川普獲勝，比特幣 (BTC) 市場和比特幣 ETF 上漲

有幾個因素正在推動比特幣價值的上漲，從而影響比特幣 ETF 的價格。 「有一位支持比特幣的當選總統曾表示

Trump’s campaign included support for Bitcoin mining and removing some regulatory barriers. As a result, his victory fueled a sense of euphoria among enthusiasts. Bitcoin soared to a record high of USD 94,000 on the afternoon of Nov. 19, setting a new all-time price benchmark. Bitcoin prices are up 133% in the year to date and have gained 31% since Election Day, as of Nov. 18.

川普的競選活動包括支持比特幣挖礦和消除一些監管障礙。結果，他的勝利激起了狂熱愛好者的歡欣鼓舞。 11月19日下午，比特幣飆升至94,000美元的歷史新高，創下了新的歷史價格基準。截至 11 月 18 日，比特幣價格今年迄今已上漲 133%，自選舉日以來已上漲 31%。

This rising tide has lifted all crypto and crypto-adjacent assets, including Bitcoin ETFs. However, market watchers were quick to temper any unrealistic expectations. Bryan Armour, Morningstar’s director of passive strategies research for North America, says it may not be easy for Trump to deliver on his promises, and market forces will determine the worth and direction of Bitcoin.

這種上漲趨勢提振了所有加密貨幣和加密貨幣相關資產，包括比特幣 ETF。然而，市場觀察家很快就緩和了任何不切實際的期望。晨星公司北美被動策略研究主管布萊恩·阿莫爾表示，川普兌現承諾可能不容易，市場力量將決定比特幣的價值和方向。

Several factors are driving the increase in Bitcoin’s value, affecting the price of Bitcoin ETFs. “There’s a pro-Bitcoin president-elect who has expressed interest in establishing a strategic Bitcoin reserve,” says Michael Zagari, investment advisor and associate portfolio manager at Wellington-Altus Private Wealth. Although the likelihood of this fully materializing might be low, he says the United States might maintain its current Bitcoin holdings, or gradually increase them.

有幾個因素正在推動比特幣價值的上漲，從而影響比特幣 ETF 的價格。 「有一位支持比特幣的當選總統表示有興趣建立比特幣策略儲備，」Wellington-Altus Private Wealth 投資顧問兼副投資組合經理 Michael Zagari 表示。儘管完全實現的可能性可能很低，但他表示，美國可能會維持目前的比特幣持有量，或逐漸增加比特幣持有量。

There are other contributing factors. Lower interest rates create more incentive to invest in riskier assets, including cryptocurrencies. Additionally, lower oil prices could support favorable economic conditions for Bitcoin price appreciation.

還有其他影響因素。較低的利率會更有動力投資於風險較高的資產，包括加密貨幣。此外，較低的油價可能為比特幣價格升值提供有利的經濟條件。

There is also the trend of softening aversion to Bitcoin among global governments. There’s been a move toward more crypto-friendly regulations in Italy under Prime Minister Giorgia Meloni. In the UK, pension specialist Cartwright has introduced a first-of-its-kind 3% allocation to Bitcoin within a pension scheme’s investment portfolio. “These developments, while individually modest, collectively create a more favorable environment for Bitcoin, likely contributing to its price surge and the corresponding rise in Canadian Bitcoin ETFs,” Zagari explains.

全球各國政府對比特幣的厭惡也有減弱的趨勢。在總理喬治亞·梅洛尼 (Giorgia Meloni) 的領導下，義大利採取了更加有利於加密貨幣的法規。在英國，退休金專家卡特賴特在退休金計畫的投資組合中首次引入了 3% 的比特幣配置。 Zagari 解釋道：“這些進展雖然個別不大，但總的來說為比特幣創造了更有利的環境，可能導致其價格飆升以及加拿大比特幣 ETF 的相應上漲。”

Riding the Bitcoin tide, Bitcoin ETFs saw strong inflows during the US election on the back of renewed investor interest and confidence. Overall, cryptocurrency ETFs saw assets under management rise from C$5.22 billion in September to C$5.68 billion in October (an 8.8% monthly jump), according to Morningstar data.

乘著比特幣大潮，在美國大選期間，由於投資者興趣和信心重新燃起，比特幣 ETF 出現了強勁的資金流入。根據晨星公司的數據，總體而言，加密貨幣 ETF 的管理資產從 9 月的 52.2 億加元增加到 10 月的 56.8 億加元（月增 8.8%）。

Bitcoin ETFs have been leading the Trump rally over the past week, with a 19.4% rise for the Purpose Bitcoin ETF BTCC and more than 20% gains for Fidelity Advantage Bitcoin ETF FBTC, CI Galaxy Bitcoin ETF BTCX.B, and 3iQ Bitcoin ETF BTCQ.

