比特幣 ETF：機構需求引發股票短缺狂潮

探索機構對比特幣 ETF 需求的激增如何造成股票短缺、推高價格並重塑加密貨幣市場。

Bitcoin ETFs are on fire! Institutional demand is surging, and a potential share shortage is sending ripples through the crypto market. Let’s dive into what’s happening with Bitcoin ETFs, investments, and this intriguing share shortage.

比特幣ETF火了！機構需求正在激增，潛在的股票短缺正在給加密貨幣市場帶來漣漪。讓我們深入了解一下比特幣 ETF、投資以及這種有趣的股票短缺的情況。

Institutional Inflows: A Tidal Wave

機構資金流入：浪潮

Spot Bitcoin ETFs are attracting institutional cash at a record pace, with projections indicating they're heading for their strongest quarter yet. By the end of Q3, Bitcoin ETFs had already pulled in $22.5 billion and are on track to reach $30 billion by year-end. This surge is fueled by wirehouse approvals and demand for Bitcoin as an inflation hedge, unlocking new pools of capital.

現貨比特幣 ETF 正在以創紀錄的速度吸引機構資金，預測表明它們將迎來迄今為止最強勁的季度。截至第三季度末，比特幣 ETF 已吸納 225 億美元資金，並有望在年底達到 300 億美元。這一激增是由電信公司的批准和對比特幣作為通脹對沖工具的需求推動的，從而釋放了新的資本池。

The Numbers Don't Lie

數字不會說謊

The numbers paint a clear picture. Andrei Dragos, Head of European Research at Bitwise, revealed that institutions have scooped up 944,330 Bitcoins in 2025, surpassing last year’s total of 913,006. Miners, on the other hand, have only produced 127,622 new coins this year. That means institutional purchases are 7.4 times the supply of newly minted coins! This imbalance highlights the growing demand and potential scarcity.

數字描繪了一幅清晰的圖景。 Bitwise 歐洲研究主管 Andrei Dragos 透露，2025 年機構已買入 944,330 枚比特幣，超過去年的 913,006 枚比特幣總量。另一方面，礦工今年僅生產了 127,622 枚新幣。這意味著機構購買量是新鑄幣供應量的 7.4 倍！這種不平衡凸顯了不斷增長的需求和潛在的稀缺性。

BlackRock's IBIT: Leading the Charge

貝萊德的 IBIT：引領潮流

BlackRock's IBIT is dominating the Bitcoin ETF landscape. Bloomberg data shows IBIT is approaching $100 billion in assets under management (AUM) in under 450 days, making it the fastest-growing ETF ever. This dominance boosts liquidity and allows institutional flows to recycle efficiently. US funds now hold about 90% of global Bitcoin ETF assets, showing Wall Street’s tightening grip on digital-asset liquidity.

貝萊德 (BlackRock) 的 IBIT 在比特幣 ETF 領域佔據主導地位。彭博社數據顯示，IBIT 在 450 天內管理資產 (AUM) 接近 1000 億美元，使其成為有史以來增長最快的 ETF。這種主導地位提高了流動性，並使機構資金能夠有效地循環利用。美國基金目前持有全球約 90% 的比特幣 ETF 資產，這表明華爾街對數字資產流動性的控制正在收緊。

The Share Shortage Effect

股票短缺效應

With institutional demand far outpacing the supply of new Bitcoins, a share shortage is becoming a real concern. This gap between issuance and demand has fundamentally altered market dynamics. Bitcoin is gradually shedding its speculative nature and transforming into a globally recognized financial instrument with sustained institutional demand.

由於機構需求遠遠超過新比特幣的供應，份額短缺正成為一個真正令人擔憂的問題。發行與需求之間的差距從根本上改變了市場動態。比特幣正在逐漸擺脫其投機性質，轉變為全球認可的具有持續機構需求的金融工具。

Market Structure Shift: Beyond Cycles

市場結構轉變：超越週期

Analysts believe this inflow wave is reshaping Bitcoin’s market structure. K33 Research argues that institutional adoption and macro policy alignment have ended Bitcoin’s traditional four-year halving rhythm, replaced by a liquidity-driven regime. ETF inflows, sovereign allocations, and derivatives growth have become the new anchors of price discovery.

分析師認為，這一波資金流入正在重塑比特幣的市場結構。 K33 Research 認為，機構採用和宏觀政策調整已經結束了比特幣傳統的四年減半節奏，取而代之的是流動性驅動的機制。 ETF 流入、主權配置和衍生品增長已成為價格發現的新錨點。

Final Thoughts

最後的想法

The Bitcoin ETF landscape is buzzing with activity. Institutional demand is soaring, creating a potential share shortage that’s reshaping the market. While skeptics may point to rising leverage and potential pullbacks, the overall trend suggests a bright future for Bitcoin as a mainstream financial asset.

比特幣 ETF 領域的活動十分活躍。機構需求飆升，造成潛在的股票短缺，從而重塑市場。儘管懷疑論者可能會指出槓桿率上升和潛在的回調，但總體趨勢表明比特幣作為主流金融資產的光明前景。

So, buckle up and enjoy the ride! The world of Bitcoin ETFs is full of surprises, and it's only getting more interesting from here.

所以，係好安全帶，享受旅程吧！比特幣 ETF 的世界充滿了驚喜，而且只會變得更加有趣。