比特幣 ETF 流入暫停：長期成長路徑暫時中斷

伯恩斯坦的報告表明，比特幣 ETF 資金流入暫時停止，而不是負面趨勢。該報告預測，到 2025 年，比特幣週期將達到 15 萬美元的高點，並引用了健康的挖礦週期以及鞏固的市場份額。分析師認為，目前的盤整階段是未來上漲的前奏，這與比特幣 ETF 整合增加和作為投資組合配置更廣泛接受的預測一致。

Bitcoin ETF Inflow Slowdown: A Temporary Pause in a Long-Term Growth Trend

比特幣ETF流入放緩：長期成長趨勢的暫時停頓

New York, NY - September 27, 2023 - Despite recent data indicating a slowdown in exchange-traded fund (ETF) inflows for bitcoin (CRYPTO: BTC), a respected brokerage firm, Bernstein, believes this is merely a temporary pause in a long-term growth trend.

紐約，紐約- 2023 年9 月27 日- 儘管最近的數據表明比特幣（CRYPTO：BTC）的交易所交易基金（ETF）流入放緩，但受人尊敬的經紀公司Bernstein 認為這只是長期的暫時停頓。

In a comprehensive research report released on Monday, Bernstein analysts Gautam Chhugani and Mahika Sapra contend that the current lull in bitcoin ETF inflows is simply a natural gestation period before these funds become more widely integrated into mainstream financial platforms.

在周一發布的一份綜合研究報告中，伯恩斯坦分析師 Gautam Chhugani 和 Mahika Sapra 認為，目前比特幣 ETF 資金流入的停滯只是這些基金更廣泛地融入主流金融平台之前的一個自然孕育期。

According to the report, the integration of bitcoin into investment portfolios is still in its early stages, and institutions such as private banks, wealth advisors, and brokerage platforms are still establishing the necessary compliance frameworks to offer bitcoin ETF products. This process takes time, which accounts for the temporary slowdown in inflows.

報告稱，比特幣融入投資組合仍處於早期階段，私人銀行、財富顧問和經紀平台等機構仍在建立必要的合規框架來提供比特幣ETF產品。這個過程需要時間，這也是資金流入暫時放緩的原因。

Despite this temporary pause, Bernstein remains bullish on the long-term prospects for bitcoin, maintaining its projection of a market cycle high of $150,000 by 2025. The report underscores the firm's conviction in this forecast, citing the "unprecedented ETF demand inflows" as a primary driver.

儘管暫時停頓，伯恩斯坦仍看好比特幣的長期前景，維持其對2025 年市場週期高點15 萬美元的預測。 ”是主要司機。

The report also highlights the post-halving dynamics of the bitcoin mining industry. The recent quadrennial reward halving, which occurred earlier this month, slowed the rate of growth in bitcoin supply. Bernstein notes that the bitcoin mining cycle remains healthy, with leading players consolidating market shares. Bitcoin network fees have also normalized at a stable 10% of miners' revenues, providing further evidence of a well-functioning ecosystem.

該報告也強調了比特幣挖礦產業減半後的動態。本月初發生的最近四年一次的獎勵減半減緩了比特幣供應的成長速度。伯恩斯坦指出，比特幣挖礦週期仍然健康，領先企業正在鞏固市場份額。比特幣網路費用也已正常化，穩定在礦工收入的 10%，這進一步證明了生態系統運作良好。

In light of these factors, Bernstein's analysts believe that the current consolidation phase in bitcoin price action represents a "calm before the storm," indicating a potential upswing in the future.

鑑於這些因素，伯恩斯坦的分析師認為，當前比特幣價格走勢的盤整階段代表著“暴風雨前的寧靜”，表明未來可能會出現上漲。

This bullish sentiment is echoed by independent cryptocurrency analysts, such as Lark Davis, who supports the notion of a future upswing. Willy Woo, a prominent cryptocurrency analyst, had earlier projected that the introduction of bitcoin ETFs could potentially drive bitcoin's price to surpass that of gold. However, the recent outflow from bitcoin ETFs had contradicted this bullish sentiment, causing some concern.

這種看漲情緒得到了獨立加密貨幣分析師的呼應，例如支持未來上漲的觀點的拉克戴維斯(Lark Davis)。著名加密貨幣分析師 Willy Woo 早些時候曾預測，比特幣 ETF 的推出可能會推動比特幣的價格超越黃金。然而，最近比特幣 ETF 的資金流出與這種看漲情緒相矛盾，引發了一些擔憂。

Bernstein's report, however, suggests that the dip in ETF inflows is merely a temporary setback and that the long-term growth trajectory for bitcoin remains intact.

然而，伯恩斯坦的報告表明，ETF 流入量的下降只是暫時的挫折，比特幣的長期成長軌跡仍然完好無損。

At the time of writing, bitcoin was trading at $62,359.00, a decline of 1.79% from the previous day's close.

截至撰寫本文時，比特幣交易價格為 62,359.00 美元，較前一交易日收盤價下跌 1.79%。