美国现货比特币 ETF 成立一周年，目前合计控制 BTC 总市值的 5.75%

美国推出现货比特币交易所交易基金（ETF）标志着加密货币市场的历史性里程碑。

The introduction of Spot Bitcoin exchange-traded funds (ETFs) in the United States marked a historic milestone for the cryptocurrency market. These Spot Bitcoin ETFs, which first went live in the US on January 11, 2024, have had massive success in just one year, making them the greatest ETF launch in history.

美国推出现货比特币交易所交易基金（ETF）标志着加密货币市场的历史性里程碑。这些现货比特币 ETF 于 2024 年 1 月 11 日在美国首次上线，在短短一年内取得了巨大成功，成为历史上最伟大的 ETF。

As it stands, US-based Spot Bitcoin ETFs have now become one of the major drivers of Bitcoin’s price growth and played a huge role in Bitcoin’s break above $100,000. Furthermore, these US-based Spot Bitcoin ETFs are now collectively the biggest holders of Bitcoin.

目前，美国现货比特币ETF现已成为比特币价格增长的主要推动力之一，并在比特币突破10万美元的过程中发挥了巨大作用。此外，这些位于美国的现货比特币 ETF 现在共同成为比特币的最大持有者。

Performance Metrics Of US-Based Spot Bitcoin ETFs

美国现货比特币 ETF 的表现指标

For years, the US Securities and Exchange Commission (SEC) resisted the approval of Spot Bitcoin ETFs, making their eventual approval in January 2024 a notable turning point for the crypto industry. Particularly, the SEC approved the first 11 Spot Bitcoin ETF applications on January 10, 2024.

多年来，美国证券交易委员会 (SEC) 一直拒绝批准现货比特币 ETF，这使得 2024 年 1 月的最终批准成为加密行业的一个显着转折点。特别是，SEC 于 2024 年 1 月 10 日批准了首批 11 只现货比特币 ETF 申请。

All the Spot Bitcoin ETFs have demonstrated a positive performance in their inaugural year except for Grayscale’s GBTC. The launch of spot Bitcoin ETFs was met with record-breaking enthusiasm, as these funds registered the highest trading volumes of any ETF launch in history during their first few days of operation.

除了 Grayscale 的 GBTC 之外，所有现货比特币 ETF 在成立的第一年都表现出了积极的表现。现货比特币 ETF 的推出引起了创纪录的热情，因为这些基金在运营的最初几天内创下了历史上所有 ETF 推出的最高交易量。

Apart from opening the Bitcoin and crypto industry to traditional investors who would otherwise not invest in cryptocurrencies, many large Bitcoin holders also saw the ETFs as the best way to invest in order to take advantage of their regulatory clarity.

除了向不会投资加密货币的传统投资者开放比特币和加密行业之外，许多大型比特币持有者也将 ETF 视为利用其监管透明度的最佳投资方式。

Particularly, BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Fidelity Wise Origin Bitcoin Fund have led the charge with substantial inflows throughout the year. These two funds quickly established themselves as dominant players, with each witnessing over $3 billion in inflows within their first 20 days of trading.

特别是，贝莱德 (BlackRock) 的 iShares 比特币信托 (IBIT) 和富达 (Fidelity) 的 Fidelity Wise Origin 比特币基金全年都以大量资金流入引领潮流。这两只基金很快确立了自己的主导地位，在交易的前 20 天内，每只基金的资金流入均超过 30 亿美元。

At the time of writing, US-based Spot Bitcoin ETFs now collectively control about $107.64 billion in Bitcoin assets, which represents about 5.75% of the total Bitcoin market cap, according to data from SoSoValue. Since they began trading one year ago, these ETFs have witnessed a cumulative total net inflow of $36.22 billion.

根据 SoSoValue 的数据，截至撰写本文时，美国现货比特币 ETF 目前总共控制着约 1076.4 亿美元的比特币资产，约占比特币总市值的 5.75%。自一年前开始交易以来，这些ETF已累计净流入362.2亿美元。

In terms of cumulative net inflows, the IBIT has witnessed the highest inflow amount in the tune of $37.67 billion, while FBTC follows behind with $12.16 billion. These two have been enough to balance the $21.57 net outflows from the pre-existing Grayscale Bitcoin Trust, which was converted to a Spot Bitcoin ETF.

从累计净流入来看，IBIT的流入金额最高，达376.7亿美元，FBTC以121.6亿美元紧随其后。这两项足以平衡先前已转换为现货比特币 ETF 的灰度比特币信托基金 21.57 美元的净流出。

Other ETF providers have also witnessed cummulative net inflows in the past year, with ARK 21Shares Bitcoin ETF and Bitwise Bitcoin ETF also at $2.49 billion and $2.43 billion, respectively, at the time of writing. However, the remaining seven ETF providers have yet to cross the $1 billion threshold in cumulative net inflows, indicating a more uneven distribution of investor interest across the industry.

其他 ETF 提供商在过去一年也出现了累计净流入，截至撰写本文时，ARK 21Shares 比特币 ETF 和 Bitwise 比特币 ETF 也分别达到 24.9 亿美元和 24.3 亿美元。然而，其余七家ETF提供商的累计净流入尚未突破10亿美元的门槛，这表明整个行业投资者兴趣的分布更加不均匀。

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Where Do Spot Bitcoin ETFs Go From Here?

现货比特币 ETF 何去何从？

The only way for Spot Bitcoin ETFs is up, especially on the longer timeframe in 2025 and beyond. Crypto investors are optimistic about a significant influx of capital into these ETFs in anticipation of crypto-positive policies to be introduced by the incoming Trump administration.

现货比特币 ETF 的唯一出路是上涨，尤其是在 2025 年及以后的较长时间范围内。加密货币投资者对资本大量涌入这些 ETF 持乐观态度，预计即将上任的特朗普政府将推出加密货币积极政策。

At the time of writing, Bitcoin is trading at $94,057.

截至撰写本文时，比特币交易价格为 94,057 美元。