币，只进不出、不问行情不论涨跌、有条不紊地买进BTC<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"="">/<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">ETH。<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"="">即使<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">它行事<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"="">低调<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">，<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"="">但<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">在加密市场<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"="">仍<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">备受瞩目。它就是频频出现在加密行业新闻中的灰度<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"="">基金<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"="">。<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"=""></spanyes';font-family:宋体;mso-ascii-font-family:calibri;></spanyes';font-family:宋体;mso-ascii-font-family:calibri;></spanyes';font-family:宋体;mso-ascii-font-family:calibri;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:宋体;mso-ascii-font-family:calibri;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:宋体;mso-ascii-font-family:calibri;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:宋体;mso-ascii-font-family:calibri;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:宋体;mso-ascii-font-family:calibri;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:宋体;mso-ascii-font-family:calibri;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:宋体;mso-ascii-font-family:calibri;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"=""> </spanyes';font-family:宋体;mso-ascii-font-family:calibri;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">灰度基金<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"="">即<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">灰度投资公司（全称 Grayscale Investment Trust），是由数字货币投资集团（Digital Currency Group，简称 DCG）旗下于2013年设立的子公司，它是DCG旗下专用于管理加密资产的信托基金。<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:宋体;mso-ascii-font-family:calibri;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""> </spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">灰度基金是以所持比特币价格为市值基础的投资基金，它通过设立加密货币信托基金的方式，为投资者提供了一种合法买卖加密货币的渠道；此外，它也是全球最大的专注于加密货币投资的资产管理基金。<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""> </spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"="">灰度的创始人Barry 从2012年开始个人投资比特币，<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"="">20<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"="">13年投资了Coinbase、Bitpay、Ripple等加密巨头，并于同年直接推动其于2004年创立的私募股权交易平台SecondMarket成立了如今比特币信托公司Grayscale以及比特币场外交易平台Genesis Trading的雏形部门，2015年SecondMarket被纳斯达克收购，但保留了加密资产相关业务。<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"=""></spanyes';font-family:宋体;mso-ascii-font-family:calibri;></spanyes';font-family:宋体;mso-ascii-font-family:calibri;></spanyes';font-family:宋体;mso-ascii-font-family:calibri;></spanyes';font-family:宋体;mso-ascii-font-family:calibri;>

<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"=""> </spanyes';font-family:宋体;mso-ascii-font-family:calibri;>

<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"="">2015年，Barry 将这两大业务与个人的投资业务进行整合成立了DCG（Digital Currency Group），目前DCG有五家子公司，还直接投资160多家加密货币与区块链相关公司。<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"=""></spanyes';font-family:宋体;mso-ascii-font-family:calibri;></spanyes';font-family:宋体;mso-ascii-font-family:calibri;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""> </spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">值得一提的是，DCG是全球最为活跃和具有影响力的加密资本之一，有华尔街众多金融巨头入股。DCG的经营模式与股神巴菲特掌舵的伯克希尔·哈撒韦集团<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"="">类似<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">，是集控股和投资于一体的多元化集团。<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:宋体;mso-ascii-font-family:calibri;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""> </spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"="">目前<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">，DCG已为30多个国家的<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"="">1<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">60多家公司提供了支持，覆盖了加密货币行业中的媒体、支付、交易所等多个领域。除了灰度投资公司以外，DCG的知名子公司还有数字货币经纪商GenesisTrading、区块链媒体平台CoinDesk和比特币挖矿商Foundry。<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:宋体;mso-ascii-font-family:calibri;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:宋体;mso-ascii-font-family:calibri;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""> </spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"="">而<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">近年来，SecondMarket获得了无数赞誉，包括被世界经济论坛评为技术先锋，并获得了《福布斯》、《快公司》、德勤和其他组织的荣誉。<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:宋体;mso-ascii-font-family:calibri;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""> </spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">而Barry Silbert也获得过多项个人荣誉，包括被安永会计师事务所（Ernst＆Young and Crain）评为年度企业家，以及入选《财富》杂志声望很高的“ 40 under 40”名单。<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""> </spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""> </spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">灰度<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"="">基金自<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">2013年<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"="">成立以来<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">，大致分为三个阶段：<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:宋体;mso-ascii-font-family:calibri;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:宋体;mso-ascii-font-family:calibri;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""> </spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">2013年-2016年，探索期，比特币信托是其唯一的产品，2014年确定了不可赎回条款 ，2015年实现了GBTC在OTC市场挂牌，将一二级市场打通，这一时期资产规模较小，只增加了7亿美元；<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">
<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">2017-2019年，产品多样化时期，新增加了9个品种，资产规模增加了26亿美元；<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""> </spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">2020年，快速增长期，一方面合规性更上一层，比特币信托与以太坊信托成为向SEC汇报公司，一级市场认购份额的锁定期从12个月缩减到6个月，另一方面，资金流入与资产规模均实现翻倍增长。<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""> </spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"="">根据<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">1月2<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"="">2<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">日数据显示，灰度信托持仓数据如下： 灰度BTC信托总持仓量为642611.65 BTC； 灰度BCH信托总持仓量为253858.99 BCH； 灰度LTC信托总持仓量为1228916.77 LTC； 灰度ETH、ETC信托当日未增持。<spanyes';font-family:宋体;mso-ascii-font-family:calibri; mso-hansi-font-family:calibri;mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;="" mso-font-kerning:1.0000pt;"=""></spanyes';font-family:宋体;mso-ascii-font-family:calibri;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:宋体;mso-ascii-font-family:calibri;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:宋体;mso-ascii-font-family:calibri;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">
<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">灰度增持BTC需求来源于套利机构大资金的不断入场，他们买光GBTC的份额后促使灰度增持，这也就是灰度不停地买入比特币的原因。不过这种需求的最终根源，还是来自二级市场。<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""> </spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">极高的溢价吸引了很多机构进行套利活动，这种情况往往在牛市的时候更为明显。所以，当灰度不断增持比特币的时候，也意味着套利机构对GBTC溢价的乐观预期。<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">
<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">而由于GBTC具有长期正溢价，这就形成了一二级市场间的套利空间。机构可以借入BTC参与GBTC在一级市场的私募，获得GBTC份额，等待解锁后在二级市场卖出，然后再买入BTC还掉借款，GBTC溢价减去借贷利息便是利润部分。<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""> </spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"="">除此之外，机构还可以直接现货买入BTC，入金获得GBTC份额，同时用期货开空套保。GBTC解锁后到二级市场卖出，期货平空，进行套利。GBTC的溢价与利息间的差价就是利润。<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""></spanyes';font-family:calibri;mso-fareast-font-family:宋体;></spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""> </spanyes';font-family:calibri;mso-fareast-font-family:宋体;>

<spanyes';font-family:calibri;mso-fareast-font-family:宋体; mso-bidi-font-family:'times="" new="" roman';font-size:10.5000pt;mso-font-kerning:1.0000pt;"=""> </spanyes';font-family:calibri;mso-fareast-font-family:宋体;>