CF Benchmarks 周一表示，明年投资顾问可能会超过对冲基金，成为美国上市现货比特币 (BTC) 交易所交易基金 (ETF) 的最大持有者

1 月 11 日，共有 11 只现货 BTC ETF 在美国首次亮相，为投资者提供了一种无需亲自持有和存储即可投资加密货币的方式。

Investment advisers are poised to overtake hedge funds as the largest holders of U.S.-listed spot bitcoin (BTC) exchange-traded funds (ETFs) in 2025, a new report from CF Benchmarks suggests.

CF Benchmarks 的一份新报告显示，投资顾问有望在 2025 年取代对冲基金，成为美国上市现货比特币 (BTC) 交易所交易基金 (ETF) 的最大持有者。

A total of 11 spot BTC ETFs debuted in the U.S. on Jan. 11, offering a way for investors to gain exposure to the cryptocurrency without personally having to hold and store it. Since their inception, they have amassed over $36 billion in investor funds.

1 月 11 日，共有 11 只现货 BTC ETF 在美国首次亮相，为投资者提供了一种无需亲自持有和存储即可获得加密货币投资的方式。自成立以来，他们已积累了超过 360 亿美元的投资者资金。

Demand has been largely driven by hedge-fund managers, who own 45.3% of the ETFs. Meanwhile, investment advisers, who manage capital for retail and high-net-worth clients, are a distant second at 28%.

需求主要由对冲基金经理推动，他们拥有 45.3% 的 ETF。与此同时，为零售和高净值客户管理资本的投资顾问则远远落后于第二位，为 28%。

However, this trend is expected to shift next year, with investment advisers' share rising above 50% in both the BTC and ether (ETH) ETF markets, according to CF Benchmarks. The U.K.-regulated index provider is behind several key digital asset benchmarks, including the BRRNY, which is used by many ETFs.

然而，根据 CF Benchmarks 的数据，这种趋势预计明年将发生转变，投资顾问在 BTC 和以太坊 (ETH) ETF 市场的份额将上升至 50% 以上。这家受英国监管的指数提供商支持多个关键数字资产基准，其中包括许多 ETF 使用的 BRRNY。

"We expect Investment advisor allocations to rise beyond 50% for both assets, as the $88 trillion U.S. wealth management industry begins to embrace these vehicles, eclipsing 2024's combined record-breaking $40 billion in net flows," CF Benchmarks said in the annual report, which was shared with CoinDesk.

CF Benchmarks 在年度报告中表示：“随着 88 万亿美元的美国财富管理行业开始采用这些工具，我们预计这两种资产的投资顾问分配将增加超过 50%，超过 2024 年创纪录的 400 亿美元净流量。”与 CoinDesk 共享。

"This transformation, driven by growing client demand, deeper understanding of digital assets, and product maturation, will likely reshape the current ownership mix as these products become staples in model portfolios," the index provider added.

该指数提供商补充道：“这种转变是由不断增长的客户需求、对数字资产更深入的了解以及产品成熟所推动的，随着这些产品成为模型投资组合的主要产品，可能会重塑当前的所有权结构。”

In the ether ETF market, investment advisers are already leading the pack and are expected to extend their lead next year.

在以太坊 ETF 市场中，投资顾问已经处于领先地位，预计明年将扩大领先地位。

Ether's parent blockchain, Ethereum, is expected to benefit from the increasing popularity of asset tokenization, while rival Solana could continue to gain market share on the back of potential regulatory clarity in the U.S.

以太坊的母区块链以太坊预计将受益于资产代币化的日益普及，而竞争对手 Solana 可能会在美国潜在监管明确化的背景下继续获得市场份额

"We expect the trend towards asset tokenization to accelerate in 2025, with tokenized RWAs [real-world assets]踽 surpassing $30B," the report said.

报告称：“我们预计资产代币化的趋势将在 2025 年加速，代币化的 RWA（现实世界资产）将超过 30B 美元。”

Elsewhere, the report predicts that new entrants in the stablecoin space, such as Ripple's RLUSD and Paxos' USDG, will challenge the dominance of Tether's USDT, whose market share has grown from 50% to 70%.

此外，报告预测稳定币领域的新进入者，如 Ripple 的 RLUSD 和 Paxos 的 USDG，将挑战 Tether 的 USDT 的主导地位，后者的市场份额已从 50% 增长至 70%。

The scalability of blockchains will also be put to the test, and the expected increase in active user adoption due to regulatory clarity under President-elect Donald Trump's administration will likely require on-chain capacity to double to over 1600 TPS.

区块链的可扩展性也将受到考验，由于当选总统唐纳德·特朗普政府的监管明确，预计活跃用户采用率将会增加，这可能需要链上容量翻倍，达到 1600 TPS 以上。

Finally, the Federal Reserve is expected to turn dovish, using unconventional measures such as yield curve control or expanded asset purchases to counter the不利 mix of higher debt servicing costs and a weak labor market.

最后，预计美联储将变得鸽派，使用收益率曲线控制或扩大资产购买等非常规措施来应对偿债成本上升和劳动力市场疲软的不利组合。

"Deeper debt monetization should elevate inflation expectations, bolstering hard assets like Bitcoin as hedges against monetary debasement," the report concludes.

报告总结道：“更深层次的债务货币化应该会提高通胀预期，支撑比特币等硬资产，以对冲货币贬值。”