贝莱德现货比特币 ETF 飙升，中国竞争对手进入市场

贝莱德的比特币ETF（IBIT）经历了史无前例的69天资金流入激增，净流入达到154.2亿美元。虽然贝莱德的成功归功于强大的品牌和具有竞争力的费用，但中国现货比特币 ETF 的进入，例如 Bosera、HashKey 和胜利证券有条件批准的 ETF，预计将对市场产生影响。彭博社分析师 Eric Balchunas 低估了它们的潜力，理由是香港 ETF 市场的规模和可及性有限。

BlackRock's Spot Bitcoin ETF Dominates Market, Chinese Players Emerge

贝莱德现货比特币ETF主导市场，中国玩家崛起

In a significant development for the burgeoning cryptocurrency landscape, BlackRock's spot Bitcoin (BTC) exchange-traded fund (ETF) has exhibited remarkable resilience, posting an unprecedented 69-day unbroken chain of inflows leading up to the highly anticipated halving event on April 20. The inflows have propelled BlackRock's iShares Bitcoin Trust (IBIT) to amass a staggering $15.42 billion in net inflows.

在蓬勃发展的加密货币领域的重大发展中，贝莱德的现货比特币 (BTC) 交易所交易基金 (ETF) 表现出了非凡的弹性，在 4 月 20 日备受期待的减半事件之前，出现了史无前例的 69 天不间断资金流入链。这些资金流入推动贝莱德的 iShares 比特币信托 (IBIT) 积累了惊人的 154.2 亿美元净流入。

IBIT's Inflows Streak

IBIT 的资金连续流入

The halving, a pivotal event that reduces the issuance rate of new Bitcoins by 50%, has galvanized the crypto market, with many investors betting on the potential for Bitcoin's value to soar. The scarcity created by the halving has amplified the allure of spot Bitcoin ETFs, which allow investors to gain exposure to the digital asset without the need for direct ownership.

减半是一个关键事件，新比特币的发行率降低了 50%，刺激了加密货币市场，许多投资者押注比特币价值飙升的潜力。减半造成的稀缺性放大了现货比特币 ETF 的吸引力，投资者无需直接拥有该 ETF 即可获得数字资产的投资。

IBIT has emerged as a standout performer in this space, attracting a steady influx of capital despite the broader market volatility that preceded the halving. Last Friday alone, IBIT recorded $29.3 million in inflows, further cementing its position as the preferred spot Bitcoin ETF.

尽管减半前市场波动较大，但 IBIT 已成为该领域的佼佼者，吸引了稳定的资本涌入。仅上周五，IBIT 就录得 2930 万美元的资金流入，进一步巩固了其作为首选现货比特币 ETF 的地位。

IBIT's Success: A Multifaceted Approach

IBIT 的成功：多方面的方法

BlackRock attributes the overwhelming success of IBIT to a combination of factors, including its strong branding, competitive fee structure, and strategic distribution channels. The ETF's affiliation with BlackRock, a renowned asset management giant, has engendered trust and credibility among institutional investors, who have flocked to IBIT in search of a reliable and accessible way to participate in the Bitcoin market.

贝莱德将 IBIT 的巨大成功归功于多种因素，包括其强大的品牌、有竞争力的费用结构和战略分销渠道。该 ETF 与著名资产管理巨头贝莱德 (BlackRock) 的合作关系赢得了机构投资者的信任和信誉，他们纷纷涌向 IBIT，寻求一种可靠且便捷的方式参与比特币市场。

Surpassing Grayscale Bitcoin Trust

超越灰度比特币信托

IBIT's impressive performance has led to speculation that it may eventually eclipse Grayscale Bitcoin Trust (GBTC) as the largest Bitcoin ETF. Grayscale, once the dominant player in the market, has faced recent headwinds, including an alarming $16.73 billion net outflows since its ETF conversion in January.

IBIT 令人印象深刻的表现引发了人们的猜测，即它最终可能超越灰度比特币信托基金 (GBTC)，成为最大的比特币 ETF。灰度曾经是市场的主导者，但最近面临阻力，包括自 1 月份 ETF 转换以来净流出高达 167.3 亿美元，令人震惊。

Chinese Spot Bitcoin ETFs Emerge

中国现货比特币 ETF 出现

Beyond the US market, the Securities & Futures Commission (SFC) of Hong Kong (HK) has reportedly granted conditional approval to several Chinese spot Bitcoin and Ethereum (ETH) ETFs. The greenlighting of these ETFs has sent ripples through the crypto ecosystem, signaling a potential shift in the global regulatory landscape.

据报道，除美国市场外，香港证券及期货事务监察委员会 (SFC) 已有条件批准数只中国现货比特币和以太坊 (ETH) ETF。这些 ETF 的批准在加密货币生态系统中引起了连锁反应，标志着全球监管格局的潜在转变。

Victory Securities Discloses Fee Structure

胜利证券披露费用结构

One of the new entrants in the Hong Kong spot Bitcoin ETF space is Victory Securities. The issuer has disclosed its fee structure, which ranges from 0.5% to 1% of the customer's total transaction, with a minimum fee of $850. Secondary markets will incur a charge of 0.15% for online transactions and 0.25% for phone transactions.

胜利证券是香港现货比特币 ETF 领域的新进入者之一。发行人披露了其收费结构，收费范围为客户交易总额的0.5%至1%，最低收费为850美元。二级市场在线交易将收取0.15%的费用，电话交易将收取0.25%的费用。

HK Spot Bitcoin ETFs Face Challenges

香港现货比特币ETF面临挑战

While the emergence of spot Bitcoin ETFs in Hong Kong has sparked excitement, analysts have tempered expectations, citing the relatively small size of the HK ETF market and the restricted access for mainland China investors due to the crypto ban. Bloomberg ETF analyst Eric Balchunas has suggested that the HK crypto ETFs will be fortunate to attract even $500 million in inflows.

尽管香港现货比特币 ETF 的出现引发了人们的兴奋，但分析师们却降低了预期，理由是香港 ETF 市场规模相对较小，而且由于加密货币禁令，中国大陆投资者的准入受到限制。彭博 ETF 分析师 Eric Balchunas 表示，香港加密货币 ETF 将有幸吸引 5 亿美元的资金流入。

Conclusion

结论

The emergence of spot Bitcoin ETFs, particularly the sustained success of BlackRock's IBIT, has injected a sense of optimism into the cryptocurrency market. The influx of institutional capital indicates a growing acceptance of digital assets as a legitimate investment class. As the regulatory landscape continues to evolve, it will be intriguing to beobachten, wie sich die Dynamik in diesem Bereich weiterentwickelt.

现货比特币ETF的出现，尤其是贝莱德IBIT的持续成功，为加密货币市场注入了乐观情绪。机构资本的涌入表明人们越来越接受数字资产作为合法的投资类别。随着监管环境的不断发展，beobachten、wie sich die Dynamik in diesem Bereich weiterentwickelt 将会很有趣。