比特币交易所交易资金（ETF）正在重塑机构格局

在金融中，真正的变化通常会安静地发生。它从董事会大门，监管更新和基础设施开发开始后面，直到它们重塑整个市场。现在，比特币

In the quiet hum of boardrooms, in the rustle of regulatory updates and the steady construction of financial infrastructure, real change often happens. It’s not always announced with fanfare, but rather unfolds gradually, eventually reshaping entire markets.

在董事会安静的嗡嗡声中，在监管更新的沙沙作响和稳定的金融基础设施构造，实际上经常发生真正的变化。它并不总是在大张旗鼓上宣布，而是逐渐展开，最终重塑了整个市场。

Right now, we’re seeing this change afoot with Bitcoin Exchange-Traded Funds (ETFs). These products are doing more than just offering investors a new way to gain exposure to Bitcoin. They are building the foundations for a new era of institutional investing.

目前，我们看到了比特币交易所交易基金（ETF）的变化。这些产品不仅为投资者提供了一种获得比特币的新方法。他们正在为机构投资的新时代建立基础。

Until recently, traditional financial institutions, despite growing curiosity, largely remained on the periphery of the Bitcoin market. Practical hurdles such as security risks, regulatory ambiguity and operational complexity kept them at bay. However, the recent launch of U.S. spot Bitcoin ETFs is dismantling these barriers, ushering institutions into the heart of the digital asset domain.

直到最近，传统的金融机构尽管有好奇心，但仍在比特币市场的外围。安全风险，监管歧义和运营复杂性等实用障碍使他们陷入困境。但是，美国最近推出的比特币ETF正在拆除这些障碍，将机构带入了数字资产领域的核心。

The introduction of the first U.S. units in January 2024, following the approval of several futures-based ETFs last year, marked a pivotal moment. Products like BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC) quickly attracted billions of dollars in inflows. Within a few months, Bitcoin ETF holdings came to account for over 5% of Bitcoin’s total circulating supply.

去年几个基于未来的ETF的批准后，在2024年1月引入了美国第一个单元，标志着关键时刻。贝莱德（BlackRock）的iShares比特币信托（IBIT）和富达（Fidelity）的明智起源比特币基金（FBTC）等产品迅速吸引了数十亿美元的流入。在几个月内，比特币ETF持有量占比特币总循环供应的5％以上。

This response from institutions highlights a crucial point. They weren’t necessarily lacking interest in Bitcoin. Rather, they needed the right investment structure, something that would align with their existing compliance, governance and operational models.

机构的这种反应突出了至关重要的一点。他们不一定缺乏对比特币的兴趣。相反，他们需要正确的投资结构，这将与他们现有的合规性，治理和运营模式保持一致。

In Canada, a similar scene unfolded earlier in 2021 with the launch of the Purpose Bitcoin ETF, the first of its kind in North America. It quickly drew over 400 million Canadian dollars in the first few days of trading.

在加拿大，随着目的比特币ETF的推出，这是一个类似的场景，该场景是北美的第一个比特币ETF。在交易的头几天，它迅速吸引了超过4亿加元。

The swift success of both U.S. and Canadian offerings underscores a common thread. As the world’s largest financial institutions, like BlackRock, Fidelity and Franklin Templeton, entered the Bitcoin ETF market, they brought with them a level of capital and attention that could transform the digital asset landscape.

我们和加拿大产品的迅速成功凸显了一个共同点。作为世界上最大的金融机构，例如贝莱德（Blackrock），富达（Fidelity）和富兰克林·邓普顿（Franklin Templeton），进入了比特币ETF市场，他们带来了资本和关注水平，可以改变数字资产景观。

Bitcoin ETFs allow institutions to access this asset class using familiar processes. They fit neatly within existing compliance frameworks, eliminating the need to manage private keys or create new custody solutions from scratch. Risk committees, auditors and regulators can easily evaluate these ETFs as they would any other listed security, making approvals and oversight far more straightforward.

