隨著 2025 年交易的開始，比特幣和以太坊 ETF 的流量呈現對比

2025 年的第一個交易週揭示了比特幣和以太坊 ETF 的顯著趨勢，其特點是兩種最大的加密貨幣出現大量資金流出和表現分化。

Cryptocurrency exchange-traded funds (ETFs) saw contrasting fortunes in the first trading week of 2025, with Bitcoin attracting inflows while Ethereum faced outflows.

加密貨幣交易所交易基金 (ETF) 在 2025 年第一個交易週的命運形成鮮明對比，比特幣吸引資金流入，而以太坊則面臨資金流出。

According to data from Spot On Chain, Bitcoin ETFs saw inflows of $256 million from December 30, 2024, to January 3, 2025.

根據 Spot On Chain 的數據，從 2024 年 12 月 30 日到 2025 年 1 月 3 日，比特幣 ETF 流入了 2.56 億美元。

In contrast, Ethereum ETFs recorded a net outflow of $38.1 million during the same period.

相比之下，以太幣 ETF 同期淨流出 3,810 萬美元。

Among the Bitcoin ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) saw the largest outflows, with a record-breaking $332.6 million exiting the fund on January 2.

在比特幣 ETF 中，貝萊德 (BlackRock) 的 iShares Bitcoin Trust (IBIT) 的資金流出量最大，1 月 2 日流出該基金的資金達創紀錄的 3.326 億美元。

This brings the total outflows from IBIT to over $900 million in the past three weeks.

這使得過去三週 IBIT 的總流出量超過 9 億美元。

Despite the outflows, BlackRock remains the largest holder of Bitcoin through its IBIT fund, with approximately 548,505 BTC, valued at $52.81 billion.

儘管出現資金外流，貝萊德仍是透過其 IBIT 基金持有比特幣的最大持有者，持有約 548,505 枚比特幣，價值 528.1 億美元。

In 2024, BlackRock’s Bitcoin ETFs received a total of $37.2 billion in inflows, indicating strong interest earlier in the year.

2024 年，貝萊德的比特幣 ETF 總共收到 372 億美元的資金流入，顯示今年稍早的濃厚興趣。

Turning to Ethereum, the seven-week streak of inflows into ETH ETFs was snapped with a net outflow of $38.1 million during the week.

轉向以太坊，ETH ETF 連續七週的資金流入被終止，本週淨流出 3810 萬美元。

Within the fund lineup, Grayscale’s Ethereum Trust (ETHE) and Bitwise’s Ethereum ETF (ETHW) saw sizable outflows of $21.4 million and $56.1 million, respectively.

在基金陣容中，Grayscale 的以太坊信託 (ETHE) 和 Bitwise 的以太坊 ETF (ETHW) 分別出現了 2,140 萬美元和 5,610 萬美元的大規模資金流出。

BlackRock’s Ethereum ETF (ETHA), which saw inflows of $3.53 billion in 2024, had no activity during the first trading days of 2025.

貝萊德的以太坊 ETF (ETHA) 在 2024 年流入了 35.3 億美元，但在 2025 年的第一個交易日沒有任何活動。

Currently, BlackRock holds approximately 1,071,415 ETH, valued at $3.68 billion, making it the largest institutional holder of Ethereum.

目前，貝萊德持有約 1,071,415 枚 ETH，價值 36.8 億美元，是以太坊最大的機構持有者。

The contrasting flows in Bitcoin and Ethereum ETFs point to diverging investor sentiment at the start of the year.

比特幣和以太坊 ETF 的流量差異表明，年初投資者情緒出現分歧。

Bitcoin’s strong inflows of $256 million during the week suggest continued confidence in the asset as a store of value, even amid significant outflows from BlackRock’s IBIT.

比特幣本週強勁流入 2.56 億美元，顯示即使在貝萊德 IBIT 大量資金流出的情況下，人們仍然對該資產作為價值儲存手段抱有信心。

Institutional investors may be reallocating funds across various ETFs, balancing short-term volatility with long-term potential.

機構投資者可能會在各種 ETF 之間重新分配資金，平衡短期波動性與長期潛力。

On the other hand, Ethereum’s weekly outflow signals a cooling of enthusiasm, possibly due to macroeconomic factors or a shift in sentiment following the strong performance in late 2024.

另一方面，以太坊每週的資金流出標誌著熱情的降溫，這可能是由於宏觀經濟因素或繼 2024 年末強勁表現後情緒的轉變。

The reversal comes after a six-week streak in Ethereum ETF inflows, raising questions about the sustainability of investor interest in Ethereum-based products.

這一逆轉發生在以太坊 ETF 資金連續六週流入之後，引發了人們對投資者對基於以太坊的產品興趣的可持續性的質疑。

Despite the recent outflows, BlackRock continues to dominate the cryptocurrency ETF space with a combined holding of $56.49 billion in Bitcoin and Ethereum.

儘管最近出現資金流出，貝萊德仍在加密貨幣 ETF 領域佔據主導地位，其持有的比特幣和以太坊總價值達 564.9 億美元。

The asset manager remains a key player in shaping institutional adoption of digital assets.

資產管理公司仍然是影響數位資產機構採用的關鍵參與者。

The record-breaking outflows, however, underscore the volatility and evolving dynamics of the cryptocurrency market.

然而，創紀錄的資金流出凸顯了加密貨幣市場的波動性和不斷變化的動態。

As 2025 unfolds, the performance of Bitcoin and Ethereum ETFs will be closely monitored by market participants.

隨著 2025 年的到來，比特幣和以太坊 ETF 的表現將受到市場參與者的密切關注。

Bitcoin’s ability to attract inflows despite significant outflows from BlackRock highlights its resilience and enduring appeal among institutional investors.

儘管貝萊德資金大量流出，但比特幣仍能吸引資金流入，突顯了其韌性和對機構投資者的持久吸引力。

Conversely, Ethereum faces challenges in maintaining momentum, with the first weekly outflow in six weeks signaling potential headwinds.

相反，以太坊在保持勢頭方面面臨挑戰，六週以來首次每週資金流出預示著潛在的阻力。

The contrasting trends reflect the dynamic nature of the cryptocurrency market and the growing role of ETFs in shaping investment strategies.

對比鮮明的趨勢反映了加密貨幣市場的動態性質以及 ETF 在製定投資策略方面日益重要的作用。

As institutional and retail investors navigate these shifts, the trajectory of Bitcoin and Ethereum ETFs will serve as a barometer for broader market sentiment and adoption trends.

隨著機構和散戶投資者應對這些轉變，比特幣和以太坊 ETF 的走勢將成為更廣泛的市場情緒和採用趨勢的晴雨表。