現貨比特幣 (BTC) ETF 淨流入額為 21.6B 美元，資產管理規模現為 63.3B 美元：幣安研究院

散戶投資人構成比特幣ETF需求的主要驅動力，佔現貨比特幣ETF管理資產（AUM）的近80%

Retail investors are driving demand for Bitcoin exchange-traded funds (ETFs), accounting for nearly 80% of assets under management (AUM) in spot Bitcoin ETFs, a report by Binance revealed on Oct. 25, 2024.

幣安網 2024 年 10 月 25 日發布的一份報告稱，散戶投資者正在推動對比特幣交易所交易基金 (ETF) 的需求，佔現貨比特幣 ETF 管理資產 (AUM) 的近 80%。

These ETFs, launched in January 2024, have seen $21.6 billion in net inflows within ten months. A large portion of the $63.3 billion AUM in spot Bitcoin (BTC) ETFs comes not from new capital but from retail investors reallocating assets from other holdings into the funds, the report showed.

這些 ETF 於 2024 年 1 月推出，十個月內淨流入 216 億美元。報告顯示，現貨比特幣 (BTC) ETF 資產管理規模 633 億美元，其中很大一部分並非來自新資本，而是來自散戶投資者將其他資產重新配置到基金中。

Many retail investors have moved their Bitcoin from digital wallets and exchanges to ETFs, which offer greater regulatory protections, Binance’s analysis found.

幣安的分析發現，許多散戶投資者已將比特幣從數位錢包和交易所轉移到了 ETF，後者提供了更好的監管保護。

“Spot ETFs are serving dual roles: not only onboarding new investors but also attracting existing investors who prefer the regulated structure of ETFs over other, more complex options, such as direct on-chain holdings or illiquid, high-fee alternatives like Grayscale’s Bitcoin Trust,” the report stated.

「現貨ETF 具有雙重作用：不僅吸引新投資者，還吸引現有投資者，他們更喜歡ETF 的受監管結構，而不是其他更複雜的選擇，例如直接鏈上持有或非流動性、高費用的替代方案，如Grayscale 的比特幣信託，」報告指出。

The regulated structure of ETFs provides retail investors with an easier way to invest in Bitcoin, compared to options like Grayscale’s Bitcoin Trust, which comes with higher fees and lower liquidity.

與灰階的比特幣信託等選項相比，ETF 的受監管結構為散戶投資者提供了一種更簡單的投資比特幣的方式，後者的費用更高，流動性更低。

In under a year, spot #Bitcoin ETFs have drawn US$18.9B+ in net inflows, now holding US$63.3B, making them the third-largest segment of BTC holders.

在不到一年的時間裡，現貨 #Bitcoin ETF 吸引了 US$18.9B+ 的淨流入，目前持有 US$63.3B，使其成為 BTC 持有者的第三大部分。

Our latest #Binance research dives deeper into how these ETFs are shaping crypto markets.

我們最新的 #Binance 研究深入探討了這些 ETF 如何塑造加密市場。

Check it out ⬇️https://t.co/8U9UMeUgwC

看看⬇️https://t.co/8U9UMeUgwC

— Binance Research (@BinanceResearch) October 25, 2024

— 幣安研究院 (@BinanceResearch) 2024 年 10 月 25 日

Institutions Cautious Despite Rising Demand

儘管需求不斷增長，機構仍保持謹慎態度

While retail investors are driving most of the demand for Bitcoin ETFs, Binance’s report also showed a gradual increase in interest from institutions, particularly investment advisers and hedge funds.

儘管散戶推動了對比特幣 ETF 的大部分需求，但幣安的報告也顯示，機構（尤其是投資顧問和對沖基金）的興趣逐漸增加。

However, institutional capital in spot Bitcoin ETFs remains limited, as many firms in the traditional finance sector are still taking a cautious approach to digital assets.

然而，現貨比特幣 ETF 的機構資本仍然有限，因為傳統金融領域的許多公司仍對數位資產採取謹慎態度。

For instance, Vanguard, one of the largest ETF issuers in the U.S., has remained on the sidelines. On Aug. 14, 2024, Vanguard CEO Salim Ramji stated that the investment giant would not be launching any crypto-related ETFs.

例如，美國最大的 ETF 發行人之一先鋒集團 (Vanguard) 一直保持觀望態度。 2024 年 8 月 14 日，Vanguard 執行長 Salim Ramji 表示，這家投資巨頭不會推出任何與加密貨幣相關的 ETF。

“This ‘cautious approach’ aligns with how TradFi institutions typically engage with the crypto sector,” the report added.

報告補充說：“這種‘謹慎的做法’符合 TradFi 機構通常與加密貨幣行業打交道的方式。”

Recent Surge in Capital Inflows to Bitcoin ETFs

最近比特幣 ETF 的資本流入激增

Binance noted a significant increase in capital inflows to Bitcoin ETFs in recent weeks. From Oct. 11 to Oct. 23, these ETFs gained $2.88 billion in new capital, with only a single day of outflows, totaling $79.1 million.

幣安指出，最近幾週流入比特幣 ETF 的資金大幅增加。從10月11日到10月23日，這些ETF獲得了28.8億美元的新資本，光是一天就流出了7,910萬美元。

During this same period, the digital asset market also saw renewed investment interest, with a $2.2 billion inflow for the week, marking the highest since July.

同一時期，數位資產市場也出現了新的投資興趣，本週資金流入達 22 億美元，創下 7 月以來的最高水準。

Most of these inflows were concentrated in Bitcoin, contributing $2.13 billion, while short Bitcoin products attracted $12 million, the highest since March.

這些資金流入大部分集中在比特幣，貢獻了 21.3 億美元，而做空比特幣產品吸引了 1,200 萬美元，為 3 月以來的最高水準。

Binance attributed this increase in demand for Bitcoin ETFs to positive investor sentiment, which reflected expectations of a more favorable regulatory landscape following the upcoming U.S. elections.

幣安將比特幣 ETF 需求的增加歸因於積極的投資者情緒，這反映了對即將到來的美國大選後監管環境更有利的預期。

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