比特币ETF允许机构使用熟悉的过程访问此资产类。它们整齐地适合现有的合规框架，消除了管理私钥或从头开始创建新的监护解决方案的需求。风险委员会，审计师和监管机构可以轻松评估这些ETF，因为它们会像其他上市的安全性一样，使批准和监督更加直接。

Moreover, custody, a significant concern for institutions engaging with cryptoassets, is handled by professional-grade infrastructure. These ETFs rely on established custodians such as Coinbase Custody and Fidelity Digital Assets, who provide the same level of security and regulatory oversight as any traditional asset class.

此外，专业级基础设施处理了监护权，这是与加密货物接触的机构的重要关注。这些ETF依靠既定的保管人，例如Coinbase监护权和忠实数字资产，他们提供与任何传统资产类别相同的安全性和监管监督。

Another key advantage is liquidity. Unlike direct Bitcoin transactions, which often involve price slippage and fragmented markets, Bitcoin ETFs are traded on stock exchanges with consistently high volumes and deep liquidity pools. For instance, BlackRock’s ETF regularly sees daily trading volumes that rival mid-cap S&P 500 stocks. This level of liquidity enhances flexibility and helps investors manage positions with ease.

另一个关键优势是流动性。与通常涉及价格滑倒和零散市场的直接比特币交易不同，比特币ETF在始终高卷和深层流动性池的证券交易所交易。例如，贝莱德（Blackrock）的ETF经常看到与中股标准普尔500股相媲美的日常交易量。这种流动性可以提高灵活性，并帮助投资者轻松管理职位。

The presence of large, institutional investors also brings higher expectations around pricing efficiency, transparency and market integrity. This, in turn, is prompting crypto exchanges and service providers to adopt more robust practices in areas such as surveillance, reporting and risk management.

大型机构投资者的存在也对定价效率，透明度和市场完整性产生了更高的期望。反过来，这促使加密货币交易所和服务提供商在监视，报告和风险管理等领域采用更强大的实践。

A final point to consider is the shift in public perception. A decade ago, the idea of a Bitcoin ETF being offered by a firm like BlackRock or Fidelity would have seemed far-fetched. Back then, Bitcoin was viewed primarily as a speculative experiment on the fringes of the financial world.

要考虑的最后一点是公众看法的转变。十年前，像贝莱德（Blackrock）或富达（Fidelity）这样的公司提供的比特币ETF的想法似乎很牵强。那时，比特币主要被视为对金融界边缘的投机实验。

But today, names like BlackRock, Fidelity and Franklin Templeton are among the leading players in the Bitcoin ETF space. Their participation signals a more profound change. Digital assets are moving from the fringes to the core of modern finance, and these ETFs are acting as a bridge between the two worlds.

但是如今，贝莱德，富达和富兰克林·邓普顿（Franklin Templeton）等名字是比特币ETF领域的主要参与者。他们的参与标志着更深刻的变化。数字资产正在从边缘转变为现代金融的核心，这些ETF充当两个世界之间的桥梁。

It's important to note that despite its potential, Bitcoin remains a volatile asset. As institutions enter this domain, they must do so with a clear understanding of the risks involved and manage them thoughtfully.

重要的是要注意，尽管具有潜力，但比特币仍然是波动的资产。当机构进入该领域时，他们必须清楚地了解涉及的风险并进行周到管理。

However, despite the technicalities, the essence of the matter is simple. Bitcoin ETFs offer a regulated and credible entry point for institutions to gain exposure to the world’s largest cryptocurrency in a way that aligns with how they already operate. They provide a way to gain exposure to digital assets without compromising on compliance, governance, or operational control.

但是，尽管有技术性，但此事的本质很简单。比特币ETF为机构提供了一个受管制和可信的切入点，以与已经运作的方式相吻合，以获取世界上最大的加密货币。它们提供了一种在不妥协遵守，治理或运营控制的情况下获得数字资产的暴露方式。

The future of investing is already taking shape. Bitcoin ETFs are not just another product on the shelf. They are transforming how the financial world engages with digital assets. The groundwork being laid today will influence how institutions allocate capital, manage portfolios and expand their horizons for years to come.

投资的未来已经成形。比特币ETF不仅是架子上的另一种产品。他们正在改变金融界如何与数字资产互动。今天的基础工作将影响机构如何分配资本，管理投资组合并扩大其视野未来几年。

(This article is authored by Srinivas L, CEO, 9Point Capital)

（本文由9Point Capital首席执行官Srinivas L撰写）