比特幣交易所交易資金（ETF）正在重塑機構格局

在金融中，真正的變化通常會安靜地發生。它從董事會大門，監管更新和基礎設施開發開始後面，直到它們重塑整個市場。現在，比特幣

In the quiet hum of boardrooms, in the rustle of regulatory updates and the steady construction of financial infrastructure, real change often happens. It’s not always announced with fanfare, but rather unfolds gradually, eventually reshaping entire markets.

在董事會安靜的嗡嗡聲中，在監管更新的沙沙作響和穩定的金融基礎設施構造，實際上經常發生真正的變化。它並不總是在大張旗鼓上宣布，而是逐漸展開，最終重塑了整個市場。

Right now, we’re seeing this change afoot with Bitcoin Exchange-Traded Funds (ETFs). These products are doing more than just offering investors a new way to gain exposure to Bitcoin. They are building the foundations for a new era of institutional investing.

目前，我們看到了比特幣交易所交易基金（ETF）的變化。這些產品不僅為投資者提供了一種獲得比特幣的新方法。他們正在為機構投資的新時代建立基礎。

Until recently, traditional financial institutions, despite growing curiosity, largely remained on the periphery of the Bitcoin market. Practical hurdles such as security risks, regulatory ambiguity and operational complexity kept them at bay. However, the recent launch of U.S. spot Bitcoin ETFs is dismantling these barriers, ushering institutions into the heart of the digital asset domain.

直到最近，傳統的金融機構儘管有好奇心，但仍在比特幣市場的外圍。安全風險，監管歧義和運營複雜性等實用障礙使他們陷入困境。但是，美國最近推出的比特幣ETF正在拆除這些障礙，將機構帶入了數字資產領域的核心。

The introduction of the first U.S. units in January 2024, following the approval of several futures-based ETFs last year, marked a pivotal moment. Products like BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) quickly attracted billions of dollars in inflows. Within a few months, Bitcoin ETF holdings came to account for over 5% of Bitcoin’s total circulating supply.

去年幾個基於未來的ETF的批准後，在2024年1月引入了美國第一個單元，標誌著關鍵時刻。貝萊德（BlackRock）的iShares比特幣信託（IBIT）和富達（Fidelity）的明智起源比特幣基金（FBTC）等產品迅速吸引了數十億美元的流入。在幾個月內，比特幣ETF持有量佔比特幣總循環供應的5％以上。

This response from institutions highlights a crucial point. They weren’t necessarily lacking interest in Bitcoin. Rather, they needed the right investment structure, something that would align with their existing compliance, governance and operational models.

機構的這種反應突出了至關重要的一點。他們不一定缺乏對比特幣的興趣。相反，他們需要正確的投資結構，這將與他們現有的合規性，治理和運營模式保持一致。

In Canada, a similar scene unfolded earlier in 2021 with the launch of the Purpose Bitcoin ETF, the first of its kind in North America. It quickly drew over 400 million Canadian dollars in the first few days of trading.

在加拿大，隨著目的比特幣ETF的推出，這是一個類似的場景，該場景是北美的第一個比特幣ETF。在交易的頭幾天，它迅速吸引了超過4億加元。

The swift success of both U.S. and Canadian offerings underscores a common thread. As the world’s largest financial institutions, like BlackRock, Fidelity and Franklin Templeton, entered the Bitcoin ETF market, they brought with them a level of capital and attention that could transform the digital asset landscape.

我們和加拿大產品的迅速成功凸顯了一個共同點。作為世界上最大的金融機構，例如貝萊德（Blackrock），富達（Fidelity）和富蘭克林·鄧普頓（Franklin Templeton），進入了比特幣ETF市場，他們帶來了資本和關注水平，可以改變數字資產景觀。

Bitcoin ETFs allow institutions to access this asset class using familiar processes. They fit neatly within existing compliance frameworks, eliminating the need to manage private keys or create new custody solutions from scratch. Risk committees, auditors and regulators can easily evaluate these ETFs as they would any other listed security, making approvals and oversight far more straightforward.

