貝萊德現貨比特幣 ETF 飆升，中國競爭對手進入市場

貝萊德的比特幣ETF（IBIT）經歷了史無前例的69天資金流入激增，淨流入達到154.2億美元。雖然貝萊德的成功歸功於強大的品牌和具有競爭力的費用，但中國現貨比特幣 ETF 的進入，例如 Bosera、HashKey 和勝利證券有條件批准的 ETF，預計將對市場產生影響。彭博分析師 Eric Balchunas 低估了它們的潛力，理由是香港 ETF 市場的規模和可及性有限。

BlackRock's Spot Bitcoin ETF Dominates Market, Chinese Players Emerge

貝萊德現貨比特幣ETF主導市場，中國玩家崛起

In a significant development for the burgeoning cryptocurrency landscape, BlackRock's spot Bitcoin (BTC) exchange-traded fund (ETF) has exhibited remarkable resilience, posting an unprecedented 69-day unbroken chain of inflows leading up to the highly anticipated halving event on April 20. The inflows have propelled BlackRock's iShares Bitcoin Trust (IBIT) to amass a staggering $15.42 billion in net inflows.

在蓬勃發展的加密貨幣領域的重大發展中，貝萊德的現貨比特幣(BTC) 交易所交易基金(ETF) 表現出了非凡的彈性，在4 月20 日備受期待的減半事件之前，出現了史無前例的69 天不間斷資金流入鏈。

IBIT's Inflows Streak

IBIT 的資金連續流入

The halving, a pivotal event that reduces the issuance rate of new Bitcoins by 50%, has galvanized the crypto market, with many investors betting on the potential for Bitcoin's value to soar. The scarcity created by the halving has amplified the allure of spot Bitcoin ETFs, which allow investors to gain exposure to the digital asset without the need for direct ownership.

減半是一個關鍵事件，新比特幣的發行率降低了 50%，刺激了加密貨幣市場，許多投資者押注比特幣價值飆升的潛力。減半造成的稀缺性放大了現貨比特幣 ETF 的吸引力，投資者無需直接擁有該 ETF 即可獲得數位資產的投資。

IBIT has emerged as a standout performer in this space, attracting a steady influx of capital despite the broader market volatility that preceded the halving. Last Friday alone, IBIT recorded $29.3 million in inflows, further cementing its position as the preferred spot Bitcoin ETF.

儘管減半前市場波動較大，但 IBIT 已成為該領域的佼佼者，吸引了穩定的資本湧入。光是上週五，IBIT 就錄得 2,930 萬美元的資金流入，進一步鞏固了其作為首選現貨比特幣 ETF 的地位。

IBIT's Success: A Multifaceted Approach

IBIT 的成功：多方面的方法

BlackRock attributes the overwhelming success of IBIT to a combination of factors, including its strong branding, competitive fee structure, and strategic distribution channels. The ETF's affiliation with BlackRock, a renowned asset management giant, has engendered trust and credibility among institutional investors, who have flocked to IBIT in search of a reliable and accessible way to participate in the Bitcoin market.

貝萊德將 IBIT 的巨大成功歸功於多種因素，包括其強大的品牌、有競爭力的費用結構和策略分銷管道。該 ETF 與著名資產管理巨頭 BerRock 的合作關係贏得了機構投資者的信任和信譽，他們紛紛湧向 IBIT，尋求一種可靠且便捷的方式參與比特幣市場。

Surpassing Grayscale Bitcoin Trust

超越灰階比特幣信託

IBIT's impressive performance has led to speculation that it may eventually eclipse Grayscale Bitcoin Trust (GBTC) as the largest Bitcoin ETF. Grayscale, once the dominant player in the market, has faced recent headwinds, including an alarming $16.73 billion net outflows since its ETF conversion in January.

IBIT 令人印象深刻的表現引發了人們的猜測，即它最終可能超越灰階比特幣信託基金 (GBTC)，成為最大的比特幣 ETF。灰階曾經是市場的主導者，但最近面臨阻力，包括自 1 月 ETF 轉換以來淨流出高達 167.3 億美元，令人震驚。

Chinese Spot Bitcoin ETFs Emerge

中國現貨比特幣 ETF 出現

Beyond the US market, the Securities & Futures Commission (SFC) of Hong Kong (HK) has reportedly granted conditional approval to several Chinese spot Bitcoin and Ethereum (ETH) ETFs. The greenlighting of these ETFs has sent ripples through the crypto ecosystem, signaling a potential shift in the global regulatory landscape.

據報道，除美國市場外，香港證券及期貨事務監察委員會 (SFC) 已有條件批准數隻中國現貨比特幣和以太坊 (ETH) ETF。這些 ETF 的批准在加密貨幣生態系統中引起了連鎖反應，標誌著全球監管格局的潛在轉變。

Victory Securities Discloses Fee Structure

勝利證券揭露費用結構

One of the new entrants in the Hong Kong spot Bitcoin ETF space is Victory Securities. The issuer has disclosed its fee structure, which ranges from 0.5% to 1% of the customer's total transaction, with a minimum fee of $850. Secondary markets will incur a charge of 0.15% for online transactions and 0.25% for phone transactions.

勝利證券是香港現貨比特幣 ETF 領域的新進業者之一。發行人揭露了其收費結構，收費範圍為客戶交易總額的0.5%至1%，最低收費為850美元。二級市場線上交易將收取0.15%的費用，電話交易將收取0.25%的費用。

HK Spot Bitcoin ETFs Face Challenges

香港現貨比特幣ETF面臨挑​​戰

While the emergence of spot Bitcoin ETFs in Hong Kong has sparked excitement, analysts have tempered expectations, citing the relatively small size of the HK ETF market and the restricted access for mainland China investors due to the crypto ban. Bloomberg ETF analyst Eric Balchunas has suggested that the HK crypto ETFs will be fortunate to attract even $500 million in inflows.

儘管香港現貨比特幣 ETF 的出現引發了人們的興奮，但分析師們卻降低了預期，理由是香港 ETF 市場規模相對較小，而且由於加密貨幣禁令，中國大陸投資者的准入受到限制。彭博 ETF 分析師 Eric Balchunas 表示，香港加密貨幣 ETF 將有幸吸引 5 億美元的資金流入。

Conclusion

結論

The emergence of spot Bitcoin ETFs, particularly the sustained success of BlackRock's IBIT, has injected a sense of optimism into the cryptocurrency market. The influx of institutional capital indicates a growing acceptance of digital assets as a legitimate investment class. As the regulatory landscape continues to evolve, it will be intriguing to beobachten, wie sich die Dynamik in diesem Bereich weiterentwickelt.

現貨比特幣ETF的出現，尤其是貝萊德IBIT的持續成功，為加密貨幣市場注入了樂觀。機構資本的湧入顯示人們越來越接受數位資產作為合法的投資類別。隨著監管環境的不斷發展，beobachten、wie sich die Dynamik in diesem Bereich weiterentwickelt 將會很有趣。