比特幣 ETF 推動市場飆升，吸收大量 BTC 供應

比特幣交易所交易基金（ETF）在三個月內激增，在 SEC 批准現貨比特幣 ETF 以及灰階比特幣信託基金轉換為ETF。影響是巨大的，增加了大投資者的比特幣餘額，刺激了市場需求，並透過簡化比特幣投資吸引了機構和散戶投資者。

Bitcoin ETFs Absorb Significant Share of Supply, Fueling Market Surge

比特幣 ETF 吸收了大量供應，推動市場飆升

In a remarkable development that has sent ripples through the cryptocurrency market, Bitcoin (BTC) exchange-traded funds (ETFs) have rapidly garnered over 4% of the total BTC supply in less than three months. This surge follows the United States Securities and Exchange Commission's (SEC) approval of several spot Bitcoin ETFs and the transformation of the Grayscale Bitcoin Trust (GBTC) into an ETF.

比特幣 (BTC) 交易所交易基金 (ETF) 在不到三個月的時間內迅速獲得了 BTC 總供應量的 4% 以上，這一顯著發展在加密貨幣市場引發了連鎖反應。這一激增是在美國證券交易委員會 (SEC) 批准數個現貨比特幣 ETF 以及灰階比特幣信託 (GBTC) 轉型為 ETF 之後發生的。

The impact of these financial instruments on the market has been profound, leading to a significant increase in Bitcoin holdings among whale addresses holding at least 1,000 BTC. These whales have witnessed their balances soar to the highest levels since June 2022, with the total Bitcoin held by them rising by 220,000 BTC, an approximate value of $14.2 billion. Notably, 210,000 BTC of this increase can be attributed to net inflows into the ETFs.

這些金融工具對市場的影響是深遠的，導致持有至少 1,000 BTC 的鯨魚地址中的比特幣持有量大幅增加。這些鯨魚的餘額飆升至 2022 年 6 月以來的最高水平，他們持有的比特幣總量增加了 22 萬個 BTC，價值約 142 億美元。值得注意的是，其中 210,000 BTC 的成長可歸因於 ETF 的淨流入。

This influx has not only catapulted Bitcoin to new all-time highs but has also stimulated a broader demand for crypto-assets. As Lucas Outumuro, Head of Research at IntoTheBlock, succinctly puts it, these ETFs have significantly simplified the process of investing in Bitcoin, making it accessible to both institutional and retail investors by eliminating the complexities of centralized exchanges and private key management.

這種湧入不僅將比特幣推向歷史新高，而且刺激了對加密資產的更廣泛需求。正如 IntoTheBlock 研究主管 Lucas Outumuro 所言，這些 ETF 顯著簡化了比特幣投資流程，消除了中心化交易所和私鑰管理的複雜性，使機構投資者和散戶投資者都可以使用比特幣。

Amidst this market exuberance, a noticeable trend has emerged in the form of a resurgence in the demand for meme coins. Despite the prevalence of high-interest rates and the absence of stimulus checks, the appetite for meme coins has ascended to levels last witnessed in 2021.

在市場繁榮的背景下，出現了一個明顯的趨勢，即對模因幣的需求復甦。儘管高利率盛行且缺乏刺激措施，但人們對 meme 幣的需求已升至 2021 年的水平。

Consequently, the market capitalization of the meme coin category has nearly tripled in 2024, with Dogecoin, Shiba Inu, and other similar tokens experiencing substantial price increases. This meme coin fervor has also benefited from reduced transaction fees on networks like Solana, which has occasionally surpassed Ethereum in trading volumes.

因此，迷因幣類別的市值在 2024 年幾乎增加了兩倍，狗狗幣、柴犬和其他類似代幣的價格大幅上漲。這種迷因幣的狂熱也得益於 Solana 等網路交易費用的降低，該網路的交易量有時會超過以太坊。

The renewed popularity of meme coins on the Ethereum ecosystem is partially attributed to the successful implementation of the Dencun upgrade, which has drastically lowered gas fees, particularly on Coinbase's Base layer-2 network. This development has facilitated the migration of meme coin activity back to Ethereum, signaling a dynamic shift in the crypto landscape.

Meme 幣在以太坊生態系統上的重新流行部分歸功於 Dencun 升級的成功實施，該升級大大降低了 Gas 費用，特別是在 Coinbase 的 Base Layer-2 網路上。這一發展促進了模因幣活動遷移回以太坊，標誌著加密貨幣格局的動態轉變。

As the market enters a period of heightened optimism, traders are increasingly venturing into higher-risk assets, with meme coins emerging as a prime target. It remains to be seen whether this trend will continue or whether the market will revert to a more traditional focus on established cryptocurrencies. Nonetheless, the current surge in both Bitcoin ETFs and meme coins underscores the dynamic and ever-evolving nature of the cryptocurrency market.

隨著市場進入高度樂觀的時期，交易者越來越多地冒險進入高風險資產，其中模因幣成為主要目標。這種趨勢是否會持續下去，或者市場是否會恢復到對現有加密貨幣的更傳統的關注，還有待觀察。儘管如此，當前比特幣 ETF 和 Meme 幣的激增凸顯了加密貨幣市場的動態和不斷發展的本質。