分析師：比特幣 ETF 選擇權可以為衍生 ETF 產品的強大生態系統鋪路

Bloomberg Intelligence 分析師 James Seyffart 反思了現貨比特幣 BTC/USD ETF 的巨大成功以及 2025 年山寨幣 ETF 批准的潛在問題。

Bloomberg Intelligence analyst James Seyffart discussed the remarkable success of spot Bitcoin ETFs and the potential challenges in altcoin ETF approvals during a recent Blockworks Macro episode.

Bloomberg Intelligence 分析師 James Seyffart 在最近的 Blockworks Macro 節目中討論了現貨比特幣 ETF 的巨大成功以及山寨幣 ETF 批准的潛在挑戰。

Here's a summary of his key points:

以下是他的要點摘要：

Bitcoin ETFs' Stellar Performance:

比特幣 ETF 的出色表現：

Seyffart highlighted that four Bitcoin ETFs are now ranked among the top 20 ETF launches of all time, with iShares' IBIT ETF leading the way. These ETFs attracted a staggering $37 billion in net inflows during their first year, surpassing initial projections of $15-$20 billion.

Seyffart 強調，目前有四隻比特幣 ETF 躋身有史以來推出的 20 隻 ETF 之列，其中 iShares 的 IBIT ETF 處於領先地位。這些 ETF 在第一年就吸引了驚人的 370 億美元淨流入，超過了 150-200 億美元的最初預測。

Moreover, he noted the promising launch of Bitcoin ETF options, which could pave the way for a robust ecosystem of derivative ETF products.

此外，他還指出比特幣 ETF 選擇權的推出很有前景，這可能為衍生 ETF 產品的強大生態系統鋪平道路。

Altcoin ETFs: 'When, Not If'

山寨幣 ETF：“何時，而不是如果”

While expressing optimism regarding altcoin ETF approvals under a more crypto-supportive administration, Seyffart cautioned that the process might encounter delays.

儘管 Seyffart 對在更支持加密貨幣的政府下批准山寨幣 ETF 表示樂觀，但他警告說，該過程可能會遇到延誤。

He emphasized that approval is a matter of "when, not if," but hurdles remain, especially for assets like Solana, which the SEC has previously identified as a security.

他強調，批准只是「何時而非是否」的問題，但障礙仍然存在，尤其是像 Solana 這樣的資產，SEC 先前已將其認定為證券。

Seyffart added that regulatory challenges, despite easing under new leadership, could still impact the timelines for altcoin ETFs.

Seyffart 補充說，儘管新領導層的監管挑戰有所緩解，但仍可能影響山寨幣 ETF 的時間表。

Challenges in Approval Process

審批過程中的挑戰

Seyffart suggested that while new leadership could accelerate approvals, a more realistic scenario involves a 240–260 day review period for applications.

Seyffart 表示，雖然新領導層可以加快審批速度，但更現實的情況是申請需要 240 至 260 天的審核期。

However, he remains optimistic about the future regulatory landscape for crypto products, anticipating fewer obstacles in 2023.

不過，他對加密產品的未來監管格局仍然持樂觀態度，預計 2023 年障礙將會減少。