CF Benchmarks 週一表示，明年投資顧問可能會超過對沖基金，成為美國上市現貨比特幣 (BTC) 交易所交易基金 (ETF) 的最大持有者

1 月 11 日，共有 11 檔現貨 BTC ETF 在美國首次亮相，為投資者提供了一種無需親自持有和儲存即可投資加密貨幣的方式。

Investment advisers are poised to overtake hedge funds as the largest holders of U.S.-listed spot bitcoin (BTC) exchange-traded funds (ETFs) in 2025, a new report from CF Benchmarks suggests.

CF Benchmarks 的一份新報告顯示，投資顧問預計在 2025 年取代對沖基金，成為美國上市現貨比特幣 (BTC) 交易所交易基金 (ETF) 的最大持有者。

A total of 11 spot BTC ETFs debuted in the U.S. on Jan. 11, offering a way for investors to gain exposure to the cryptocurrency without personally having to hold and store it. Since their inception, they have amassed over $36 billion in investor funds.

1 月 11 日，共有 11 檔現貨 BTC ETF 在美國首次亮相，為投資者提供了一種無需親自持有和儲存即可投資加密貨幣的方式。自成立以來，他們已累積了超過 360 億美元的投資者資金。

Demand has been largely driven by hedge-fund managers, who own 45.3% of the ETFs. Meanwhile, investment advisers, who manage capital for retail and high-net-worth clients, are a distant second at 28%.

需求主要由對沖基金經理人推動，他們擁有 45.3% 的 ETF。同時，為零售和高淨值客戶管理資本的投資顧問則遠遠落後於第二位，為 28%。

However, this trend is expected to shift next year, with investment advisers' share rising above 50% in both the BTC and ether (ETH) ETF markets, according to CF Benchmarks. The U.K.-regulated index provider is behind several key digital asset benchmarks, including the BRRNY, which is used by many ETFs.

然而，根據 CF Benchmarks 的數據，這種趨勢預計明年將發生轉變，投資顧問在 BTC 和以太坊 (ETH) ETF 市場的份額將上升至 50% 以上。這家受英國監管的指數提供者支援多個關鍵數位資產基準，其中包括許多 ETF 使用的 BRRNY。

"We expect Investment advisor allocations to rise beyond 50% for both assets, as the $88 trillion U.S. wealth management industry begins to embrace these vehicles, eclipsing 2024's combined record-breaking $40 billion in net flows," CF Benchmarks said in the annual report, which was shared with CoinDesk.

CF Benchmarks 在年度報告中表示：「隨著88 兆美元的美國財富管理產業開始採用這些工具，我們預計這兩種資產的投資顧問分配將增加超過50%，超過2024 年創紀錄的400 億美元淨流量。

"This transformation, driven by growing client demand, deeper understanding of digital assets, and product maturation, will likely reshape the current ownership mix as these products become staples in model portfolios," the index provider added.

該指數提供者補充說：「這種轉變是由不斷增長的客戶需求、對數位資產更深入的了解以及產品成熟所推動的，隨著這些產品成為模型投資組合的主要產品，可能會重塑當前的所有權結構。

In the ether ETF market, investment advisers are already leading the pack and are expected to extend their lead next year.

在以太坊 ETF 市場中，投資顧問已經處於領先地位，預計明年將擴大領先地位。

Ether's parent blockchain, Ethereum, is expected to benefit from the increasing popularity of asset tokenization, while rival Solana could continue to gain market share on the back of potential regulatory clarity in the U.S.

以太坊的母區塊鏈以太坊預計將受益於資產代幣化的日益普及，而競爭對手 Solana 可能會在美國潛在監管明確化的背景下繼續獲得市場份額

"We expect the trend towards asset tokenization to accelerate in 2025, with tokenized RWAs [real-world assets]踽 surpassing $30B," the report said.

報告指出：“我們預計資產代幣化的趨勢將在 2025 年加速，代幣化的 RWA（現實世界資產）將超過 30B 美元。”

Elsewhere, the report predicts that new entrants in the stablecoin space, such as Ripple's RLUSD and Paxos' USDG, will challenge the dominance of Tether's USDT, whose market share has grown from 50% to 70%.

此外，報告預測穩定幣領域的新進入者，如 Ripple 的 RLUSD 和 Paxos 的 USDG，將挑戰 Tether 的 USDT 的主導地位，後者的市場份額已從 50% 增長至 70%。

The scalability of blockchains will also be put to the test, and the expected increase in active user adoption due to regulatory clarity under President-elect Donald Trump's administration will likely require on-chain capacity to double to over 1600 TPS.

區塊鏈的可擴展性也將受到考驗，由於當選總統川普政府的監管明確，預計活躍用戶採用率將會增加，這可能需要鏈上容量翻倍，達到 1600 TPS 以上。

Finally, the Federal Reserve is expected to turn dovish, using unconventional measures such as yield curve control or expanded asset purchases to counter the不利 mix of higher debt servicing costs and a weak labor market.

最後，美聯儲預計將變成鴿派，使用殖利率曲線控製或擴大資產購買等非常規措施來應對償債成本上升和勞動力市場疲軟的不利組合。

"Deeper debt monetization should elevate inflation expectations, bolstering hard assets like Bitcoin as hedges against monetary debasement," the report concludes.

報告總結道：“更深層的債務貨幣化應該會提高通膨預期，支撐比特幣等硬資產，以對沖貨幣貶值。”