Bitcoin Funds Pull In Money at Record Pace


比特币ETF大受追捧，助推一波投资热潮，推动比特币价格升向纪录高位。市场上10只美国现货比特币ETF的总资产激增至近500亿美元。



比特币ETF大受追捧，助推一波投资热潮，推动比特币价格升向纪录高位。 6park.com
Bitcoin exchange-traded funds have been a smash hit, helping feed into a frenzy that has sent the cryptocurrency’s price toward a record high.   6park.com
    
自这些基金1月11日推出以来，投资者以创纪录速度涌入这些基金，市场上10只美国现货比特币ETF的总资产激增至近500亿美元。 6park.com
Investors have piled into the funds at a historic clip since their Jan. 11 launch, with total assets in the 10 U.S. spot bitcoin funds on the market swelling to nearly $50 billion. 6park.com
    
贝莱德(BlackRock)的iShares Bitcoin Trust基金的资产上周四突破100亿美元，是有史以来最快达到这一里程碑的新ETF。富达(Fidelity)的此类基金目前资产规模超过60亿美元，已经是该资产管理公司的第三大ETF，占其今年ETF净流入的大部分。 6park.com
BlackRock’s iShares Bitcoin Trust eclipsed $10 billion in assets Thursday, the fastest a new ETF has ever reached that milestone. Fidelity’s fund, now with more than $6 billion in assets, is already the asset manager’s third-largest ETF and has accounted for the bulk of its net ETF inflows this year.



VettaFi研究主管Todd Rosenbluth说：“这是一波持续的需求浪潮。这些产品一上市就表现强劲，而且一直保持强劲势头。” 6park.com
“It’s been a persistent wave of demand. These products came out of the gates strong and they’ve remained strong,” said Todd Rosenbluth, head of research at VettaFi.  6park.com
    
这些基金让散户投资者可以通过经纪账户购买这种数字资产，而不必去加密货币交易所，或通过以期货合约跟踪比特币价格的基金。 6park.com
The funds allow everyday investors to buy the digital asset through their brokerage accounts, without having to go to a crypto exchange or to funds that track bitcoin’s price through futures contracts. 6park.com
    
一些分析师此前预测，这些基金在最初引起热烈反响之后，将出现放缓，但最近几周随着比特币价格接近创纪录的水平，资金流动速度反而加快了。周一下午，比特币的交易价格超过了67,000美元，距离2021年11月创下的68,990.90美元的纪录仅有咫尺之遥。2023年底，比特币价格接近40,000美元，一年前还在23,000美元左右徘徊。 6park.com
Some analysts predicted the funds’ big initial splash would be followed by a slowdown, but instead the pace of flows has accelerated in recent weeks as bitcoin prices approached record levels. Bitcoin traded above $67,000 Monday afternoon, just shy of its November 2021 record of $68,990.90. It ended 2023 near $40,000 and was hovering around $23,000 a year ago.



许多分析师将比特币去年下半年的上涨归因于对上述ETF将获批的预期。现在，他们说投资者对这些基金的追捧除了创造新的需求外，还在推动更多的看涨情绪。 6park.com
Many analysts attributed bitcoin’s advance in the second half of last year to anticipation that the ETFs would be approved. Now, they say investors’ embrace of the funds is driving more bullishness, in addition to creating new demand.  6park.com
    
“这是标的资产价格与基金挂钩的罕见例子之一，”Rosenbluth说。“这很难量化，但比特币的表现与市场憧憬将有更多的渠道投资比特币密不可分。二者相辅相成。” 6park.com
“This is one of those rare instances where the price of the underlying asset is tied to the fund,” Rosenbluth added. “It’s hard to quantify, but bitcoin’s performance is tied to the hope that there will be greater availability. There’s a circular benefit here.” 6park.com
    
贝莱德的这只基金在ETF行业已属凤毛麟角：根据彭博行业研究(Bloomberg Intelligence)的数据，在美国上市的3,000多只ETF中，只有约4%的ETF资产规模超过100亿美元。 6park.com
The BlackRock fund is already in rarefied air: Only about 4% of the more than 3,000 listed U.S. ETFs have more than $10 billion in assets, according to Bloomberg Intelligence. 6park.com
    
10只美国现货比特币基金中有九只是1月份新上市的，而Grayscale的Bitcoin Trust则是在其他基金上市当天转换成了ETF，当时资产规模近300亿美元。 6park.com
Nine of the bitcoin funds were new to the market in January, while Grayscale’s Bitcoin Trust converted into an ETF with almost $30 billion of existing assets the day the others launched.  6park.com
    
