貝萊德的比特幣ETF：費用收入國王及其含義

貝萊德（Blackrock）的IBIT正在搖晃ETF世界，比其旗艦標準普爾500基金（S＆P 500 Fund）收取更多的費用收入。是什麼推動了比特幣ETF的成功，這對加密貨幣的未來意味著什麼？

BlackRock's Bitcoin ETF (IBIT) is making waves, not just in the crypto world, but in the entire ETF universe. It's now the firm's most lucrative product in its asset class. Earning $186 million annually in fee revenue, outpacing its iShares Core S&P 500 ETF (IVV) by $3 million!

貝萊德的比特幣ETF（IBIT）不僅在加密世界中，而且在整個ETF宇宙中引起了波浪。現在，這是該公司在其資產類別中最有利可圖的產品。每年收取1.86億美元的費用收入，超過其Ishares Core S＆P 500 ETF（IVV）300萬美元！

IBIT: The New Revenue Juggernaut

去：新的收入王室

Launched less than a year ago, IBIT has become an ETF superstar. With nearly $75 billion in assets and a 25 basis point fee, it has surpassed IVV, which manages a far larger $609 billion but charges a mere 3 basis points in fees. Analyst Nate Geraci was quick to point out IBIT's unprecedented revenue performance.

IBIT不到一年前就已經成為ETF超級巨星。 IT IVV憑藉近750億美元的資產和25個基點費用，該IVV管理了6009億美元，但僅收取3個基點的費用。分析師Nate Geraci很快指出了IBIT前所未有的收入表現。

iShares Bitcoin ETF now generates more fee revenue for BlackRock than its largest ETF, the iShares Core S&P 500 ETF… IBIT annual revenue = $186mil IVV annual revenue = $183mil IBIT w/ nearly $75bil AUM at 25bps. IVV $609bil at 3bps. Only took 18 months.

Ishares比特幣ETF現在比其最大的ETF產生更多的貝萊德收入收入，Ishares Core S＆P 500 ETF…IBIT年收入= 1.86億美元IVV年收入= 1.83億美元IBIT = 1.83億美元，含量為25bps，近75億美元。 IVV $ 6.69億美元的3bps。只花了18個月。

Bitcoin Goes Mainstream

比特幣成為主流

Traditionally, equity-based ETFs like IVV have dominated passive investment strategies. IBIT's rise signals a shift in investor behavior, with Bitcoin now capturing mainstream capital. It's not just hype; IBIT has maintained strong inflows, even during periods of uncertainty in the crypto market.

傳統上，IVV等基於權益的ETF主導了被動投資策略。 IBIT的崛起標誌著投資者行為的轉變，比特幣現在占主流資本。這不僅僅是炒作；即使在加密貨幣市場的不確定性時期，IBIT也保持了強勁的流入。

Volatility: From Wild to Mild

波動：從野外到溫和

A surprising twist is the convergence in volatility between Bitcoin and traditional equity markets. Analyst Eric Balchunas noted that IBIT's 60-day volatility, once 5.7 times greater than the S&P 500, is now hovering just above 1. Bitcoin, while still volatile, is behaving more like a traditional asset. This is likely due to the institutionalization of crypto via ETFs like IBIT, bringing liquidity and trading volume under regulated investment vehicles.

一個令人驚訝的轉折是比特幣和傳統股票市場之間波動性的融合。分析師埃里克·巴爾庫納斯（Eric Balchunas）指出，伊比特（Ibit）的60天波動率比標準普爾500指數高5.7倍，現在徘徊在1以上。比特幣雖然仍然波動，但表現更像是傳統的資產。這可能是由於通過IBIT等ETF進行加密貨幣的製度化，從而在受監管的投資工具下帶來了流動性和交易量。

The Broader Market Impact

更廣泛的市場影響

The growing dominance of Bitcoin ETFs has had a significant impact. Since the SEC approved spot Bitcoin ETFs, Bitcoin's price has maintained levels above its pre-approval average. This stability is driven by institutional capital via ETFs, which introduces long-term investors into the ecosystem. It is a first for an asset historically marked by boom-and-bust cycles.

比特幣ETF的統治地位越來越大，產生了重大影響。由於SEC批准了現場比特幣ETF，因此比特幣的價格維持在其前批准平均水平上的水平。這種穩定性是由機構資本通過ETF驅動的，ETF將長期投資者引入生態系統。這是歷史上以繁榮和障礙週期為標誌的資產的第一個。

The Future of Crypto Investing

加密投資的未來

IBIT may no longer be breaking records for weekly growth, but its current position as a revenue juggernaut is reshaping the ETF and crypto landscapes. BlackRock's ongoing accumulation of Bitcoin, alongside its increasing interest in altcoins, further cements its conviction in crypto's future. It seems like it's just the beginning.

IBIT可能不再打破每週增長的記錄，但目前作為收入王室的地位正在重塑ETF和加密景觀。貝萊德（Blackrock）持續的比特幣積累，以及對山寨幣的興趣越來越多，進一步鞏固了對加密貨幣未來的信念。似乎這只是一個開始。

Looking Ahead to 2025

展望2025年

The crypto market is expected to grow significantly in late 2025, driven by institutional investors embracing cryptocurrencies and governments integrating them into their financial systems. With Bitcoin ETFs now deeply embedded in traditional portfolios, the market is poised for sustained growth and reduced volatility.

加密市場預計將在2025年末大幅增長，這是由機構投資者驅動的，該投資者擁護加密貨幣和政府將其融入其金融系統。現在，隨著比特幣ETF現在深深地嵌入了傳統投資組合中，市場有望持續增長和波動性降低。

So, what does this all mean? It means that Bitcoin is no longer just a fringe asset. It's becoming a mainstream investment, and BlackRock's IBIT is leading the charge. Who knew that one day Bitcoin would be generating more fees than the S&P 500? The world keeps changing, doesn't it?

那麼，這全是什麼意思？這意味著比特幣不再只是附帶資產。這已成為主流投資，而貝萊德的IBIT正在領導這一指控。誰知道有一天比特幣會產生比標準普爾500指數更多的費用？世界在不斷變化，不是嗎？