比特幣 ETF 很受歡迎。以太幣和其他山寨幣會是下一個嗎？

日常投資者紛紛湧入一類 12 種名為現貨比特幣 ETF 的新基金，這些基金使他們能夠像購買股票一樣輕鬆地在經紀帳戶中購買比特幣。

Bitcoin prices have soared more than 40% since Election Day on hopes that a second Trump administration will usher in a golden age for digital currencies.

自選舉日以來，由於人們希望川普第二屆政府將迎來數位貨幣的黃金時代，比特幣價格已飆升超過 40%。

Everyday investors have piled into a class of 12 new funds known as spot bitcoin ETFs that allow them to purchase bitcoin in their brokerage accounts as easily as stocks. The funds have attracted $36 billion of new money since their launch, while assets have swelled to about $116 billion, thanks to the monster rally in prices.

日常投資者紛紛湧入一類 12 種名為現貨比特幣 ETF 的新基金，這些基金使他們能夠像購買股票一樣輕鬆地在經紀帳戶中購買比特幣。自推出以來，這些基金已吸引了 360 億美元的新資金，而由於價格的大幅上漲，資產已膨脹至約 1,160 億美元。

Investors and analysts say the success of the ETFs has played a crucial role in fueling bitcoin’s run. Collectively, the 12 funds own more than one million bitcoins, making them the largest collective holder of the cryptocurrency in the world, according to data compiled by Bloomberg Intelligence analyst Eric Balchunas.

投資者和分析師表示，ETF 的成功在推動比特幣上漲方面發揮了至關重要的作用。根據 Bloomberg Intelligence 分析師 Eric Balchunas 彙編的數據，這 12 家基金總共擁有超過 100 萬比特幣，使它們成為世界上最大的加密貨幣集體持有者。

“Our estimates were blown away, and we were on the more optimistic side,” Balchunas said.

巴爾丘納斯說：“我們的預測超出了預期，我們的態度更加樂觀。”

The resurgence of bitcoin and the wild success of the ETFs appeared improbable just two years ago, when the implosion of Sam Bankman-Fried’s FTX exchange drove the cryptocurrency’s price below $16,000. Bitcoin skeptics argue its short history has been dotted with furious rallies and spectacular crashes, and it has no place in the portfolios of mainstream investors.

就在兩年前，當 Sam Bankman-Fried 的 FTX 交易所崩潰導致加密貨幣價格跌破 16,000 美元時，比特幣的復甦和 ETF 的巨大成功似乎還不太可能。比特幣懷疑論者認為，其短暫的歷史充滿了劇烈的上漲和驚人的崩盤，並且它在主流投資者的投資組合中沒有一席之地。

BlackRock and Fidelity have emerged as early winners of the bitcoin ETF race. With $56 billion in assets, the iShares Bitcoin Trust is the world’s largest bitcoin fund and the most successful ETF launch in history based on inflows. At Fidelity, the Wise Origin Bitcoin ETF has swelled to become the company’s largest ETF with $21 billion in assets.

貝萊德 (BlackRock) 和富達 (Fidelity) 已成為比特幣 ETF 競賽的早期贏家。 iShares Bitcoin Trust 擁有 560 億美元的資產，是全球最大的比特幣基金，也是歷史上基於資金流入最成功的 ETF 發行機構。在 Fidelity，Wise Origin 比特幣 ETF 已發展成為該公司最大的 ETF，資產規模達 210 億美元。

Hoping to seize on the momentum, asset managers are jockeying to put smaller and riskier tokens into ETFs.

為了抓住這一勢頭，資產管理公司正在競相將規模較小、風險較高的代幣放入 ETF。

VanEck, Bitwise Asset Management and 21Shares have filed applications to launch ETFs that would hold tokens including solana and Ripple Labs’ XRP. Canary Capital, a three-month-old firm, has filed to launch funds that would hold even more niche tokens such as litecoin and hedera. And Grayscale Investments is hoping to convert its multitoken fund, which holds bitcoin, ether, solana, XRP and Avalanche blockchain’s AVAX token, into an ETF.

