比特币 ETF 流入暂停：长期增长路径暂时中断

伯恩斯坦的报告表明，比特币 ETF 资金流入暂时停止，而不是负面趋势。该报告预测，到 2025 年，比特币周期将达到 15 万美元的高点，并引用了健康的挖矿周期以及巩固的市场份额。分析师认为，当前的盘整阶段是未来上涨的前奏，这与比特币 ETF 整合增加和作为投资组合配置更广泛接受的预测相一致。

Bitcoin ETF Inflow Slowdown: A Temporary Pause in a Long-Term Growth Trend

比特币ETF流入放缓：长期增长趋势的暂时停顿

New York, NY - September 27, 2023 - Despite recent data indicating a slowdown in exchange-traded fund (ETF) inflows for bitcoin (CRYPTO: BTC), a respected brokerage firm, Bernstein, believes this is merely a temporary pause in a long-term growth trend.

纽约，纽约 - 2023 年 9 月 27 日 - 尽管最近的数据表明比特币（CRYPTO：BTC）的交易所交易基金（ETF）流入放缓，但受人尊敬的经纪公司 Bernstein 认为这只是长期的暂时停顿。长期增长趋势。

In a comprehensive research report released on Monday, Bernstein analysts Gautam Chhugani and Mahika Sapra contend that the current lull in bitcoin ETF inflows is simply a natural gestation period before these funds become more widely integrated into mainstream financial platforms.

在周一发布的一份综合研究报告中，伯恩斯坦分析师 Gautam Chhugani 和 Mahika Sapra 认为，目前比特币 ETF 资金流入的停滞只是这些基金更广泛地融入主流金融平台之前的一个自然孕育期。

According to the report, the integration of bitcoin into investment portfolios is still in its early stages, and institutions such as private banks, wealth advisors, and brokerage platforms are still establishing the necessary compliance frameworks to offer bitcoin ETF products. This process takes time, which accounts for the temporary slowdown in inflows.

报告称，比特币融入投资组合仍处于早期阶段，私人银行、财富顾问和经纪平台等机构仍在建立必要的合规框架来提供比特币ETF产品。这个过程需要时间，这也是资金流入暂时放缓的原因。

Despite this temporary pause, Bernstein remains bullish on the long-term prospects for bitcoin, maintaining its projection of a market cycle high of $150,000 by 2025. The report underscores the firm's conviction in this forecast, citing the "unprecedented ETF demand inflows" as a primary driver.

尽管暂时停顿，伯恩斯坦仍然看好比特币的长期前景，维持其对 2025 年市场周期高点 15 万美元的预测。该报告强调了该公司对这一预测的信念，称“前所未有的 ETF 需求流入”是主要司机。

The report also highlights the post-halving dynamics of the bitcoin mining industry. The recent quadrennial reward halving, which occurred earlier this month, slowed the rate of growth in bitcoin supply. Bernstein notes that the bitcoin mining cycle remains healthy, with leading players consolidating market shares. Bitcoin network fees have also normalized at a stable 10% of miners' revenues, providing further evidence of a well-functioning ecosystem.

该报告还强调了比特币挖矿行业减半后的动态。本月初发生的最近四年一次的奖励减半减缓了比特币供应的增长速度。伯恩斯坦指出，比特币挖矿周期仍然健康，领先企业正在巩固市场份额。比特币网络费用也已正常化，稳定在矿工收入的 10%，这进一步证明了生态系统运作良好。

In light of these factors, Bernstein's analysts believe that the current consolidation phase in bitcoin price action represents a "calm before the storm," indicating a potential upswing in the future.

鉴于这些因素，伯恩斯坦的分析师认为，当前比特币价格走势的盘整阶段代表着“暴风雨前的平静”，表明未来可能出现上涨。

This bullish sentiment is echoed by independent cryptocurrency analysts, such as Lark Davis, who supports the notion of a future upswing. Willy Woo, a prominent cryptocurrency analyst, had earlier projected that the introduction of bitcoin ETFs could potentially drive bitcoin's price to surpass that of gold. However, the recent outflow from bitcoin ETFs had contradicted this bullish sentiment, causing some concern.

这种看涨情绪得到了独立加密货币分析师的呼应，例如支持未来上涨的观点的拉克·戴维斯(Lark Davis)。著名加密货币分析师 Willy Woo 早些时候曾预测，比特币 ETF 的推出可能会推动比特币的价格超越黄金。然而，最近比特币 ETF 的资金流出与这种看涨情绪相矛盾，引发了一些担忧。

Bernstein's report, however, suggests that the dip in ETF inflows is merely a temporary setback and that the long-term growth trajectory for bitcoin remains intact.

然而，伯恩斯坦的报告表明，ETF 流入量的下降只是暂时的挫折，比特币的长期增长轨迹仍然完好无损。

At the time of writing, bitcoin was trading at $62,359.00, a decline of 1.79% from the previous day's close.

截至撰写本文时，比特币交易价格为 62,359.00 美元，较前一交易日收盘价下跌 1.79%。