比特币 ETP 点燃了 2024 年，但这股火焰会燃烧多久？

随着现货交易所交易产品 (ETP) 的推出，比特币 BTC/USD 在 2024 年开辟了新天地。摩根大通分析师肯尼思·B·沃辛顿 (Kenneth B. Worthington) 表示

The launch of spot exchange-traded products (ETPs) for Bitcoin (BTC) in 2024 had a transformative impact on the crypto market, leading to institutional adoption and market expansion.

2024 年比特币 (BTC) 现货交易所交易产品 (ETP) 的推出对加密市场产生了变革性影响，导致机构采用和市场扩张。

According to JPMorgan analyst Kenneth B. Worthington, in a year that saw the total market cap for crypto nearly double, ETPs played a crucial role in boosting accessibility and lending legitimacy to digital assets.

摩根大通分析师 Kenneth B. Worthington 表示，在加密货币总市值几乎翻倍的一年中，ETP 在提高数字资产的可访问性和赋予其合法性方面发挥了至关重要的作用。

"The institutional interest in crypto was palpable in 2024, and ETPs served as a gateway for traditional finance to enter the crypto arena," Worthington said.

Worthington 表示：“到 2024 年，机构对加密货币的兴趣显而易见，ETP 成为传统金融进入加密货币领域的门户。”

The entry of crypto ETPs into the scene saw hedge funds, pension managers, and wealth advisors flocking to Bitcoin ETPs, driving up market confidence and highlighting the merging of TradFi and crypto.

加密货币 ETP 的进入让对冲基金、养老金经理和财富顾问纷纷涌向比特币 ETP，提振了市场信心，并凸显了 TradFi 和加密货币的融合。

With an impressive flow of around $36 billion in net new assets into Bitcoin ETPs in just a year, the IBIT from BlackRock (NYSE:BLK) led the pack, generating an incredible $38 billion in net sales.

仅仅一年之内就有约 360 亿美元的净新资产流入比特币 ETP，贝莱德 (BlackRock)（纽约证券交易所股票代码：BLK）的 IBIT 处于领先地位，创造了令人难以置信的 380 亿美元的净销售额。

On the other hand, Grayscale had a bumpier ride, shedding $22 billion after converting its Bitcoin Trust into an ETP. However, its new retail-friendly BTC vehicle managed to attract around $900 million.

另一方面，Grayscale 则经历了一段坎坷的旅程，在将其比特币信托转换为 ETP 后，损失了 220 亿美元。然而，其新的零售友好型 BTC 工具成功吸引了约 9 亿美元。

The entry of crypto ETPs in 2024 had a significant impact on the financial landscape, with a few key players reaping the rewards of this merging landscape.

2024 年加密货币 ETP 的进入对金融格局产生了重大影响，一些关键参与者从这种合并格局中获得了回报。

"BlackRock, Coinbase, and Virtu emerged as the clear winners, reaping the benefits of a crypto renaissance," Worthington added.

沃辛顿补充道：“贝莱德、Coinbase 和 Virtu 成为明显的赢家，从加密货币复兴中获益。”

Among them, BlackRock saw an estimated $54 million revenue boost, thanks to its iShares lineup of Bitcoin ETPs. At the same time, Coinbase (NASDAQ:COIN) thrived as a custodian and trading partner, riding high on increased token volumes.

其中，得益于 iShares 比特币 ETP 系列，贝莱德 (BlackRock) 的收入预计增长了 5400 万美元。与此同时，Coinbase（纳斯达克股票代码：COIN）作为托管人和贸易伙伴，凭借代币交易量的增加而蓬勃发展。

Meanwhile, Virtu (NASDAQ:VIRT) capitalized on its role as a market maker across all 11 Bitcoin ETPs, a strategy that paid off handsomely.

与此同时，Virtu（纳斯达克股票代码：VIRT）利用其作为所有 11 个比特币 ETP 的做市商的角色，这一策略获得了丰厚的回报。

"As we look ahead to 2025, the future of crypto ETPs will be largely determined by regulatory dynamics," Worthington said.

沃辛顿表示：“展望 2025 年，加密货币 ETP 的未来将在很大程度上取决于监管动态。”

While new products, such as those featuring tokens like Solana (SOL) and Ripple (XRP), await SEC approval, the analyst anticipates that investor demand may be tepid.

尽管新产品（例如 Solana (SOL) 和 Ripple (XRP) 等代币）正在等待 SEC 批准，但分析师预计投资者需求可能不温不火。

"The next wave of crypto ETPs might be less about introducing new assets and more about refining the crypto infrastructure itself," he concluded.

他总结道：“下一波加密 ETP 可能不再是引入新资产，而是更多地关注完善加密基础设施本身。”