Bitwise CIO 表示，比特幣 ETF 的大規模成長將「持續數年」 - Decrypt

Bitwise 資訊長 Matt Hougan 預測，比特幣現貨 ETF 的龐大需求將持續數年，在前兩個月就吸收了 117 億美元的淨流入。 Hougan 強調了一些因素，例如財務顧問的採用率增加、盡職調查流程以及機構投資者將其理想的比特幣投資組合份額提高到3% 或更高，這是由於ETF 對加密貨幣波動性的去風險效應所驅動。

Will Bitcoin ETF Flows Continue for Years?

比特幣 ETF 流動會持續數年嗎？

The staggering demand for Bitcoin spot ETFs over the past two months has sparked questions about the sustainability of this surge. Matt Hougan, CIO of Bitwise, believes that these inflows will persist for many years to come.

過去兩個月對比特幣現貨 ETF 的驚人需求引發了人們對這種激增的可持續性的質疑。 Bitwise 資訊長 Matt Hougan 認為，這些資金流入將持續多年。

Bitwise's interactions with investors reveal a "massive dispersion in the pace of adoption" of Bitcoin ETFs. While some financial advisors are embracing these products, others remain hesitant or have yet to enable them on their platforms.

Bitwise 與投資者的互動揭示了比特幣 ETF 的「採用速度存在巨大差異」。雖然一些財務顧問正在接受這些產品，但其他人仍然猶豫不決或尚未在其平台上啟用這些產品。

Adoption Barriers: A Hurdle to Overcome

收養障礙：需要克服的障礙

Hougan notes that many professional investors still lack access to Bitcoin ETFs due to stringent due diligence processes. He predicts that this situation will gradually change over the next two years as institutional investors complete their individual assessments.

Hougan 指出，由於嚴格的盡職調查流程，許多專業投資者仍然無法獲得比特幣 ETF。他預計，隨著機構投資者完成個人評估，這種情況將在未來兩年內逐漸改變。

Overcoming Resistance: ETFs as a Catalyst

克服阻力：ETF 作為催化劑

Despite these adoption challenges, Bitcoin ETFs have attracted net inflows of $11.7 billion since their launch in January. These inflows represent a significant increase compared to institutional Bitcoin fund flows in previous years. CryptoQuant data indicates a surge in on-chain demand from "accumulation addresses," further supporting the rise in Bitcoin demand.

儘管有這些採用挑戰，比特幣 ETF 自 1 月推出以來已吸引了 117 億美元的淨流入。與前幾年機構比特幣資金流量相比，這些資金流入顯著增加。 CryptoQuant 數據表明，「累積地址」的鏈上需求激增，進一步支撐了比特幣需求的成長。

Institutional Appetite: Growing Beyond 1%

機構興趣：成長超過 1%

Hougan observes that investors have expanded their ideal Bitcoin portfolio share beyond the traditional 1% allocation, now favoring 3% or higher. He attributes this shift to ETFs, which have alleviated perceived risks associated with Bitcoin.

Hougan 觀察到，投資者已將其理想的比特幣投資組合份額擴大到傳統的 1% 之外，現在傾向於 3% 或更高。他將這種轉變歸因於 ETF，它減輕了與比特幣相關的風險。

Underinvestment: A Potential Opportunity

投資不足：一個潛在的機會

Despite their recent inflows, Bitcoin ETFs still account for a modest 0.2% of average institutional portfolios. James Butterfill, Head of Research at Coinshares, believes that institutional investors remain "very under invested" in Bitcoin and suggests that a 4% allocation would represent a manageable increase in portfolio risk.

儘管近期資金流入，比特幣 ETF 仍僅佔平均機構投資組合的 0.2%。 Coinshares 研究主管 James Butterfill 認為，機構投資者對比特幣的投資仍然“非常不足”，並表示 4% 的配置將代表投資組合風險的可控增長。

Conclusion: A Path of Sustainable Growth

結論：永續成長之路

The overwhelming demand for Bitcoin spot ETFs over the past two months is likely to continue for many years, as institutional investors gradually adopt these products. Overcoming adoption barriers, gaining regulatory approval, and educating investors will play critical roles in sustaining this growth.

隨著機構投資者逐漸採用這些產品，過去兩個月對比特幣現貨 ETF 的龐大需求可能會持續數年。克服採用障礙、獲得監管批准以及教育投資者將在維持這種成長方面發揮關鍵作用。