Bitwise CIO 表示，比特币 ETF 的大规模增长将“持续数年” - Decrypt

Bitwise 首席信息官 Matt Hougan 预测，比特币现货 ETF 的巨大需求将持续数年，在前两个月就吸收了 117 亿美元的净流入。 Hougan 强调了一些因素，例如财务顾问的采用率增加、尽职调查流程以及机构投资者将其理想的比特币投资组合份额提高到 3% 或更高，这是由于 ETF 对加密货币波动性的去风险效应所驱动。

Will Bitcoin ETF Flows Continue for Years?

比特币 ETF 流动会持续多年吗？

The staggering demand for Bitcoin spot ETFs over the past two months has sparked questions about the sustainability of this surge. Matt Hougan, CIO of Bitwise, believes that these inflows will persist for many years to come.

过去两个月对比特币现货 ETF 的惊人需求引发了人们对这种激增的可持续性的质疑。 Bitwise 首席信息官 Matt Hougan 认为，这些资金流入将持续多年。

Bitwise's interactions with investors reveal a "massive dispersion in the pace of adoption" of Bitcoin ETFs. While some financial advisors are embracing these products, others remain hesitant or have yet to enable them on their platforms.

Bitwise 与投资者的互动揭示了比特币 ETF 的“采用速度存在巨大差异”。虽然一些财务顾问正在接受这些产品，但其他人仍然犹豫不决或尚未在其平台上启用这些产品。

Adoption Barriers: A Hurdle to Overcome

收养障碍：需要克服的障碍

Hougan notes that many professional investors still lack access to Bitcoin ETFs due to stringent due diligence processes. He predicts that this situation will gradually change over the next two years as institutional investors complete their individual assessments.

Hougan 指出，由于严格的尽职调查流程，许多专业投资者仍然无法获得比特币 ETF。他预计，随着机构投资者完成个人评估，这种情况将在未来两年内逐渐改变。

Overcoming Resistance: ETFs as a Catalyst

克服阻力：ETF 作为催化剂

Despite these adoption challenges, Bitcoin ETFs have attracted net inflows of $11.7 billion since their launch in January. These inflows represent a significant increase compared to institutional Bitcoin fund flows in previous years. CryptoQuant data indicates a surge in on-chain demand from "accumulation addresses," further supporting the rise in Bitcoin demand.

尽管存在这些采用挑战，比特币 ETF 自 1 月份推出以来已吸引了 117 亿美元的净流入。与前几年机构比特币资金流量相比，这些资金流入显着增加。 CryptoQuant 数据表明，“累积地址”的链上需求激增，进一步支撑了比特币需求的增长。

Institutional Appetite: Growing Beyond 1%

机构兴趣：增长超过 1%

Hougan observes that investors have expanded their ideal Bitcoin portfolio share beyond the traditional 1% allocation, now favoring 3% or higher. He attributes this shift to ETFs, which have alleviated perceived risks associated with Bitcoin.

Hougan 观察到，投资者已将其理想的比特币投资组合份额扩大到传统的 1% 之外，现在倾向于 3% 或更高。他将这种转变归因于 ETF，它减轻了与比特币相关的风险。

Underinvestment: A Potential Opportunity

投资不足：一个潜在的机会

Despite their recent inflows, Bitcoin ETFs still account for a modest 0.2% of average institutional portfolios. James Butterfill, Head of Research at Coinshares, believes that institutional investors remain "very under invested" in Bitcoin and suggests that a 4% allocation would represent a manageable increase in portfolio risk.

尽管近期资金流入，比特币 ETF 仍仅占平均机构投资组合的 0.2%。 Coinshares 研究主管 James Butterfill 认为，机构投资者对比特币的投资仍然“非常不足”，并表示 4% 的配置将代表投资组合风险的可控增长。

Conclusion: A Path of Sustainable Growth

结论：可持续增长之路

The overwhelming demand for Bitcoin spot ETFs over the past two months is likely to continue for many years, as institutional investors gradually adopt these products. Overcoming adoption barriers, gaining regulatory approval, and educating investors will play critical roles in sustaining this growth.

随着机构投资者逐渐采用这些产品，过去两个月对比特币现货 ETF 的巨大需求可能会持续多年。克服采用障碍、获得监管批准以及教育投资者将在维持这种增长方面发挥关键作用。