特朗普获胜，比特币 (BTC) 市场和比特币 ETF 上涨

有几个因素正在推动比特币价值的上涨，从而影响比特币 ETF 的价格。 “有一位支持比特币的当选总统曾表示

Trump’s campaign included support for Bitcoin mining and removing some regulatory barriers. As a result, his victory fueled a sense of euphoria among enthusiasts. Bitcoin soared to a record high of USD 94,000 on the afternoon of Nov. 19, setting a new all-time price benchmark. Bitcoin prices are up 133% in the year to date and have gained 31% since Election Day, as of Nov. 18.

特朗普的竞选活动包括支持比特币挖矿和消除一些监管障碍。结果，他的胜利激起了狂热爱好者的欢欣鼓舞。 11月19日下午，比特币飙升至94,000美元的历史新高，创下了新的历史价格基准。截至 11 月 18 日，比特币价格今年迄今已上涨 133%，自选举日以来已上涨 31%。

This rising tide has lifted all crypto and crypto-adjacent assets, including Bitcoin ETFs. However, market watchers were quick to temper any unrealistic expectations. Bryan Armour, Morningstar’s director of passive strategies research for North America, says it may not be easy for Trump to deliver on his promises, and market forces will determine the worth and direction of Bitcoin.

这种上涨趋势提振了所有加密货币和加密货币相关资产，包括比特币 ETF。然而，市场观察人士很快就缓和了任何不切实际的期望。晨星公司北美被动策略研究主管布莱恩·阿莫尔表示，特朗普兑现承诺可能并不容易，市场力量将决定比特币的价值和方向。

Several factors are driving the increase in Bitcoin’s value, affecting the price of Bitcoin ETFs. “There’s a pro-Bitcoin president-elect who has expressed interest in establishing a strategic Bitcoin reserve,” says Michael Zagari, investment advisor and associate portfolio manager at Wellington-Altus Private Wealth. Although the likelihood of this fully materializing might be low, he says the United States might maintain its current Bitcoin holdings, or gradually increase them.

有几个因素正在推动比特币价值的上涨，从而影响比特币 ETF 的价格。 “有一位支持比特币的当选总统表示有兴趣建立比特币战略储备，”Wellington-Altus Private Wealth 投资顾问兼副投资组合经理 Michael Zagari 表示。尽管完全实现的可能性可能很低，但他表示，美国可能会维持目前的比特币持有量，或逐渐增加比特币持有量。

There are other contributing factors. Lower interest rates create more incentive to invest in riskier assets, including cryptocurrencies. Additionally, lower oil prices could support favorable economic conditions for Bitcoin price appreciation.

还有其他影响因素。较低的利率会更有动力投资于风险较高的资产，包括加密货币。此外，较低的油价可能会为比特币价格升值提供有利的经济条件。

There is also the trend of softening aversion to Bitcoin among global governments. There’s been a move toward more crypto-friendly regulations in Italy under Prime Minister Giorgia Meloni. In the UK, pension specialist Cartwright has introduced a first-of-its-kind 3% allocation to Bitcoin within a pension scheme’s investment portfolio. “These developments, while individually modest, collectively create a more favorable environment for Bitcoin, likely contributing to its price surge and the corresponding rise in Canadian Bitcoin ETFs,” Zagari explains.

全球各国政府对比特币的厌恶也有减弱的趋势。在总理乔治亚·梅洛尼 (Giorgia Meloni) 的领导下，意大利采取了更加有利于加密货币的法规。在英国，养老金专家卡特赖特在养老金计划的投资组合中首次引入了 3% 的比特币配置。 Zagari 解释道：“这些进展虽然个别不大，但总的来说为比特币创造了更有利的环境，可能导致其价格飙升以及加拿大比特币 ETF 的相应上涨。”

Riding the Bitcoin tide, Bitcoin ETFs saw strong inflows during the US election on the back of renewed investor interest and confidence. Overall, cryptocurrency ETFs saw assets under management rise from C$5.22 billion in September to C$5.68 billion in October (an 8.8% monthly jump), according to Morningstar data.

乘着比特币大潮，在美国大选期间，由于投资者兴趣和信心重新燃起，比特币 ETF 出现了强劲的资金流入。根据晨星公司的数据，总体而言，加密货币 ETF 的管理资产从 9 月份的 52.2 亿加元增加到 10 月份的 56.8 亿加元（月度增长 8.8%）。

Bitcoin ETFs have been leading the Trump rally over the past week, with a 19.4% rise for the Purpose Bitcoin ETF BTCC and more than 20% gains for Fidelity Advantage Bitcoin ETF FBTC, CI Galaxy Bitcoin ETF BTCX.B, and 3iQ Bitcoin ETF BTCQ.

