现货比特币 ETF 需求回升，资金大量流入

经过一周的大幅资金流出后，比特币现货 ETF 周二出现显着复苏，资金流入超过 4 亿美元。富达 (Fidelity) 的 ETF FBTC 以 2.79 亿美元的流入量位居榜首，超过了贝莱德 (BlackRock) 的流入量。 Grayscale 的 GBTC 经历了 2.12 亿美元的流出，尽管这比过去一周的大量流出有所改善。 Bitwise 首席信息官 Matt Hougan 对 ETF 的长期需求仍然持乐观态度，他强调采用时间表各不相同，而且许多投资者缺乏可及性。他认为，随着时间的推移，随着尽职调查程序的完成和 ETF 的批准，比特币 ETF 将减轻下行风险，使投资者更容易进行更大的配置。

Why Are Bitcoin Spot ETFs Back in Demand?

为什么比特币现货 ETF 重新受到需求？

On Tuesday, spot Bitcoin ETFs collectively saw a remarkable $417 million surge in inflows, reversing the previous week's outflows. This positive trend is a welcome development after Grayscale's GBTC experienced significant liquidations.

周二，现货比特币 ETF 资金流入总量大幅飙升 4.17 亿美元，扭转了前一周的资金流出情况。在灰度的 GBTC 经历重大清算之后，这一积极趋势是一个值得欢迎的发展。

Fidelity Emerges as the Leader in Bitcoin ETFs

富达成为比特币 ETF 领域的领导者

Fidelity's FBTC ETF led the charge on Tuesday, garnering an impressive $279 million in net inflows. This marks the second consecutive day that Fidelity has outshined BlackRock in daily inflows.

富达 (Fidelity) 的 FBTC ETF 周二领涨，净流入金额高达 2.79 亿美元，令人印象深刻。这标志着富达连续第二天在每日资金流入方面超过贝莱德。

Long-Term ETF Demand Remains Strong

长期 ETF 需求依然强劲

Despite the recent outflows, industry experts like Bitwise CIO Matt Hougan remain confident in the long-term demand for Bitcoin ETFs. He asserts that the adoption pace varies widely among financial advisors, with some allocating 3% to their clients while others are yet to consider them.

尽管最近出现资金外流，但 Bitwise 首席信息官 Matt Hougan 等行业专家仍然对比特币 ETF 的长期需求充满信心。他断言，财务顾问的采用速度差异很大，有些顾问将 3% 分配给客户，而另一些则尚未考虑。

ETF Launches Mitigate Bitcoin's Downside Risk

ETF推出缓解比特币下行风险

Hougan believes that ETF launches have significantly reduced the downside risk associated with Bitcoin. Previously, the fear of Bitcoin plummeting to zero deterred investment; however, with the availability of ETFs, larger allocations, such as 3% or 5%, have become more feasible for investors.

Hougan 认为 ETF 的推出显着降低了与比特币相关的下行风险。此前，对比特币跌至零的恐惧阻碍了投资；然而，随着 ETF 的出现，更大的配置（例如 3% 或 5%）对于投资者来说变得更加可行。

Institutional Interest Gradually Growing

机构兴趣逐渐增长

While institutions like pension funds and endowments may limit their exposure to 1%, Hougan predicts that 3% will become the new norm for the wealth market. This shift is expected to occur gradually over the next two years as individual due diligence processes are completed.

虽然养老基金和捐赠基金等机构可能会将其风险敞口限制在 1%，但 Hougan 预测 3% 将成为财富市场的新常态。随着个人尽职调查流程的完成，这种转变预计将在未来两年内逐步发生。

ETF Inflows to Continue for Years

ETF 资金流入将持续数年

Hougan believes that the recent surge in ETF inflows is not a one-time event but rather a sign of sustained demand for years to come. He attributes this to the growing understanding and acceptance of Bitcoin among investors.

Hougan 认为，近期 ETF 资金流入激增并非一次性事件，而是未来几年需求持续增长的迹象。他将此归因于投资者对比特币的理解和接受程度不断加深。

Additional Insights from the Road

路上的额外见解

During his travels, Hougan has gathered additional insights:

在旅行期间，Hougan 收集了更多见解：

• The trend of large pension funds investing in alternative assets such as Bitcoin is gaining momentum.
• Sophisticated family offices are recognizing the need for diversification and allocating a small portion to Bitcoin.
• The regulatory landscape for Bitcoin is evolving, with increasing clarity and acceptance.

Overall, the outlook for Bitcoin ETFs remains positive, with strong inflows continuing despite recent setbacks. Long-term demand is expected to grow as investors become more familiar with the asset and the downside risks are mitigated through ETF launches.

大型养老基金投资比特币等另类资产的趋势正在增强。成熟的家族办公室正在认识到多元化的必要性，并将一小部分分配给比特币。比特币的监管环境正在不断发展，清晰度和接受度不断提高。总体而言，比特币 ETF 的前景仍然乐观，尽管最近遭遇挫折，但资金持续强劲流入。随着投资者对该资产更加熟悉，并且通过 ETF 的推出缓解下行风险，预计长期需求将会增长。