領先的資產經理大大降低了他們在現貨比特幣交易所交易基金（ETF）中的持股

在2025年第一季度，領先的資產經理大大降低了他們在現貨比特幣交易所交易基金（ETF）中的持股。

In the first quarter of 2025, several leading asset managers noticeably reduced their holdings in spot Bitcoin exchange-traded funds, a shift that follows a 12% decline in the cryptocurrency’s price and diminished profitability in associated trading strategies, according to regulatory filings.

根據監管機構申請，在2025年第一季度，幾位領先的資產經理明顯降低了他們在現貨比特幣交易所交易資金中的持股，這一轉變隨後加密貨幣的價格下降了12％，並降低了相關交易策略的盈利能力。

The move, part of broader portfolio adjustments, diverges from the enthusiasm analysts and investors greeted these ETFs with when they debuted in January 2024.

這一舉動是更廣泛的投資組合調整的一部分，與熱情分析師和投資者在2024年1月首次亮相時向這些ETF脫穎而出。

After a period of rapid accumulation, hedge funds led the retreat. Among them, Millennium Management—the largest hedge fund in the U.S., known for its opportunistic trading style—cut its exposure to BlackRock’s iShares Bitcoin Trust ETF (IBIT) by 41%. The firm now owns 17.6 million shares. It also fully exited its stake in the Invesco Galaxy Bitcoin ETF.

經過一段時間的快速積累，對沖基金領導了撤退。其中，千禧管理公司（以機會主義交易方式聞名的美國最大的對沖基金，都將其接觸到貝萊德的Ishares Bitcoin Trust ETF（IBIT）的風險下降了41％。該公司現在擁​​有1,760萬股股票。它還完全退出了其在Invesco Galaxy Bitcoin ETF中的股份。

At the same time, Millennium added to its holdings in two smaller funds, the ARK 21Shares Bitcoin ETF and the Grayscale Bitcoin Mini Trust. This may indicate a changed strategy toward funds with different fee structures or performance profiles.

同時，千禧年增加了兩個較小的資金，即ARK 21Shares Bitcoin ETF和Grayscale Bitcoin Mini Trust。這可能表明針對具有不同費用結構或績效配置文件的資金的策略改變了。

Brevan Howard, based in Jersey, did the same. It trimmed its IBIT holdings by about 15.6% during the same period.

總部位於澤西島的布雷文·霍華德（Brevan Howard）也這樣做。在同一時期，它將其IBIT持有量減少了約15.6％。

Together, hedge funds were responding to a crash in the premium on Bitcoin futures over spot prices, which collapsed as traders bet that several factors were exaggerating demand.

對沖基金共同回應了比特幣期貨的溢價崩潰，因為交易者押注幾個因素誇大了需求。

After U.S. pension funds, like State of Wisconsin Investment Board (SWIB), were among the first institutional investors to buy spot Bitcoin ETFs, they sold the whole of their 6 million shares position in IBIT in Q1 2025. That followed a huge bet on Bitcoin in early 2024.

在美國養老基金（例如威斯康星州投資委員會（SWIB））是最早購買現貨比特幣ETF的機構投資者之一之後，他們在2025年第1季度就賣出了全部600萬股IBIT的股票職位。隨後在2024年初對比特幣進行了巨大的賭注。

In contrast, Brown University quietly entered the crypto investment space with a surprising move, purchasing approximately $4.9 million worth of shares in BlackRock’s iShares Bitcoin Trust (IBIT), according to a filing dated March 31. The Ivy League institution joins a growing number of educational endowments exploring digital assets as part of broader portfolio diversification and risk mitigation strategies.

相比之下，布朗大學以令人驚訝的舉動悄悄地進入了加密貨幣投資領域，根據3月31日的提交文件，在黑石的Ishares比特幣信託（IBIT）中購買了價值490萬美元的股票。

Mubadala Investment Company in Abu Dhabi increased its Bitcoin holdings. It now holds over 8.7 million IBIT shares, worth $408.5 million. This indicates that a few long-term institutions still see Bitcoin as an asset class, even through short-term fluctuation.

阿布扎比的Mubadala投資公司增加了其比特幣持有量。現在，它持有超過870萬股IBIT股票，價值4.085億美元。這表明，即使通過短期波動，一些長期機構仍然將比特幣視為資產類別。

As hedge funds retreat, other classes of investors are slowly moving in. Some financial advisers and wealth managers held or added a bit to their spot Bitcoin ETF exposure in Q1.

隨著對沖基金務虛會，其他類別的投資者正在逐漸發展。一些財務顧問和財富管理人員在第1季度中持有或增加了他們的現貨比特幣ETF敞口。

Hightower Advisors, for one, announced combined holdings of roughly $68 million in various Bitcoin funds. The firm has also hinted for years at the desire to provide clients with a way to invest in digital assets through regulated products such as an ETF.

Hightower Advisors宣布了大約6800萬美元的各種比特幣基金的總股份。該公司還暗示了多年的願望，希望通過受監管的產品（例如ETF）為客戶提供一種投資數字資產的方式。

That shift in direction indicates that while the first wave of whirlwind excitement around spot Bitcoin ETFs wanes, that second wave (from advisors and retail) is still just getting started.

方向的轉變表明，儘管圍繞點比特幣ETF的第一波旋風興奮，但第二波（來自顧問和零售）仍然剛剛開始。

This stance feels justified in the light of recent data. In early May, BlackRock’s IBIT is said to have seen the highest single-day outflows ever reported. The fund lost over $36 million in a single trading session.

根據最近的數據，這種立場是合理的。據說5月初，貝萊德的IBIT看到了有史以來最高的單日外流。該基金在一次交易中損失了超過3600萬美元。

That was one of the largest daily outflows since the ETF’s inception and came as global regulatory attention and interest in crypto coins continued to wane.

這是自ETF成立以來最大的每日流出之一，隨著全球監管的關注和對加密硬幣的興趣繼續消失。

Nevertheless, the total AUM in all US-listed spot Bitcoin ETFs remains at over $40 billion—institutional interest, although cooling, is not disappearing.

然而，所有在美國上市的比特幣ETF中的AUM總計仍超過400億美元，儘管冷卻，但機構的興趣並沒有消失。