在 ETF 势头的推动下，机构基金将推动数万亿美元涌入比特币

Bitwise 首席投资官 Matthew Hougan 预测，机构投资者将通过交易所交易基金（ETF）大量资金流入比特币。尽管比特币波动较大，Hougan 还是建议从长远角度考虑，并列举了即将发生的关键事件，例如减半和 ETF 批准。他预计短期内价格会出现横盘走势，但对比特币的未来仍然持乐观态度，强调其强劲的表现和进一步增长的潜力。

Institutional Funds Poised to Fuel Trillion-Dollar Inflow into Bitcoin, Driven by ETF Momentum

在 ETF 势头的推动下，机构基金有望推动数万亿美元流入比特币

Matthew Hougan, Chief Investment Officer at Bitwise, has issued a comprehensive analysis predicting a transformative influx of institutional capital into Bitcoin through exchange-traded funds (ETFs). In a detailed memo to investment professionals, Hougan forecasts that as much as $1 trillion could be channeled into the cryptocurrency in the coming years.

Bitwise 首席投资官 Matthew Hougan 发布了一份综合分析报告，预测机构资本将通过交易所交易基金（ETF）变革性地涌入比特币。在给投资专业人士的一份详细备忘录中，Hougan 预测未来几年可能有多达 1 万亿美元流入加密货币。

Halving Event and Spot ETF Approvals: Pivotal Moments for Bitcoin

减半事件和现货 ETF 批准：比特币的关键时刻

Hougan acknowledges Bitcoin's volatility, which has seen its value fluctuate between $60,000 and $70,000. However, he urges investors to adopt a long-term perspective, recognizing that these short-term swings are characteristic of the cryptocurrency's growth trajectory.

Hougan 承认比特币的波动性，其价值在 60​​,000 美元到 70,000 美元之间波动。然而，他敦促投资者采取长期视角，认识到这些短期波动是加密货币增长轨迹的特征。

Hougan identifies several key milestones on the horizon for Bitcoin, including the anticipated halving event, where the block reward for miners is reduced by half, and the approval of spot Bitcoin ETFs on major national platforms like Morgan Stanley and Wells Fargo. These events are expected to fuel further institutional adoption and drive demand for Bitcoin.

Hougan 指出了比特币即将到来的几个关键里程碑，包括预期的减半事件（矿工的区块奖励减少一半），以及摩根士丹利和富国银行等主要国家平台批准现货比特币 ETF。这些事件预计将进一步推动机构采用并推动对比特币的需求。

Due Diligence and Sideways Movement: Precursors to Growth

尽职调查和横向移动：增长的前兆

Hougan acknowledges that institutional investors are currently engaged in due diligence processes before committing to significant investments in Bitcoin. This process may result in sideways movement in Bitcoin's price due to minor shifts in sentiment.

霍根承认，机构投资者目前正在进行尽职调查，然后再承诺对比特币进行重大投资。由于情绪的微小变化，这一过程可能会导致比特币价格横向波动。

Robust ETF Launch and Optimistic Outlook

ETF 的强劲推出和乐观的前景

Despite the potential for sideways movement in the short term, Hougan remains optimistic about Bitcoin's future. He highlights the remarkable success of recent spot Bitcoin ETF launches, which have witnessed an inflow of $12 billion since their inception.

尽管短期内可能出现横向波动，但Hougan仍然对比特币的未来持乐观态度。他强调了最近推出的现货比特币 ETF 取得的巨大成功，自推出以来已流入 120 亿美元。

Hougan believes that this is only the beginning of a substantial shift towards cryptocurrencies by investment professionals, who manage trillions of dollars. This transition is expected to unfold over years rather than months, with the potential for massive inflows once global wealth managers allocate even a small percentage of their portfolios to Bitcoin.

Hougan 认为，这只是管理着数万亿美元的投资专业人士转向加密货币的实质性转变的开始。这种转变预计将在数年而不是数月内展开，一旦全球财富管理机构将其投资组合的一小部分分配给比特币，就有可能出现大量资金流入。

Trillion-Dollar Inflow Potential

数万亿美元的流入潜力

Hougan asserts that a 1% allocation by global wealth managers would translate to an inflow of approximately $1 trillion into the Bitcoin market. In comparison, the $12 billion invested into Bitcoin ETFs to date represents a mere down payment on this potential.

Hougan 声称，全球财富管理机构分配 1% 的资金将意味着约 1 万亿美元流入比特币市场。相比之下，迄今为止投资于比特币 ETF 的 120 亿美元仅相当于这一潜力的首付。

Conclusion

结论

Hougan's analysis provides a comprehensive and nuanced outlook on the future of Bitcoin, highlighting the transformative impact of institutional investors through ETFs. While short-term volatility may persist, the long-term outlook for Bitcoin remains bullish, supported by solid fundamentals and the growing adoption by institutional investors. The recent ETF approvals and the anticipated halving event are expected to further catalyze the influx of institutional capital, setting the stage for a potential trillion-dollar inflow into Bitcoin.

Hougan 的分析对比特币的未来提供了全面而细致的展望，强调了机构投资者通过 ETF 带来的变革性影响。尽管短期波动可能持续存在，但在坚实的基本面和机构投资者越来越多的采用的支持下，比特币的长期前景仍然看涨。最近的 ETF 批准和预期的减半事件预计将进一步刺激机构资本的涌入，为潜在的数万亿美元流入比特币奠定了基础。