Xapo 的 Wences Casares 认为，由于现货 BTC ETF，比特币在 2024 年迷失了方向

美国上市的现货比特币交易所交易基金 (ETF) 本月早些时候连续出现大量资金流入，但在圣诞节前几天，这些基金开始失去动力，并在平安夜遭遇了 15 亿美元的资金流出。

U.S.-listed spot Bitcoin exchange-traded funds (ETFs) lost steam a few days before Christmas, suffering outflows of $1.5 billion through Christmas Eve.

美国上市的现货比特币交易所交易基金 (ETF) 在圣诞节前几天失去动力，平安夜期间资金流出 15 亿美元。

Data from Farside Investors showed that from Dec. 19 through Dec. 24, U.S. spot BTC ETFs saw $1.512 billion in outflows, led by Fidelity’s FBTC and Grayscale’s BTC.

Farside Investors的数据显示，从12月19日到12月24日，美国现货BTC ETF流出了15.12亿美元，其中以Fidelity的FBTC和Grayscale的BTC为首。

The outflows were recorded even as Bitcoin and several major altcoins saw some gains on Christmas Eve, triggered by hopes from the crypto community that the world’s largest cryptocurrency by market capitalization will climb before the new year.

尽管比特币和几种主要山寨币在平安夜出现了一些上涨，但由于加密社区希望全球市值最大的加密货币将在新年前攀升，引发了资金流出。

The Year of Institutional Bitcoin Through Spot $BTC ETFs

通过现货 BTC ETF 实现机构比特币之年

Even as Bitcoin ETFs are flowing outwards post-Christmas, the funds have had a mostly wonderful year, seeing outflows here and there, but most of the time reaping gains in what could be the biggest story of crypto in 2024.

尽管比特币 ETF 在圣诞节后开始流出，但这些基金度过了非常美好的一年，到处都有资金流出，但大多数时候都在收获收益，这可能是 2024 年加密货币领域最大的故事。

Stack Holder, a prominent figure in the crypto space, said Wednesday that "2024 was year one of institutional Bitcoin." This year triggered an influx in institutional interest in crypto, but it wouldn't have been achieved without the approval of spot BTC ETFs.

加密货币领域的知名人物 Stack Holder 周三表示，“2024 年是机构比特币的元年”。今年引发了机构对加密货币的兴趣涌入，但如果没有现货 BTC ETF 的批准，这一目标就不会实现。

2024 was year one of institutional Bitcoin

2024 年是机构比特币元年

The year that Bitcoin truly established itself as a must-own asset

比特币真正成为必须拥有的资产的那一年

But 2025 will take things to a new level

但 2025 年将会把事情提升到一个新的水平

The ETFs are the superhighway that allow trillions of dollars of capital to flow into Bitcoin

ETF是允许数万亿美元资金流入比特币的高速公路

But the greatest ETF launch… https://t.co/VooQHNkJPx

但最伟大的 ETF 推出...... https://t.co/VooQHNkJPx

Some industry observers and experts are already expecting things to accelerate in 2025, especially with the entry of a new administration that has presented itself as pro-crypto and pro-innovation.

一些行业观察家和专家已经预计 2025 年事情将会加速，特别是随着新政府的上台，该政府自称支持加密货币和支持创新。

Did Bitcoin Lose Its Way Due to Spot $BTC ETFs?

比特币是否因为现货 BTC ETF 而迷失了方向？

While many investors in Bitcoin ETFs are hopeful that the outflow streak will end soon and inflow streaks will drag longer in the coming year, there is concern about whether the funds actually led to centralization – the ultimate taboo in Bitcoin's core narrative.

尽管比特币 ETF 的许多投资者都希望资金连续流出将很快结束，并且资金流入将在未来一年持续更长时间，但人们担心这些资金是否真的导致了中心化——这是比特币核心叙述中的终极禁忌。

Commenting about the entry of institutions into the Bitcoin space, one crypto user on X said that BTC will only surge further as more traditional financial firms jump into the market as driven by interest in spot BTC ETFs, the digital currency's core has been corrupted.

在评论机构进入比特币领域时，X 上的一位加密货币用户表示，随着更多传统金融公司在现货 BTC ETF 兴趣的推动下进入市场，比特币只会进一步飙升，数字货币的核心已经被破坏。

"You're not wrong but Bitcoin lost its original narrative! And now is becoming more and more centralized!" the user argued.

“你没有错，但比特币失去了原来的叙述！现在变得越来越中心化！”用户争论道。

The BTC whitepaper made it clear that the world’s first crypto asset should be decentralized, meaning control is distributed across different teams or divisions instead of a focal power.

BTC 白皮书明确表示，世界上第一个加密资产应该是去中心化的，这意味着控制权分布在不同的团队或部门，而不是集中权力。

However, it has also become clear since the entry of spot BTC ETFs that huge institutions have become more involved in the coin, including ETF issuers BlackRock and MicroStrategy, the world's largest corporate holder of Bitcoin.

然而，自从现货 BTC ETF 进入以来，大型机构已经越来越多地参与比特币交易，其中包括 ETF 发行人贝莱德 (BlackRock) 和全球最大的比特币企业持有者 MicroStrategy。

Martin Hisboeck, head of research at the Uphold exchange, previously said that the approval of ETFs made Bitcoin "just another asset in the army of financial planners wishing to improve their Sharpe ratio," which compared returns and risks in an investment.

Uphold 交易所研究主管 Martin Hisboeck 此前表示，ETF 的批准使比特币“成为希望提高夏普比率的财务规划者大军中的另一种资产”，夏普比率用于比较投资的回报和风险。

Bitcoin, meanwhile, is still down significantly from its all-time high above $108,000 before the holidays. As of early Thursday, the coin is trading in the $98,000 lows and has had a very volatile price movement in recent days.

与此同时，比特币仍较假期前 108,000 美元以上的历史高位大幅下跌。截至周四早些时候，该代币的交易价格为 98,000 美元低点，并且最近几天的价格走势非常波动。