<ul>
<li><em>比特币交易所交易基金（IBIT）面临不断波动的资金流入；以太坊交易基金（ETHA）表现更好。</em></li>
<li><em>BlackRock 的白皮书强调了比特币过去十年的出色表现，但也承认其高风险。</em></li>
</ul>
<p>最近几天，BlackRock 的比特币 [BTC] 交易基金（IBIT）面临着不断波动的资金流入，最新更新显示，截至 9 月 18 日，没有新的资金流入。</p>
<p>相比之下，根据 Farside Investors 的数据，BlackRock 的以太坊 [ETH] 交易基金（ETHA）在同一时期录得 490 万美元的健康资金流入。</p>
<h2><strong>分析 Blackrock 的交易基金表现</strong></h2>
<p>尽管存在这些短期波动，自成立以来，IBIT 交易基金累计吸引了 209.2 亿美元的资金流入，超过了所有比特币交易基金总共 174.5 亿美元的资金流入。</p>
<p>同样，自推出以来，ETHA 吸引了 10.3 亿美元的资金流入，而累计以太坊交易基金部门经历了 980 万美元的净流出。</p>
<p>这些数据表明，IBIT 缺乏资金流入可能是暂时的波动，有望很快改善。</p>
<h2><strong>Blackrock 对比特币的角色</strong></h2>
<p>继成功推出一系列产品后，BlackRock 发布了一份详尽的九页白皮书，深入探讨比特币在主要资产类别中的独特角色。</p>
<p>该白皮书强调了比特币作为 “分散投资者” 的独特地位，通过突出其与美国股市和美元利率之间短暂相关性的对比，将其与传统资产进行了对比。</p>
<p>根据 BlackRock 的说法，比特币的非传统特征为习惯于分析传统资产类别的投资者带来了机遇和挑战。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/Keypoints.webp?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/Keypoints.webp"/></p>
<p>来源：www.blackrock.com</p>
<h2><strong>比特币迄今为止的发展</strong></h2>
<p>该白皮书对比特币发展至 1 万亿美元市值进行了深入分析，展示了其过去十年的出色表现。</p>
<p>白皮书揭示，比特币在过去十年中有七年超过所有主要资产类别，实现了超过 100% 的令人印象深刻的年化回报率。</p>
<p>尽管比特币在其中三年中表现最差，出现了四次超过 50% 的重大回撤，但这种显著增长仍然发生了。</p>
<blockquote>
</blockquote>
<p>“比特币价格的这些波动在一定程度上继续反映了其通过时间不断发展成为全球货币替代品的前景。”</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/Blackrocks-whitepaper.webp?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/Blackrocks-whitepaper.webp"/></p>
<p>来源：www.blackrock.com</p>
<h2><strong>对抗美元疲软的避险工具</strong></h2>
<p>该白皮书还强调了比特币被视为与全球宏观经济因素隔离的看法，暗示对一些投资者而言，在地缘政治不确定时，它已成为 “避险工具”。</p>
<p>此外，BlackRock 认为，比特币为潜在美元疲软提供了对冲，这可能源自不断增加的联邦赤字。</p>
<p>白皮书进一步将比特币与美国股市进行对比，强调比特币的持续交易和几乎即时的现金结算，这在市场压力下增强了其流动性。</p>
<p>与传统股票不同，受限于标准交易时间，比特币全天候运行，这使其在市场紧张时特别有价值，例如在传统市场关闭的周末。</p>
<p>这一独特特性使比特币在金融不确定时期成为一种极具销售价值的资产，优于在这些时期不太容易获得的传统资产。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/Blackrocks-Bitcoin.webp?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/Blackrocks-Bitcoin.webp"/></p>
<p>来源：www.blackrock.com</p>
<h2><strong>比特币，一种风险资产 — 为什么？</strong></h2>
<p>尽管如此，白皮书得出结论称，比特币仍然是一种高风险资产，并指出：</p>
<blockquote>
</blockquote>
<p>“之前的分析并不能否定比特币作为一种独立资产仍然存在很高风险这一事实。比特币也一直存在波动性，并受到包括监管挑战、对采用路径的不确定性以及尚不成熟的生态系统在内的多种风险的影响。”</p>
<p>这意味着比特币的风险与传统投资资产的风险有所不同。</p>
<p>与其他资产不同，比特币的行为和风险因素不能轻易归类为简单的 “高风险高回报”（投资于被视为更高风险以获取更高回报的资产）与 “低风险”（避免风险较高的资产，转而选择更安全的资产）框架内。</p>
<p>总的来说，比特币的独特特性使其成为一个特殊案例，显示出这些传统风险评估模型可能无法完全捕捉其复杂性。</p>

GBTC

<p>黑石集团的比特币交易所交易基金（IBIT）的资金流入一直波动，最近报告称零资金流入，而其以太坊交易所交易基金（ETHA）表现更好，资金流入达到 990 万美元。黑石集团的新白皮书突出了比特币在资产类别中独特的分散作用，展示了过去十年其出色的表现，尽管存在高风险。该白皮书强调了比特币作为对抗美元疲软的对冲工具的潜力，以及在市场压力下的流动性优势。然而，它也承认了比特币的波动性和监管挑战，将其归类为高风险资产</p>

<ul>
<li><em>BlackRock’s Bitcoin ETF (IBIT) faced fluctuating inflows; Ethereum ETF (ETHA) performed better.</em></li>
<li><em>BlackRock’s whitepaper highlighted Bitcoin’s exceptional performance over the past decade but acknowledged its high risks.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>比特币交易所交易基金（IBIT）面临不断波动的资金流入；以太坊交易基金（ETHA）表现更好。</em></li>
<li><em>BlackRock 的白皮书强调了比特币过去十年的出色表现，但也承认其高风险。</em></li>
</ul>
</div><p>BlackRock’s Bitcoin [BTC] ETF (IBIT) faced fluctuating inflows over recent days, with the most recent update on the 18th of September, revealing zero new inflows.</p>
<div class="lb-trans"><p>最近几天，BlackRock 的比特币 [BTC] 交易基金（IBIT）面临着不断波动的资金流入，最新更新显示，截至 9 月 18 日，没有新的资金流入。</p>
</div><p>In contrast, BlackRock’s Ethereum [ETH] ETF (ETHA) recorded a healthy inflow of $4.9 million during the same period as per Farside Investors.</p>
<div class="lb-trans"><p>相比之下，根据 Farside Investors 的数据，BlackRock 的以太坊 [ETH] 交易基金（ETHA）在同一时期录得 490 万美元的健康资金流入。</p>
