贝莱德 (BlackRock) 的比特币 ETF 流入量激增 15B，但机构采用滞后

贝莱德的比特币 ETF（IBIT）自 1 月份以来已吸引了 150 亿美元资金，60 家实体合计持有 0.4% 的股份。尽管出现这种增长，但大多数持股规模相对较小，超过三分之二的实体持有价值不到 100 万美元的 IBIT 股票。这表明比特币被用作投资组合的小额补充，而不是重要的配置。

BlackRock's Bitcoin ETF Witnesses $15 Billion Inflow Amidst Limited Institutional Participation

贝莱德比特币 ETF 在机构参与有限的情况下流入 150 亿美元

BlackRock's iShares Bitcoin Trust (IBIT), the first spot Bitcoin ETF approved by the Securities and Exchange Commission (SEC), has experienced a significant surge in assets under management since its inception in January 2023. As of the latest quarterly statements, IBIT has garnered over $15 billion in investor inflows.

贝莱德旗下 iShares 比特币信托 (IBIT) 是美国证券交易委员会 (SEC) 批准的首只现货比特币 ETF，自 2023 年 1 月成立以来，管理资产大幅飙升。截至最新季度报表，IBIT 已获得超过150亿美元的投资者流入。

However, a recent analysis by Bloomberg Intelligence analyst Eric Balchunas reveals a nuanced picture of the ETF's investor base. While the ETF has undoubtedly attracted a wide range of investors, its ownership remains concentrated among a relatively small number of entities.

然而，彭博资讯 (Bloomberg Intelligence) 分析师埃里克·巴尔丘纳斯 (Eric Balchunas) 最近的一项分析揭示了 ETF 投资者基础的微妙情况。尽管该 ETF 无疑吸引了广泛的投资者，但其所有权仍然集中在相对少数的实体手中。

According to Balchunas' analysis of 13F filings, which disclose institutional holdings, approximately 60 entities account for a mere 0.4% of IBIT's outstanding shares. Notably, the majority of these entities, roughly two-thirds, own less than $1 million worth of IBIT shares.

根据 Balchunas 对披露机构持股的 13F 文件的分析，大约 60 家实体仅占 IBIT 流通股的 0.4%。值得注意的是，这些实体中的大多数（大约三分之二）拥有价值不到 100 万美元的 IBIT 股票。

"Shows that most of the bites are nibbles but there are a lot of fish," Balchunas remarked, underscoring the presence of numerous small-scale investors within the ETF's investor base.

巴尔丘纳斯表示：“这表明大部分咬伤都是小口咬的，但也有很多鱼。”他强调了 ETF 投资者群体中存在众多小规模投资者。

The findings suggest that while IBIT has successfully introduced Bitcoin to a broader audience, institutional adoption remains relatively limited. Instead, the ETF appears to be utilized by many investors as a complementary asset to their existing portfolios, much like "hot sauce" added to enhance flavor.

调查结果表明，虽然 IBIT 已成功将比特币介绍给更广泛的受众，但机构采用仍然相对有限。相反，许多投资者似乎将 ETF 作为其现有投资组合的补充资产，就像添加“辣酱”来增强风​​味。

Quattro Advisors, a Pittsburgh-based registered investment company, represents the largest investor in IBIT with approximately $19 million worth of shares, accounting for roughly 5% of its total holdings. The firm's substantial investment in Bitcoin highlights the growing acceptance of the cryptocurrency among a subset of financial professionals.

Quattro Advisors 是一家总部位于匹兹堡的注册投资公司，是 IBIT 的最大投资者，拥有价值约 1,900 万美元的股票，约占其总持股量的 5%。该公司对比特币的大量投资凸显了部分金融专业人士对加密货币的接受程度不断提高。

Balchunas notes that IBIT's investor profile aligns with the widespread use of the 60/40 investment strategy, where a portfolio consists of approximately 60% stocks and 40% bonds. Many investors are seeking to allocate a small portion of their portfolios to Bitcoin as a potential diversifier and source of return enhancement.

Balchunas 指出，IBIT 的投资者概况与广泛使用的 60/40 投资策略一致，该策略的投资组合由大约 60% 的股票和 40% 的债券组成。许多投资者正在寻求将其投资组合的一小部分分配给比特币，作为潜在的多元化工具和回报增强的来源。

The launch of IBIT has been a transformative moment for the Bitcoin market, providing investors with a regulated and convenient way to access the cryptocurrency. However, the ETF's investor composition reveals that institutional adoption remains in its nascent stages. As the market evolves, it remains to be seen whether IBIT will attract larger institutional investors, ultimately leading to a broader embrace of Bitcoin within traditional financial institutions.

IBIT 的推出是比特币市场的变革时刻，为投资者提供了一种受监管且便捷的方式来获取加密货币。然而，该 ETF 的投资者构成表明，机构采用仍处于初级阶段。随着市场的发展，IBIT是否会吸引更大的机构投资者，最终导致传统金融机构更广泛地接受比特币，还有待观察。