此后，投资者从该基金中撤出了80多亿美元，其收费大大高于其竞争对手。如果该基金的平均资产规模保持在目前的水平上下，Grayscale收取的1.5%年费将带来约4亿美元的年收入。 6park.com
Investors have since pulled more than $8 billion from that fund, which charges a substantially higher fee than its competitors. Grayscale’s 1.5% annual fee would generate about $400 million in annual revenue for the asset manager if the fund’s average assets remained around current levels.  6park.com
    
贝莱德在促销期结束后收取0.25%的费用，多数较小资产管理公司的收费甚至还要低。 6park.com
BlackRock is charging 0.25% after a promotional period ends, and most of the smaller asset managers are charging even less. 6park.com
    
可以肯定的是，基于比特币的兴衰史，并非所有资产管理公司都认为这些产品适合散户投资者。比如，Vanguard就表示，没有推出比特币ETF的计划，也不会在其经纪平台上提供与加密货币相关的产品。这家资产管理巨头在最近的一篇博文中称比特币“更像是一种投机而非投资”。 6park.com
To be sure, not all asset managers consider the products appropriate for individual investors based on bitcoin’s boom-and-bust history. Vanguard, for one, has said it has no plans to offer a bitcoin ETF and won’t offer crypto-related products on its brokerage platform. The asset-management giant called bitcoin “more of a speculation than an investment” in a recent blog post. 



在引导资金流向ETF方面具有巨大影响力的注册投资顾问目前涉足比特币基金的机会有限。摩根士丹利(Morgan Stanley)、美林(Merrill Lynch)、瑞银(UBS)和富国银行(Wells Fargo)的财富管理平台以“非主动”方式提供比特币基金，也就是说顾问不能主动向客户推销比特币基金，但可以为提出要求的客户购买比特币基金。 6park.com
Registered investment advisers, who are hugely influential in directing capital to ETFs, have limited access to the bitcoin funds for now. The wealth-management platforms at Morgan Stanley, Merrill Lynch, UBS and Wells Fargo offer the funds on an unsolicited basis—advisers can’t actively pitch them to clients but can buy them for a client who asks.  6park.com
    
如果这种情况发生变化，分析师预计会有更多资金流入。 6park.com
If that changes, analysts expect more inflows. 6park.com
    
“顾问平台一直没有涉足该资产类别，因为他们没有受SEC监管的产品，”CFRA Research的ETF数据和分析主管Aniket Ullal说。“现在这种情况可能会改变，我们预计需求会增加。” 6park.com
“Adviser platforms have stayed out of the asset class because they didn’t have an SEC regulated product,” said Aniket Ullal, head of ETF data and analytics at CFRA Research. “Now that could change, and we would expect increased demand.” 6park.com
    
在吸纳新资金方面，一些新的比特币基金正在与其他资产类别的产业重量级基金正面交锋。贝莱德的比特币基金2月份的资金流入量在美国ETF中位居第三，以微弱优势超过了美国最大的标普500指数ETF。富达的比特币基金排名第八。（2月份最受欢迎的基金是Vanguard的标普500指数基金和信息技术基金。） 6park.com
Some of the new bitcoin funds are going head-to-head with industry heavyweights from other asset classes when it comes to taking in new money. BlackRock’s bitcoin fund brought in the third most money of any U.S. exchange-traded fund in February, narrowly edging out its largest S&P 500 ETF for flows. Fidelity’s bitcoin fund was No. 8. (February’s most popular funds were Vanguard’s S&P 500 fund and its information-technology fund.) 6park.com
    
目前，关于谁在购买这些基金的数据还很少。华尔街将在大型投资者在季度信息披露中报告其持有的基金后了解更多情况。不过，交易活动最近有所加快。据彭博行业研究(Bloomberg Intelligence)，上周三约有80亿美元的份额易手，是迄今为止交易量最大的一天。 6park.com
For now, there is a dearth of data on who is actually buying the funds. Wall Street will know more after big investors report their fund holdings in quarterly disclosures. Trading activity, however, has accelerated lately. About $8 billion of shares changed hands Wednesday, the biggest day yet, according to Bloomberg Intelligence. 6park.com
    
“投资者买入这些基金的速度之快令人吃惊。这种情况相当不寻常，” Ullal说。他表示，考虑到要等待不同的顾问平台将其纳入，ETF通常需要长得多的时间才能积聚资产。 6park.com
“The speed at which investors have adopted these has been a surprise. It’s a very unusual situation,” said Ullal, who said it normally takes much longer for ETFs to gather assets as they wait for different adviser platforms to list them.