</div><h2><strong>Blackrock’s ETF performance analyzed</strong></h2>
<div class="lb-trans"><h2><strong>分析 Blackrock 的交易基金表现</strong></h2>
</div><p>Despite these short-term variations, the IBIT ETF has accumulated total inflows of $20.92 billion since its inception, surpassing the cumulative inflows of $17.45 billion for all BTC ETFs combined.</p>
<div class="lb-trans"><p>尽管存在这些短期波动，自成立以来，IBIT 交易基金累计吸引了 209.2 亿美元的资金流入，超过了所有比特币交易基金总共 174.5 亿美元的资金流入。</p>
</div><p>Similarly, ETHA has seen total inflows of $1.03 billion since its launch, whereas the cumulative Ethereum ETF sector has experienced a negative net outflow of $9.8 million.</p>
<div class="lb-trans"><p>同样，自推出以来，ETHA 吸引了 10.3 亿美元的资金流入，而累计以太坊交易基金部门经历了 980 万美元的净流出。</p>
</div><p>These figures suggest that the lack of inflows for IBIT may be a temporary fluctuation, with potential for improvement soon.</p>
<div class="lb-trans"><p>这些数据表明，IBIT 缺乏资金流入可能是暂时的波动，有望很快改善。</p>
</div><h2><strong>Blackrock on Bitcoin’s role</strong></h2>
<div class="lb-trans"><h2><strong>Blackrock 对比特币的角色</strong></h2>
</div><p>Following its history of successful launches, BlackRock has unveiled a comprehensive nine-page whitepaper that delves into Bitcoin’s distinctive role among major asset classes.</p>
<div class="lb-trans"><p>继成功推出一系列产品后，BlackRock 发布了一份详尽的九页白皮书，深入探讨比特币在主要资产类别中的独特角色。</p>
</div><p>The paper emphasizes BTC’s unique position as a “diversifier,” contrasting it with traditional assets by highlighting its fleeting correlations with U.S. equities and USD interest rates.</p>
<div class="lb-trans"><p>该白皮书强调了比特币作为 “分散投资者” 的独特地位，通过突出其与美国股市和美元利率之间短暂相关性的对比，将其与传统资产进行了对比。</p>
</div><p>According to BlackRock, Bitcoin’s unconventional characteristics present both opportunities and challenges for investors accustomed to analyzing traditional asset classes.</p>
<div class="lb-trans"><p>根据 BlackRock 的说法，比特币的非传统特征为习惯于分析传统资产类别的投资者带来了机遇和挑战。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/Keypoints.webp" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2024/09/Keypoints.webp"/></p>
<p>Source: www.blackrock.com</p>
<div class="lb-trans"><p>来源：www.blackrock.com</p>
</div><h2><strong>Bitcoin’s journey so far</strong></h2>
<div class="lb-trans"><h2><strong>比特币迄今为止的发展</strong></h2>
</div><p>The whitepaper provides an in-depth analysis of Bitcoin’s journey to a $1 trillion market capitalization, showcasing its exceptional performance over the past decade.</p>
<div class="lb-trans"><p>该白皮书对比特币发展至 1 万亿美元市值进行了深入分析，展示了其过去十年的出色表现。</p>
</div><p>It reveals that BTC outpaced all major asset classes in seven of the last ten years, delivering an impressive annualized return of over 100%.</p>
<div class="lb-trans"><p>白皮书揭示，比特币在过去十年中有七年超过所有主要资产类别，实现了超过 100% 的令人印象深刻的年化回报率。</p>
</div><p>This remarkable growth occurred despite Bitcoin being the poorest performer in three of those years, marked by four significant drawdowns exceeding 50%.</p>
<blockquote>
</blockquote>
<div class="lb-trans"><p>尽管比特币在其中三年中表现最差，出现了四次超过 50% 的重大回撤，但这种显著增长仍然发生了。</p>
<blockquote>
</blockquote>
</div><p>“These movements in bitcoin’s price continue to reflect, in part, its evolving prospects through time of becoming adopted on a widespread basis as a global monetary alternative.”</p>
<div class="lb-trans"><p>“比特币价格的这些波动在一定程度上继续反映了其通过时间不断发展成为全球货币替代品的前景。”</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/Blackrocks-whitepaper.webp" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2024/09/Blackrocks-whitepaper.webp"/></p>
