Sygnum Bank：隨著機構投資者的湧入，比特幣 (BTC) 價格可能在 2025 年飆升

根據 12 月 12 日的一份報告稱，機構資金流入激增可能會在 2025 年導致比特幣（BTC）“需求衝擊”，並可能導致 BTC 價格飆升。

Institutional capital flows are already having a “multiplier effect” on BTC's spot price, with every $1 billion in net inflows into spot exchange-traded funds (ETFs) driving an approximately 3-6% price pump, Sygnum said in its Crypto Market Outlook 2025 report.

Sygnum 在其《2025 年加密貨幣市場展望》中表示，機構資本流動已經對BTC 現貨價格產生“乘數效應”，現貨交易所交易基金(ETF) 每淨流入10 億美元，就會推動價格上漲約3-6%報告。

Sygnum expects this dynamic to accelerate in 2025 as large institutional investors — including sovereign wealth funds, endowments, and pension funds — add Bitcoin allocations.

Sygnum 預計，隨著大型機構投資者（包括主權財富基金、捐贈基金和退休基金）增加比特幣配置，這種動態將在 2025 年加速。

“With improving US regulatory clarity and the potential for Bitcoin to be recognized as a central bank reserve asset, 2025 could mark a steep acceleration for institutional participation in crypto assets,” Martin Burgherr, Sygnum's chief clients officer, said in a statement.

Sygnum 首席客戶長 Martin Burgherr 在一份聲明中表示：“隨著美國監管透明度的提高以及比特幣被視為央行儲備資產的潛力，2025 年可能標誌著機構參與加密資產的急劇加速。”

However, this trend will only extend to alternative cryptocurrencies if the United States passes laws supporting crypto adoption, according to Sygnum.

然而，Sygnum 表示，只有美國通過支持加密貨幣採用的法律，這種趨勢才會擴展到替代加密貨幣。

Altcoins will only thrive if US lawmakers create rules “tailored to the asset class allow[ing] projects to pass value to tokenholders without triggering a compliance burden they cannot reasonably fulfill,” the report said.

報告稱，只有美國立法者制定“適合資產類別的規則，允許項目將價值傳遞給代幣持有者，而不引發他們無法合理履行的合規負擔”，山寨幣才會蓬勃發展。

Sygnum flagged the proposed Financial Innovation and Technology for the 21st Century Act (FIT21) and Payment Stablecoin Act as especially important for crypto.

Sygnum 指出擬議的《21 世紀金融創新與技術法案》（FIT21）和《支付穩定幣法案》對於加密貨幣尤其重要。

The US also needs laws governing self-custody, crypto mining, and decentralized finance (DeFi), the report said.

報告稱，美國還需要管理自我託管、加密貨幣挖礦和去中心化金融（DeFi）的法律。

Until then, “Bitcoin’s unusually strong growth drivers… will cap the relative performance of altcoins,” the report said.

報告稱，在那之前，「比特幣異常強勁的成長動力…將限制山寨幣的相對錶現」。

Beyond BTC, “lackluster user growth for the majority of decentralized applications and use cases has driven speculative investment towards memecoins, risking a bubble,” the report added.

報告補充說，除了比特幣之外，「大多數去中心化應用程式和用例的用戶成長乏力，推動了對模因幣的投機性投資，從而面臨泡沫風險」。

On Nov. 21, US Bitcoin ETFs broke $100 billion in net assets for the first time, according to data from Bloomberg Intelligence.

彭博資訊數據顯示，11 月 21 日，美國比特幣 ETF 淨資產首次突破 1,000 億美元。

Bitcoin has dominated the ETF landscape since spot BTC ETFs launched in January. Investor interest accelerated after crypto-friendly President-elect Donald Trump prevailed on Nov. 5 in the US elections.

自 1 月推出現貨 BTC ETF 以來，比特幣一直在 ETF 領域佔據主導地位。對加密貨幣友好的當選總統唐納德·川普 (Donald Trump) 於 11 月 5 日在美國大選中獲勝後，投資者的興趣加速增長。

“[T]he growth of spot Bitcoin ETFs stemmed from two main factors: broad Bitcoin adoption and a superior product,” Bryan Armour, director of passive strategies research at Morningstar, told Cointelegraph in November.

「現貨比特幣 ETF 的成長源於兩個主要因素：比特幣的廣泛採用和優質的產品，」晨星公司被動策略研究總監 Bryan Armour 在 11 月告訴 Cointelegraph。

“The ETFs allowed new investors to buy Bitcoin for the first time, like those unable to set up a wallet and buy Bitcoin on a cryptocurrency exchange,” said Armour. They “also benefit from cheaper trading, low fees, and best-in-class Bitcoin storage practices.”

Armour 表示：“ETF 首次允許新投資者購買比特幣，就像那些無法設立錢包並在加密貨幣交易所購買比特幣的投資者一樣。”他們“還受益於更便宜的交易、低廉的費用和一流的比特幣存儲實踐。”