比特币 [BTC] ETF 资金流入创纪录，达 5.559 亿美元

ETF 兴趣激增恰逢 BTC 达到两周峰值。截至发稿时，该代币的交易价格为 66,500 美元。

Bitcoin [BTC] exchange-traded funds (ETFs) saw record inflows on Monday, 14 October, as interest in the digital asset surged.

随着人们对比特币 [BTC] 交易所交易基金 (ETF) 的兴趣激增，10 月 14 日星期一资金流入创历史新高。

According to data from Farside Investors, the total value of inflows into BTC ETFs amounted to $555.9 million. This marks the highest daily net inflow since June.

Farside Investors 的数据显示，流入 BTC ETF 的总价值达 5.559 亿美元。这标志着自六月以来的最高单日净流入。

The surge in ETF interest coincided with BTC reaching a two-week peak. At press time, the coin was trading at $66,500.

ETF 兴趣飙升之际，比特币也达到了两周的峰值。截至发稿时，该代币的交易价格为 66,500 美元。

Fidelity’s FBTC led the way with inflows of $239.3 million, the highest since 4 June.

富达 (Fidelity) 的 FBTC 以 2.393 亿美元的流入量领跑，为 6 月 4 日以来的最高流入量。

Other notable ETFs included Bitwise’s BITB with inflows of $100.2 million, BlackRock’s IBIT at $79.5 million, and Ark 21Shares’ ARKB with just under $69.8 million.

其他值得注意的 ETF 包括 Bitwise 的 BITB（流入量为 1.002 亿美元）、BlackRock 的 IBIT（流入量为 7950 万美元）以及 Ark 21Shares 的 ARKB（流入量略低于 6980 万美元）。

Grayscale’s GBTC saw its first inflows in October, at $37.8 million, the largest since May.

Grayscale 的 GBTC 在 10 月份首次流入，资金流入达 3780 万美元，是 5 月份以来的最大流入量。

Execs weigh in…

高管们权衡……

Commenting on the development, Nate Geraci, president of the ETF Store, said,

ETF Store 总裁 Nate Geraci 在评论这一进展时表示：

Since their debut in January, BTC ETFs have seen net inflows of $18.9 billion.

自 1 月份推出以来，BTC ETF 已净流入 189 亿美元。

Excluding GBTC, the nine new Bitcoin ETFs own around 646,000 BTC, with GBTC adding 223,000 BTC to the total.

不包括 GBTC，九只新的比特币 ETF 拥有约 646,000 BTC，其中 GBTC 增加了 223,000 BTC。

Together, these funds hold 869,000 BTC, or roughly 4% of Bitcoin’s circulating supply.

这些基金总共持有 869,000 BTC，约占比特币流通供应量的 4%。

This year has seen a record number of ETF launches, with around 2,000. Commenting on the matter, Bloomberg’s Eric Balchunas said,

今年 ETF 发行数量创历史新高，大约有 2,000 只。彭博社的埃里克·巴尔丘纳斯 (Eric Balchunas) 在评论此事时表示，

However, despite recent growth, BTC ETFs still comprise a small portion of the total Bitcoin trading landscape.

然而，尽管近期有所增长，BTC ETF 仍然只占比特币交易总量的一小部分。

According to Checkonchain data from 11 October, the Bitcoin Futures market recorded $53.4 billion in trades, with the spot market reaching $4.5 billion.

根据 Checkonchain 10 月 11 日的数据，比特币期货市场交易额达到 534 亿美元，现货市场交易额达到 45 亿美元。

In contrast, ETF trades totaled just $2 billion, capturing approximately 3% of the day’s overall BTC market volume.

相比之下，ETF 交易总额仅为 20 亿美元，约占当天 BTC 市场总交易量的 3%。

This small fraction highlights the nascency of ETFs within the broader Bitcoin market ecosystem.

这一小部分凸显了 ETF 在更广泛的比特币市场生态系统中的新生。

Well, this is also because determining the exact share of ETF inflows driven by the “basis trade,” or cash and carry trade, remains challenging.

这也是因为确定由“基差交易”或现金和套利交易驱动的 ETF 流入的确切份额仍然具有挑战性。

Major players in the ETF market

ETF市场的主要参与者

Institutions like Goldman Sachs and Jane Street Capital play a key role in creating and redeeming ETF shares, which helps stabilize the ETF’s price and liquidity.

高盛和 Jane Street Capital 等机构在创建和赎回 ETF 份额方面发挥着关键作用，这有助于稳定 ETF 的价格和流动性。

Meanwhile, hedge funds, such as Millennium Management and Capula Management, are known to employ “basis trading” strategies to capitalize on discrepancies between Bitcoin’s spot and futures prices.

与此同时，众所周知，Millennium Management 和 Capula Management 等对冲基金采用“基差交易”策略来利用比特币现货和期货价格之间的差异。

However, not all large holders engage in basis trading.

然而，并非所有大持有者都参与基差交易。

For instance, the State of Wisconsin Investment Board reportedly holds the ETF for purposes like portfolio diversification.

例如，据报道，威斯康星州投资委员会出于投资组合多元化等目的持有 ETF。

On the other hand, Bernstein, a private wealth management firm, suggests that basis trades could act as a “Trojan horse” for broader adoption, as increased liquidity and trading volume may encourage investors to adopt long-term positions in Bitcoin.

另一方面，私人财富管理公司伯恩斯坦表示，基差交易可能成为更广泛采用的“特洛伊木马”，因为流动性和交易量的增加可能会鼓励投资者采取比特币的长期头寸。

Finally, if options tied to IBIT are approved and are physically settled, they could open up the door for more sophisticated investors to participate in the Bitcoin ETF market.

最后，如果与 IBIT 相关的期权获得批准并进行实物结算，它们可能为更成熟的投资者参与比特币 ETF 市场打开大门。

And, for that, strategies like covered calls (selling call options while holding the underlying asset) would allow investors to generate passive income, while miners could use these options to hedge their holdings.

为此，备兑看涨期权（在持有标的资产的同时出售看涨期权）等策略将允许投资者产生被动收入，而矿工可以利用这些期权对冲其持有的资产。

Together, these elements could bring more maturity and volume to the Bitcoin ETF market.

这些因素共同可为比特币 ETF 市场带来更多的成熟度和交易量。