比特幣 ETF 仍然流行

儘管比特幣第二季出現下跌，但機構並未停止購買。他們現在幾乎持有…

Institutions Continue Buying Bitcoin ETFs Despite Q2 Decline

儘管第二季下跌，機構仍在繼續購買比特幣 ETF

Despite Bitcoin’s decline in the second quarter, institutions have not stopped buying it. They now hold nearly 922,000 BTC in ETFs.

儘管比特幣第二季出現下跌，但機構並未停止購買。他們現在持有近 922,000 BTC 的 ETF。

Bitcoin ETFs Continue to Flourish

比特幣 ETF 繼續蓬勃發展

Bitcoin ETFs are still going strong, having absorbed $252 million on just last Friday alone. That was the day of the “dovish” speech of Fed Chairman Jerome Powell at Jackson Hole.

比特幣 ETF 依然強勁，光是上週五就吸收了 2.52 億美元。當天，聯準會主席鮑威爾在傑克森霍爾發表「鴿派」演說。

The weekly total amounted to $506 million, making it the best week in a month. More than $200 million were added this Monday.

每週總金額達 5.06 億美元，是一個月來最好的一週。本週一新增資金超過 2 億美元。

To put it simply, BlackRock's Bitcoin ETF had the third-largest capital inflow among thousands of global ETFs. Its BTC stock represents more than $20 billion.

簡單來說，貝萊德的比特幣ETF在全球數千隻ETF中資金流入量排名第三。其 BTC 股票價值超過 200 億美元。

In total, ETFs have collected more than $18 billion since their launch (net). Up 32% over the last three months:

自推出以來，ETF 總共籌集了超過 180 億美元（淨額）。過去三個月上漲 32%：

ETFs now hold 922,000 BTC. At this rate, the symbolic threshold of a million BTC will be reached in a few months and 22,000,000 BTC in about twenty years…

ETF 目前持有 922,000 BTC。以這個速度，幾個月內將達到 100 萬比特幣的象徵性門檻，大約二十年後將達到 22,000,000 比特幣的象徵性門檻…

In contrast, Ethereum ETFs are a disaster. While Bitcoin ETFs had sucked in $2.8 billion during the first month of listing, Ethereum ETFs experienced a hemorrhage of $460 million.

相比之下，以太坊 ETF 則是一場災難。比特幣 ETF 在上市第一個月就吸收了 28 億美元，而以太幣 ETF 則虧損了 4.6 億美元。

This negative figure is possible due to the preexistence of Grayscale's ETH ETF. Incidentally, even the Ethereum foundation took advantage of the euphoria to sell the equivalent of $100 million in ETH. Ethereum is down 34% against Bitcoin in the past year.

由於 Grayscale 的 ETH ETF 已經存在，因此出現負數是可能的。順便說一句，就連以太坊基金會也趁機出售了價值 1 億美元的 ETH。去年，以太坊相對於比特幣下跌了 34%。

All these numbers are interesting, but knowing who is buying is also rich in insights. This is revealed by the list of Bitcoin ETF holders communicated once a quarter.

所有這些數字都很有趣，但了解誰在購買也具有豐富的見解。每季通報一次的比特幣 ETF 持有者名單揭示了這一點。

Who Buys Bitcoin?

誰購買比特幣？

We have this information thanks to Form 13F. This is a document that must be filed by institutions managing more than $100 million in assets.

我們透過 13F 表格獲得了這些資訊。這是管理超過 1 億美元資產的機構必須提交的文件。

Note that NYDIG has reorganized its investor classification system for greater clarity.

請注意，NYDIG 已重組其投資者分類系統，使其更加清晰。

“These adjustments will allow us to avoid misleading headlines such as ‘Goldman Sachs owns Bitcoin ETFs,’ which is technically true, but only within the framework of their brokerage activity and probably as a market maker, not within their investment advisory services,” as stated in the NYDIG report.

「這些調整將使我們能夠避免諸如'高盛擁有比特幣ETF'之類的誤導性頭條新聞，這在技術上是正確的，但僅限於他們的經紀活動框架內，並且可能作為做市商，而不是在他們的投資諮詢服務範圍內，」 NYDIG 報告中指出。

It turns out that even though Bitcoin ended the second quarter down, all major holder categories still loaded up:

事實證明，儘管比特幣在第二季結束時下跌，但所有主要持有者類別仍然在增加：

The “non-filers” category corresponds to all entities managing less than $100 million. These are retail investors. They hold the majority of ETF shares (78%).

「非申報者」類別對應於管理金額低於 1 億美元的所有實體。這些是散戶。他們持有大部分 ETF 股份（78%）。

The reduction in their total dollar position, from $47.6 billion to $40.8 billion, is only related to the decline in Bitcoin. They have actually remained buyers by investing $637.5 million, accounting for a quarter of the total inflows into ETFs for the second quarter.

他們的總美元部位從 476 億美元減少到 408 億美元，僅與比特幣的下跌有關。他們實際上仍然是買家，投資了 6.375 億美元，佔第二季 ETF 流入總額的四分之一。

With a net purchase of $1.1 billion, investment advisors remain loyal promoters of Bitcoin. The amount of Bitcoin ETF shares held by investment advisors increased to $4.3 billion at the end of June.

投資顧問淨買進 11 億美元，仍是比特幣的忠實擁護者。截至 6 月底，投資顧問持有的比特幣 ETF 份額已增至 43 億美元。

Finally, let’s recall that the public pension fund of the State of Wisconsin made headlines when the first list of Bitcoin ETF investors was published. Unfortunately, this good surprise did not spark a larger wave of allocations from pension funds.

最後，讓我們回想一下，當第一份比特幣 ETF 投資者名單發佈時，威斯康辛州的公共退休基金成為了頭條新聞。不幸的是，這項驚訝並沒有引發退休基金更大規模的分配。

We will need to closely monitor the evolution of this list in Q3 now that Donald Trump has pledged allegiance to Bitcoin.

既然唐納德·川普已承諾效忠比特幣，我們將需要在第三季度密切關注該名單的演變。

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Bitcoin, geopolitical, economic and energy journalist.

比特幣、地緣政治、經濟和能源記者。