比特幣 ETP 點燃了 2024 年，但這股火焰會燃燒多久？

隨著現貨交易所交易產品 (ETP) 的推出，比特幣 BTC/USD 在 2024 年開闢了新天地。摩根大通分析師肯尼斯·B·沃辛頓 (Kenneth B. Worthington) 表示

The launch of spot exchange-traded products (ETPs) for Bitcoin (BTC) in 2024 had a transformative impact on the crypto market, leading to institutional adoption and market expansion.

2024 年比特幣 (BTC) 現貨交易所交易產品 (ETP) 的推出對加密市場產生了變革性影響，導致機構採用和市場擴張。

According to JPMorgan analyst Kenneth B. Worthington, in a year that saw the total market cap for crypto nearly double, ETPs played a crucial role in boosting accessibility and lending legitimacy to digital assets.

摩根大通分析師 Kenneth B. Worthington 表示，在加密貨幣總市值幾乎翻倍的一年中，ETP 在提高數位資產的可及性和賦予其合法性方面發揮了至關重要的作用。

"The institutional interest in crypto was palpable in 2024, and ETPs served as a gateway for traditional finance to enter the crypto arena," Worthington said.

Worthington 表示：“到 2024 年，機構對加密貨幣的興趣顯而易見，ETP 成為傳統金融進入加密貨幣領域的門戶。”

The entry of crypto ETPs into the scene saw hedge funds, pension managers, and wealth advisors flocking to Bitcoin ETPs, driving up market confidence and highlighting the merging of TradFi and crypto.

加密貨幣 ETP 的進入讓對沖基金、退休金經理和財富顧問紛紛湧向比特幣 ETP，提振了市場信心，並凸顯了 TradFi 和加密貨幣的融合。

With an impressive flow of around $36 billion in net new assets into Bitcoin ETPs in just a year, the IBIT from BlackRock (NYSE:BLK) led the pack, generating an incredible $38 billion in net sales.

僅僅一年之內就有約360 億美元的淨新資產流入比特幣ETP，貝萊德(BlackRock)（NYSE：BLK）的IBIT 處於領先地位，創造了令人難以置信的380億美元的淨銷售額。

On the other hand, Grayscale had a bumpier ride, shedding $22 billion after converting its Bitcoin Trust into an ETP. However, its new retail-friendly BTC vehicle managed to attract around $900 million.

另一方面，Grayscale 則經歷了一段坎坷的旅程，在將其比特幣信託轉換為 ETP 後，損失了 220 億美元。然而，其新的零售友善 BTC 工具成功吸引了約 9 億美元。

The entry of crypto ETPs in 2024 had a significant impact on the financial landscape, with a few key players reaping the rewards of this merging landscape.

2024 年加密貨幣 ETP 的進入對金融格局產生了重大影響，一些關鍵參與者從這種合併格局中獲得了回報。

"BlackRock, Coinbase, and Virtu emerged as the clear winners, reaping the benefits of a crypto renaissance," Worthington added.

沃辛頓補充說：“貝萊德、Coinbase 和 Virtu 成為明顯的贏家，從加密貨幣復興中獲益。”

Among them, BlackRock saw an estimated $54 million revenue boost, thanks to its iShares lineup of Bitcoin ETPs. At the same time, Coinbase (NASDAQ:COIN) thrived as a custodian and trading partner, riding high on increased token volumes.

其中，由於 iShares 比特幣 ETP 系列，貝萊德 (BlackRock) 的營收預計成長了 5,400 萬美元。同時，Coinbase（納斯達克股票代碼：COIN）作為託管人和貿易夥伴，憑藉代幣交易量的增加而蓬勃發展。

Meanwhile, Virtu (NASDAQ:VIRT) capitalized on its role as a market maker across all 11 Bitcoin ETPs, a strategy that paid off handsomely.

同時，Virtu（納斯達克股票代碼：VIRT）利用其作為所有 11 個比特幣 ETP 的做市商的角色，這一策略獲得了豐厚的回報。

"As we look ahead to 2025, the future of crypto ETPs will be largely determined by regulatory dynamics," Worthington said.

沃辛頓表示：“展望 2025 年，加密貨幣 ETP 的未來將在很大程度上取決於監管動態。”

While new products, such as those featuring tokens like Solana (SOL) and Ripple (XRP), await SEC approval, the analyst anticipates that investor demand may be tepid.

儘管新產品（例如 Solana (SOL) 和 Ripple (XRP) 等代幣）正在等待 SEC 批准，但分析師預計投資者需求可能不溫不火。

"The next wave of crypto ETPs might be less about introducing new assets and more about refining the crypto infrastructure itself," he concluded.

他總結道：“下一波加密 ETP 可能不再是引入新資產，而是更多地關注完善加密基礎設施本身。”