貝萊德的 IBIT ETF 引領比特幣 ETF 競賽，吸引機構投資者

貝萊德 (BlackRock) 的 IBIT 比特幣 ETF 受到了 30 家基金經理人的大力投資。機構興趣的湧入凸顯了傳統金融機構對數位資產日益增長的興趣。儘管美國市場上大多數比特幣 ETF 的資金流入為零，但貝萊德的 IBIT ETF 週一錄得 7,340 萬美元的資金流入，凸顯了其在比特幣 ETF 競賽中的強勢地位。

BlackRock's IBIT ETF Surges to the Forefront of the Bitcoin ETF Race, Attracting Institutional Investors

貝萊德的 IBIT ETF 在比特幣 ETF 競賽中脫穎而出，吸引了機構投資者

In the rapidly evolving world of cryptocurrency investing, BlackRock's IBIT Bitcoin ETF has emerged as a frontrunner, attracting significant attention from institutional investors and signaling a major shift in the landscape. As the race for the first SEC-approved Bitcoin ETF intensifies, BlackRock has taken a commanding lead, solidifying its position as a key player in the digital asset market.

在快速發展的加密貨幣投資領域，貝萊德的 IBIT 比特幣 ETF 已成為領先者，吸引了機構投資者的極大關注，並標誌著格局的重大轉變。隨著首個獲得 SEC 批准的比特幣 ETF 的競爭愈演愈烈，貝萊德佔據了絕對領先地位，鞏固了其作為數位資產市場主要參與者的地位。

Institutional Embrace of Bitcoin ETFs

比特幣 ETF 的機構擁抱

The growing interest in BlackRock's IBIT ETF, with approximately 30 fund managers already investing, underscores the increasing appetite among traditional financial institutions for exposure to digital assets. This influx of institutional capital is a testament to the growing recognition of Bitcoin's potential as an investment vehicle and a store of value.

人們對貝萊德 IBIT ETF 的興趣日益濃厚，大約有 30 家基金經理人已經開始投資，這突顯了傳統金融機構對數位資產投資的興趣日益濃厚。機構資本的湧入證明了人們越來越認識到比特幣作為投資工具和價值儲存手段的潛力。

Bloomberg ETF expert Eric Balchunas has provided valuable insights into this emerging trend, highlighting the current ownership distribution and the vast potential for further growth. According to Balchunas, the current 0.2% ownership of IBIT by fund managers is merely "the tip of the iceberg," indicating the significant potential for broader adoption and increased institutional ownership in the future.

彭博 ETF 專家 Eric Balchunas 對這一新興趨勢提供了寶貴的見解，強調了當前的所有權分佈和進一步增長的巨大潛力。 Balchunas 表示，目前基金經理持有 IBIT 0.2% 只是“冰山一角”，這表明未來更廣泛採用和增加機構所有權的巨大潛力。

Cautious Accumulation by Investors

投資者謹慎增持

Balchunas' analysis reveals an intriguing trend among investors, characterized by a cautious but persistent interest in Bitcoin ETFs. The presence of a small number of portfolio holdings with IBIT ETF ownership suggests that institutional investors are gradually accumulating shares, seeking to gain exposure to Bitcoin through BlackRock's reputable offering.

Balchunas 的分析揭示了投資者中一個有趣的趨勢，其特點是對比特幣 ETF 持謹慎但持續的興趣。持有 IBIT ETF 所有權的少量投資組合表明，機構投資者正在逐漸累積股票，尋求透過貝萊德信譽良好的產品獲得比特幣曝險。

While BlackRock dominates the Bitcoin ETF race, Fidelity's FBTC ETF has emerged as a strong contender, attracting 11 investors and capturing a comparable share of outstanding shares. The entry of Fidelity into the Bitcoin ETF market further validates the growing institutional interest in digital assets.

雖然 BerRock 在比特幣 ETF 競賽中佔據主導地位，但富達 (Fidelity) 的 FBTC ETF 已成為強有力的競爭者，吸引了 11 名投資者，並獲得了相當份額的流通股。富達進入比特幣ETF市場進一步證實了機構對數位資產日益增長的興趣。

Market Makers and Bitcoin ETF Flows

做市商和比特幣 ETF 流量

ETF experts have also shed light on the intricacies of ETF flows, with James Seyffart providing insights into the dynamics of flows within the Bitcoin ETF landscape. Seyffart emphasized that zero flows experienced by most Bitcoin ETFs in the US market on any given day are a common occurrence.

ETF 專家也闡明了 ETF 流動的複雜性，James Seyffart 提供了對比特幣 ETF 領域流動動態的見解。 Seyffart 強調，美國市場上大多數比特幣 ETF 在任何一天經歷的零流量都是常見現象。

Seyffart delved into the concept of creation units, explaining the conditions under which ETF shares are created or redeemed. He highlighted the importance of supply and demand dynamics in driving ETF flows.

Seyffart 深入研究了創建單位的概念，解釋了 ETF 份額創建或贖回的條件。他強調了供需動態在推動 ETF 流動方面的重要性。

In the ETF market, market makers play a crucial role in facilitating trading and managing flows. Seyffart explained that market makers typically trade ETF shares like stocks when minor supply/demand mismatches occur. However, larger mismatches require engagement with Authorized Participants (APs) and the underlying market, ensuring that the cost of creating or redeeming shares is lower than that of traditional hedging and market-making methods.

在ETF市場中，做市商在促進交易和管理流量方面發揮著至關重要的作用。 Seyffart 解釋說，當發生輕微的供需不匹配時，做市商通常會像交易股票一樣交易 ETF 股票。然而，較大的錯配需要授權參與者（AP）和基礎市場的參與，以確保創建或贖回股票的成本低於傳統的對沖和做市方法。

BlackRock's Inflows Amidst Market Downturn

市場低迷期間貝萊德的資金流入

Despite the recent downturn in the cryptocurrency market, BlackRock's IBIT Bitcoin ETF has continued to attract inflows. On April 15, the ETF recorded net inflows of $73.4 million, following a decrease from $111.1 million on Friday. This resilience is a testament to the ETF's strong institutional support and the underlying faith in Bitcoin's long-term value.

儘管近期加密貨幣市場低迷，貝萊德旗下IBIT比特幣ETF仍持續吸引資金流入。 4 月 15 日，該 ETF 錄得淨流入 7,340 萬美元，較上週五的 1.111 億美元有所減少。這種彈性證明了 ETF 強大的機構支持以及對比特幣長期價值的基本信心。

Conclusion

結論

BlackRock's IBIT Bitcoin ETF has emerged as a cornerstone in the burgeoning Bitcoin ETF ecosystem, attracting institutional investors and signaling a major shift in the digital asset market. The influx of fund managers and the cautious accumulation of shares by investors underscore the growing recognition of Bitcoin's potential as an investment vehicle. As the race for SEC approval intensifies, BlackRock's IBIT ETF is poised to play a pivotal role in shaping the future of Bitcoin ETFs and unlocking new avenues for institutional participation in the digital asset revolution.

貝萊德的 IBIT 比特幣 ETF 已成為蓬勃發展的比特幣 ETF 生態系統的基石，吸引了機構投資者並標誌著數位資產市場的重大轉變。基金經理人的湧入和投資者謹慎地增持股票，凸顯了人們越來越認識到比特幣作為投資工具的潛力。隨著 SEC 批准競爭的加劇，貝萊德的 IBIT ETF 預計將在塑造比特幣 ETF 的未來並為機構參與數位資產革命開闢新途徑方面發揮關鍵作用。