比特幣和加密貨幣 ETF 對貝萊德來說是一項嚴肅的業務

這家金融巨頭並不掩飾對這些新投資產品的熱情，其客戶也跟進。

BlackRock is showing strong interest in bitcoin and crypto ETFs, and its clients are following suit. After a decade of refusals, the SEC finally approved Bitcoin ETFs in January, opening the door to a massive influx of capital. These exchange-traded funds (ETFs) are attracting increasing attention, even exceeding the most optimistic projections.

貝萊德對比特幣和加密 ETF 表現出濃厚的興趣，其客戶也紛紛效仿。經過十年的拒絕後，美國證券交易委員會 (SEC) 終於在 1 月批准了比特幣 ETF，為大量資本湧入打開了大門。這些交易所交易基金（ETF）正吸引越來越多的關注，甚至超過了最樂觀的預測。

But how are these crypto products performing, and what about other digital assets?

但這些加密產品的表現如何，其他數位資產又如何呢？

Bitcoin ETFs: The Rising Star

比特幣 ETF：後起之秀

Bitcoin ETFs have taken the market by storm, rendering other new financial products almost anecdotal. Among the 575 ETFs launched this year, 14 of the top 30 are dedicated to Bitcoin or Ethereum, with Bitcoin funds occupying the top four positions.

比特幣 ETF 席捲了市場，使得其他新金融產品幾乎成為軼事。在今年推出的 575 隻 ETF 中，前 30 隻中有 14 隻專注於比特幣或以太坊，其中比特幣基金佔據了前四名的位置。

This is an impressive feat, especially considering that BlackRock's iShares Bitcoin Trust has dominated the ETF market in terms of inflows for the past four years.

這是一項令人印象深刻的壯舉，特別是考慮到貝萊德的 iShares 比特幣信託在過去四年的資金流入方面一直主導著 ETF 市場。

The numbers tell the story:

數字講述了這個故事：

According to James Seyffart, an analyst at Bloomberg Intelligence, this explosive growth can be partly attributed to pent-up demand. “Investors were waiting for a legal and accessible way to bet on bitcoin“, he explains.

彭博資訊 (Bloomberg Intelligence) 分析師詹姆斯‧塞法特 (James Seyffart) 表示，這種爆炸性成長部分歸因於被壓抑的需求。 “投資者正在等待一種合法且可行的方式來押注比特幣”，他解釋道。

Traditional finance powerhouses, such as Morgan Stanley and Goldman Sachs, have also entered the scene, attracting even more capital towards these new products.

摩根士丹利、高盛等傳統金融巨頭也紛紛入場，為這些新產品吸引了更多資本。

Crypto Products: A Promising Future Despite Challenges

加密產品：儘管面臨挑戰，但前景光明

While bitcoin is enjoying great success, Ethereum ETFs are still lagging behind. Despite the SEC approving ETFs for the second-largest cryptocurrency in May, the inflows have not materialized. The Grayscale Ethereum Trust (ETHE), a legacy player, has seen massive outflows, with over $3 billion being pulled out of the fund.

儘管比特幣取得了巨大成功，但以太坊 ETF 仍然落後。儘管 SEC 在 5 月批准了第二大加密貨幣 ETF，但資金流入尚未實現。傳統參與者灰階以太坊信託基金 (ETHE) 已出現大規模資金外流，超過 30 億美元從該基金中撤出。

As a result, the nine Ethereum ETFs are showing a negative balance of $472.7 million since their launch.

因此，自推出以來，九隻以太坊 ETF 的負餘額為 4.727 億美元。

But not all is lost. The conversion of the Grayscale Ethereum Trust to an ETF could change the game, and other products are still managing to pique the interest of investors. Hedge funds, for instance, are making strategic plays by investing in ETFs while hedging their positions with futures contracts.

但並非一切都失去了。灰階以太坊信託基金轉換為 ETF 可能會改變遊戲規則，而其他產品仍在設法激起投資者的興趣。例如，對沖基金透過投資 ETF 來進行策略性投資，同時透過期貨合約對沖部位。

Still, observers note that the challenges for Ethereum are far from over. “For now, outflows from the Grayscale Ethereum Trust are outpacing inflows to other Ethereum ETFs“, notes Seyffart.

儘管如此，觀察家指出，以太坊面臨的挑戰還遠遠沒有結束。 Seyffart 指出：「目前，灰階以太坊信託基金的資金流出量超過了其他以太坊 ETF 的流入量」。

This situation could change quickly if interest in crypto products continues to grow.

如果人們對加密產品的興趣持續增長，這種情況可能會迅速改變。

After a promising “Uptober” and with central banks losing interest in raising rates, ETFs could play a key role in propping up the crypto market by the end of the year.

在經歷了充滿希望的「Uptober」之後，隨著央行對升息失去興趣，ETF 可能會在年底前在支撐加密貨幣市場方面發揮關鍵作用。