VanEck、Bitwise Asset Management 和 21Shares 已提交申請，推出持有 solana 和 Ripple Labs 的 XRP 等代幣的 ETF。 Canary Capital 是一家成立僅三個月的公司，已申請推出持有萊特幣和 hedera 等更多利基代幣的基金。 Grayscale Investments 希望將其持有比特幣、以太幣、solana、XRP 和 Avalanche 區塊鏈的 AVAX 代幣的多代幣基金轉換為 ETF。

Those asset managers face an uphill battle. ETFs holding ether—the second-largest cryptocurrency—are already on the market and have drawn tepid interest from investors. The nine existing funds have recorded just $2.5 billion in net inflows since their July debut.

這些資產管理公司面臨一場艱苦的戰鬥。持有以太幣（第二大加密貨幣）的 ETF 已經上市，並引起了投資者不溫不火的興趣。自 7 月推出以來，這 9 檔現有基金的淨流入僅為 25 億美元。

Smaller tokens have faced scrutiny from the Securities and Exchange Commission under Chair Gary Gensler. His office labeled dozens of cryptocurrencies, including solana and XRP, as unregistered securities that have been sold illegally to the public. Gensler intends to resign when Trump takes office.

較小的代幣面臨著由主席加里·詹斯勒 (Gary Gensler) 領導的美國證券交易委員會 (Securities and Exchange Commission) 的審查。他的辦公室將包括 solana 和 XRP 在內的數十種加密貨幣標記為非法向公眾出售的未註冊證券。詹斯勒打算在川普上任後辭職。

The SEC recently rejected filings from stock exchanges to list solana ETFs on behalf of several asset managers, according to people familiar with the matter.

知情人士透露，美國證券交易委員會 (SEC) 最近拒絕了證券交易所代表多家資產管理公司提交的 solana ETF 上市申請。

Bitcoin bulls suggest the Trump administration might be friendlier. The president-elect has nominated Paul Atkins, a crypto consultant who has questioned the SEC’s approach to the industry, as the agency’s next chair.

比特幣多頭表明川普政府可能會更加友善。當選總統提名保羅·阿特金斯 (Paul Atkins) 為該機構的下一任主席，他是一位加密貨幣顧問，曾對 SEC 對該行業的態度提出質疑。

“ETF issuers are going to get aggressive,” said Nate Geraci, president of ETF Store, an investment-advisory firm. “It would not surprise me to see more asset managers filing for all kinds of alt-coin ETFs. There’s really limited downside to throwing their hat in the ring early here.”

投資顧問公司 ETF Store 總裁 Nate Geraci 表示：“ETF 發行人將變得更加激進。” 「看到更多的資產管理公司申請各種山寨幣 ETF，我不會感到驚訝。儘早參加比賽的壞處確實有限。

Even if regulators approve their launch, analysts question whether demand exists for such products.

即使監管機構批准其推出，分析師也會質疑此類產品是否有需求。

“I think advisers look at bitcoin as this potential store of value, risk asset and digital gold,” said Grant Engelbart, an investment strategist at Carson Group. “It’s more difficult to understand ether and the underlying value that it provides. I don’t think too many advisers know about solana and some of these other cryptocurrencies.”

卡森集團投資策略師格蘭特·恩格爾巴特表示：“我認為顧問將比特幣視為潛在的價值儲存手段、風險資產和數位黃金。” 「理解以太幣及其提供的潛在價值更加困難。我認為沒有太多顧問了解 solana 和其他一些加密貨幣。

Mike Akins, founder of ETF Action, an investment analytics platform, said he strongly disagrees with the idea that simply because the largest asset managers are building products around bitcoin, that somehow makes it a good investment.

投資分析平台ETF Action 的創始人 Mike Akins 表示，他強烈不同意這樣一種觀點，即僅僅因為最大的資產管理公司正在圍繞比特幣開發產品，就在某種程度上使其成為一項良好的投資。

“Asset managers’ jobs are to build products where there is demand from their clients so they can charge fees on it,” said Akins, a veteran in the ETF industry. “Let us not forget they also had no problem packaging up subprime mortgages and delivering them to their clients.”

「資產經理的工作是根據客戶的需求開發產品，以便他們可以收取費用，」ETF 行業資深人士阿金斯表示。 “我們不要忘記，他們在打包次級抵押貸款並將其交付給客戶方面也沒有任何問題。”