分析師不認為比特幣 ETF 放緩，預測 2025 年價格將達到 15 萬美元

伯恩斯坦分析師緩解了投資者對近期比特幣交易所交易基金 (ETF) 流入放緩的擔憂，並確保在 ETF 與私人銀行平台和財富顧問整合之前會暫時暫停。他們維持對比特幣的看漲前景，預計到 2025 年底比特幣的目標價將達到 15 萬美元。此外，他們認為 SEC 可能拒絕以太幣現貨 ETF 可能會成為以太坊和「ETH-beta」第 2 層代幣的積極催化劑。

Analysts Allay Concerns over Bitcoin ETF Slowdown, Predict $150,000 Price by 2025

分析師緩解對比特幣 ETF 放緩的擔憂，預測 2025 年價格將達到 15 萬美元

In a reassuring note to investors, analysts at Bernstein have dismissed the recent slowdown in Bitcoin exchange-traded fund (ETF) inflows as a temporary lull, with a resumption expected soon. The firm maintains a bullish outlook for Bitcoin (BTC), predicting a price surge to $150,000 by the end of 2025 and suggesting that the potential denial of a spot ether ETF could even benefit ether.

伯恩斯坦的分析師在給投資者的一份令人放心的報告中，將近期比特幣交易所交易基金（ETF）流入放緩視為暫時的平靜，預計很快就會恢復。該公司維持對比特幣（BTC）的看漲前景，預測到 2025 年底價格將飆升至 15 萬美元，並暗示現貨以太坊 ETF 的潛在拒絕甚至可能使以太坊受益。

Bitcoin ETFs: A Catalyst for Growth and Current Concerns

比特幣 ETF：成長的催化劑和當前的擔憂

The launch of Bitcoin spot ETFs has been a significant catalyst for the digital asset, contributing to its impressive 46% year-to-date returns. However, inflows into these ETFs have slowed since peaking at $1.05 billion on March 12, coinciding with BTC's rally to $73,836.

比特幣現貨 ETF 的推出一直是數位資產的重要催化劑，使其今年迄今的回報率高達 46%。然而，自 3 月 12 日達到 10.5 億美元高峰以來，流入這些 ETF 的資金已經放緩，同時 BTC 也上漲至 73,836 美元。

The correlation between price and inflows has been evident, with the recent decline in inflows leading to a BTC slump to $62,600. At the time of writing, BTC was trading at approximately $62,700, marking a 1.2% drop in the last 24 hours and extending its weekly losses to 6%.

價格和資金流入之間的相關性非常明顯，最近資金流入的下降導致 BTC 暴跌至 62,600 美元。截至本文撰寫時，BTC 交易價格約為 62,700 美元，過去 24 小時內下跌 1.2%，週跌幅擴大至 6%。

Temporary Pause, Not a Trend

暫時的停頓，不是趨勢

Analysts Gautam Chhugani and Mahika Sapra have emphasized that the current slowdown in Bitcoin ETF inflows is not a cause for concern, but rather a brief pause before ETFs become more integrated with financial institutions and wealth management platforms.

分析師 Gautam Chhugani 和 Mahika Sapra 強調，當前比特幣 ETF 流入放緩並不令人擔憂，而是 ETF 與金融機構和財富管理平台更加融合之前的短暫停頓。

They recognize the significant institutional interest in Bitcoin, but acknowledge the cautious optimism among investors, who are concerned about short-term fluctuations while maintaining a long-term bullish outlook.

他們意識到機構對比特幣的巨大興趣，但也承認投資者的謹慎樂觀態度，他們擔心短期波動，同時保持長期看漲前景。

Compliance Frameworks and Investor Confidence

合規框架與投資者信心

Analysts anticipate the establishment of Bitcoin as an acceptable portfolio allocation asset, with platforms and regulators developing compliance frameworks to facilitate ETF offerings. They project that ongoing ETF inflows will drive BTC prices higher, supporting their $150,000 price target by 2025.

分析師預計比特幣將成為可接受的投資組合配置資產，平台和監管機構將制定合規框架以促進 ETF 發行。他們預計，持續的 ETF 流入將推高 BTC 價格，支持到 2025 年 15 萬美元的價格目標。

Their optimism is further fueled by the substantial $12 billion in spot Bitcoin ETF inflows accumulated to date and the robust network position post-halving.

迄今為止累積的 120 億美元現貨比特幣 ETF 流入以及減半後強勁的網路狀況進一步加劇了他們的樂觀情緒。

Spot Ether ETF: Denial Could Spark Investment

以太幣現貨 ETF：否認可能引發投資

Regarding the potential approval of a spot ether ETF, Chhugani and Sapra believe that a denial by the Securities and Exchange Commission (SEC) could actually attract new investment. They reason that such a decision would likely lead to litigation, drawing attention to ether.

關於現貨以太 ETF 的潛在批准，Chhugani 和 Sapra 認為，美國證券交易委員會 (SEC) 的否認實際上可能會吸引新的投資。他們認為這樣的決定可能會導致訴訟，進而引起人們對以太幣的注意。

With ether underperforming against Bitcoin in 2024, the risk-reward scenario could entice investors. Moreover, a denial could bolster the performance of "ETH-beta" Layer 2 tokens such as Arbitrum, Optimism, and Polygon.

由於 2024 年以太幣的表現相對於比特幣而言表現不佳，風險回報情境可能會吸引投資者。此外，拒絕可能會增強「ETH-beta」第 2 層代幣的效能，例如 Arbitrum、Optimism 和 Polygon。

Crypto Niches Show Promise

加密利基市場前景光明

Beyond Bitcoin and ether, analysts also see promise in crypto niches such as decentralized finance (DeFi) and gaming. They highlight Solana's dominance in USDC payments and Chainlink's support for tokenized assets, including treasuries.

除了比特幣和以太幣之外，分析師還看到了去中心化金融（DeFi）和遊戲等加密領域的前景。他們強調了 Solana 在 USDC 支付領域的主導地位以及 Chainlink 對代幣化資產（包括國債）的支持。

Overall, analysts predict that the total crypto market cap will triple to $7.5 trillion in the next two years, reflecting the maturing and growing acceptance of digital assets.

總體而言，分析師預測未來兩年加密貨幣總市值將增加兩倍，達到 7.5 兆美元，反映出數位資產的成熟度和接受度不斷提高。