贝莱德数字资产负责人罗伯特·米奇尼克（Robert Mitchnick）讨论了比特币ETFS

在2025年4月30日在Token2049 Abu Dhabi举行的讨论中，Blackrock的数字资产负责人罗伯特·米奇尼克（Robert Mitchnick）表示，很高兴看到

In a discussion held on 30 April 2025 at the Token2049 Abu Dhabi, Robert Mitchnick, Head of Digital Assets at BlackRock, said that it will be interesting to see who was buying Bitcoin ETFs over the last 16 months. “At the outset, it certainly was predominantly retail. But then you also have the two other segments that are really important here, which are wealth advisory and institutional,” he added.

在2025年4月30日在Token2049阿布扎比举行的讨论中，BlackRock的数字资产负责人Robert Mitchnick表示，看到谁在过去16个月中谁购买比特币ETF会很有趣。他补充说：“从一开始，这当然是零售业的主要零售业。但是，您还拥有另外两个部分在这里非常重要的部分，它们是财富咨询和机构。”

Mitchnick added that usually investors who are bullish on Bitcoin are also bullish on gold. “Bitcoin and gold share a lot of world views”, he said. He further stated that many have reallocated their portfolios, moving from all gold positions to a gold-Bitcoin strategy of 80/20 or 50/50 or even substituting their gold positions entirely with Bitcoins.

米奇尼克（Mitchnick）补充说，通常在比特币上看涨的投资者也看好黄金。他说：“比特币和黄金有很多世界观。”他进一步指出，许多人都将其投资组合重新分配，从所有金额转变为80/20或50/50的金 - 比币策略，甚至完全用比特币代替了金牌。

On the topic of investor behaviour and the changing dynamics around Bitcoin ETFs and futures, Jan van Eck, CEO of VanEck, and Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group weighed in.

关于投资者行为的主题以及围绕比特币ETF和未来的动态变化，Vaneck的首席执行官Jan Van Eck和CME Group的Cryptocurrency Products全球负责人Giovanni Vicioso都体重了。

Bitcoin ETF: Most Successful ETF Launch In History

比特币ETF：历史上最成功的ETF发射

Bloomberg analyst Eric Baluchnas kicked off the discussion by stating that Bitcoin EFTs have attracted over $40 billion in net flows since launch, making Bitcoin ETF the most successful ETF launch in history. “The flows are back in a big way,” agreed Mitchnick. He further stated that seeing who was buying Bitcoin ETFs over the last 16 months was interesting. “At the outset, it certainly was predominantly retail. But then you also have the two other segments that are really important here, which is wealth advisory and institutional,” he explained.

彭博分析师Eric Baluchnas开始讨论，表明比特币EFT自推出以来吸引了超过400亿美元的净流，使比特币ETF成为历史上最成功的ETF发射。米奇尼克同意：“流动很大。”他进一步说，看谁在过去16个月中购买比特币ETF很有趣。他解释说：“从一开始，这当然是零售业的。但是，您还拥有另外两个部分在这里非常重要的部分，这是财富咨询和制度。”

Furthermore, he stated that this is a pattern that is discernible in every single quarter where the percentage in retail goes down and the percentage of institutional wealth advisory goes up.

此外，他说，这是一种在零售百分比下降且机构财富咨询比例上升的每个季度中都可以辨别的模式。

Baluchnas took the conversation forward with facts. “ETFs have $10 trillion. About 70% of that money is advisors. Advisors are the people who manage all the boomer assets. And the boomers have all the money,” he said. Furthermore, he elaborated, institutions (pension plans, etc.) have a $100 trillion market, and it is even harder to penetrate, but some inroads have been made. The advisors’ assets, however, are the main audience for ETFs in the future.

Baluchnas以事实向前进行了谈话。他说：“ ETF拥有10万亿美元。大约70％的钱是顾问。顾问是管理所有婴儿潮一代资产的人。而且婴儿潮一代拥有所有的钱。”此外，他详细阐述了机构（退休金计划等）的市场100万亿美元，而且很难穿透，但已经进行了一些侵害。但是，顾问的资产是将来ETF的主要受众。

Meanwhile, Van Eck explains that while Bitcoin’s inflows are impressive, they still lag behind gold’s $14 billion inflows into ETFs this year. “Bitcoin is so far away from penetrating those dark rooms where the big money lies,” he says.

