散戶處於比特幣 ETF 採用的最前沿

自 2024 年 1 月推出以來，人們對現貨比特幣 ETF 的熱情一直保持強勁，令人驚訝的是：引領潮流的是散戶投資者，而不是機構投資者。

Retail investors are leading the way in the adoption of spot Bitcoin ETFs, which have seen net inflows of $21.6 billion in just 10 months.

散戶投資者在採用現貨比特幣 ETF 方面處於領先地位，短短 10 個月內淨流入 216 億美元。

According to a recent study by Binance, these financial products had attracted $63.3 billion in assets under management (AUM) by October 25. Of this total, an impressive 80% — or $50.6 billion — were retail investments.

根據幣安最近的一項研究，截至 10 月 25 日，這些金融產品已吸引了 633 億美元的管理資產 (AUM)。

This trend can be attributed to a shift among many Bitcoin (BTC) holders, who are moving their digital holdings from digital wallets and centralized exchange platforms into these ETFs, which offer greater security and are subject to stricter regulations.

這一趨勢可歸因於許多比特幣(BTC) 持有者的轉變，他們正在將其數位資產從數位錢包和集中交易平台轉移到這些ETF 中，這些ETF 提供更高的安全性並受到更嚴格的監管。

Moreover, the ease of access and the reassuring regulatory framework that ETFs provide seem to have appealed to retail investors. Through their traditional brokerage accounts, they can now gain exposure to Bitcoin without having to navigate the technical complexities involved in directly holding cryptocurrencies.

此外，ETF 提供的便利性和令人放心的監管框架似乎吸引了散戶投資者。透過傳統的經紀帳戶，他們現在可以接觸比特幣，而無需處理直接持有加密貨幣所涉及的技術複雜性。

Institutions, on the other hand, are exhibiting a cautious approach, despite showing growing interest in these products. Investment advisors and hedge funds are gradually increasing their investments, but their approach remains calculated.

另一方面，儘管機構對這些產品表現出越來越大的興趣，但它們卻表現出謹慎的態度。投資顧問和對沖基金正在逐漸增加投資，但他們的做法仍然經過深思熟慮。

Interestingly, some giants of traditional finance, such as Vanguard — the second-largest ETF issuer worldwide — continue to maintain a reserved stance. In August, Vanguard CEO Salim Ramji reiterated his opposition to cryptocurrencies, effectively ruling out the launch of any crypto-related ETFs.

有趣的是，一些傳統金融巨頭，例如全球第二大 ETF 發行人先鋒集團 (Vanguard)，繼續保持保留立場。 8 月，Vanguard 執行長 Salim Ramji 重申了他對加密貨幣的反對，實際上排除了推出任何與加密貨幣相關的 ETF。

According to Binance analysts, this caution can be explained by the traditional financial sector's typical conservatism, especially in a context marked by market volatility and global liquidity concerns.

幣安分析師表示，這種謹慎可以用傳統金融業典型的保守主義來解釋，尤其是在市場波動和全球流動性擔憂的背景下。

The dynamics currently unfolding in the Bitcoin ETF market present a captivating paradox: initially conceived to attract institutional investors, these financial products have instead become the preferred avenue for retail investors to enter the Bitcoin market en masse.

目前比特幣ETF市場的動態呈現出一個令人著迷的悖論：這些金融產品最初是為了吸引機構投資者，但後來卻成為散戶集體進入比特幣市場的首選途徑。

The enthusiasm is undeniable and could eventually sway even the most hesitant parties. This is further evidenced by the rapid growth of spot Bitcoin ETFs, which, less than a year after their launch, are already nearing the remarkable milestone of one million BTC under management.

這種熱情是不可否認的，甚至最終可能動搖最猶豫不決的各方。現貨比特幣 ETF 的快速成長進一步證明了這一點，在推出不到一年後，比特幣 ETF 已接近管理 100 萬個比特幣的非凡里程碑。