散户投资者处于比特币 ETF 采用的最前沿

自 2024 年 1 月推出以来，人们对现货比特币 ETF 的热情一直保持强劲，令人惊讶的是：引领潮流的是散户投资者，而不是机构投资者。

Retail investors are leading the way in the adoption of spot Bitcoin ETFs, which have seen net inflows of $21.6 billion in just 10 months.

散户投资者在采用现货比特币 ETF 方面处于领先地位，短短 10 个月内净流入 216 亿美元。

According to a recent study by Binance, these financial products had attracted $63.3 billion in assets under management (AUM) by October 25. Of this total, an impressive 80% — or $50.6 billion — were retail investments.

根据币安最近的一项研究，截至 10 月 25 日，这些金融产品已吸引了 633 亿美元的管理资产 (AUM)。其中，令人印象深刻的 80%（即 506 亿美元）是零售投资。

This trend can be attributed to a shift among many Bitcoin (BTC) holders, who are moving their digital holdings from digital wallets and centralized exchange platforms into these ETFs, which offer greater security and are subject to stricter regulations.

这一趋势可归因于许多比特币 (BTC) 持有者的转变，他们正在将其数字资产从数字钱包和集中交易平台转移到这些 ETF 中，这些 ETF 提供更高的安全性并受到更严格的监管。

Moreover, the ease of access and the reassuring regulatory framework that ETFs provide seem to have appealed to retail investors. Through their traditional brokerage accounts, they can now gain exposure to Bitcoin without having to navigate the technical complexities involved in directly holding cryptocurrencies.

此外，ETF 提供的便捷性和令人放心的监管框架似乎吸引了散户投资者。通过传统的经纪账户，他们现在可以接触比特币，而无需处理直接持有加密货币所涉及的技术复杂性。

Institutions, on the other hand, are exhibiting a cautious approach, despite showing growing interest in these products. Investment advisors and hedge funds are gradually increasing their investments, but their approach remains calculated.

另一方面，尽管机构对这些产品表现出越来越大的兴趣，但它们却表现出谨慎的态度。投资顾问和对冲基金正在逐渐增加投资，但他们的做法仍然经过深思熟虑。

Interestingly, some giants of traditional finance, such as Vanguard — the second-largest ETF issuer worldwide — continue to maintain a reserved stance. In August, Vanguard CEO Salim Ramji reiterated his opposition to cryptocurrencies, effectively ruling out the launch of any crypto-related ETFs.

有趣的是，一些传统金融巨头，例如全球第二大 ETF 发行人先锋集团 (Vanguard)，继续保持保留立场。 8 月，Vanguard 首席执行官 Salim Ramji 重申了他对加密货币的反对，实际上排除了推出任何与加密货币相关的 ETF。

According to Binance analysts, this caution can be explained by the traditional financial sector's typical conservatism, especially in a context marked by market volatility and global liquidity concerns.

币安分析师表示，这种谨慎可以用传统金融行业典型的保守主义来解释，尤其是在市场波动和全球流动性担忧的背景下。

The dynamics currently unfolding in the Bitcoin ETF market present a captivating paradox: initially conceived to attract institutional investors, these financial products have instead become the preferred avenue for retail investors to enter the Bitcoin market en masse.

目前比特币ETF市场的动态呈现出一个令人着迷的悖论：这些金融产品最初是为了吸引机构投资者，但后来却成为散户投资者集体进入比特币市场的首选途径。

The enthusiasm is undeniable and could eventually sway even the most hesitant parties. This is further evidenced by the rapid growth of spot Bitcoin ETFs, which, less than a year after their launch, are already nearing the remarkable milestone of one million BTC under management.

这种热情是不可否认的，甚至最终可能会动摇最犹豫不决的各方。现货比特币 ETF 的快速增长进一步证明了这一点，在推出不到一年后，比特币 ETF 已接近管理 100 万比特币的非凡里程碑。