<p>Source: www.blackrock.com</p>
<div class="lb-trans"><p>来源：www.blackrock.com</p>
</div><h2><strong>A hedge against U.S. dollar weakness</strong></h2>
<div class="lb-trans"><h2><strong>对抗美元疲软的避险工具</strong></h2>
</div><p>The paper also emphasizes BTC’s perceived insulation from global macroeconomic factors, suggesting that, for some investors, it has emerged as a “flight to safety” during times of geopolitical uncertainty.</p>
<div class="lb-trans"><p>该白皮书还强调了比特币被视为与全球宏观经济因素隔离的看法，暗示对一些投资者而言，在地缘政治不确定时，它已成为 “避险工具”。</p>
</div><p>Additionally, BlackRock argued that Bitcoin offers a hedge against potential U.S. dollar weakness, which could arise from the growing federal deficit.</p>
<div class="lb-trans"><p>此外，BlackRock 认为，比特币为潜在美元疲软提供了对冲，这可能源自不断增加的联邦赤字。</p>
</div><p>The whitepaper further contrasts Bitcoin with U.S. equities by emphasizing Bitcoin’s continuous trading and near-instantaneous cash settlement, which enhances its liquidity during market stress.</p>
<div class="lb-trans"><p>白皮书进一步将比特币与美国股市进行对比，强调比特币的持续交易和几乎即时的现金结算，这在市场压力下增强了其流动性。</p>
</div><p>Unlike traditional equities that are confined to standard trading hours, Bitcoin operates 24/7, making it particularly valuable during periods of liquidity strain, such as over weekends when traditional markets are closed.</p>
<div class="lb-trans"><p>与传统股票不同，受限于标准交易时间，比特币全天候运行，这使其在市场紧张时特别有价值，例如在传统市场关闭的周末。</p>
</div><p>This unique characteristic positions Bitcoin as a highly saleable asset in times of financial uncertainty, offering an advantage over traditional assets that are less accessible during such periods.</p>
<div class="lb-trans"><p>这一独特特性使比特币在金融不确定时期成为一种极具销售价值的资产，优于在这些时期不太容易获得的传统资产。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/Blackrocks-Bitcoin.webp" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2024/09/Blackrocks-Bitcoin.webp"/></p>
<p>Source: www. blackrock.com</p>
<div class="lb-trans"><p>来源：www.blackrock.com</p>
</div><h2><strong>Bitcoin, a risk-on asset — Why?</strong></h2>
<div class="lb-trans"><h2><strong>比特币，一种风险资产 — 为什么？</strong></h2>
</div><p>That being said, the whitepaper concluded that Bitcoin remains a high-risk asset, and noted:</p>
<blockquote>
</blockquote>
<div class="lb-trans"><p>尽管如此，白皮书得出结论称，比特币仍然是一种高风险资产，并指出：</p>
<blockquote>
</blockquote>
</div><p>“None of the prior analysis negates the fact that bitcoin, on a standalone basis, is still very much a risky asset. Bitcoin has also been volatile and subject to myriad risks that include regulatory challenges, uncertainty over the path of adoption, and a still- immature ecosystem.”</p>
<div class="lb-trans"><p>“之前的分析并不能否定比特币作为一种独立资产仍然存在很高风险这一事实。比特币也一直存在波动性，并受到包括监管挑战、对采用路径的不确定性以及尚不成熟的生态系统在内的多种风险的影响。”</p>
</div><p>This means that BTC’s risks are distinct from those of traditional investment assets.</p>
<div class="lb-trans"><p>这意味着比特币的风险与传统投资资产的风险有所不同。</p>
</div><p>Unlike other assets, Bitcoin’s behavior and risk factors cannot be easily categorized within simple “risk on” (investing in assets perceived as higher risk for higher returns) versus “risk off” (avoiding riskier assets in favor of safer ones) frameworks.</p>
<div class="lb-trans"><p>与其他资产不同，比特币的行为和风险因素不能轻易归类为简单的 “高风险高回报”（投资于被视为更高风险以获取更高回报的资产）与 “低风险”（避免风险较高的资产，转而选择更安全的资产）框架内。</p>
</div><p>All in all, BTC’s unique characteristics make it a special case, showing that these traditional risk assessment models may not fully capture its complexities.</p>
<div class="lb-trans"><p>总的来说，比特币的独特特性使其成为一个特殊案例，显示出这些传统风险评估模型可能无法完全捕捉其复杂性。</p>
</div>

贝莱德的比特币白皮书解释——BTC 并不是一个