同时，范·埃克（Van Eck）解释说，尽管比特币的流入令人印象深刻，但他们今年仍然落后于Gold耗资140亿美元的ETF流入。他说：“比特币离那些巨额资金所在的黑暗房间很远。”

Furthermore, traditional brokerages like Vanguard still restrict Bitcoin ETF access, indicating how early the broader adoption phase still is. Expanding on this point, he states that there is a long way to go before most allocators include Bitcoin ETFs.

此外，像先锋队这样的传统经纪人仍然限制了比特币ETF的访问，这表明了更广泛的采用阶段的时间。在这一点上，他指出，大多数分配者都包括比特币ETF还有很长的路要走。

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Role Of Futures And Hedge Funds

期货和树篱资金的作用

Vicioso weighed in on the crucial role of Bitcoin futures in laying the groundwork for ETF approval. According to him the liquidity that the futures market creates helps establish price stability that allows ETF issuers to efficiently buy and hold Bitcoins.

Vicioso权衡了比特币期货在为ETF批准奠定基础的关键作用。据他说，期货市场创造的流动性有助于建立价格稳定性，使ETF发行人能够有效购买和持有比特币。

He said that the ETFs and spot markets have been successful off the back of futures, as all these markets are related. “If the ETFs are doing well, it means that the futures are doing well, and it also means that Spot is doing well,” he says.

他说，ETF和现货市场在未来的背后已经成功，因为所有这些市场都是相关的。他说：“如果ETF做得很好，那意味着期货状况良好，这也意味着现场表现良好。”

Additionally, Baluchnas stated that hedge funds engage in basis trading where they exploit the price differential between futures and spot Bitcoin prices. Vicioso explained that hedge funds buy Bitcoin ETFs while shorting Bitcoin futures. Therefore, locking in the spread.

此外，Baluchnas表示，对冲基金从事基础交易，在这些交易中，他们利用了期货和现货比特币价格之间的价格差异。 Vicioso解释说，对冲基金在短币期货时购买比特币ETF。因此，锁定点差。

The differential has moved around. Initially, the basis was around 20% after the ETF launch, it collapsed to 5% for a while and is now back to 8-10%.

差异已经走动。最初，ETF发布后的基础约为20％，一段时间以5％倒塌，现在返回到8-10％。

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Bitcoin ETF Price To Become More Stable Since Holders Are More Stable

比特币ETF价格更加稳定，因为持有人更稳定

A key theme was Bitcoin’s behaviour during the recent “tariff tantrum,” where stocks sold off amid US trade policy uncertainty. Historically, Bitcoin has behaved like “high beta”—amplifying stock moves. However, during the recent downturn, Bitcoin’s price remained relatively stable compared to equities.

一个关键主题是比特币在最近的“关税发脾气”中的行为，在美国贸易政策不确定性的情况下，股票出售了。从历史上看，比特币的表现就像“高β” - 扩大股票动作。但是，在最近的低迷中，比特币的价格与股票相比保持稳定。

This stability, Balchunas theorised, is due to the “upgrade” in holders. Bitcoin has shifted from shaky hands (e.g., FTX, distressed sellers) to long-term holders like MicroStrategy’s Michael Saylor.

Balchunas理论上的这种稳定性是由于持有人的“升级”。比特币已经从摇摇欲坠的手（例如，FTX，遇难者）转变为Microstrategy的Michael Saylor等长期持有人。

Michnick agreed, noting that Bitcoin’s fundamental property as a decentralised, scarce asset makes it a logical safe haven. Once Bitcoin displayed even a single day of uncorrelated, safe-haven behaviour, ETF inflows surged again, showing pent-up demand for diversification assets.

米奇尼克同意，指出比特币的基本财产是分散的，稀缺的资产，使其成为合乎逻辑的避风港。一旦比特币展示了一天不相关的，安全的行为，ETF再次流入，表现出对多元化资产的压抑需求。

Van Eck added historical context, highlighting that Bitcoin’s correlation with traditional assets was near zero pre-2020. However, post-COVID stimulus, Bitcoin’

范·埃克（Van Eck）增加了历史背景，强调比特币与传统资产的相关性接近2020年前的零。但是，旋转后刺激，比特币'