比特幣（BTC）交換貿易資金（ETF）在第一年的持續資本流入留下了深刻的印象

比特幣ETF於2024年1月推出，第一年的資本流入率連續流入留下了深刻的印象。但是，自今年2月以來，趨勢已經扭轉

Launched in January 2024, Bitcoin ETFs impressed with continuous capital inflows in their first year. However, since February this year, the trend has reversed, and experts are now taking a more differentiated view of Bitcoin ETFs.

比特幣ETF於2024年1月推出，第一年的資本流入率連續流入留下了深刻的印象。但是，自今年2月以來，這種趨勢已經逆轉，專家現在正在對比特幣ETF進行更差異化的看法。

In the crypto year 2024, Bitcoin ETFs were rightfully a dominant topic

在2024年加密貨幣年中，比特幣ETF理所當然地是一個主題

With combined capital inflows totaling over $35 billion, Bitcoin ETFs significantly exceeded even the boldest forecasts at the turn of the year, and in January 2025, the total grew to its all-time high of over $40 billion. But a trend has now reversed, as data from SoSo illustrates. In February and March, Bitcoin ETFs experienced capital outflows on the vast majority of trading days, thus falling back to the levels seen at the turn of the year. Is the Bitcoin ETF success story already over?

由於資本流入總計超過350億美元，比特幣ETF顯著超過了一年中最大膽的預測，而在2025年1月，總數增長到了其歷史最高高度超過400億美元。但是如SOSO的數據所示，現在趨勢已經扭轉了。在2月和3月，比特幣ETF在絕大多數交易日內經歷了資本流出，因此可以追溯到年初的水平。比特幣ETF成功故事已經結束了嗎？

Bloomberg expert Eric Balchunas gives the all-clear via X : Taking into account the special case of Grayscale and BTC price fluctuations, according to Bloomberg calculations, 95 percent of the capital flowing into Bitcoin ETFs has remained loyal to them. Balchunas attributes this to the so-called “Boomers,” who view their investments as long-term private retirement savings.

彭博專家埃里克·巴爾庫納斯（Eric Balchunas）通過X：考慮到灰度和BTC價格波動的特殊情況，根據彭博社的計算，流入比特幣ETF的資本中有95％仍然忠於他們。 Balchunas將其歸因於所謂的“嬰兒潮一代”，他們將投資視為長期私人退休儲蓄。

These “Boomers,” born between 1946 and 1964, are considered the financially strong generation in the US, which has been driving the general ETF boom for years and is also taking the lead in Bitcoin.

這些“嬰兒潮一代”在1946年至1964年之間出生，被認為是美國的財務強勁一代，它一直在推動一般的ETF繁榮，並且還在比特幣領先。

But Balchunas also highlights a side effect of the recent negative period for Bitcoin ETFs on X. Over the weekend, gold ETFs in the US overtook Bitcoin ETFs in terms of invested capital for the first time since October 2024, thanks to rising gold prices.

但是Balchunas還強調了比特幣ETF最近對X的負面負面時期的副作用。在周末，由於黃金價格上漲，美國的Gold ETF在2024年10月以來首次超越了投資資本的Bitfoin ETF。

“The empire strikes back,” Balchunas comments whimsically. In a second post, Balchunas reiterates his prediction that Bitcoin ETFs will garner three times as much capital as gold ETFs in the future. “It won’t be an easy path, more like two steps forward and one step back,” Balchunas expects.

“帝國反擊了，”巴爾丘納斯異想天開地評論道。在第二篇文章中，Balchunas重申了他的預測，即比特幣ETF將來將獲得三倍的資本。 “這不是一條簡單的道路，更像是向前兩步，向後一步，”巴爾喬納斯（Balchunas）期望。

Conclusion: Bitcoin ETFs are far from being written off

結論：比特幣ETF遠非被註銷

Other analysts believe that some investors are currently preparing for the approval of additional crypto ETFs by the U.S. Securities and Exchange Commission (SEC) and are therefore reallocating capital. On the other hand, Bitcoin’s market dominance in the crypto markets is continuously increasing, and at a good 60 percent compared to all altcoins combined, demonstrates the special position that BTC enjoys.

其他分析師認為，一些投資者目前正在為美國證券交易委員會（SEC）（SEC）批准額外的加密ETF做準備，因此正在重新分配資本。另一方面，比特幣在加密貨幣市場中的市場優勢正在不斷增加，與所有AltCoins合併相比，比特幣在60％的範圍內增長了，這表明了BTC所享有的特殊位置。

It’s hard to imagine that Bitcoin ETFs will prove to be a “one-year wonder” at a time when the US, under Donald Trump, is even establishing a strategic BTC reserve . However, only a few consecutive trading days, in which Bitcoin ETFs could record further capital inflows, are nerves likely to calm down.

很難想像，在唐納德·特朗普（Donald Trump）領導下，比特幣ETF將被證明是“一年的奇蹟”。但是，只有幾天的交易日（比特幣ETF可以記錄進一步的資本流入）可能會平靜下來。

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(Featured image by Daniel Dan via Pexels)

（丹尼爾·丹（Daniel Dan）的特色圖像通過pexels）

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