分析师不认为比特币 ETF 放缓，预测 2025 年价格将达到 15 万美元

伯恩斯坦分析师缓解了投资者对近期比特币交易所交易基金 (ETF) 流入放缓的担忧，并确保在 ETF 与私人银行平台和财富顾问整合之前会暂时暂停。他们维持对比特币的看涨前景，预计到 2025 年底比特币的目标价格将达到 15 万美元。此外，他们认为 SEC 可能拒绝以太币现货 ETF 可能会成为以太坊和“ETH-beta”第 2 层代币的积极催化剂。

Analysts Allay Concerns over Bitcoin ETF Slowdown, Predict $150,000 Price by 2025

分析师缓解对比特币 ETF 放缓的担忧，预测 2025 年价格将达到 15 万美元

In a reassuring note to investors, analysts at Bernstein have dismissed the recent slowdown in Bitcoin exchange-traded fund (ETF) inflows as a temporary lull, with a resumption expected soon. The firm maintains a bullish outlook for Bitcoin (BTC), predicting a price surge to $150,000 by the end of 2025 and suggesting that the potential denial of a spot ether ETF could even benefit ether.

伯恩斯坦的分析师在给投资者的一份令人放心的报告中，将近期比特币交易所交易基金（ETF）流入放缓视为暂时的平静，预计很快就会恢复。该公司维持对比特币（BTC）的看涨前景，预测到 2025 年底价格将飙升至 15 万美元，并暗示现货以太坊 ETF 的潜在拒绝甚至可能使以太坊受益。

Bitcoin ETFs: A Catalyst for Growth and Current Concerns

比特币 ETF：增长的催化剂和当前的担忧

The launch of Bitcoin spot ETFs has been a significant catalyst for the digital asset, contributing to its impressive 46% year-to-date returns. However, inflows into these ETFs have slowed since peaking at $1.05 billion on March 12, coinciding with BTC's rally to $73,836.

比特币现货 ETF 的推出一直是数字资产的重要催化剂，使其今年迄今为止的回报率高达 46%。然而，自 3 月 12 日达到 10.5 亿美元峰值以来，流入这些 ETF 的资金已经放缓，同时 BTC 也上涨至 73,836 美元。

The correlation between price and inflows has been evident, with the recent decline in inflows leading to a BTC slump to $62,600. At the time of writing, BTC was trading at approximately $62,700, marking a 1.2% drop in the last 24 hours and extending its weekly losses to 6%.

价格和资金流入之间的相关性非常明显，最近资金流入的下降导致 BTC 暴跌至 62,600 美元。截至撰写本文时，BTC 交易价格约为 62,700 美元，过去 24 小时内下跌 1.2%，周跌幅扩大至 6%。

Temporary Pause, Not a Trend

暂时的停顿，不是趋势

Analysts Gautam Chhugani and Mahika Sapra have emphasized that the current slowdown in Bitcoin ETF inflows is not a cause for concern, but rather a brief pause before ETFs become more integrated with financial institutions and wealth management platforms.

分析师 Gautam Chhugani 和 Mahika Sapra 强调，当前比特币 ETF 流入放缓并不令人担忧，而是 ETF 与金融机构和财富管理平台更加融合之前的短暂停顿。

They recognize the significant institutional interest in Bitcoin, but acknowledge the cautious optimism among investors, who are concerned about short-term fluctuations while maintaining a long-term bullish outlook.

他们认识到机构对比特币的巨大兴趣，但也承认投资者的谨慎乐观态度，他们担心短期波动，同时保持长期看涨前景。

Compliance Frameworks and Investor Confidence

合规框架和投资者信心

Analysts anticipate the establishment of Bitcoin as an acceptable portfolio allocation asset, with platforms and regulators developing compliance frameworks to facilitate ETF offerings. They project that ongoing ETF inflows will drive BTC prices higher, supporting their $150,000 price target by 2025.

分析师预计比特币将成为一种可接受的投资组合配置资产，平台和监管机构将制定合规框架以促进 ETF 发行。他们预计，持续的 ETF 流入将推高 BTC 价格，支持到 2025 年 15 万美元的价格目标。

Their optimism is further fueled by the substantial $12 billion in spot Bitcoin ETF inflows accumulated to date and the robust network position post-halving.

迄今为止累积的 120 亿美元现货比特币 ETF 流入以及减半后强劲的网络状况进一步加剧了他们的乐观情绪。

Spot Ether ETF: Denial Could Spark Investment

以太坊现货 ETF：否认可能引发投资

Regarding the potential approval of a spot ether ETF, Chhugani and Sapra believe that a denial by the Securities and Exchange Commission (SEC) could actually attract new investment. They reason that such a decision would likely lead to litigation, drawing attention to ether.

关于现货以太 ETF 的潜在批准，Chhugani 和 Sapra 认为，美国证券交易委员会 (SEC) 的否认实际上可能会吸引新的投资。他们认为这样的决定可能会导致诉讼，从而引起人们对以太币的关注。

With ether underperforming against Bitcoin in 2024, the risk-reward scenario could entice investors. Moreover, a denial could bolster the performance of "ETH-beta" Layer 2 tokens such as Arbitrum, Optimism, and Polygon.

由于 2024 年以太坊的表现相对于比特币而言表现不佳，风险回报情景可能会吸引投资者。此外，拒绝可能会增强“ETH-beta”第 2 层代币的性能，例如 Arbitrum、Optimism 和 Polygon。

Crypto Niches Show Promise

加密利基市场前景光明

Beyond Bitcoin and ether, analysts also see promise in crypto niches such as decentralized finance (DeFi) and gaming. They highlight Solana's dominance in USDC payments and Chainlink's support for tokenized assets, including treasuries.

除了比特币和以太币之外，分析师还看到了去中心化金融（DeFi）和游戏等加密领域的前景。他们强调了 Solana 在 USDC 支付领域的主导地位以及 Chainlink 对代币化资产（包括国债）的支持。

Overall, analysts predict that the total crypto market cap will triple to $7.5 trillion in the next two years, reflecting the maturing and growing acceptance of digital assets.

总体而言，分析师预测未来两年加密货币总市值将增加两倍，达到 7.5 万亿美元，反映出数字资产的成熟和接受度不断提高。