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BTC 
ETH 摘要：目录
美国ETF需求在股票和债券之间广泛分布
创纪录的ETF资金流入推高了大型科技股敞口与加密货币获取渠道
美国ETF需求在股票和债券之间广泛分布
截至9月29日，美国交易所交易基金（ETF）的资金流入达到创纪录的1.93万亿美元。根据Citadel Securities汇编的彭博数据，这一数字较2025年同期增长了5800亿美元，增幅为43%。
第三季度贡献了最强的资金流入，达到7710亿美元，创下新的季度流入纪录。按此速度计算，每月平均流入约为2140亿美元。如果保持这一势头，全年资金流入有望超过2.5万亿美元。
这一激增反映了广泛的市场需求，而非单一投资类别的强势表现。股票型和固定收益型产品均吸收了巨额资本，进一步巩固了ETF作为跨市场资金配置主要工具的地位。这种广泛的覆盖范围使得该纪录在风险市场和收益市场中均显得尤为突出。
State Street Investment Management separately estimates that as of September, inflows from U.S. listed ETFs exceeded $1.54 trillion. This total has exceeded its historical record of US$1.52 trillion for the full year of 2025. State Street expects inflows to be close to $2.3 trillion by the end of the year. Its data shows that equity-based ETFs lead the way with a scale of more than $1 trillion, while fixed-income products attract more than $469 billion in capital. In the equity sector, approximately $655 billion is tracked in the U.S. stock market. In addition, technology sector ETFs increased by more than $59 billion, highlighting the scale of money flowing to market-leading companies.
State Street and Citadel's data differ because of differences in dataset coverage or methodology. Although neither report explained the gap, both recorded historically strong demand for ETFs. As these funds flow in, the scale of industry assets also expands.
Data from the Investment Company Institute showed that U.S. ETF assets in August were US$16.27 trillion, while index fund holdings were US$22.4 trillion. These index mutual funds and ETFs account for 54.3% of total long-term fund assets, indicating that index-linked products now account for more than half of the market.
Record ETF inflows push up exposure to large technology stocks and access to cryptocurrencies
Citadel估计，标普500指数中最大的10家公司每获得1美元的配置资金，其中约41美分流向这些公司。同样，“七巨头”（Magnificent Seven）获得的资金约占35美分。这种结构意味着大规模的指数资金流入将大量资本导向体量最大的企业。
与此同时，截至9月下旬，仅有25%的标普500成分股股价高于50日均价。
加密货币ETF也参与了向受监管基金包装形式的更广泛转变，尽管其资金流动规模远小于传统ETF的总量。根据SoSoValue的数据，9月份美国现货比特币ETF吸引了约26.5亿美元的资金，而现货以太坊ETF则获得了约8.32亿美元。
这些数据表明，投资者正在利用ETF进行股票、债券、比特币和以太坊的配置。然而，加密货币在创纪录的行业总流入额中所占份额仍然较小。
