比特幣現貨 ETF 成立一週年，iShares 比特幣信託 ETF (IBIT) 成為明顯的市場領導者

2025 年 1 月 11 日是美國現貨比特幣 [BTC] ETF 一週年紀念日。這項突破性的發展徹底改變了加密貨幣格局和傳統金融。

The first anniversary of U.S. Spot Bitcoin [BTC] ETFs was marked on 11 January 2025, a groundbreaking development that revolutionized both the cryptocurrency landscape and traditional finance.

2025 年 1 月 11 日是美國現貨比特幣 [BTC] ETF 一週年紀念日，這是一項突破性的發展，徹底改變了加密貨幣格局和傳統金融。

Approved by the U.S. Securities and Exchange Commission (SEC) on 10 January 2024, these ETFs quickly became a dominant force, accounting for the entirety of the $44.2 billion in global crypto investment inflows by the end of 2024.

這些 ETF 於 2024 年 1 月 10 日獲得美國證券交易委員會 (SEC) 批准，迅速成為主導力量，截至 2024 年底，全球加密貨幣投資流入總額達 442 億美元。

Bitcoin ETFs’ 1-year performance recap

比特幣 ETF 的一年業績回顧

Early market leaders like BlackRock, Fidelity, and Grayscale set the pace. Notably, Grayscale gained an edge due to its seamless conversion of an existing product into an ETF, debuting with a significant $29 billion in assets under management.

貝萊德 (BlackRock)、富達 (Fidelity) 和灰階 (Grayscale) 等早期市場領導者引領了步伐。值得注意的是，Grayscale 因其將現有產品無縫轉換為 ETF 而獲得了優勢，首次推出時管理的資產規模高達 290 億美元。

Moreover, the debut year of Spot Bitcoin ETFs was marked by staggering trading activity. According to The Block’s Data Dashboard, cumulative volumes surpassed $38 billion in their first month alone. By the six-month mark, trading volumes had surged to approximately $323 billion, eventually exceeding an impressive $660 billion by year-end.

此外，比特幣現貨 ETF 推出的第一年交易活動非常活躍。根據 The Block 的數據儀表板，光是第一個月的累積交易量就超過了 380 億美元。到六個月大關時，交易量已飆升至約 3,230 億美元，最終在年底超過了令人印象深刻的 6,600 億美元。

Among these ETFs, BlackRock’s iShares Bitcoin Trust ETF (IBIT) stood out as a record-breaker, amassing $61 billion in assets under management (AUM) within a year. This feat outpaced its Gold ETF, which took two decades to achieve $33 billion in AUM.

在這些 ETF 中，貝萊德的 iShares 比特幣信託 ETF (IBIT) 打破了紀錄，一年內管理資產 (AUM) 達到 610 億美元。這項壯舉超過了其黃金 ETF，後者花了 20 年的時間才達到了 330 億美元的資產管理規模。

Analyst weighs in on IBIT’s success

分析師對 IBIT 的成功發表看法

Remarking on the same, Bloomberg ETF analyst James Seyffart said,

彭博 ETF 分析師 James Seyffart 對此表示：

“IBIT’s growth is unprecedented. It’s the fastest ETF to reach most milestones, faster than any other ETF in any asset class.”

「IBIT 的成長是前所未有的。它是實現大多數里程碑最快的 ETF，比任何資產類別中的任何其他 ETF 都要快。

However, the dominance of IBIT extended beyond spot trading. It even made waves in the Options market, as noted by Greg Magadini, Director of Derivatives at Amberdata.

然而，IBIT 的主導地位超出了現貨交易範圍。正如 Amberdata 衍生性商品總監 Greg Magadini 所指出的那樣，它甚至在選擇市場上掀起了波瀾。

With $37 billion in inflows, IBIT captured a staggering 83% of all U.S. crypto ETF inflows in 2024, solidifying its position as the market leader.

IBIT 的流入量為 370 億美元，佔 2024 年美國加密 ETF 流入總量的 83%，鞏固了其市場領導者的地位。

However, this overwhelming success has raised concerns about the viability of smaller Bitcoin ETFs. They now face increasing pressure to differentiate themselves in a market heavily skewed toward IBIT’s popularity.

然而，這種壓倒性的成功引發了人們對小型比特幣 ETF 可行性的擔憂。他們現在面臨越來越大的壓力，需要在高度重視 IBIT 受歡迎程度的市場中脫穎而出。

Talking to a publication, Bitwise Chief Investment Officer Matt Hougan noted,

Bitwise 首席投資長 Matt Hougan 在接受媒體採訪時指出，

“Some are bigger, and some are smaller, and there are often one or two really large ETFs. But there is no market where one ETF gathers 100% of the assets, and in markets that attract tens of billions in assets, there are consistently multiple very successful ETFs.”

「有些規模較大，有些規模較小，通常有一、兩個規模很大的 ETF。但不存在一隻ETF聚集100%資產的市場，而在吸引數百億資產的市場中，始終存在多隻非常成功的ETF。

Factors responsible for BTC ETF success

BTC ETF 成功的因素

The success of Spot Bitcoin ETFs stems from factors like Bitcoin’s price growth, sustained investor demand, April’s fourth halving, and concerns over rising U.S debt, according to Hougan.

Hougan 表示，現貨比特幣 ETF 的成功源自於比特幣價格上漲、持續的投資者需求、四月第四次減半以及對美國債務上升的擔憂等因素。

In fact, despite $149.4 million in outflows on the last trading day, analysts are unfazed, shifting focus to a potential Bitcoin supply shock driven by surging demand for these ETFs.

事實上，儘管最後一個交易日資金流出達 1.494 億美元，但分析師並不擔心，他們將注意力轉向因這些 ETF 需求激增而引發的潛在比特幣供應衝擊。

Meanwhile, Ethereum [ETH] ETFs are gaining traction too, closing 2024 with $35 billion in inflows despite $68.5 million in outflows on the last trading day. This resilience is a sign of growing confidence in Ethereum’s long-term potential.

與此同時，以太坊 [ETH] ETF 也受到了關注，儘管最後一個交易日流出了 6,850 萬美元，但截至 2024 年，仍有 350 億美元的資金流入。這種彈性顯示人們對以太坊的長期潛力信心增強。

Ergo, analysts predict that if trends persist, 2025 could be pivotal for Ethereum ETFs, positioning them to rival Bitcoin ETFs while reshaping the crypto investment landscape.

因此，分析師預測，如果趨勢持續下去，2025 年可能對以太幣 ETF 至關重要，使其能夠與比特幣 ETF 競爭，同時重塑加密貨幣投資格局。