比特币和加密货币 ETF 对贝莱德来说是一项严肃的业务

这家金融巨头并不掩饰对这些新投资产品的热情，其客户也纷纷效仿。

BlackRock is showing strong interest in bitcoin and crypto ETFs, and its clients are following suit. After a decade of refusals, the SEC finally approved Bitcoin ETFs in January, opening the door to a massive influx of capital. These exchange-traded funds (ETFs) are attracting increasing attention, even exceeding the most optimistic projections.

贝莱德对比特币和加密 ETF 表现出浓厚的兴趣，其客户也纷纷效仿。经过十年的拒绝后，美国证券交易委员会 (SEC) 终于在 1 月份批准了比特币 ETF，为大量资本涌入打开了大门。这些交易所交易基金（ETF）正吸引越来越多的关注，甚至超过了最乐观的预测。

But how are these crypto products performing, and what about other digital assets?

但这些加密产品的表现如何，其他数字资产又如何呢？

Bitcoin ETFs: The Rising Star

比特币 ETF：后起之秀

Bitcoin ETFs have taken the market by storm, rendering other new financial products almost anecdotal. Among the 575 ETFs launched this year, 14 of the top 30 are dedicated to Bitcoin or Ethereum, with Bitcoin funds occupying the top four positions.

比特币 ETF 席卷了市场，使得其他新金融产品几乎成为轶事。在今年推出的 575 只 ETF 中，前 30 只中有 14 只专注于比特币或以太坊，其中比特币基金占据了前四名的位置。

This is an impressive feat, especially considering that BlackRock's iShares Bitcoin Trust has dominated the ETF market in terms of inflows for the past four years.

这是一项令人印象深刻的壮举，特别是考虑到贝莱德的 iShares 比特币信托在过去四年的资金流入方面一直主导着 ETF 市场。

The numbers tell the story:

数字讲述了这个故事：

According to James Seyffart, an analyst at Bloomberg Intelligence, this explosive growth can be partly attributed to pent-up demand. “Investors were waiting for a legal and accessible way to bet on bitcoin“, he explains.

彭博资讯 (Bloomberg Intelligence) 分析师詹姆斯·塞法特 (James Seyffart) 表示，这种爆炸性增长部分归因于被压抑的需求。 “投资者正在等待一种合法且可行的方式来押注比特币”，他解释道。

Traditional finance powerhouses, such as Morgan Stanley and Goldman Sachs, have also entered the scene, attracting even more capital towards these new products.

摩根士丹利、高盛等传统金融巨头也纷纷入场，为这些新产品吸引了更多资本。

Crypto Products: A Promising Future Despite Challenges

加密产品：尽管面临挑战，但前景光明

While bitcoin is enjoying great success, Ethereum ETFs are still lagging behind. Despite the SEC approving ETFs for the second-largest cryptocurrency in May, the inflows have not materialized. The Grayscale Ethereum Trust (ETHE), a legacy player, has seen massive outflows, with over $3 billion being pulled out of the fund.

尽管比特币取得了巨大成功，但以太坊 ETF 仍然落后。尽管 SEC 在 5 月份批准了第二大加密货币 ETF，但资金流入尚未实现。传统参与者灰度以太坊信托基金 (ETHE) 已出现大规模资金外流，超过 30 亿美元从该基金中撤出。

As a result, the nine Ethereum ETFs are showing a negative balance of $472.7 million since their launch.

因此，自推出以来，九只以太坊 ETF 的负余额为 4.727 亿美元。

But not all is lost. The conversion of the Grayscale Ethereum Trust to an ETF could change the game, and other products are still managing to pique the interest of investors. Hedge funds, for instance, are making strategic plays by investing in ETFs while hedging their positions with futures contracts.

但并非一切都失去了。灰度以太坊信托基金转换为 ETF 可能会改变游戏规则，而其他产品仍在设法激起投资者的兴趣。例如，对冲基金通过投资 ETF 来进行战略投资，同时通过期货合约对冲头寸。

Still, observers note that the challenges for Ethereum are far from over. “For now, outflows from the Grayscale Ethereum Trust are outpacing inflows to other Ethereum ETFs“, notes Seyffart.

尽管如此，观察人士指出，以太坊面临的挑战还远未结束。 Seyffart 指出：“目前，灰度以太坊信托基金的资金流出量超过了其他以太坊 ETF 的流入量”。

This situation could change quickly if interest in crypto products continues to grow.

如果人们对加密产品的兴趣持续增长，这种情况可能会迅速改变。

After a promising “Uptober” and with central banks losing interest in raising rates, ETFs could play a key role in propping up the crypto market by the end of the year.

在经历了充满希望的“Uptober”之后，随着央行对加息失去兴趣，ETF 可能会在年底前在支撑加密货币市场方面发挥关键作用。