贝莱德（BlackRock）数字资产负责人罗伯特·米奇尼克（Robert Mitchnick）提供了一些见解

今天在迪拜举行的Token2049会议上，贝莱德（Blackrock）数字资产负责人罗伯特·米奇尼克（Robert Mitchnick）有一些见解，即首都再次流动

Capital is once again flowing robustly into spot Bitcoin ETFs, but with a notable shift in who is investing, according to Robert Mitchnick, BlackRock’s Head of Digital Assets.

贝莱德（BlackRock）数字资产负责人罗伯特·米奇尼克（Robert Mitchnick）表示，Capital再次强劲地流入了现货比特币ETF，但人投资的转变很大。

Today at the Token2049 conference in Dubai, Mitchnick elaborated on the changing composition of the investor base as he chatted with Bloomberg’s Eric Balchunas, VanEck CEO Jan Van Eck, and CME Group’s Giovanni Vicioso.

今天，在迪拜举行的Token2049会议上，米奇尼克（Mitchnick）与彭博社的Eric Balchunas，Vaneck首席执行官Jan Van Eck和CME Group的Giovanni Vicioso聊天。

“When the Bitcoin ETFs first launched, the majority of the inflows were coming from retail clients, with some high-net-worth individuals placing positions as large as $100 million,” Mitchnick revealed. However, this has changed over time. “Every quarter, the percentage held by retail clients has gone down while the percentage held by institutional and wealth advisory clients has gone up,” he said in the panel discussion.

米奇尼克透露：“当比特币ETF首次推出时，大多数流入来自零售客户，一些高净值的人将职位放在1亿美元上。”但是，随着时间的流逝，情况发生了变化。他在小组讨论中说：“每个季度，零售客户所拥有的百分比都下降了，而机构和财富咨询客户的百分比都上升了。”

This shift is due to a longer adoption cycle for institutional investors, he noted. “It wasn's not like a flip-the-switch situation.”

他指出，这种转变是由于机构投资者的采用周期更长。 “这并不像是一个开关的情况。”

The interest in Bitcoin is also returning as broader macroeconomic concerns come to the fore. Last week, Jay Jacobs, BlackRock’s U.S. Head of Thematics and Active Equity ETFs, explained the uptick in simple terms: “Bitcoin thrives when you have more uncertainty.”

随着更广泛的宏观经济问题浮出水面，对比特币的兴趣也恢复了。上周，贝莱德（Blackrock）美国主题和主动权益ETF的负责人杰伊·雅各布斯（Jay Jacobs）简单地解释了这一上升：“比特币有更多的不确定性时就会蓬勃发展。”

In times of market distress or geopolitical instability, investors tend to seek assets not tied to the risks of any one country or central bank — a role Bitcoin is increasingly seen to fulfill. This sentiment echoes long-standing views from BlackRock CEO Larry Fink, who has repeatedly suggested that Bitcoin offers investors a modern safe haven.

在市场困扰或地缘政治不稳定时期，投资者倾向于寻求与任何一个国家或中央银行的风险相关的资产 - 越来越多地看到比特币的角色。这种情绪回应了贝莱德首席执行官拉里·芬克（Larry Fink）的长期观点，他一再建议比特币为投资者提供现代的避风港。

During the panel, Mitchnick also challenged the narrative of Bitcoin acting as a leveraged proxy for tech stocks. “It doesn’t make any fundamental sense,” he said, though he acknowledged that such narratives can become “self-filling prophecies” if repeated often enough.

在小组讨论期间，米奇尼克（Mitchnick）还挑战了比特币的叙事，该叙事是技术股票的杠杆代理。他说：“这没有任何根本的意义。”尽管他承认，如果经常重复的话，这些叙述可能会成为“自我填补的预言”。

Addressing questions about altcoin ETFs and possible regulatory changes under new SEC leadership, Mitchnick maintained a cautious tone. “Those who think ‘everything goes’ will be disappointed,” he said, adding that while frameworks may evolve, they could also introduce new limitations. For now, Bitcoin remains the dominant asset of interest.

米奇尼克（Mitchnick）解决了有关新的SEC领导力领导下的Altcoin ETF以及可能的监管变化的问题，保持了谨慎的基调。他说：“那些认为'一切走了'的人会失望。”尽管框架可能会发展，但他们也可以引入新的限制。就目前而言，比特币仍然是利益的主要资产。

“The interest is still overwhelmingly Bitcoin,” Mitchnick concluded.

米奇尼克总结说：“兴趣仍然绝大多数是比特币。”