比特币 ETF 依然流行

尽管比特币第二季度出现下跌，但机构并未停止购买。他们现在几乎持有……

Institutions Continue Buying Bitcoin ETFs Despite Q2 Decline

尽管第二季度下跌，机构仍在继续购买比特币 ETF

Despite Bitcoin’s decline in the second quarter, institutions have not stopped buying it. They now hold nearly 922,000 BTC in ETFs.

尽管比特币第二季度出现下跌，但机构并未停止购买。他们现在持有近 922,000 BTC 的 ETF。

Bitcoin ETFs Continue to Flourish

比特币 ETF 继续蓬勃发展

Bitcoin ETFs are still going strong, having absorbed $252 million on just last Friday alone. That was the day of the “dovish” speech of Fed Chairman Jerome Powell at Jackson Hole.

比特币 ETF 依然强劲，仅上周五就吸纳了 2.52 亿美元。当天，美联储主席杰罗姆·鲍威尔在杰克逊霍尔发表“鸽派”讲话。

The weekly total amounted to $506 million, making it the best week in a month. More than $200 million were added this Monday.

每周总金额达 5.06 亿美元，是一个月来最好的一周。本周一新增资金超过 2 亿美元。

To put it simply, BlackRock's Bitcoin ETF had the third-largest capital inflow among thousands of global ETFs. Its BTC stock represents more than $20 billion.

简单来说，贝莱德的比特币ETF在全球数千只ETF中资金流入量排名第三。其 BTC 股票价值超过 200 亿美元。

In total, ETFs have collected more than $18 billion since their launch (net). Up 32% over the last three months:

自推出以来，ETF 总共筹集了超过 180 亿美元（净额）。过去三个月上涨 32%：

ETFs now hold 922,000 BTC. At this rate, the symbolic threshold of a million BTC will be reached in a few months and 22,000,000 BTC in about twenty years…

ETF 目前持有 922,000 BTC。按照这个速度，几个月内将达到 100 万比特币的象征性门槛，大约二十年后将达到 22,000,000 比特币的象征性门槛……

In contrast, Ethereum ETFs are a disaster. While Bitcoin ETFs had sucked in $2.8 billion during the first month of listing, Ethereum ETFs experienced a hemorrhage of $460 million.

相比之下，以太坊 ETF 则是一场灾难。比特币 ETF 在上市第一个月就吸纳了 28 亿美元，而以太坊 ETF 则亏损了 4.6 亿美元。

This negative figure is possible due to the preexistence of Grayscale's ETH ETF. Incidentally, even the Ethereum foundation took advantage of the euphoria to sell the equivalent of $100 million in ETH. Ethereum is down 34% against Bitcoin in the past year.

由于 Grayscale 的 ETH ETF 已经存在，因此出现负数是可能的。顺便说一句，就连以太坊基金会也趁机出售了价值 1 亿美元的 ETH。去年，以太坊相对于比特币下跌了 34%。

All these numbers are interesting, but knowing who is buying is also rich in insights. This is revealed by the list of Bitcoin ETF holders communicated once a quarter.

所有这些数字都很有趣，但了解谁在购买也具有丰富的见解。每季度通报一次的比特币 ETF 持有者名单揭示了这一点。

Who Buys Bitcoin?

谁购买比特币？

We have this information thanks to Form 13F. This is a document that must be filed by institutions managing more than $100 million in assets.

我们通过 13F 表格获得了这些信息。这是管理超过 1 亿美元资产的机构必须提交的文件。

Note that NYDIG has reorganized its investor classification system for greater clarity.

请注意，NYDIG 已重组其投资者分类系统，以使其更加清晰。

“These adjustments will allow us to avoid misleading headlines such as ‘Goldman Sachs owns Bitcoin ETFs,’ which is technically true, but only within the framework of their brokerage activity and probably as a market maker, not within their investment advisory services,” as stated in the NYDIG report.

“这些调整将使我们能够避免诸如‘高盛拥有比特币 ETF’之类的误导性头条新闻，这在技术上是正确的，但仅限于他们的经纪活动框架内，并且可能作为做市商，而不是在他们的投资咨询服务范围内，” NYDIG 报告中指出。

It turns out that even though Bitcoin ended the second quarter down, all major holder categories still loaded up:

事实证明，尽管比特币在第二季度结束时下跌，但所有主要持有者类别仍然在增加：

The “non-filers” category corresponds to all entities managing less than $100 million. These are retail investors. They hold the majority of ETF shares (78%).

“非申报者”类别对应于管理金额低于 1 亿美元的所有实体。这些是散户投资者。他们持有大部分 ETF 股份（78%）。

The reduction in their total dollar position, from $47.6 billion to $40.8 billion, is only related to the decline in Bitcoin. They have actually remained buyers by investing $637.5 million, accounting for a quarter of the total inflows into ETFs for the second quarter.

他们的总美元头寸从 476 亿美元减少到 408 亿美元，仅与比特币的下跌有关。他们实际上仍然是买家，投资了 6.375 亿美元，占第二季度 ETF 流入总额的四分之一。

With a net purchase of $1.1 billion, investment advisors remain loyal promoters of Bitcoin. The amount of Bitcoin ETF shares held by investment advisors increased to $4.3 billion at the end of June.

投资顾问净买入 11 亿美元，仍然是比特币的忠实拥护者。截至 6 月底，投资顾问持有的比特币 ETF 份额增至 43 亿美元。

Finally, let’s recall that the public pension fund of the State of Wisconsin made headlines when the first list of Bitcoin ETF investors was published. Unfortunately, this good surprise did not spark a larger wave of allocations from pension funds.

最后，让我们回想一下，当第一份比特币 ETF 投资者名单发布时，威斯康星州的公共养老基金成为了头条新闻。不幸的是，这一惊喜并没有引发养老基金更大规模的分配。

We will need to closely monitor the evolution of this list in Q3 now that Donald Trump has pledged allegiance to Bitcoin.

既然唐纳德·特朗普已承诺效忠比特币，我们将需要在第三季度密切关注该列表的演变。

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Bitcoin, geopolitical, economic and energy journalist.

比特币、地缘政治、经济和能源记者。