Xapo 的 Wences Casares 認為，由於現貨 BTC ETF，比特幣在 2024 年迷失了方向

美國上市的現貨比特幣交易所交易基金(ETF) 本月稍早連續出現大量資金流入，但在聖誕節前幾天，這些基金開始失去動力，並在聖誕夜遭遇了15 億美元的資金流出。

U.S.-listed spot Bitcoin exchange-traded funds (ETFs) lost steam a few days before Christmas, suffering outflows of $1.5 billion through Christmas Eve.

美國上市的現貨比特幣交易所交易基金 (ETF) 在聖誕節前幾天失去動力，平安夜期間資金流出 15 億美元。

Data from Farside Investors showed that from Dec. 19 through Dec. 24, U.S. spot BTC ETFs saw $1.512 billion in outflows, led by Fidelity’s FBTC and Grayscale’s BTC.

Farside Investors的數據顯示，從12月19日到12月24日，美國現貨BTC ETF流出了15.12億美元，其中以Fidelity的FBTC和Grayscale的BTC為首。

The outflows were recorded even as Bitcoin and several major altcoins saw some gains on Christmas Eve, triggered by hopes from the crypto community that the world’s largest cryptocurrency by market capitalization will climb before the new year.

儘管比特幣和幾種主要山寨幣在聖誕夜出現了一些上漲，但由於加密社群希望全球市值最大的加密貨幣將在新年之前攀升，引發了資金流出。

The Year of Institutional Bitcoin Through Spot $BTC ETFs

透過現貨 BTC ETF 實現機構比特幣之年

Even as Bitcoin ETFs are flowing outwards post-Christmas, the funds have had a mostly wonderful year, seeing outflows here and there, but most of the time reaping gains in what could be the biggest story of crypto in 2024.

儘管比特幣 ETF 在聖誕節後開始流出，但這些基金度過了非常美好的一年，到處都有資金流出，但大多數時候都在收穫收益，這可能是 2024 年加密貨幣領域最大的故事。

Stack Holder, a prominent figure in the crypto space, said Wednesday that "2024 was year one of institutional Bitcoin." This year triggered an influx in institutional interest in crypto, but it wouldn't have been achieved without the approval of spot BTC ETFs.

加密貨幣領域的知名人物 Stack Holder 週三表示，「2024 年是機構比特幣的元年」。今年引發了代理商對加密貨幣的興趣湧入，但如果沒有現貨 BTC ETF 的批准，這一目標就不會實現。

2024 was year one of institutional Bitcoin

2024 年是機構比特幣元年

The year that Bitcoin truly established itself as a must-own asset

比特幣真正成為必須擁有的資產的一年

But 2025 will take things to a new level

但 2025 年將會把事情提升到一個新的水平

The ETFs are the superhighway that allow trillions of dollars of capital to flow into Bitcoin

ETF是允許數兆美元資金流入比特幣的高速公路

But the greatest ETF launch… https://t.co/VooQHNkJPx

但最偉大的 ETF 推出...... https://t.co/VooQHNkJPx

Some industry observers and experts are already expecting things to accelerate in 2025, especially with the entry of a new administration that has presented itself as pro-crypto and pro-innovation.

一些產業觀察家和專家已經預計 2025 年事情將會加速，特別是隨著新政府的上台，該政府自稱支持加密貨幣和支持創新。

Did Bitcoin Lose Its Way Due to Spot $BTC ETFs?

比特幣是否因為現貨 BTC ETF 而失去了方向？

While many investors in Bitcoin ETFs are hopeful that the outflow streak will end soon and inflow streaks will drag longer in the coming year, there is concern about whether the funds actually led to centralization – the ultimate taboo in Bitcoin's core narrative.

儘管比特幣ETF 的許多投資者都希望資金連續流出將很快結束，並且資金流入將在未來一年持續更長時間，但人們擔心這些資金是否真的導致了中心化——這是比特幣核心敘述中的終極禁忌。

Commenting about the entry of institutions into the Bitcoin space, one crypto user on X said that BTC will only surge further as more traditional financial firms jump into the market as driven by interest in spot BTC ETFs, the digital currency's core has been corrupted.

當評論機構進入比特幣領域時，X 上的一位加密貨幣用戶表示，隨著更多傳統金融公司在現貨BTC ETF 興趣的推動下進入市場，比特幣只會進一步飆升，數位貨幣的核心已經被破壞。

"You're not wrong but Bitcoin lost its original narrative! And now is becoming more and more centralized!" the user argued.

“你沒有錯，但比特幣失去了原來的敘述！現在變得越來越中心化！”用戶爭辯道。

The BTC whitepaper made it clear that the world’s first crypto asset should be decentralized, meaning control is distributed across different teams or divisions instead of a focal power.

BTC 白皮書明確表示，世界上第一個加密資產應該是去中心化的，這意味著控制權分佈在不同的團隊或部門，而不是集中權力。

However, it has also become clear since the entry of spot BTC ETFs that huge institutions have become more involved in the coin, including ETF issuers BlackRock and MicroStrategy, the world's largest corporate holder of Bitcoin.

然而，自從現貨 BTC ETF 進入以來，大型機構已經越來越多地參與比特幣交易，其中包括 ETF 發行人貝萊德 (BlackRock) 和全球最大的比特幣企業持有者 MicroStrategy。

Martin Hisboeck, head of research at the Uphold exchange, previously said that the approval of ETFs made Bitcoin "just another asset in the army of financial planners wishing to improve their Sharpe ratio," which compared returns and risks in an investment.

Uphold 交易所研究主管 Martin Hisboeck 先前表示，ETF 的批准使比特幣“成為希望提高夏普比率的財務規劃者大軍中的另一種資產”，夏普比率用於比較投資的回報和風險。

Bitcoin, meanwhile, is still down significantly from its all-time high above $108,000 before the holidays. As of early Thursday, the coin is trading in the $98,000 lows and has had a very volatile price movement in recent days.

與此同時，比特幣仍較假期前 108,000 美元以上的歷史高點大幅下跌。截至週四早些時候，該代幣的交易價格為 98,000 美元低點，並且最近幾天的價格走勢非常波動。