美國現貨比特幣 ETF 成立一週年，目前合計控制 BTC 總市值的 5.75%

美國推出現貨比特幣交易所交易基金（ETF）標誌著加密貨幣市場的歷史性里程碑。

The introduction of Spot Bitcoin exchange-traded funds (ETFs) in the United States marked a historic milestone for the cryptocurrency market. These Spot Bitcoin ETFs, which first went live in the US on January 11, 2024, have had massive success in just one year, making them the greatest ETF launch in history.

美國推出現貨比特幣交易所交易基金（ETF）標誌著加密貨幣市場的歷史性里程碑。這些現貨比特幣 ETF 於 2024 年 1 月 11 日在美國首次上線，在短短一年內取得了巨大成功，成為史上最偉大的 ETF。

As it stands, US-based Spot Bitcoin ETFs have now become one of the major drivers of Bitcoin’s price growth and played a huge role in Bitcoin’s break above $100,000. Furthermore, these US-based Spot Bitcoin ETFs are now collectively the biggest holders of Bitcoin.

目前，美國現貨比特幣ETF現已成為比特幣價格成長的主要推動力之一，並在比特幣突破10萬美元的過程中發揮了巨大作用。此外，這些位於美國的現貨比特幣 ETF 現在共同成為比特幣的最大持有者。

Performance Metrics Of US-Based Spot Bitcoin ETFs

美國現貨比特幣 ETF 的表現指標

For years, the US Securities and Exchange Commission (SEC) resisted the approval of Spot Bitcoin ETFs, making their eventual approval in January 2024 a notable turning point for the crypto industry. Particularly, the SEC approved the first 11 Spot Bitcoin ETF applications on January 10, 2024.

多年來，美國證券交易委員會 (SEC) 一直拒絕批准現貨比特幣 ETF，這使得 2024 年 1 月的最終批准成為加密行業的一個顯著轉折點。特別是，SEC 於 2024 年 1 月 10 日批准了首批 11 隻現貨比特幣 ETF 申請。

All the Spot Bitcoin ETFs have demonstrated a positive performance in their inaugural year except for Grayscale’s GBTC. The launch of spot Bitcoin ETFs was met with record-breaking enthusiasm, as these funds registered the highest trading volumes of any ETF launch in history during their first few days of operation.

除了 Grayscale 的 GBTC 之外，所有現貨比特幣 ETF 在成立的第一年都表現出了積極的表現。現貨比特幣 ETF 的推出引起了創紀錄的熱情，因為這些基金在營運的最初幾天內創下了歷史上所有 ETF 推出的最高交易量。

Apart from opening the Bitcoin and crypto industry to traditional investors who would otherwise not invest in cryptocurrencies, many large Bitcoin holders also saw the ETFs as the best way to invest in order to take advantage of their regulatory clarity.

除了向不會投資加密貨幣的傳統投資者開放比特幣和加密產業之外，許多大型比特幣持有者也將 ETF 視為利用其監管透明度的最佳投資方式。

Particularly, BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Fidelity Wise Origin Bitcoin Fund have led the charge with substantial inflows throughout the year. These two funds quickly established themselves as dominant players, with each witnessing over $3 billion in inflows within their first 20 days of trading.

特別是，貝萊德 (BlackRock) 的 iShares 比特幣信託 (IBIT) 和富達 (Fidelity) 的 Fidelity Wise Origin 比特幣基金全年都以大量資金流入引領潮流。這兩隻基金很快就確立了自己的主導地位，在交易的前 20 天內，每隻基金的資金流入均超過 30 億美元。

At the time of writing, US-based Spot Bitcoin ETFs now collectively control about $107.64 billion in Bitcoin assets, which represents about 5.75% of the total Bitcoin market cap, according to data from SoSoValue. Since they began trading one year ago, these ETFs have witnessed a cumulative total net inflow of $36.22 billion.

根據 SoSoValue 的數據，截至撰寫本文時，美國現貨比特幣 ETF 目前總共控制約 1,076.4 億美元的比特幣資產，約佔比特幣總市值的 5.75%。自一年前開始交易以來，這些ETF已累積淨流入362.2億美元。

In terms of cumulative net inflows, the IBIT has witnessed the highest inflow amount in the tune of $37.67 billion, while FBTC follows behind with $12.16 billion. These two have been enough to balance the $21.57 net outflows from the pre-existing Grayscale Bitcoin Trust, which was converted to a Spot Bitcoin ETF.

從累計淨流入來看，IBIT的流入金額最高，達376.7億美元，FBTC以121.6億美元緊追在後。這兩項足以平衡先前已轉換為現貨比特幣 ETF 的灰階比特幣信託基金 21.57 美元的淨流出。

Other ETF providers have also witnessed cummulative net inflows in the past year, with ARK 21Shares Bitcoin ETF and Bitwise Bitcoin ETF also at $2.49 billion and $2.43 billion, respectively, at the time of writing. However, the remaining seven ETF providers have yet to cross the $1 billion threshold in cumulative net inflows, indicating a more uneven distribution of investor interest across the industry.

其他 ETF 供應商在過去一年也出現了累積淨流入，截至撰寫本文時，ARK 21Shares 比特幣 ETF 和 Bitwise 比特幣 ETF 也分別達到 24.9 億美元和 24.3 億美元。然而，其餘七家ETF供應商的累計淨流入尚未突破10億美元的門檻，顯示整個產業投資者興趣的分佈更加不均勻。

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Where Do Spot Bitcoin ETFs Go From Here?

現貨比特幣 ETF 何去何從？

The only way for Spot Bitcoin ETFs is up, especially on the longer timeframe in 2025 and beyond. Crypto investors are optimistic about a significant influx of capital into these ETFs in anticipation of crypto-positive policies to be introduced by the incoming Trump administration.

現貨比特幣 ETF 的唯一出路是上漲，尤其是在 2025 年及以後的較長時間範圍內。加密貨幣投資者對資本大量湧入這些 ETF 持樂觀態度，預計即將上任的川普政府將推出加密貨幣積極政策。

At the time of writing, Bitcoin is trading at $94,057.

截至撰寫本文時，比特幣交易價格為 94,057 美元。