Farside 投资者最新报告

美国证券交易委员会 (SEC) 一月份批准的现货比特币交易所交易基金 (ETF) 已经实现了新的里程碑。

Highlighting the latest trends in the Exchange-Traded Funds (ETFs) market, Farside Investors’ recent report has unveiled that spot Bitcoin ETFs, which were approved by the US Securities and Exchange Commission (SEC) in January, have seen over $20 billion flow into them over the last ten months.

Farside Investors 最近的报告强调了交易所交易基金 (ETF) 市场的最新趋势，其中显示，1 月份获得美国证券交易委员会 (SEC) 批准的现货比特币 ETF 已有超过 200 亿美元流入他们在过去十个月里。

Among the various ETFs available, the Bitcoin ETF iShares from Wall Street giant BlackRock has witnessed the highest inflows, amounting to an impressive $11 billion.

在各种可用的 ETF 中，华尔街巨头贝莱德 (BlackRock) 的比特币 ETF iShares 的资金流入量最高，达到了令人印象深刻的 110 亿美元。

Within the ETF realm, flows serve as an indicator of an investment product's performance, showcasing the money being invested and withdrawn from it.

在 ETF 领域，流量作为投资产品绩效的指标，显示投资和提取的资金。

As investors have been channeling billions of dollars into different ETFs, they have also been withdrawing substantial amounts of money from Grayscale's Bitcoin ETF, known as GBTC. But what's behind these outflows?

随着投资者将数十亿美元投入不同的 ETF，他们也从 Grayscale 的比特币 ETF（即 GBTC）中撤出大量资金。但这些资金外流的背后是什么？

Prior to the US SEC permitting Grayscale to convert its Bitcoin Trust to an ETF earlier this year, investors were unable to redeem their shares.

今年早些时候，在美国 SEC 允许 Grayscale 将其比特币信托基金转换为 ETF 之前，投资者无法赎回其股票。

However, once the Trust became an ETF, investors gained the ability to cash out their gains, leading to massive outflows from GBTC. Additionally, Grayscale's trading fees were higher compared to its competitors, prompting some investors to liquidate their shares and explore alternative options.

然而，一旦该信托基金成为 ETF，投资者就有能力兑现收益，导致 GBTC 大量资金流出。此外，与竞争对手相比，灰度的交易费用较高，促使一些投资者清算其股票并探索其他选择。

Grayscale Bitcoin ETF Records Net Inflows After Weeks of Bleeding

灰度比特币 ETF 在经历数周的失血后录得净流入

Interestingly, recent trends indicate that investors have begun injecting funds into Grayscale's Bitcoin ETFs, as evidenced by the increased inflows. According to Farside Investors’ data, GBTC has recorded $135 million worth of inflows over the past five weeks.

有趣的是，最近的趋势表明，投资者已开始向 Grayscale 的比特币 ETF 注入资金，资金流入的增加就证明了这一点。根据 Farside Investors 的数据，过去五周 GBTC 已录得价值 1.35 亿美元的资金流入。

In other news, renowned ETF expert Eric Balchunas took to his X account to reveal that it took Gold ETFs approximately five years to attain inflows of $20 billion.

在其他新闻中，著名 ETF 专家 Eric Balchunas 在他的 X 账户上透露，黄金 ETF 花了大约五年的时间才达到 200 亿美元的流入。

According to Balchunas, if the regulatory environment remains favorable, we can expect to see inflows for spot Bitcoin ETFs reaching $50 billion by the end of next year.

Balchunas 表示，如果监管环境仍然有利，我们预计到明年年底，现货比特币 ETF 的流入量将达到 500 亿美元。

Why Are Inflows Surging Again?

为何资金流入再次激增？

When the SEC greenlit ten spot Bitcoin ETFs in January, institutional investors poured massive capital into the new investment products, driven by their enthusiasm for gaining exposure to Bitcoin without the hassle of holding the coin themselves.

当美国证券交易委员会 (SEC) 一月份批准 10 只现货比特币 ETF 时，机构投资者将大量资金投入到新的投资产品中，因为他们热衷于获得比特币投资，而无需自己持有比特币。

However, these inflows slowed down in mid-2024 due to growing uncertainty over how the US central bank would be addressing high interest rates.

然而，由于美联储将如何解决高利率问题的不确定性不断增加，这些资金流入在 2024 年中期放缓。

But when the Fed cut the rates in September, investors' appetite for risky assets received a boost, explaining the recent surge in inflows into Bitcoin ETFs.

但当美联储在 9 月份降息时，投资者对风险资产的兴趣得到提振，这解释了近期比特币 ETF 资金流入激增的原因。