貝萊德（BlackRock）數字資產負責人羅伯特·米奇尼克（Robert Mitchnick）提供了一些見解

今天在迪拜舉行的Token2049會議上，貝萊德（Blackrock）數字資產負責人羅伯特·米奇尼克（Robert Mitchnick）有一些見解，即首都再次流動

Capital is once again flowing robustly into spot Bitcoin ETFs, but with a notable shift in who is investing, according to Robert Mitchnick, BlackRock’s Head of Digital Assets.

貝萊德（BlackRock）數字資產負責人羅伯特·米奇尼克（Robert Mitchnick）表示，Capital再次強勁地流入了現貨比特幣ETF，但人投資的轉變很大。

Today at the Token2049 conference in Dubai, Mitchnick elaborated on the changing composition of the investor base as he chatted with Bloomberg’s Eric Balchunas, VanEck CEO Jan Van Eck, and CME Group’s Giovanni Vicioso.

今天，在迪拜舉行的Token2049會議上，米奇尼克（Mitchnick）與彭博社的Eric Balchunas，Vaneck首席執行官Jan Van Eck和CME Group的Giovanni Vicioso聊天。

“When the Bitcoin ETFs first launched, the majority of the inflows were coming from retail clients, with some high-net-worth individuals placing positions as large as $100 million,” Mitchnick revealed. However, this has changed over time. “Every quarter, the percentage held by retail clients has gone down while the percentage held by institutional and wealth advisory clients has gone up,” he said in the panel discussion.

米奇尼克透露：“當比特幣ETF首次推出時，大多數流入來自零售客戶，一些高淨值的人將職位放在1億美元上。”但是，隨著時間的流逝，情況發生了變化。他在小組討論中說：“每個季度，零售客戶所擁有的百分比都下降了，而機構和財富諮詢客戶的百分比都上升了。”

This shift is due to a longer adoption cycle for institutional investors, he noted. “It wasn's not like a flip-the-switch situation.”

他指出，這種轉變是由於機構投資者的採用周期更長。 “這並不像是一個開關的情況。”

The interest in Bitcoin is also returning as broader macroeconomic concerns come to the fore. Last week, Jay Jacobs, BlackRock’s U.S. Head of Thematics and Active Equity ETFs, explained the uptick in simple terms: “Bitcoin thrives when you have more uncertainty.”

隨著更廣泛的宏觀經濟問題浮出水面，對比特幣的興趣也恢復了。上週，貝萊德（Blackrock）美國主題和主動權益ETF的負責人傑伊·雅各布斯（Jay Jacobs）簡單地解釋了這一上升：“比特幣有更多的不確定性時就會蓬勃發展。”

In times of market distress or geopolitical instability, investors tend to seek assets not tied to the risks of any one country or central bank — a role Bitcoin is increasingly seen to fulfill. This sentiment echoes long-standing views from BlackRock CEO Larry Fink, who has repeatedly suggested that Bitcoin offers investors a modern safe haven.

在市場困擾或地緣政治不穩定時期，投資者傾向於尋求與任何一個國家或中央銀行的風險相關的資產 - 越來越多地看到比特幣的角色。這種情緒回應了貝萊德首席執行官拉里·芬克（Larry Fink）的長期觀點，他一再建議比特幣為投資者提供現代的避風港。

During the panel, Mitchnick also challenged the narrative of Bitcoin acting as a leveraged proxy for tech stocks. “It doesn’t make any fundamental sense,” he said, though he acknowledged that such narratives can become “self-filling prophecies” if repeated often enough.

在小組討論期間，米奇尼克（Mitchnick）還挑戰了比特幣的敘事，該敘事是技術股票的槓桿代理。他說：“這沒有任何根本的意義。”儘管他承認，如果經常重複的話，這些敘述可能會成為“自我填補的預言”。

Addressing questions about altcoin ETFs and possible regulatory changes under new SEC leadership, Mitchnick maintained a cautious tone. “Those who think ‘everything goes’ will be disappointed,” he said, adding that while frameworks may evolve, they could also introduce new limitations. For now, Bitcoin remains the dominant asset of interest.

米奇尼克（Mitchnick）解決了有關新的SEC領導力領導下的Altcoin ETF以及可能的監管變化的問題，保持了謹慎的基調。他說：“那些認為'一切走了'的人會失望。”儘管框架可能會發展，但他們也可以引入新的限制。就目前而言，比特幣仍然是利益的主要資產。

“The interest is still overwhelmingly Bitcoin,” Mitchnick concluded.

米奇尼克總結說：“興趣仍然絕大多數是比特幣。”