現貨 ETF 激增引發加密貨幣投資的權力轉移

這些現貨比特幣 ETF 的推出是一個開創性的事件，儘管有 11 檔基金獲得了批准，但仍有 10 檔基金立即加入了競爭。

The arrival of spot bitcoin exchange-traded funds (ETFs) in the U.S. has sparked a remarkable power shift in crypto investments. With ten funds launching promptly and Hashdex’s DEFI fund pivoting from a futures ETF to a spot bitcoin fund by the end of March, these ETFs have collectively amassed over a million bitcoins.

現貨比特幣交易所交易基金（ETF）在美國的到來引發了加密貨幣投資領域的顯著權力轉移。隨著十檔基金的迅速推出，以及 Hashdex 的 DEFI 基金在 3 月底從期貨 ETF 轉向現貨比特幣基金，這些 ETF 總共累積了超過 100 萬枚比特幣。

According to their respective websites, as of Dec. 24, 2024, the twelve funds hold an impressive 1,132,727.50 BTC.

根據各自網站的數據，截至 2024 年 12 月 24 日，這 12 檔基金持有 1,132,727.50 BTC，令人印象深刻。

Among these funds, Blackrock stands out as the titan, clutching 553,055.27 BTC, which is valued at roughly $54.4 billion today. This colossal holding represents a whopping 48.82% of the 1.13 million BTC shared among the twelve funds. Next up, we’ve got Grayscale’s GBTC, which boasts an impressive 207,100.18 BTC, valued at approximately $20.3 billion. While Blackrock’s IBIT trades on the Nasdaq, GBTC is listed on the New York Stock Exchange (NYSE).

在這些基金中，貝萊德脫穎而出，擁有 553,055.27 BTC，目前價值約 544 億美元。這筆巨額持有量佔 12 檔基金所持有的 113 萬比特幣的 48.82%。接下來是 Grayscale 的 GBTC，它擁有令人印象深刻的 207,100.18 BTC，價值約 203 億美元。貝萊德的 IBIT 在納斯達克交易，而 GBTC 在紐約證券交易所 (NYSE) 上市。

Over at Cboe, Fidelity’s FBTC takes the third spot, commanding 203,194.05 BTC, which translates to a cool $20 billion. It’s absolutely mind-blowing that Blackrock’s IBIT and Fidelity’s FBTC have amassed such a stash this year, and even more fascinating is that about 400,000 BTC have vanished from GBTC’s treasure chest since the year kicked off. Before it went public on the NYSE, GBTC was an OTC darling with over 600,000 BTC.

在 Cboe，富達 (Fidelity) 的 FBTC 排名第三，擁有 203,194.05 BTC，相當於 200 億美元。貝萊德(Blackrock) 的IBIT 和富達(Fidelity) 的FBTC 今年積累瞭如此多的財富，這絕對令人震驚，更令人著迷的是，自今年開始以來，大約40 萬枚BTC 已經從GBTC的寶庫中消失了。在紐約證券交易所上市之前，GBTC 是場外交易市場的寵兒，擁有超過 60 萬枚 BTC。

Despite this outflow, with GBTC and FBTC neck-and-neck in their BTC reserves, there’s no comparison to the colossal size of these three giants. However, IBIT has zoomed past them both. Next in line, in terms of bitcoin holdings, is Ark Invest’s and 21shares’ ARKB fund, which has gathered 47,013 BTC, equating to $4.6 billion today – a figure that pales in comparison to the $20 billion of GBTC and FBTC, and the massive $54.4 billion of IBIT.

儘管出現了資金外流，但 GBTC 和 FBTC 的 BTC 儲備量並駕齊驅，但與這三個巨頭的龐大規模無法相比。然而，IBIT 已經超越了他們兩者。就比特幣持有量而言，排名第二的是Ark Invest 和21shares 的ARKB 基金，該基金已籌集了47,013 BTC，相當於今天的46 億美元——這個數字與GBTC 和FBTC 的200 億美元以及54.4 美元的巨額相比顯得相形見絀。

Following closely, Bitwise’s BITB holds 40,909.86 BTC, and Grayscale’s Bitcoin Mini Trust secures 38,275.49 BTC. Together, ARKB, BITB, and Grayscale’s Bitcoin Mini Trust form their own elite club with their hefty reserve sizes. Vaneck’s HODL isn’t far behind, with 13,716.827 BTC, valued at around $1.3 billion.

緊隨其後的是，Bitwise 的 BITB 持有 40,909.86 BTC，Grayscale 的比特幣迷你信託持有 38,275.49 BTC。 ARKB、BITB 和 Grayscale 的比特幣迷你信託共同組成了自己的精英俱樂部，擁有龐大的儲備規模。 Vaneck 的 HODL 緊隨其後，持有 13,716.827 BTC，價值約 13 億美元。

Just a notch below, Coinshares’ Valkyrie BRRR holds 9,069.3 BTC, amounting to $892 million. Invesco’s BTCO claims around 8,780 BTC, and Franklin Templeton’s EZBC sits at approximately 7,624.52 BTC, while Wisdomtree’s BTCW holds a steady 3,841 BTC.

緊隨其後的是 Coinshares 的 Valkyrie BRRR 持有 9,069.3 BTC，價值 8.92 億美元。 Invesco 的 BTCO 持有約 8,780 BTC，富蘭克林鄧普頓的 EZBC 持有約 7,624.52 BTC，而 Wisdomtree 的 BTCW 持有穩定的 3,841 BTC。

Lastly, Hashdex’s DEFI rounds up the list with a modest 148 BTC, worth $14.5 million.

最後，Hashdex 的 DEFI 數量為 148 BTC，價值 1,450 萬美元。

This historic accumulation of over a million bitcoins by U.S. spot ETFs within their first year signals a seismic shift in cryptocurrency investment accessibility. The dominance of three major players – Blackrock, Grayscale, and Fidelity – controlling over 85% of the total holdings demonstrates both the concentrated nature of institutional crypto adoption and the competitive dynamics shaping these emerging financial vehicles.

美國現貨 ETF 在第一年就累積了超過 100 萬比特幣，這一歷史性事件標誌著加密貨幣投資可及性的巨大變化。貝萊德（Blackrock）、灰階（Grayscale）和富達（Fidelity）這三大主要參與者控制著總持股量的85% 以上，這不僅顯示了機構加密貨幣採用的集中性，也顯示了塑造這些新興金融工具的競爭動態。

The stark contrast between the top-tier funds and smaller players suggests a potential consolidation trend in the bitcoin ETF space, while simultaneously highlighting how traditional financial powerhouses have quickly established dominance. As these funds continue to evolve, their collective holdings represent a significant portion of Bitcoin’s circulating supply, potentially influencing future market dynamics and institutional adoption patterns going forward.

頂級基金和規模較小的基金之間的鮮明對比表明，比特幣 ETF 領域可能出現整合趨勢，同時凸顯傳統金融巨頭如何迅速確立主導地位。隨著這些基金的不斷發展，它們的集體持有量佔比特幣流通供應的很大一部分，可能會影響未來的市場動態和機構採用模式。