现货 ETF 激增引发加密货币投资的权力转移

这些现货比特币 ETF 的推出是一个开创性的事件，尽管有 11 只基金获得了批准，但仍有 10 只基金立即加入了竞争。

The arrival of spot bitcoin exchange-traded funds (ETFs) in the U.S. has sparked a remarkable power shift in crypto investments. With ten funds launching promptly and Hashdex’s DEFI fund pivoting from a futures ETF to a spot bitcoin fund by the end of March, these ETFs have collectively amassed over a million bitcoins.

现货比特币交易所交易基金（ETF）在美国的到来引发了加密货币投资领域的显着权力转移。随着十只基金的迅速推出，以及 Hashdex 的 DEFI 基金在 3 月底从期货 ETF 转向现货比特币基金，这些 ETF 总共积累了超过 100 万枚比特币。

According to their respective websites, as of Dec. 24, 2024, the twelve funds hold an impressive 1,132,727.50 BTC.

根据各自网站的数据，截至 2024 年 12 月 24 日，这 12 只基金持有 1,132,727.50 BTC，令人印象深刻。

Among these funds, Blackrock stands out as the titan, clutching 553,055.27 BTC, which is valued at roughly $54.4 billion today. This colossal holding represents a whopping 48.82% of the 1.13 million BTC shared among the twelve funds. Next up, we’ve got Grayscale’s GBTC, which boasts an impressive 207,100.18 BTC, valued at approximately $20.3 billion. While Blackrock’s IBIT trades on the Nasdaq, GBTC is listed on the New York Stock Exchange (NYSE).

在这些基金中，贝莱德（Blackrock）脱颖而出，拥有 553,055.27 BTC，目前价值约为 544 亿美元。这一巨额持有量占 12 只基金所持有的 113 万比特币的 48.82%。接下来是 Grayscale 的 GBTC，它拥有令人印象深刻的 207,100.18 BTC，价值约 203 亿美元。贝莱德的 IBIT 在纳斯达克交易，而 GBTC 在纽约证券交易所 (NYSE) 上市。

Over at Cboe, Fidelity’s FBTC takes the third spot, commanding 203,194.05 BTC, which translates to a cool $20 billion. It’s absolutely mind-blowing that Blackrock’s IBIT and Fidelity’s FBTC have amassed such a stash this year, and even more fascinating is that about 400,000 BTC have vanished from GBTC’s treasure chest since the year kicked off. Before it went public on the NYSE, GBTC was an OTC darling with over 600,000 BTC.

在 Cboe，富达 (Fidelity) 的 FBTC 排名第三，拥有 203,194.05 BTC，相当于 200 亿美元。贝莱德 (Blackrock) 的 IBIT 和富达 (Fidelity) 的 FBTC 今年积累了如此多的财富，这绝对令人震惊，更令人着迷的是，自今年开始以来，大约 40 万枚 BTC 已经从 GBTC 的宝库中消失了。在纽约证券交易所上市之前，GBTC 是场外交易市场的宠儿，拥有超过 600,000 枚 BTC。

Despite this outflow, with GBTC and FBTC neck-and-neck in their BTC reserves, there’s no comparison to the colossal size of these three giants. However, IBIT has zoomed past them both. Next in line, in terms of bitcoin holdings, is Ark Invest’s and 21shares’ ARKB fund, which has gathered 47,013 BTC, equating to $4.6 billion today – a figure that pales in comparison to the $20 billion of GBTC and FBTC, and the massive $54.4 billion of IBIT.

尽管出现了资金外流，但 GBTC 和 FBTC 的 BTC 储备量并驾齐驱，但与这三个巨头的庞大规模无法相比。然而，IBIT 已经超越了他们两者。就比特币持有量而言，排名第二的是 Ark Invest 和 21shares 的 ARKB 基金，该基金已筹集了 47,013 BTC，相当于今天的 46 亿美元——这个数字与 GBTC 和 FBTC 的 200 亿美元以及 54.4 美元的巨额相比显得相形见绌。亿 IBIT。

Following closely, Bitwise’s BITB holds 40,909.86 BTC, and Grayscale’s Bitcoin Mini Trust secures 38,275.49 BTC. Together, ARKB, BITB, and Grayscale’s Bitcoin Mini Trust form their own elite club with their hefty reserve sizes. Vaneck’s HODL isn’t far behind, with 13,716.827 BTC, valued at around $1.3 billion.

紧随其后的是，Bitwise 的 BITB 持有 40,909.86 BTC，Grayscale 的比特币迷你信托持有 38,275.49 BTC。 ARKB、BITB 和 Grayscale 的比特币迷你信托共同组成了自己的精英俱乐部，拥有庞大的储备规模。 Vaneck 的 HODL 紧随其后，持有 13,716.827 BTC，价值约 13 亿美元。

Just a notch below, Coinshares’ Valkyrie BRRR holds 9,069.3 BTC, amounting to $892 million. Invesco’s BTCO claims around 8,780 BTC, and Franklin Templeton’s EZBC sits at approximately 7,624.52 BTC, while Wisdomtree’s BTCW holds a steady 3,841 BTC.

紧随其后的是 Coinshares 的 Valkyrie BRRR 持有 9,069.3 BTC，价值 8.92 亿美元。 Invesco 的 BTCO 持有约 8,780 BTC，富兰克林邓普顿的 EZBC 持有约 7,624.52 BTC，而 Wisdomtree 的 BTCW 持有稳定的 3,841 BTC。

Lastly, Hashdex’s DEFI rounds up the list with a modest 148 BTC, worth $14.5 million.

最后，Hashdex 的 DEFI 数量为 148 BTC，价值 1,450 万美元。

This historic accumulation of over a million bitcoins by U.S. spot ETFs within their first year signals a seismic shift in cryptocurrency investment accessibility. The dominance of three major players – Blackrock, Grayscale, and Fidelity – controlling over 85% of the total holdings demonstrates both the concentrated nature of institutional crypto adoption and the competitive dynamics shaping these emerging financial vehicles.

美国现货 ETF 在第一年就积累了超过 100 万比特币，这是历史性的，这标志着加密货币投资可及性发生了翻天覆地的变化。贝莱德（Blackrock）、灰度（Grayscale）和富达（Fidelity）这三大主要参与者控制着总持股量的 85% 以上，这既表明了机构加密货币采用的集中性，也表明了塑造这些新兴金融工具的竞争动态。

The stark contrast between the top-tier funds and smaller players suggests a potential consolidation trend in the bitcoin ETF space, while simultaneously highlighting how traditional financial powerhouses have quickly established dominance. As these funds continue to evolve, their collective holdings represent a significant portion of Bitcoin’s circulating supply, potentially influencing future market dynamics and institutional adoption patterns going forward.

顶级基金和规模较小的基金之间的鲜明对比表明，比特币 ETF 领域可能出现整合趋势，同时凸显出传统金融巨头如何迅速确立主导地位。随着这些基金的不断发展，它们的集体持有量占比特币流通供应的很大一部分，可能会影响未来的市场动态和机构采用模式。