到2026年，数十亿美元流入比特币

Crypto指数经理BITWISE预测的一份新报告称，到2025年底，资本流入比特币可能会超过1,200亿美元，并在2026年上涨至3000亿美元。

Crypto index fund manager Bitwise has predicted that capital flows into Bitcoin could exceed $120 billion by the end of 2025, potentially reaching $300 billion in 2026.

Crypto Index基金经理BITWISE预测，到2025年底，资本流入比特币可能会超过1,200亿美元，在2026年可能达到3000亿美元。

This growth is expected to be driven by increasing interest from sovereign wealth funds, public corporations, state treasuries, and institutional vehicles like exchange-traded funds (ETFs).

预计这种增长将由主权财富基金，公共公司，州国库和诸如交易所交易资金（ETF）等机构工具的利益越来越多。

As BTC continues to mature, Bitwise argues that it is no longer just a speculative asset. Instead, it is becoming a serious contender as a global store of value. The report notes that there is a structural shift happening—wealth is gradually moving away from traditional safe havens like gold and flowing into BTC.

随着BTC继续成熟，Bitwise认为，它不再只是投机性资产。取而代之的是，它正在成为一个认真的竞争者，作为全球价值存储。该报告指出，发生结构性转变 - 卫生正在逐渐摆脱诸如黄金之类的传统避风港，流入BTC。

“[There has been] an astounding lack of interest in Bitcoin from the U.S. institutional sector in 2024,” begins the report.

该报告说：“ [2024年，美国机构部门对比特币缺乏兴趣。”

“But that is quickly changing. In total, U.S. Bitcoin ETFs have now attracted over $36.2 billion in net flows in 2024.”

“但这很快发生了变化。总共，美国比特币ETF在2024年吸引了超过362亿美元的净流量。”

This dwarfs the early performance of SPDR Gold Shares (GLD)—the most successful commodity ETF in history—which generated $1.7 billion in net yearly inflows at its peak.

这使SPDR Gold股票（GLD）的早期表现（历史上最成功的商品ETF）相形见war，产生了17亿美元的年度净流入量。

“The early performance of U.S. Bitcoin ETFs has outpaced the best year of GLD by a factor of 20,” adds Bitwise.

“美国比特币ETF的早期表现使GLD最好的一年超过20倍，” Bitwise补充道。

Within a year, U.S. Bitcoin ETFs have crossed the $125 billion threshold in assets under management (AUM), showcasing deepening interest from both retail and institutional investors. Bitwise projects that these annual inflows could reach $100 billion by 2027.

在一年之内，美国比特币ETF越过了管理资产（AUM）的1250亿美元门槛，展示了零售和机构投资者的兴趣加深。比特预测，到2027年，这些年度流入可能会达到1000亿美元。

However, around $35 billion in capital remained sidelined in 2024 due to compliance restrictions at major financial institutions like Morgan Stanley and Goldman Sachs. These firms are expected to loosen their policies as Bitcoin ETFs continue to demonstrate resilience.

然而，由于摩根士丹利和高盛（Goldman Sachs）等主要金融机构的合规限制，大约350亿美元的资本剩余。随着比特币ETF继续证明弹性，这些公司有望放松其政策。

Institutions and Governments Are Pivoting to Bitcoin

机构和政府正在向比特币枢纽

Beyond Wall Street, Bitwise highlights Bitcoin’s growing appeal to public companies, which currently hold over 1.1 million BTC, valued at more than $125 billion. Meanwhile, sovereign governments hold over 500,000 BTC collectively, with the U.S., China, and the U.K. leading the way.

除了华尔街之外，Bitwise还强调了比特币对目前拥有超过110万BTC的上市公司的呼吁，价值超过1,250亿美元。同时，主权政府共同持有超过500,000 BTC，美国，中国和英国领先。

In its base case scenario, Bitwise envisions a modest reallocation of institutional and sovereign assets into Bitcoin—just 5% of gold reserves by governments and 0.5% of assets from major wealth platforms. Even under these conservative assumptions, total Bitcoin inflows could reach $420 billion over 2025–2026.

在基本案例的情况下，BitWise设想了将机构和主权资产的适度重新分配到比特币中，仅政府提供了5％的黄金储备，而来自主要财富平台的0.5％的资产。即使在这些保守的假设下，在2025 - 2026年期间，总比特币流入量也可能达到4200亿美元。

In a more aggressive bull case, with 10% of gold holdings and 1% of managed portfolios shifting into BTC, inflows could surge past $426 billion, absorbing more than 4 million BTC—around 15% of total supply.

在更具侵略性的公牛案中，有10％的黄金持有量和1％的托管投资组合转移到BTC中，流入可能会激增超过4260亿美元，吸收了超过400万BTC，占总供应的15％。

This projected capital shift not only deepens institutional trust in Bitcoin but also indicates a broader financial transformation that could redefine the role of digital assets globally.

这种预计的资本转移不仅加深了对比特币的机构信任，而且还表明了更广泛的财务转型，可以重新定义全球数字资产的作用。