比特幣 ETF 推動成長，20 萬美元的預測勢頭強勁

由於機構投資者需求不斷增長，美國比特幣 ETF 現貨持有總量目前已接近 1,100 億美元

The total United States-based spot Bitcoin ETF holdings now stand at nearly $110 billion, an all-time high accounting for more than 5.7% of the circulating supply, in an accumulation attributed to growing institutional investors’ demand.

美國現貨比特幣 ETF 持有量目前接近 1,100 億美元，創歷史新高，佔流通供應量的 5.7% 以上，這一累積歸因於機構投資者需求的增長。

The spot Bitcoin ETFs in the U.S. grew exponentially during 2024, when Bitcoin soared past the price of $100,000. As per Dune Analytics, the present ETFs require an additional $2.2 billion to touch the $110 billion mark.

2024 年，美國現貨比特幣 ETF 呈指數級增長，比特幣價格飆升至 10 萬美元以上。根據 Dune Analytics 的數據，現有 ETF 需要額外 22 億美元才能達到 1,100 億美元大關。

BlackRock, being the world’s largest asset manager, continues to lead the Bitcoin ETF market with its iShares Bitcoin Trust ETF. The fund currently holds more than 542,000 BTC, valued at $51.5 billion, which is 47.9% of the market share of U.S.-based Bitcoin ETFs. That makes BlackRock’s ETF the 34th largest in the world across both cryptocurrency and traditional finance markets, according to ETF Database.

作為全球最大的資產管理公司，貝萊德憑藉其 iShares 比特幣信託 ETF 繼續引領比特幣 ETF 市場。該基金目前持有超過54.2萬枚比特幣，價值515億美元，占美國比特幣ETF市佔率的47.9%。根據 ETF 資料庫的數據，這使得貝萊德的 ETF 在加密貨幣和傳統金融市場中名列全球第 34 位。

These ETFs have been instrumental in Bitcoin’s surge, especially at its peak of $100,000. For instance, U.S. spot ETFs accounted for about 75% of new Bitcoin investments that pushed the price past $50,000 by mid-February 2024.

這些 ETF 在比特幣的飆升中發揮了重要作用，尤其是在其 10 萬美元的高峰時。例如，美國現貨 ETF 約佔新比特幣投資的 75%，到 2024 年 2 月中旬，比特幣價格已突破 5 萬美元。

Some analysts are optimistic about its further growth, predicting as much as $200,000 in 2025. According to Ryan Lee, chief analyst at Bitget Research, BlackRock’s ETF will make access easier for institutional investors and thus catalyze wider adoption and significant price appreciation.

一些分析師對其進一步成長持樂觀態度，預計2025 年將達到20 萬美元。價格大幅升值。

“Long-term projections suggest sustained growth, with some forecasts placing Bitcoin’s value at $200,000 by 2025.”

“長期預測表明比特幣將持續增長，一些預測到 2025 年比特幣的價值將達到 20 萬美元。”

However, Lee also noted that while the $200,000 projection is plausible, it ultimately depends on regulatory clarity, market condition, and global economic trend.

不過，Lee 也指出，雖然 20 萬美元的預測是合理的，但它最終取決於監管的清晰度、市場狀況和全球經濟趨勢。

The current price is hovering around the psychological level of $100,000, with heavy resistance at $97,600 and $99,000. According to data provided by CoinGlass, a continuation above $99,000 may induce the liquidation of over $1 billion worth of leveraged short positions, which could allow for a more confident rally.

目前價格徘徊在10萬美元心理關卡附近，阻力位在97,600美元和99,000美元。根據 CoinGlass 提供的數據，如果價格持續高於 99,000 美元，可能會導致價值超過 10 億美元的槓桿空頭部位被清算，這可能會讓反彈更有信心。

While institutional investments in Bitcoin ETFs continue unabated, their impact on the cryptocurrency market has become increasingly evident. At the forefront of this institutional adoption is BlackRock’s massive entry into the Bitcoin ETF scene. With over $10 billion in ETF holdings, the asset management giant's involvement in the cryptocurrency space is now undeniable. As Bitcoin continues to gain mainstream acceptance, and with the ETF being a key channel for institutional participation, this development bodes well for the long-term trajectory of crypto in mainstream finance.

儘管機構對比特幣 ETF 的投資持續有增無減，但它們對加密貨幣市場的影響也越來越明顯。處於這一機構採用前沿的是貝萊德大規模進入比特幣 ETF 領域。憑藉超過 100 億美元的 ETF 持有量，這家資產管理巨頭對加密貨幣領域的參與現在是不可否認的。隨著比特幣繼續獲得主流接受，並且 ETF 成為機構參與的關鍵管道，這一發展預示著加密貨幣在主流金融領域的長期發展軌跡。

Whether Bitcoin will ultimately reach that ambitious $200,000 target in 2025 is anyone’s guess. Still, its trajectory does reflect the increasingly confident stances institutional players are taking on the cryptocurrency’s long-term potential.

比特幣最終是否會在 2025 年達到 20 萬美元的雄心勃勃的目標，誰也說不準。儘管如此，它的發展軌跡確實反映出機構參與者對加密貨幣的長期潛力越來越有信心。