比特幣ETF允許機構使用熟悉的過程訪問此資產類。它們整齊地適合現有的合規框架，消除了管理私鑰或從頭開始創建新的監護解決方案的需求。風險委員會，審計師和監管機構可以輕鬆評估這些ETF，因為它們會像其他上市的安全性一樣，使批准和監督更加直接。

Moreover, custody, a significant concern for institutions engaging with cryptoassets, is handled by professional-grade infrastructure. These ETFs rely on established custodians such as Coinbase Custody and Fidelity Digital Assets, who provide the same level of security and regulatory oversight as any traditional asset class.

此外，專業級基礎設施處理了監護權，這是與加密貨物接觸的機構的重要關注。這些ETF依靠既定的保管人，例如Coinbase監護權和忠實數字資產，他們提供與任何傳統資產類別相同的安全性和監管監督。

Another key advantage is liquidity. Unlike direct Bitcoin transactions, which often involve price slippage and fragmented markets, Bitcoin ETFs are traded on stock exchanges with consistently high volumes and deep liquidity pools. For instance, BlackRock’s ETF regularly sees daily trading volumes that rival mid-cap S&P 500 stocks. This level of liquidity enhances flexibility and helps investors manage positions with ease.

另一個關鍵優勢是流動性。與通常涉及價格滑倒和零散市場的直接比特幣交易不同，比特幣ETF在始終高捲和深層流動性池的證券交易所交易。例如，貝萊德（Blackrock）的ETF經常看到與中股標準普爾500股相媲美的日常交易量。這種流動性可以提高靈活性，並幫助投資者輕鬆管理職位。

The presence of large, institutional investors also brings higher expectations around pricing efficiency, transparency and market integrity. This, in turn, is prompting crypto exchanges and service providers to adopt more robust practices in areas such as surveillance, reporting and risk management.

大型機構投資者的存在也對定價效率，透明度和市場完整性產生了更高的期望。反過來，這促使加密貨幣交易所和服務提供商在監視，報告和風險管理等領域採用更強大的實踐。

A final point to consider is the shift in public perception. A decade ago, the idea of a Bitcoin ETF being offered by a firm like BlackRock or Fidelity would have seemed far-fetched. Back then, Bitcoin was viewed primarily as a speculative experiment on the fringes of the financial world.

要考慮的最後一點是公眾看法的轉變。十年前，像貝萊德（Blackrock）或富達（Fidelity）這樣的公司提供的比特幣ETF的想法似乎很牽強。那時，比特幣主要被視為對金融界邊緣的投機實驗。

But today, names like BlackRock, Fidelity and Franklin Templeton are among the leading players in the Bitcoin ETF space. Their participation signals a more profound change. Digital assets are moving from the fringes to the core of modern finance, and these ETFs are acting as a bridge between the two worlds.

但是如今，貝萊德，富達和富蘭克林·鄧普頓（Franklin Templeton）等名字是比特幣ETF領域的主要參與者。他們的參與標誌著更深刻的變化。數字資產正在從邊緣轉變為現代金融的核心，這些ETF充當兩個世界之間的橋樑。

It's important to note that despite its potential, Bitcoin remains a volatile asset. As institutions enter this domain, they must do so with a clear understanding of the risks involved and manage them thoughtfully.

重要的是要注意，儘管具有潛力，但比特幣仍然是波動的資產。當機構進入該領域時，他們必須清楚地了解涉及的風險並進行周到管理。

However, despite the technicalities, the essence of the matter is simple. Bitcoin ETFs offer a regulated and credible entry point for institutions to gain exposure to the world’s largest cryptocurrency in a way that aligns with how they already operate. They provide a way to gain exposure to digital assets without compromising on compliance, governance, or operational control.

但是，儘管有技術性，但此事的本質很簡單。比特幣ETF為機構提供了一個受管制和可信的切入點，以與已經運作的方式相吻合，以獲取世界上最大的加密貨幣。它們提供了一種在不妥協遵守，治理或運營控制的情況下獲得數字資產的暴露方式。

The future of investing is already taking shape. Bitcoin ETFs are not just another product on the shelf. They are transforming how the financial world engages with digital assets. The groundwork being laid today will influence how institutions allocate capital, manage portfolios and expand their horizons for years to come.

投資的未來已經成形。比特幣ETF不僅是架子上的另一種產品。他們正在改變金融界如何與數字資產互動。今天的基礎工作將影響機構如何分配資本，管理投資組合併擴大其視野未來幾年。

(This article is authored by Srinivas L, CEO, 9Point Capital)

（本文由9Point Capital首席執行官Srinivas L撰寫）