現貨比特幣 ETF 需求回升，資金大量流入

經過一周的大幅資金流出後，比特幣現貨 ETF 週二出現顯著復甦，資金流入超過 4 億美元。富達 (Fidelity) 的 ETF FBTC 以 2.79 億美元的流入量位居榜首，超過了貝萊德 (BlackRock) 的流入量。 Grayscale 的 GBTC 經歷了 2.12 億美元的流出，儘管這比過去一周的大量流出有所改善。 Bitwise 資訊長 Matt Hougan 對 ETF 的長期需求仍然持樂觀態度，他強調採用時間表各不相同，而且許多投資者缺乏可近性。他認為，隨著時間的推移，隨著盡職調查程序的完成和 ETF 的批准，比特幣 ETF 將減輕下行風險，使投資者更容易進行更大的配置。

Why Are Bitcoin Spot ETFs Back in Demand?

為什麼比特幣現貨 ETF 會重新受到需求？

On Tuesday, spot Bitcoin ETFs collectively saw a remarkable $417 million surge in inflows, reversing the previous week's outflows. This positive trend is a welcome development after Grayscale's GBTC experienced significant liquidations.

週二，現貨比特幣 ETF 資金流入總量大幅飆升 4.17 億美元，扭轉了前一周的資金流出。在灰階的 GBTC 經歷重大清算之後，這一積極趨勢是一個值得歡迎的發展。

Fidelity Emerges as the Leader in Bitcoin ETFs

富達成為比特幣 ETF 領域的領導者

Fidelity's FBTC ETF led the charge on Tuesday, garnering an impressive $279 million in net inflows. This marks the second consecutive day that Fidelity has outshined BlackRock in daily inflows.

富達 (Fidelity) 的 FBTC ETF 週二領漲，淨流入金額高達 2.79 億美元，令人印象深刻。這標誌著富達連續第二天在每日資金流入方面超過貝萊德。

Long-Term ETF Demand Remains Strong

長期 ETF 需求依然強勁

Despite the recent outflows, industry experts like Bitwise CIO Matt Hougan remain confident in the long-term demand for Bitcoin ETFs. He asserts that the adoption pace varies widely among financial advisors, with some allocating 3% to their clients while others are yet to consider them.

儘管最近出現資金外流，但 Bitwise 資訊長 Matt Hougan 等行業專家仍然對比特幣 ETF 的長期需求充滿信心。他斷言，財務顧問的採用速度差異很大，有些顧問將 3% 分配給客戶，而有些則尚未考慮。

ETF Launches Mitigate Bitcoin's Downside Risk

ETF推出減緩比特幣下行風險

Hougan believes that ETF launches have significantly reduced the downside risk associated with Bitcoin. Previously, the fear of Bitcoin plummeting to zero deterred investment; however, with the availability of ETFs, larger allocations, such as 3% or 5%, have become more feasible for investors.

Hougan 認為 ETF 的推出顯著降低了與比特幣相關的下行風險。在此之前，對比特幣跌至零的恐懼阻礙了投資；然而，隨著 ETF 的出現，更大的配置（例如 3% 或 5%）對投資者來說變得更加可行。

Institutional Interest Gradually Growing

機構興趣逐漸增長

While institutions like pension funds and endowments may limit their exposure to 1%, Hougan predicts that 3% will become the new norm for the wealth market. This shift is expected to occur gradually over the next two years as individual due diligence processes are completed.

雖然退休基金和捐贈基金等機構可能會將其風險敞口限制在 1%，但 Hougan 預測 3% 將成為財富市場的新常態。隨著個人盡職調查流程的完成，這種轉變預計將在未來兩年內逐步發生。

ETF Inflows to Continue for Years

ETF 資金流入將持續數年

Hougan believes that the recent surge in ETF inflows is not a one-time event but rather a sign of sustained demand for years to come. He attributes this to the growing understanding and acceptance of Bitcoin among investors.

Hougan 認為，近期 ETF 資金流入激增並非一次性事件，而是未來幾年需求持續成長的跡象。他將此歸因於投資者對比特幣的理解和接受程度不斷加深。

Additional Insights from the Road

路上的額外見解

During his travels, Hougan has gathered additional insights:

在旅行期間，Hougan 收集了更多見解：

• The trend of large pension funds investing in alternative assets such as Bitcoin is gaining momentum.
• Sophisticated family offices are recognizing the need for diversification and allocating a small portion to Bitcoin.
• The regulatory landscape for Bitcoin is evolving, with increasing clarity and acceptance.

Overall, the outlook for Bitcoin ETFs remains positive, with strong inflows continuing despite recent setbacks. Long-term demand is expected to grow as investors become more familiar with the asset and the downside risks are mitigated through ETF launches.

大型退休基金投資比特幣等另類資產的趨勢正在增強。成熟的家族辦公室正在認識到多元化的必要性，並將一小部分分配給比特幣。比特幣的監管環境正在不斷發展，清晰度和接受度不斷提高。總體而言，比特幣 ETF 的前景仍然樂觀，儘管最近遭遇挫折，但資金持續強勁流入。隨著投資者對該資產更加熟悉，並且透過 ETF 的推出緩解下行風險，預計長期需求將會成長。