现货比特币 (BTC) ETF 净流入额为 21.6B 美元，资产管理规模现为 63.3B 美元：币安研究院

散户投资者构成比特币ETF需求的主要驱动力，占现货比特币ETF管理资产（AUM）的近80%

Retail investors are driving demand for Bitcoin exchange-traded funds (ETFs), accounting for nearly 80% of assets under management (AUM) in spot Bitcoin ETFs, a report by Binance revealed on Oct. 25, 2024.

币安网 2024 年 10 月 25 日发布的一份报告称，散户投资者正在推动对比特币交易所交易基金 (ETF) 的需求，占现货比特币 ETF 管理资产 (AUM) 的近 80%。

These ETFs, launched in January 2024, have seen $21.6 billion in net inflows within ten months. A large portion of the $63.3 billion AUM in spot Bitcoin (BTC) ETFs comes not from new capital but from retail investors reallocating assets from other holdings into the funds, the report showed.

这些 ETF 于 2024 年 1 月推出，十个月内净流入 216 亿美元。报告显示，现货比特币 (BTC) ETF 资产管理规模 633 亿美元，其中很大一部分并非来自新资本，而是来自散户投资者将其他资产重新配置到基金中。

Many retail investors have moved their Bitcoin from digital wallets and exchanges to ETFs, which offer greater regulatory protections, Binance’s analysis found.

币安的分析发现，许多散户投资者已将比特币从数字钱包和交易所转移到了 ETF，后者提供了更好的监管保护。

“Spot ETFs are serving dual roles: not only onboarding new investors but also attracting existing investors who prefer the regulated structure of ETFs over other, more complex options, such as direct on-chain holdings or illiquid, high-fee alternatives like Grayscale’s Bitcoin Trust,” the report stated.

“现货 ETF 具有双重作用：不仅吸引新投资者，还吸引现有投资者，他们更喜欢 ETF 的受监管结构，而不是其他更复杂的选择，例如直接链上持有或非流动性、高费用的替代方案，如 Grayscale 的比特币信托，”报告指出。

The regulated structure of ETFs provides retail investors with an easier way to invest in Bitcoin, compared to options like Grayscale’s Bitcoin Trust, which comes with higher fees and lower liquidity.

与灰度的比特币信托等选项相比，ETF 的受监管结构为散户投资者提供了一种更简单的投资比特币的方式，后者的费用更高，流动性更低。

In under a year, spot #Bitcoin ETFs have drawn US$18.9B+ in net inflows, now holding US$63.3B, making them the third-largest segment of BTC holders.

在不到一年的时间里，现货 #Bitcoin ETF 吸引了 US$18.9B+ 的净流入，目前持有 US$63.3B，使其成为 BTC 持有者的第三大部分。

Our latest #Binance research dives deeper into how these ETFs are shaping crypto markets.

我们最新的 #Binance 研究深入探讨了这些 ETF 如何塑造加密市场。

Check it out ⬇️https://t.co/8U9UMeUgwC

看看⬇️https://t.co/8U9UMeUgwC

— Binance Research (@BinanceResearch) October 25, 2024

— 币安研究院 (@BinanceResearch) 2024 年 10 月 25 日

Institutions Cautious Despite Rising Demand

尽管需求不断增长，机构仍保持谨慎态度

While retail investors are driving most of the demand for Bitcoin ETFs, Binance’s report also showed a gradual increase in interest from institutions, particularly investment advisers and hedge funds.

虽然散户投资者推动了对比特币 ETF 的大部分需求，但币安的报告也显示机构，特别是投资顾问和对冲基金的兴趣逐渐增加。

However, institutional capital in spot Bitcoin ETFs remains limited, as many firms in the traditional finance sector are still taking a cautious approach to digital assets.

然而，现货比特币 ETF 的机构资本仍然有限，因为传统金融领域的许多公司仍对数字资产采取谨慎态度。

For instance, Vanguard, one of the largest ETF issuers in the U.S., has remained on the sidelines. On Aug. 14, 2024, Vanguard CEO Salim Ramji stated that the investment giant would not be launching any crypto-related ETFs.

例如，美国最大的 ETF 发行人之一先锋集团 (Vanguard) 一直保持观望态度。 2024 年 8 月 14 日，Vanguard 首席执行官 Salim Ramji 表示，这家投资巨头不会推出任何与加密货币相关的 ETF。

“This ‘cautious approach’ aligns with how TradFi institutions typically engage with the crypto sector,” the report added.

报告补充说：“这种‘谨慎的做法’符合 TradFi 机构通常与加密货币行业打交道的方式。”

Recent Surge in Capital Inflows to Bitcoin ETFs

最近比特币 ETF 的资本流入激增

Binance noted a significant increase in capital inflows to Bitcoin ETFs in recent weeks. From Oct. 11 to Oct. 23, these ETFs gained $2.88 billion in new capital, with only a single day of outflows, totaling $79.1 million.

币安指出，最近几周流入比特币 ETF 的资金大幅增加。从10月11日到10月23日，这些ETF获得了28.8亿美元的新资本，仅一天就流出了7910万美元。

During this same period, the digital asset market also saw renewed investment interest, with a $2.2 billion inflow for the week, marking the highest since July.

同一时期，数字资产市场也出现了新的投资兴趣，本周资金流入达 22 亿美元，创下 7 月以来的最高水平。

Most of these inflows were concentrated in Bitcoin, contributing $2.13 billion, while short Bitcoin products attracted $12 million, the highest since March.

这些资金流入大部分集中在比特币，贡献了 21.3 亿美元，而做空比特币产品则吸引了 1200 万美元，为 3 月份以来的最高水平。

Binance attributed this increase in demand for Bitcoin ETFs to positive investor sentiment, which reflected expectations of a more favorable regulatory landscape following the upcoming U.S. elections.

币安将比特币 ETF 需求的增加归因于积极的投资者情绪，这反映了对即将到来的美国大选后监管环境更加有利的预期。

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