Bitcoin Suisse 2025 年展望：加密貨幣多頭市場將持續，以太坊質押 ETF 可能跑贏比特幣

加密金融服務供應商 Bitcoin Suisse 表示，加密貨幣牛市將在 2025 年持續，並預計以太坊將質押交易所交易基金

Bitcoin Suisse, a crypto finance service provider, has shared its outlook for the next year in a new report. The report includes key projections for 2025, such as the U.S. adopting a Bitcoin (BTC) strategic reserve, BTC trading to an all-time high above $180'000, and financial giants unveiling institutional rollups on Ethereum (ETH).

加密金融服務供應商 Bitcoin Suisse 在一份新報告中分享了明年的展望。該報告包括 2025 年的重要預測，例如美國採用比特幣 (BTC) 戰略儲備、比特幣交易價格達到 18 萬美元以上的歷史新高，以及金融巨頭在以太坊 (ETH) 上推出機構匯總。

One of the biggest projections in the report is that Ethereum-staking exchange-traded funds (ETFs) could surpass Bitcoin ETFs.

報告中最大的預測之一是以太坊交易所交易基金（ETF）可能會超過比特幣 ETF。

“While Bitcoin ETFs shattered records with $32B in net flows and IBIT now approaching $50B in AUM in just 225 trading days, we project a structural shift of flows into ETH ETFs in the post-election environment.”

「雖然比特幣ETF 在短短225 個交易日內以32B 美元的淨流量打破了記錄，而IBIT 目前的資產管理規模已接近50B 美元，但我們預計在選舉後的環境中，流入ETH ETF 的資金將出現結構性轉變。

Bitcoin Suisse points to key fundamentals for its Ethereum ETFs 2025 prediction. One of these is the risk-reward proposition Ether ETFs offer as institutional demand surges.

Bitcoin Suisse 指出了其以太坊 ETF 2025 年預測的關鍵基本面。其中之一是隨著機構需求激增，以太坊 ETF 提供的風險回報主張。

An example of this is the flip in capital flows that occurred in November, which saw Ethereum ETFs outpacing Bitcoin ETFs in daily flows – $332.9 million for ETH compared to $320 million for BTC.

一個例子是 11 月發生的資本流動逆轉，以太坊 ETF 的日流量超過了比特幣 ETF——ETH 為 3.329 億美元，而 BTC 為 3.2 億美元。

Institutions showed a preference for Ether ETFs despite their lower liquidity and higher premiums, which ranged between 0.7% and 1.2% for ETH compared to 0.2% to 0.4% for BTC. This is due to the fact that ETH ETFs offer a better risk-reward proposition with premiums relative to the underlying institutional demand.

儘管以太坊 ETF 的流動性較低且溢價較高，但機構仍偏好以太坊 ETF，其中 ETH 的溢價介於 0.7% 至 1.2% 之間，而 BTC 的溢價介於 0.2% 至 0.4% 之間。這是因為 ETH ETF 提供了更好的風險回報主張，並且相對於潛在的機構需求而言具有溢價。

According to the report, another factor that could contribute to the outperformance of Ethereum ETFs is the regulatory headwinds that have surrounded staking yields. These yields are expected to be approved for inclusion in ETFs under the new Trump administration, which could unlock a 3-4% yield. This is particularly compelling to institutional allocators, especially in a declining rate environment.

該報告稱，另一個可能導致以太坊 ETF 表現優異的因素是圍繞質押收益率的監管阻力。川普新政府預計這些收益率將被批准納入 ETF，這可能會帶來 3-4% 的收益率。這對於機構配置者來說尤其具有吸引力，尤其是在利率下降的環境中。

“We project that staking yields will disproportionately benefit Ethereum and emerge as the primary catalyst for sustained constructive flows into ETH ETFs.”

“我們預計，質押收益將使以太坊受益匪淺，並成為 ETH ETF 持續建設性資金流入的主要催化劑。”

The report also projects the approval of new crypto ETFs, with Solana (SOL) and XRP (XRP) leading the race, having seen multiple issuers file applications with the U.S. Securities and Exchange Commission (SEC) to launch the products.

該報告還預計新的加密 ETF 將會獲得批准，其中 Solana (SOL) 和 XRP (XRP) 處於領先地位，多家發行人向美國證券交易委員會 (SEC) 提交了推出這些產品的申請。