Sygnum Bank：随着机构投资者的涌入，比特币 (BTC) 价格可能在 2025 年飙升

根据 12 月 12 日的一份报告称，机构资金流入激增可能会在 2025 年导致比特币（BTC）“需求冲击”，并可能导致 BTC 价格飙升。

Institutional capital flows are already having a “multiplier effect” on BTC's spot price, with every $1 billion in net inflows into spot exchange-traded funds (ETFs) driving an approximately 3-6% price pump, Sygnum said in its Crypto Market Outlook 2025 report.

Sygnum 在其《2025 年加密货币市场展望》中表示，机构资本流动已经对 BTC 现货价格产生“乘数效应”，现货交易所交易基金 (ETF) 每净流入 10 亿美元，就会推动价格上涨约 3-6%报告。

Sygnum expects this dynamic to accelerate in 2025 as large institutional investors — including sovereign wealth funds, endowments, and pension funds — add Bitcoin allocations.

Sygnum 预计，随着大型机构投资者（包括主权财富基金、捐赠基金和养老基金）增加比特币配置，这种动态将在 2025 年加速。

“With improving US regulatory clarity and the potential for Bitcoin to be recognized as a central bank reserve asset, 2025 could mark a steep acceleration for institutional participation in crypto assets,” Martin Burgherr, Sygnum's chief clients officer, said in a statement.

Sygnum 首席客户官 Martin Burgherr 在一份声明中表示：“随着美国监管透明度的提高以及比特币被视为央行储备资产的潜力，2025 年可能标志着机构参与加密资产的急剧加速。”

However, this trend will only extend to alternative cryptocurrencies if the United States passes laws supporting crypto adoption, according to Sygnum.

然而，Sygnum 表示，只有美国通过支持加密货币采用的法律，这种趋势才会扩展到替代加密货币。

Altcoins will only thrive if US lawmakers create rules “tailored to the asset class allow[ing] projects to pass value to tokenholders without triggering a compliance burden they cannot reasonably fulfill,” the report said.

报告称，只有美国立法者制定“适合资产类别的规则，允许项目将价值传递给代币持有者，而不引发他们无法合理履行的合规负担”，山寨币才会蓬勃发展。

Sygnum flagged the proposed Financial Innovation and Technology for the 21st Century Act (FIT21) and Payment Stablecoin Act as especially important for crypto.

Sygnum 指出拟议的《21 世纪金融创新和技术法案》（FIT21）和《支付稳定币法案》对于加密货币尤其重要。

The US also needs laws governing self-custody, crypto mining, and decentralized finance (DeFi), the report said.

报告称，美国还需要管理自我托管、加密货币挖矿和去中心化金融（DeFi）的法律。

Until then, “Bitcoin’s unusually strong growth drivers… will cap the relative performance of altcoins,” the report said.

报告称，在那之前，“比特币异常强劲的增长动力……将限制山寨币的相对表现”。

Beyond BTC, “lackluster user growth for the majority of decentralized applications and use cases has driven speculative investment towards memecoins, risking a bubble,” the report added.

报告补充说，除了比特币之外，“大多数去中心化应用程序和用例的用户增长乏力，推动了对模因币的投机性投资，从而面临泡沫风险”。

On Nov. 21, US Bitcoin ETFs broke $100 billion in net assets for the first time, according to data from Bloomberg Intelligence.

彭博资讯数据显示，11 月 21 日，美国比特币 ETF 净资产首次突破 1000 亿美元。

Bitcoin has dominated the ETF landscape since spot BTC ETFs launched in January. Investor interest accelerated after crypto-friendly President-elect Donald Trump prevailed on Nov. 5 in the US elections.

自 1 月份推出现货 BTC ETF 以来，比特币一直在 ETF 领域占据主导地位。对加密货币友好的当选总统唐纳德·特朗普 (Donald Trump) 于 11 月 5 日在美国大选中获胜后，投资者的兴趣加速增长。

“[T]he growth of spot Bitcoin ETFs stemmed from two main factors: broad Bitcoin adoption and a superior product,” Bryan Armour, director of passive strategies research at Morningstar, told Cointelegraph in November.

“现货比特币 ETF 的增长源于两个主要因素：比特币的广泛采用和优质的产品，”晨星公司被动策略研究总监 Bryan Armour 在 11 月份告诉 Cointelegraph。

“The ETFs allowed new investors to buy Bitcoin for the first time, like those unable to set up a wallet and buy Bitcoin on a cryptocurrency exchange,” said Armour. They “also benefit from cheaper trading, low fees, and best-in-class Bitcoin storage practices.”

Armour 表示：“ETF 首次允许新投资者购买比特币，就像那些无法设立钱包并在加密货币交易所购买比特币的投资者一样。”他们“还受益于更便宜的交易、低廉的费用和一流的比特币存储实践。”