领先的资产经理大大降低了他们在现货比特币交易所交易基金（ETF）中的持股

在2025年第一季度，领先的资产经理大大降低了他们在现货比特币交易所交易基金（ETF）中的持股。

In the first quarter of 2025, several leading asset managers noticeably reduced their holdings in spot Bitcoin exchange-traded funds, a shift that follows a 12% decline in the cryptocurrency’s price and diminished profitability in associated trading strategies, according to regulatory filings.

根据监管机构申请，在2025年第一季度，几位领先的资产经理明显降低了他们在现货比特币交易所交易资金中的持股，这一转变随后加密货币的价格下降了12％，并降低了相关交易策略的盈利能力。

The move, part of broader portfolio adjustments, diverges from the enthusiasm analysts and investors greeted these ETFs with when they debuted in January 2024.

这一举动是更广泛的投资组合调整的一部分，与热情分析师和投资者在2024年1月首次亮相时向这些ETF脱颖而出。

After a period of rapid accumulation, hedge funds led the retreat. Among them, Millennium Management—the largest hedge fund in the U.S., known for its opportunistic trading style—cut its exposure to BlackRock’s iShares Bitcoin Trust ETF (IBIT) by 41%. The firm now owns 17.6 million shares. It also fully exited its stake in the Invesco Galaxy Bitcoin ETF.

经过一段时间的快速积累，对冲基金领导了撤退。其中，千禧管理公司（以机会主义交易方式闻名的美国最大的对冲基金，都将其接触到贝莱德的Ishares Bitcoin Trust ETF（IBIT）的风险下降了41％。该公司现在拥​​有1,760万股股票。它还完全退出了其在Invesco Galaxy Bitcoin ETF中的股份。

At the same time, Millennium added to its holdings in two smaller funds, the ARK 21Shares Bitcoin ETF and the Grayscale Bitcoin Mini Trust. This may indicate a changed strategy toward funds with different fee structures or performance profiles.

同时，千禧年增加了两个较小的资金，即ARK 21Shares Bitcoin ETF和Grayscale Bitcoin Mini Trust。这可能表明针对具有不同费用结构或绩效配置文件的资金的策略改变了。

Brevan Howard, based in Jersey, did the same. It trimmed its IBIT holdings by about 15.6% during the same period.

总部位于泽西岛的布雷文·霍华德（Brevan Howard）也这样做。在同一时期，它将其IBIT持有量减少了约15.6％。

Together, hedge funds were responding to a crash in the premium on Bitcoin futures over spot prices, which collapsed as traders bet that several factors were exaggerating demand.

对冲基金共同回应了比特币期货的溢价崩溃，因为交易者押注几个因素夸大了需求。

After U.S. pension funds, like State of Wisconsin Investment Board (SWIB), were among the first institutional investors to buy spot Bitcoin ETFs, they sold the whole of their 6 million shares position in IBIT in Q1 2025. That followed a huge bet on Bitcoin in early 2024.

在美国养老基金（例如威斯康星州投资委员会（SWIB））是最早购买现货比特币ETF的机构投资者之一之后，他们在2025年第1季度就卖出了全部600万股IBIT的股票职位。随后在2024年初对比特币进行了巨大的赌注。

In contrast, Brown University quietly entered the crypto investment space with a surprising move, purchasing approximately $4.9 million worth of shares in BlackRock’s iShares Bitcoin Trust (IBIT), according to a filing dated March 31. The Ivy League institution joins a growing number of educational endowments exploring digital assets as part of broader portfolio diversification and risk mitigation strategies.

相比之下，布朗大学以令人惊讶的举动悄悄地进入了加密货币投资领域，根据3月31日的提交文件，在黑石的Ishares比特币信托（IBIT）中购买了价值490万美元的股票。

Mubadala Investment Company in Abu Dhabi increased its Bitcoin holdings. It now holds over 8.7 million IBIT shares, worth $408.5 million. This indicates that a few long-term institutions still see Bitcoin as an asset class, even through short-term fluctuation.

阿布扎比的Mubadala投资公司增加了其比特币持有量。现在，它持有超过870万股IBIT股票，价值4.085亿美元。这表明，即使通过短期波动，一些长期机构仍然将比特币视为资产类别。

As hedge funds retreat, other classes of investors are slowly moving in. Some financial advisers and wealth managers held or added a bit to their spot Bitcoin ETF exposure in Q1.

随着对冲基金务虚会，其他类别的投资者正在逐渐发展。一些财务顾问和财富管理人员在第1季度中持有或增加了他们的现货比特币ETF敞口。

Hightower Advisors, for one, announced combined holdings of roughly $68 million in various Bitcoin funds. The firm has also hinted for years at the desire to provide clients with a way to invest in digital assets through regulated products such as an ETF.

Hightower Advisors宣布了大约6800万美元的各种比特币基金的总股份。该公司还暗示了多年的愿望，希望通过受监管的产品（例如ETF）为客户提供一种投资数字资产的方式。

That shift in direction indicates that while the first wave of whirlwind excitement around spot Bitcoin ETFs wanes, that second wave (from advisors and retail) is still just getting started.

方向的转变表明，尽管围绕点比特币ETF的第一波旋风兴奋，但第二波（来自顾问和零售）仍然刚刚开始。

This stance feels justified in the light of recent data. In early May, BlackRock’s IBIT is said to have seen the highest single-day outflows ever reported. The fund lost over $36 million in a single trading session.

根据最近的数据，这种立场是合理的。据说5月初，贝莱德的IBIT看到了有史以来最高的单日外流。该基金在一次交易中损失了超过3600万美元。

That was one of the largest daily outflows since the ETF’s inception and came as global regulatory attention and interest in crypto coins continued to wane.

这是自ETF成立以来最大的每日流出之一，随着全球监管的关注和对加密硬币的兴趣继续消失。

Nevertheless, the total AUM in all US-listed spot Bitcoin ETFs remains at over $40 billion—institutional interest, although cooling, is not disappearing.

然而，所有在美国上市的比特币ETF中的AUM总计仍超过400亿美元，尽管冷却，但机构的兴趣并没有消失。