比特币 ETF 被证明对机构投资者具有吸引力

自 2024 年 1 月在美国市场首次亮相以来，现货比特币交易所交易基金 (ETF) 一直吸引着机构投资者。

Following their entry into the US market in January 2024, spot Bitcoin exchange-traded funds (ETFs) have swiftly drawn the attention of institutional investors. These ETFs offer an indirect way to hold Bitcoin in their portfolios, avoiding the hassles of direct purchase and secure storage.

自2024年1月进入美国市场以来，现货比特币交易所交易基金（ETF）迅速引起了机构投资者的关注。这些 ETF 提供了一种在投资组合中持有比特币的间接方式，避免了直接购买和安全存储的麻烦。

The response from the market has been overwhelmingly positive, with over 1,000 institutional investors emerging within just two 13F filing periods. These filings, which are mandatory quarterly disclosures for institutional investment managers, highlight a sustained interest in Bitcoin ETFs.

市场反应极为积极，仅两个 13F 申报期内就有超过 1,000 家机构投资者涌现。这些文件是机构投资经理强制季度披露的文件，突显了人们对比特币 ETF 的持续兴趣。

"These are extraordinary numbers, especially when compared to the typical ETF, which is fortunate to garner any early institutional attention,” said Eric Balchunas, a senior Bloomberg analyst, discussing the growth of Bitcoin ETFs.

彭博社高级分析师埃里克·巴尔丘纳斯 (Eric Balchunas) 在讨论比特币 ETF 的增长时表示：“这些数字非同寻常，尤其是与典型的 ETF 相比，后者很幸运能够获得早期机构的关注。”

BlackRock's IBIT ETF Boasts 661 Institutional Holders

BlackRock 的 IBIT ETF 拥有 661 家机构持有人

Among these ETFs, BlackRock's iShares Bitcoin Trust (IBIT) stands out. It has 661 institutional holders, with institutions and large advisors holding about 20% of its shares. According to Balchunas, this figure could double next year.

在这些 ETF 中，贝莱德的 iShares 比特币信托 (IBIT) 脱颖而出。它有661家机构持有人，其中机构和大型顾问持有其约20%的股份。巴尔丘纳斯表示，明年这个数字可能会翻一番。

Significantly, there has been a shift among top US hedge funds, with about 60% now holding Bitcoin ETFs, up sharply from earlier in the year. Notably, none of these funds sold their stakes during the second quarter, and many actually increased their holdings.

值得注意的是，美国顶级对冲基金之间发生了转变，目前约有 60% 的对冲基金持有比特币 ETF，这一数字较今年早些时候大幅增加。值得注意的是，这些基金在第二季度都没有出售所持股份，许多基金实际上还增持了股份。

Among them are Citadel Investments, Millennium Management, Mariner Investment, and Fortress Investment, which have all upped their stakes in these ETFs.

其中包括 Citadel Investments、Millennium Management、Mariner Investment 和 Fortress Investment，它们都增持了这些 ETF 的股份。

This interest extends beyond hedge funds, with 13 of the top 25 registered investment advisers in the US now reporting exposure to Bitcoin through these ETFs. Firms like Cambridge Associates and Hightower Advisors are gradually increasing their stakes in these ETFs, signaling a broader institutional trust in Bitcoin's value.

这种兴趣不仅限于对冲基金，美国排名前 25 名的注册投资顾问中有 13 家目前通过这些 ETF 报告了对比特币的投资。 Cambridge Associates 和 Hightower Advisors 等公司正在逐步增加在这些 ETF 中的股份，这表明机构对比特币价值的信任更加广泛。

This institutional support is changing the perception and utility of cryptocurrencies. Following the launch of Bitcoin ETFs, there have also been launches of Ethereum ETFs, bringing more traditional investment into the crypto sphere.

这种机构支持正在改变加密货币的认知和效用。继比特币 ETF 推出后，以太坊 ETF 也随之推出，将更多传统投资带入加密领域。

The impact of these ETFs on the crypto market is evident. This growth is reflected in the sharp rise in the number of Bitcoin millionaires, which has jumped by 111% to 85,400 globally, according to Henley & Partners.

这些 ETF 对加密货币市场的影响是显而易见的。根据 Henley & Partners 的数据，这种增长反映在比特币百万富翁数量的急剧增加上，全球比特币百万富翁数量猛增 111% 至 85,400 人。

However, despite these gains, there are still challenges. Notably, US Bitcoin exchange-traded funds have experienced their longest streak of daily net outflows since their debut.

然而，尽管取得了这些成果，但仍然存在挑战。值得注意的是，美国比特币交易所交易基金经历了自上市以来最长的每日净流出趋势。

Investors withdrew roughly $1.2 billion from these funds over eight days through early September, highlighting the broader market's risk aversion during this tumultuous financial period.

截至 9 月初的八天内，投资者从这些基金中撤出了约 12 亿美元，凸显了在这个动荡的金融时期大市场的避险情绪。

Despite this, Balchunas remains upbeat. "That said, they have seen a 'touch' of outflows ($287 million outflows for 1 month = 0.5% of aum and the 787 million for 1 week = 1.5%). In other words, close to 99% of the investors have hung tough yet again," said Balchunas.

尽管如此，巴尔丘纳斯仍然保持乐观。 “也就是说，他们已经看到了一定程度的资金外流（1 个月的 2.87 亿美元资金外流 = 资产管理规模的 0.5%，1 周的 7.87 亿美元资金外流 = 1.5%）。换句话说，接近 99% 的投资者都在犹豫不决。”再次艰难，”巴尔丘纳斯说。