比特幣 [BTC] ETF 資金流入創紀錄，達 5.559 億美元

ETF 興趣激增恰逢 BTC 達到兩週高點。截至發稿時，該代幣的交易價格為 66,500 美元。

Bitcoin [BTC] exchange-traded funds (ETFs) saw record inflows on Monday, 14 October, as interest in the digital asset surged.

隨著人們對比特幣 [BTC] 交易所交易基金 (ETF) 的興趣激增，10 月 14 日星期一資金流入創歷史新高。

According to data from Farside Investors, the total value of inflows into BTC ETFs amounted to $555.9 million. This marks the highest daily net inflow since June.

Farside Investors 的數據顯示，流入 BTC ETF 的總價值達 5.559 億美元。這標誌著自六月以來的最高單日淨流入。

The surge in ETF interest coincided with BTC reaching a two-week peak. At press time, the coin was trading at $66,500.

ETF 興趣激增之際，比特幣也達到了兩週的高峰。截至發稿時，該代幣的交易價格為 66,500 美元。

Fidelity’s FBTC led the way with inflows of $239.3 million, the highest since 4 June.

富達 (Fidelity) 的 FBTC 以 2.393 億美元的流入量領先，為 6 月 4 日以來的最高流入量。

Other notable ETFs included Bitwise’s BITB with inflows of $100.2 million, BlackRock’s IBIT at $79.5 million, and Ark 21Shares’ ARKB with just under $69.8 million.

其他值得注意的 ETF 包括 Bitwise 的 BITB（流入量為 1.002 億美元）、BlackRock 的 IBIT（流入量為 7,950 萬美元）以及 Ark 21Shares 的 ARKB（流入量略低於 6,980 萬美元）。

Grayscale’s GBTC saw its first inflows in October, at $37.8 million, the largest since May.

Grayscale 的 GBTC 在 10 月首次流入，資金流入達 3,780 萬美元，是自 5 月以來的最大流入量。

Execs weigh in…

高階主管權衡…

Commenting on the development, Nate Geraci, president of the ETF Store, said,

ETF Store 總裁 Nate Geraci 在評論這項進展時表示：

Since their debut in January, BTC ETFs have seen net inflows of $18.9 billion.

自 1 月推出以來，BTC ETF 已淨流入 189 億美元。

Excluding GBTC, the nine new Bitcoin ETFs own around 646,000 BTC, with GBTC adding 223,000 BTC to the total.

不包括 GBTC，九隻新的比特幣 ETF 擁有約 646,000 BTC，其中 GBTC 增加了 223,000 BTC。

Together, these funds hold 869,000 BTC, or roughly 4% of Bitcoin’s circulating supply.

這些基金總共持有 869,000 BTC，約佔比特幣流通供應量的 4%。

This year has seen a record number of ETF launches, with around 2,000. Commenting on the matter, Bloomberg’s Eric Balchunas said,

今年 ETF 發行數量創歷史新高，約有 2,000 隻。彭博社的 Eric Balchunas 在評論此事時表示，

However, despite recent growth, BTC ETFs still comprise a small portion of the total Bitcoin trading landscape.

然而，儘管近期有所成長，BTC ETF 仍只佔比特幣交易總量的一小部分。

According to Checkonchain data from 11 October, the Bitcoin Futures market recorded $53.4 billion in trades, with the spot market reaching $4.5 billion.

根據 Checkonchain 10 月 11 日的數據，比特幣期貨市場交易達到 534 億美元，現貨市場交易額達 45 億美元。

In contrast, ETF trades totaled just $2 billion, capturing approximately 3% of the day’s overall BTC market volume.

相較之下，ETF 交易總額僅 20 億美元，約佔當天 BTC 市場總交易量的 3%。

This small fraction highlights the nascency of ETFs within the broader Bitcoin market ecosystem.

這一小部分凸顯了 ETF 在更廣泛的比特幣市場生態系統中的新生。

Well, this is also because determining the exact share of ETF inflows driven by the “basis trade,” or cash and carry trade, remains challenging.

這也是因為確定由「基差交易」或現金和套利交易驅動的 ETF 流入的確切份額仍然具有挑戰性。

Major players in the ETF market

ETF市場的主要參與者

Institutions like Goldman Sachs and Jane Street Capital play a key role in creating and redeeming ETF shares, which helps stabilize the ETF’s price and liquidity.

高盛和 Jane Street Capital 等機構在創建和贖回 ETF 份額方面發揮關鍵作用，這有助於穩定 ETF 的價格和流動性。

Meanwhile, hedge funds, such as Millennium Management and Capula Management, are known to employ “basis trading” strategies to capitalize on discrepancies between Bitcoin’s spot and futures prices.

同時，眾所周知，Millennium Management 和 Capula Management 等對沖基金採用「基差交易」策略來利用比特幣現貨和期貨價格之間的差異。

However, not all large holders engage in basis trading.

然而，並非所有大持有者都參與基差交易。

For instance, the State of Wisconsin Investment Board reportedly holds the ETF for purposes like portfolio diversification.

例如，據報道，威斯康辛州投資委員會出於投資組合多元化等目的持有 ETF。

On the other hand, Bernstein, a private wealth management firm, suggests that basis trades could act as a “Trojan horse” for broader adoption, as increased liquidity and trading volume may encourage investors to adopt long-term positions in Bitcoin.

另一方面，私人財富管理公司伯恩斯坦表示，基差交易可能成為更廣泛採用的“特洛伊木馬”，因為流動性和交易量的增加可能會鼓勵投資者採取比特幣的長期頭寸。

Finally, if options tied to IBIT are approved and are physically settled, they could open up the door for more sophisticated investors to participate in the Bitcoin ETF market.

最後，如果與 IBIT 相關的選擇權獲得批准並進行實物結算，它們可能為更成熟的投資者參與比特幣 ETF 市場打開大門。

And, for that, strategies like covered calls (selling call options while holding the underlying asset) would allow investors to generate passive income, while miners could use these options to hedge their holdings.

為此，備兌買權（在持有標的資產的同時出售買權）等策略將允許投資者產生被動收入，而礦工可以利用這些選擇權來對沖其持有的資產。

Together, these elements could bring more maturity and volume to the Bitcoin ETF market.

這些因素共同可為比特幣 ETF 市場帶來更多的成熟度和交易量。