過去一周，比特幣 ETF 一直引領川普漲勢，Purpose 比特幣 ETF BTCC 上漲 ​​19.4%，Fidelity Advantage 比特幣 ETF FBTC、CI Galaxy 比特幣 ETF BTCX.B 和 3iQ 比特幣 ETF BTCQ 漲幅超過 20% 。

“Our data shows inflows into Canadian Bitcoin ETFs post-election, [followed by] some profit taking,” says Armour. “Solid performance tends to drive inflows for Bitcoin products,” he explains, adding that it remains to be seen whether investors will continue to chase this trend over the longer term.

Armour 表示：“我們的數據顯示，大選後資金流入加拿大比特幣 ETF，[隨後] 出現了一些獲利回吐。”他解釋說：「穩健的表現往往會推動比特幣產品的資金流入。」他補充說，從長遠來看，投資者是否會繼續追逐這一趨勢還有待觀察。

Sustained growth in Bitcoin-backed ETFs will in no small measure depend on the interplay between widespread adoption and the increase in Bitcoin’s price, according to Zagari. “While predicting the duration of this bullish trend is challenging, current indicators from both retail and institutional sectors suggest growing confidence in Bitcoin as an asset class, which can have a trickling effect on Canadian Bitcoin ETFs,” he says.

扎加里表示，比特幣支持的 ETF 的持續成長在很大程度上取決於廣泛採用和比特幣價格上漲之間的相互作用。他表示：「雖然預測這種看漲趨勢的持續時間具有挑戰性，但零售和機構部門的當前指標表明，人們對比特幣作為一種資產類別的信心不斷增強，這可能會對加拿大比特幣ETF 產生連鎖反應。

Notably, in Canada, Bitcoin ETFs offer the added advantage of being eligible for inclusion in various tax-advantaged accounts, such as RRSPs, TFSAs, and cash accounts. “The ability to invest in Bitcoin through ETFs in retirement or savings accounts provides a more accessible route for retail investors to gain exposure to Bitcoin without directly handling the cryptocurrency,” Zagari says.

值得注意的是，在加拿大，比特幣 ETF 提供了額外的優勢，即有資格納入各種稅收優惠帳戶，例如 RRSP、TFSA 和現金帳戶。 「透過退休或儲蓄帳戶中的 ETF 投資比特幣的能力為散戶投資者提供了一種更容易獲得比特幣投資的途徑，而無需直接處理加密貨幣，」扎加里說。

Most Bitcoin watchers agree that predicting how long this bullish trend will last is a challenge. “Bitcoin’s price is highly volatile, so the future remains uncertain,” says Armour. “Even more uncertain is whether Trump intends to keep his campaign promises, or if his administration can deliver on them.” He concedes that Bitcoin continues to enjoy broader adoption, which “should translate to growth of Bitcoin ETF assets.” He says that a US president supporting Bitcoin can only help broaden its adoption, noting that it “will lead to inflows over time, but anything can happen in the short term.”

大多數比特幣觀察家都認為，預測這種看漲趨勢將持續多久是一個挑戰。 「比特幣的價格波動很大，因此未來仍然不確定，」阿穆爾說。 “更不確定的是川普是否打算兌現他的競選承諾，或者他的政府是否能夠兌現這些承諾。”他承認比特幣繼續得到更廣泛的採用，這「應該會轉化為比特幣 ETF 資產的成長」。他表示，美國總統支持比特幣只會有助於擴大其採用範圍，並指出「隨著時間的推移，它將導致資金流入，但短期內任何事情都可能發生」。

Zagari says the new era in the investment world calls for an open mind about emerging asset classes, including Bitcoin-related investment vehicles. “This mindset isn’t just crucial for wealth creators but also those focused on wealth preservation,” he says. Bitcoin has shown greater staying power than originally thought, which makes a compelling case for investors to gain exposure to it, he says, adding that “Canadian Bitcoin ETFs make all this possible and are easy for the masses.”

扎加里表示，投資界的新時代要求對新興資產類別（包括比特幣相關投資工具）持開放態度。 「這種心態不僅對財富創造者至關重要，而且對那些專注於財富保值的人也至關重要，」他說。他表示，比特幣表現出比最初想像的更強的持久力，這為投資者提供了一個令人信服的理由來投資比特幣，並補充說，「加拿大比特幣ETF 使這一切成為可能，並且對大眾來說很容易。

Bitcoin enthusiasts often point to the coin’s utility as a store of value and a medium of exchange. Detractors argue that the cryptocurrency’s price has been highly volatile, with significant fluctuations over short periods. “This volatility makes it less reliable as a store of value compared to traditional assets like gold or stable

比特幣愛好者經常指出比特幣作為價值儲存手段和交換媒介的效用。批評者認為，加密貨幣的價格波動很大，短期內波動很大。 「與黃金或穩定資產等傳統資產相比，這種波動性使其作為價值儲存手段的可靠性降低