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BTC 比特币市场“重量级玩家”正将数十亿美元资金从冷钱包转向贝莱德(BlackRock)旗下的 IBIT 等比特币现货 ETF。过去十多年里，比特币被视为去中心化的象征，如今却被全球最大的资产管理公司纳入投资组合，这一转变说明机构不再只是观望，而是在为下一轮行情“筑底”。换句话说，比特币正从投机资产，走向被主流资本接受的金融产品，这或许就是新周期的真正开始。
早期积累加密货币的大型比特币持有者(通常被称为“鲸鱼”)正越来越多地将其持有的比特币转移到交易所交易基金 (ETF) 中，而贝莱德 (BlackRock) 等资产管理公司正在积极争取他们的青睐。
贝莱德数字资产主管罗比·米奇尼克 (Robbie Mitchnick) 在接受彭博社采访时表示，该公司已经将价值超过 30 亿美元的此类资产转换为其 iShares 现货比特币 ETF (IBIT)。
米奇尼克表示，经过多年的自我托管，许多“巨鲸”意识到“能够在现有的财务顾问或私人银行关系中保持风险敞口的便利性”。
这种转变使他们能够维持比特币BTC同时将他们的财富融入传统金融体系，从而更容易获得更广泛的投资和贷款服务。
Mickeyk attributed this trend partly to the recent changes in the rules set by the U.S. Securities and Exchange Commission (SEC). These changes allow for the creation and redemption of cryptocurrency ETFs in physical form. This adjustment enables authorized participants to convert ETF shares into Bitcoin, rather than cash, making large-scale conversions more efficient for institutional investors, and also offering tax benefits.
Source: Eric Balchunas
BlackRock’s IBIT has become one of the most successful of the dozen or so approved spot Bitcoin ETFs in the United States. In June this year, IBIT became the ETF with the fastest growth rate, exceeding $70 billion in assets under management. According to Bitbo, this figure now stands at over $88 billion.
The net inflows of spot Bitcoin ETFs in the U.S. have increased significantly, as investors flocked to these funds during this bull market. Source: Bitbo
It’s not your key, it’s not your coin, right?
The trend identified by Mickeyk highlights the increasing institutionalization of Bitcoin. It’s been over 15 years since Satoshi Nakamoto created the first block and envisioned the establishment of anonymous assets based on self-custody principles.
Early Bitcoin advocates long believed that self-custody was the only foolproof way to protect personal funds. The saying “It’s not your key, it’s not your coin” reflects this core principle.
然而，现货比特币 ETF 和企业国债持有量的兴起正在挑战这一理想，标志着向更传统的托管所有权形式的转变。
虽然现货比特币 ETF 和直接持有并不一定存在竞争——各自服务于不同类型的投资者——但分析师 Willy Woo 在 7 月份指出，ETF 需求可能已经吸走了人们对自我托管的兴趣。
他说，链上数据显示，自主托管的比特币最近打破了 15 年的上升趋势，标志着投资者行为的潜在转折点。
来源： Willy Woo
尽管如此，ETF 还是为机构投资者参与比特币市场打开了大门，而这在以前是遥不可及的。这种转变影响了早期的“鲸鱼”投资者，他们曾经通过直接买卖比特币来推动市场走势。