过去一周，比特币 ETF 一直引领特朗普涨势，Purpose 比特币 ETF BTCC 上涨 19.4%，Fidelity Advantage 比特币 ETF FBTC、CI Galaxy 比特币 ETF BTCX.B 和 3iQ 比特币 ETF BTCQ 涨幅超过 20% 。

“Our data shows inflows into Canadian Bitcoin ETFs post-election, [followed by] some profit taking,” says Armour. “Solid performance tends to drive inflows for Bitcoin products,” he explains, adding that it remains to be seen whether investors will continue to chase this trend over the longer term.

Armour 表示：“我们的数据显示，大选后资金流入加拿大比特币 ETF，[随后] 出现了一些获利回吐。”他解释说：“稳健的表现往往会推动比特币产品的资金流入。”他补充说，从长远来看，投资者是否会继续追逐这一趋势还有待观察。

Sustained growth in Bitcoin-backed ETFs will in no small measure depend on the interplay between widespread adoption and the increase in Bitcoin’s price, according to Zagari. “While predicting the duration of this bullish trend is challenging, current indicators from both retail and institutional sectors suggest growing confidence in Bitcoin as an asset class, which can have a trickling effect on Canadian Bitcoin ETFs,” he says.

扎加里表示，比特币支持的 ETF 的持续增长在很大程度上取决于广泛采用和比特币价格上涨之间的相互作用。他表示：“虽然预测这种看涨趋势的持续时间具有挑战性，但零售和机构部门的当前指标表明，人们对比特币作为一种资产类别的信心不断增强，这可能会对加拿大比特币 ETF 产生连锁反应。”

Notably, in Canada, Bitcoin ETFs offer the added advantage of being eligible for inclusion in various tax-advantaged accounts, such as RRSPs, TFSAs, and cash accounts. “The ability to invest in Bitcoin through ETFs in retirement or savings accounts provides a more accessible route for retail investors to gain exposure to Bitcoin without directly handling the cryptocurrency,” Zagari says.

值得注意的是，在加拿大，比特币 ETF 提供了额外的优势，即有资格纳入各种税收优惠账户，例如 RRSP、TFSA 和现金账户。 “通过退休或储蓄账户中的 ETF 投资比特币的能力为散户投资者提供了一种更容易获得比特币投资的途径，而无需直接处理加密货币，”扎加里说。

Most Bitcoin watchers agree that predicting how long this bullish trend will last is a challenge. “Bitcoin’s price is highly volatile, so the future remains uncertain,” says Armour. “Even more uncertain is whether Trump intends to keep his campaign promises, or if his administration can deliver on them.” He concedes that Bitcoin continues to enjoy broader adoption, which “should translate to growth of Bitcoin ETF assets.” He says that a US president supporting Bitcoin can only help broaden its adoption, noting that it “will lead to inflows over time, but anything can happen in the short term.”

大多数比特币观察家都认为，预测这种看涨趋势将持续多久是一个挑战。 “比特币的价格波动很大，因此未来仍然不确定，”阿穆尔说。 “更不确定的是特朗普是否打算兑现他的竞选承诺，或者他的政府是否能够兑现这些承诺。”他承认比特币继续得到更广泛的采用，这“应该会转化为比特币 ETF 资产的增长”。他表示，美国总统支持比特币只会有助于扩大其采用范围，并指出“随着时间的推移，它将导致资金流入，但短期内任何事情都可能发生”。

Zagari says the new era in the investment world calls for an open mind about emerging asset classes, including Bitcoin-related investment vehicles. “This mindset isn’t just crucial for wealth creators but also those focused on wealth preservation,” he says. Bitcoin has shown greater staying power than originally thought, which makes a compelling case for investors to gain exposure to it, he says, adding that “Canadian Bitcoin ETFs make all this possible and are easy for the masses.”

扎加里表示，投资界的新时代要求对新兴资产类别（包括比特币相关投资工具）持开放态度。 “这种心态不仅对财富创造者至关重要，而且对那些专注于财富保值的人也至关重要，”他说。他表示，比特币表现出比最初想象的更强的持久力，这为投资者提供了一个令人信服的理由来投资比特币，并补充说，“加拿大比特币 ETF 使这一切成为可能，并且对大众来说很容易。”

Bitcoin enthusiasts often point to the coin’s utility as a store of value and a medium of exchange. Detractors argue that the cryptocurrency’s price has been highly volatile, with significant fluctuations over short periods. “This volatility makes it less reliable as a store of value compared to traditional assets like gold or stable

比特币爱好者经常指出比特币作为价值储存手段和交换媒介的效用。批评者认为，加密货币的价格波动很大，短期内波动很大。 “与黄金或稳定资产等传统资产相比，这种波动性使其作为价值储存手段的可靠性降低