贝莱德的比特币ETF：费用收入国王及其含义

贝莱德（Blackrock）的IBIT正在摇晃ETF世界，比其旗舰标准普尔500基金（S＆P 500 Fund）收取更多的费用收入。是什么推动了比特币ETF的成功，这对加密货币的未来意味着什么？

BlackRock's Bitcoin ETF (IBIT) is making waves, not just in the crypto world, but in the entire ETF universe. It's now the firm's most lucrative product in its asset class. Earning $186 million annually in fee revenue, outpacing its iShares Core S&P 500 ETF (IVV) by $3 million!

贝莱德的比特币ETF（IBIT）不仅在加密世界中，而且在整个ETF宇宙中引起了波浪。现在，这是该公司在其资产类别中最有利可图的产品。每年收取1.86亿美元的费用收入，超过其Ishares Core S＆P 500 ETF（IVV）300万美元！

IBIT: The New Revenue Juggernaut

去：新的收入王室

Launched less than a year ago, IBIT has become an ETF superstar. With nearly $75 billion in assets and a 25 basis point fee, it has surpassed IVV, which manages a far larger $609 billion but charges a mere 3 basis points in fees. Analyst Nate Geraci was quick to point out IBIT's unprecedented revenue performance.

IBIT不到一年前就已经成为ETF超级巨星。 IT IVV凭借近750亿美元的资产和25个基点费用，该IVV管理了6009亿美元，但仅收取3个基点的费用。分析师Nate Geraci很快指出了IBIT前所未有的收入表现。

iShares Bitcoin ETF now generates more fee revenue for BlackRock than its largest ETF, the iShares Core S&P 500 ETF… IBIT annual revenue = $186mil IVV annual revenue = $183mil IBIT w/ nearly $75bil AUM at 25bps. IVV $609bil at 3bps. Only took 18 months.

Ishares比特币ETF现在比其最大的ETF产生更多的贝莱德收入收入，Ishares Core S＆P 500 ETF…IBIT年收入= 1.86亿美元IVV年收入= 1.83亿美元IBIT = 1.83亿美元，含量为25bps，近75亿美元。 IVV $ 6.69亿美元的3bps。只花了18个月。

Bitcoin Goes Mainstream

比特币成为主流

Traditionally, equity-based ETFs like IVV have dominated passive investment strategies. IBIT's rise signals a shift in investor behavior, with Bitcoin now capturing mainstream capital. It's not just hype; IBIT has maintained strong inflows, even during periods of uncertainty in the crypto market.

传统上，IVV等基于权益的ETF主导了被动投资策略。 IBIT的崛起标志着投资者行为的转变，比特币现在占主流资本。这不仅仅是炒作；即使在加密货币市场的不确定性时期，IBIT也保持了强劲的流入。

Volatility: From Wild to Mild

波动：从野外到温和

A surprising twist is the convergence in volatility between Bitcoin and traditional equity markets. Analyst Eric Balchunas noted that IBIT's 60-day volatility, once 5.7 times greater than the S&P 500, is now hovering just above 1. Bitcoin, while still volatile, is behaving more like a traditional asset. This is likely due to the institutionalization of crypto via ETFs like IBIT, bringing liquidity and trading volume under regulated investment vehicles.

一个令人惊讶的转折是比特币和传统股票市场之间波动性的融合。分析师埃里克·巴尔库纳斯（Eric Balchunas）指出，伊比特（Ibit）的60天波动率比标准普尔500指数高5.7倍，现在徘徊在1以上。比特币虽然仍然波动，但表现更像是传统的资产。这可能是由于通过IBIT等ETF进行加密货币的制度化，从而在受监管的投资工具下带来了流动性和交易量。

The Broader Market Impact

更广泛的市场影响

The growing dominance of Bitcoin ETFs has had a significant impact. Since the SEC approved spot Bitcoin ETFs, Bitcoin's price has maintained levels above its pre-approval average. This stability is driven by institutional capital via ETFs, which introduces long-term investors into the ecosystem. It is a first for an asset historically marked by boom-and-bust cycles.

比特币ETF的统治地位越来越大，产生了重大影响。由于SEC批准了现场比特币ETF，因此比特币的价格维持在其前批准平均水平上的水平。这种稳定性是由机构资本通过ETF驱动的，ETF将长期投资者引入生态系统。这是历史上以繁荣和障碍周期为标志的资产的第一个。

The Future of Crypto Investing

加密投资的未来

IBIT may no longer be breaking records for weekly growth, but its current position as a revenue juggernaut is reshaping the ETF and crypto landscapes. BlackRock's ongoing accumulation of Bitcoin, alongside its increasing interest in altcoins, further cements its conviction in crypto's future. It seems like it's just the beginning.

IBIT可能不再打破每周增长的记录，但目前作为收入王室的地位正在重塑ETF和加密景观。贝莱德（Blackrock）持续的比特币积累，以及对山寨币的兴趣越来越多，进一步巩固了对加密货币未来的信念。似乎这只是一个开始。

Looking Ahead to 2025

展望2025年

The crypto market is expected to grow significantly in late 2025, driven by institutional investors embracing cryptocurrencies and governments integrating them into their financial systems. With Bitcoin ETFs now deeply embedded in traditional portfolios, the market is poised for sustained growth and reduced volatility.

加密市场预计将在2025年末大幅增长，这是由机构投资者驱动的，该投资者拥护加密货币和政府将其融入其金融系统。现在，随着比特币ETF现在深深地嵌入了传统投资组合中，市场有望持续增长和波动性降低。

So, what does this all mean? It means that Bitcoin is no longer just a fringe asset. It's becoming a mainstream investment, and BlackRock's IBIT is leading the charge. Who knew that one day Bitcoin would be generating more fees than the S&P 500? The world keeps changing, doesn't it?

那么，这全是什么意思？这意味着比特币不再只是附带资产。这已成为主流投资，而贝莱德的IBIT正在领导这一指控。谁知道有一天比特币会产生比标准普尔500指数更多的费用？世界在不断变化，不是吗？