Bitcoin Suisse 2025 年展望：加密货币牛市将持续，以太坊质押 ETF 可能跑赢比特币

加密金融服务提供商 Bitcoin Suisse 表示，加密货币牛市将在 2025 年持续，并预计以太坊将质押交易所交易基金

Bitcoin Suisse, a crypto finance service provider, has shared its outlook for the next year in a new report. The report includes key projections for 2025, such as the U.S. adopting a Bitcoin (BTC) strategic reserve, BTC trading to an all-time high above $180'000, and financial giants unveiling institutional rollups on Ethereum (ETH).

加密金融服务提供商 Bitcoin Suisse 在一份新报告中分享了明年的展望。该报告包括对 2025 年的重要预测，例如美国采用比特币 (BTC) 战略储备、比特币交易价格达到 18 万美元以上的历史新高，以及金融巨头在以太坊 (ETH) 上推出机构汇总。

One of the biggest projections in the report is that Ethereum-staking exchange-traded funds (ETFs) could surpass Bitcoin ETFs.

报告中最大的预测之一是以太坊交易所交易基金（ETF）可能会超过比特币 ETF。

“While Bitcoin ETFs shattered records with $32B in net flows and IBIT now approaching $50B in AUM in just 225 trading days, we project a structural shift of flows into ETH ETFs in the post-election environment.”

“虽然比特币 ETF 在短短 225 个交易日内以 32B 美元的净流量打破了记录，而 IBIT 目前的资产管理规模已接近 50B 美元，但我们预计在选举后的环境中，流入 ETH ETF 的资金将出现结构性转变。”

Bitcoin Suisse points to key fundamentals for its Ethereum ETFs 2025 prediction. One of these is the risk-reward proposition Ether ETFs offer as institutional demand surges.

Bitcoin Suisse 指出了其以太坊 ETF 2025 年预测的关键基本面。其中之一是随着机构需求激增，以太坊 ETF 提供的风险回报主张。

An example of this is the flip in capital flows that occurred in November, which saw Ethereum ETFs outpacing Bitcoin ETFs in daily flows – $332.9 million for ETH compared to $320 million for BTC.

一个例子是 11 月份发生的资本流动逆转，以太坊 ETF 的日流量超过了比特币 ETF——ETH 为 3.329 亿美元，而 BTC 为 3.2 亿美元。

Institutions showed a preference for Ether ETFs despite their lower liquidity and higher premiums, which ranged between 0.7% and 1.2% for ETH compared to 0.2% to 0.4% for BTC. This is due to the fact that ETH ETFs offer a better risk-reward proposition with premiums relative to the underlying institutional demand.

尽管以太坊 ETF 的流动性较低且溢价较高，但机构仍偏爱以太坊 ETF，其中 ETH 的溢价介于 0.7% 至 1.2% 之间，而 BTC 的溢价介于 0.2% 至 0.4% 之间。这是因为 ETH ETF 提供了更好的风险回报主张，且相对于潜在的机构需求而言具有溢价。

According to the report, another factor that could contribute to the outperformance of Ethereum ETFs is the regulatory headwinds that have surrounded staking yields. These yields are expected to be approved for inclusion in ETFs under the new Trump administration, which could unlock a 3-4% yield. This is particularly compelling to institutional allocators, especially in a declining rate environment.

该报告称，另一个可能导致以太坊 ETF 表现优异的因素是围绕质押收益率的监管阻力。特朗普新政府预计这些收益率将被批准纳入 ETF，这可能会带来 3-4% 的收益率。这对于机构配置者来说尤其具有吸引力，尤其是在利率下降的环境下。

“We project that staking yields will disproportionately benefit Ethereum and emerge as the primary catalyst for sustained constructive flows into ETH ETFs.”

“我们预计，质押收益将使以太坊受益匪浅，并成为 ETH ETF 持续建设性资金流入的主要催化剂。”

The report also projects the approval of new crypto ETFs, with Solana (SOL) and XRP (XRP) leading the race, having seen multiple issuers file applications with the U.S. Securities and Exchange Commission (SEC) to launch the products.

该报告还预计新的加密 ETF 将会获得批准，其中 Solana (SOL) 和 XRP (XRP) 处于领先地位，多家发行人向美国证券交易委员会 (SEC) 提交了推出这些产品的申请。