比特币 ETF 给人留下了深刻的印象，以前所未有的方式塑造了加密行业

距离美国批准现货比特币交易所交易基金（ETF）仅过去了一年多的时间，它们确实给人留下了深刻的印象。

The approval of Spot Bitcoin exchange-traded funds (ETFs) by the US was a pivotal moment in the crypto industry. These funds have not only experienced rapid growth but have also had a profound impact on price movements.

美国批准现货比特币交易所交易基金（ETF）是加密货币行业的关键时刻。这些基金不仅增长迅速，而且对价格走势产生了深远的影响。

A US court played a crucial role in facilitating the launch of these ETFs by practically compelling the Securities and Exchange Commission (SEC) to drop its opposition to the funds.

美国一家法院在促进这些 ETF 的推出方面发挥了至关重要的作用，实际上迫使美国证券交易委员会 (SEC) 放弃对这些基金的反对。

Data from Kaiko analysts suggests that the ETFs have been a major driving force behind Bitcoin's price surge, which reached record highs in December.

Kaiko 分析师的数据表明，ETF 一直是比特币价格飙升的主要推动力，比特币价格在 12 月创下历史新高。

With a combined AU$177 billion in assets under management (AUM) and net inflows of AU$58 billion, the ETFs have attracted significant capital.

这些 ETF 的管理资产 (AUM) 总计达 1,770 亿澳元，净流入达 580 亿澳元，吸引了大量资本。

To what extent did Bitcoin ETFs influence the 2024 rally? Kaiko provides an answer, and it's substantial.

比特币 ETF 在多大程度上影响了 2024 年的涨势？ Kaiko 提供了一个答案，而且这个答案很重要。

The original cryptocurrency experienced a surge in March of 2024, and the presence of ETFs was evident. Following "weeks of selling pressure from bankrupt firms liquidating BTC holdings," these funds provided a substantial portion of the demand.

最初的加密货币在 2024 年 3 月经历了飙升，ETF 的存在显而易见。在“破产公司清算比特币持有量持续数周的抛售压力”之后，这些资金提供了很大一部分需求。

The analysts speculate that in the absence of ETFs, 2024 could have unfolded differently amidst massive government liquidations.

分析师推测，如果没有 ETF，2024 年的情况可能会因政府大规模清算而有所不同。

Moreover, according to Kaiko, the funds not only contributed to higher prices but also played a role in stabilizing and sustaining prices during periods of turbulence:

此外，Kaiko 表示，这些基金不仅推动了价格上涨，还在动荡时期发挥了稳定和维持价格的作用：

2025 Witnesses a Mixed Start to ETF Trading

2025 年 ETF 交易开局喜忧参半

Despite a positive first year, nothing rises in a straight line, and the Spot Bitcoin ETFs are no exception. 2025 has presented a mixed picture so far, with strong buying in the early trading days, followed by sell-offs, and then more buying again.

尽管第一年表现良好，但没有什么是直线上升的，现货比特币 ETF 也不例外。到目前为止，2025 年的情况好坏参半，早盘交易日出现强劲买盘，随后出现抛售，然后再次出现更多买盘。

Considering both the buying and selling, the ETFs have seen net inflows in 2025 of US$1.33 billion (AU$2.14 billion) so far.

考虑到买入和卖出，迄今为止 ETF 在 2025 年的净流入额为 13.3 亿美元（21.4 亿澳元）。

Currently, they hold 5.4% of the total 21 million Bitcoin, with 1,135,676 BTC spread among the funds.

目前，他们持有 2100 万比特币总量的 5.4%，各基金持有 1,135,676 BTC。