<p><strong>iShares Bitcoin Trust</strong> IBIT 再次迎来了它的高光时刻。该基金在 7 月 10 日创下了新的 52 周高点，较低点惊人地上涨了 125.86%。比特币本身突破了 118,900 美元，今天达到了历史新高。</p>
<p>随着像 <strong>NVIDIA Inc.</strong> NVDA 这样的科技股火热，以及降息的传闻愈发响亮，IBIT 的上涨并不是另一场加密货币的短暂狂欢；它可能意味着更深远的事情：比特币 ETF 作为稳健投资组合的主流化。</p>
<p>那么，这次反弹是真实的吗，还是投资者再次追逐一个由数字黄金构建的幻影？</p>
<h2><strong>科技助力与比特币-NVIDIA 的联系</strong></h2>
<p>IBIT 的反弹与一场历史性的科技浪潮同步。Nvidia 的 4 万亿美元估值和纳斯达克的创纪录上涨为风险资产，包括比特币，带来了上涨的潮水。比特币爱好者指出，这种加密货币往往与科技股走势一致。随着人工智能热潮推动对计算能力的需求和投资者的热情，比特币也随之上涨，展示了其作为宏观资产的自身价值。</p>
<p>实际上，其他人认为比特币现在不仅仅是对法币或通货膨胀的对冲；相反，它正在演变为对科技繁荣的高贝塔代理。在经历了几个月的紧缩交易区间后，突破是迟早的事。</p>
<h2><strong>降息与风险偏好的复苏</strong></h2>
<p>货币政策可能为比特币 ETF 提供了额外的助力。一些美联储官员，从 <strong>Christopher Waller</strong> 到地区主席 <strong>Mary Daly</strong> 和 <strong>Michelle Bowman</strong>，都暗示降息可能在 7 月底之前到来。甚至 <strong>Donald Trump</strong> 总统也表达了鸽派情绪，主张迅速降息以减轻新关税带来的通胀损害。</p>
<p>这很重要，因为比特币不支付收益。在利率高企的世界中，这是一大问题。但在债券和现金收益较低的情况下，数字资产突然再次闪耀。今年，比特币上涨近 26%，几乎是标准普尔 500 指数 7% 回报的四倍。</p>
<p>美联储主席 <strong>Jerome Powell</strong> 将比特币称为 “虚拟和数字黄金”，这可能终于引起了曾经将加密货币视为科技爱好者小玩意的投资者的关注。</p>
<h2><strong>比特币矿工转向人工智能</strong></h2>
<p>另一个情节：如今，比特币矿工不再单独挖掘数字黄金；他们开始转向人工智能。Bitfarms 和类似公司正在改造其庞大且耗能的数据中心，以承载人工智能工作负载，这些工作负载的估值可以比加密货币挖矿业务高出 5 到 10 倍。</p>
<p>对于 ETF 投资者来说，这创造了一个意外的交叉交易。随着对人工智能基础设施需求的激增，这些曾经的加密货币纯粹投资可能转变为与人工智能相关的股票，结合了市场上两个最热门的主题。目前，Nvidia 的上涨与比特币的上升似乎不仅仅是巧合。</p>
<h2><strong>IBIT 与风险意识加密投资的兴起</strong></h2>
<p>尽管反弹如此疯狂，并不是所有投资者都愿意在没有降落伞的情况下乘坐比特币火箭。可以考虑进入结构性保护 ETF，如 <strong>Calamos Bitcoin Structured Alt Protection ETF</strong> CBOJ、<strong>Calamos Bitcoin 90 Series Structured Alt Protection ETF</strong> CBXJ 和 <strong>Calamos Bitcoin 80 Series Structured Alt Protection ETF</strong> CBTJ。这些基金提供了几位紧张投资者所欣赏的保护缓冲。</p>
<p>对这些工具的需求表明，加密 ETF 领域正在成熟。投资者可以选择像 IBIT 这样的普通跟踪器、通过股票 ETF 获得的敞口，如 <strong>Amplify Transformational Data Sharing ETF</strong> BLOK，以及现在的缓冲比特币投资。</p>
<h2><strong>结论</strong></h2>
<p>IBIT 的表现不容忽视。其 89.3 的高正加权阿尔法（根据 Barchart）表明，短期内动能可能会持续。随着科技热潮、鸽派美联储、监管助力和企业采纳的星星终于对齐，比特币 ETF 正获得比以往更多的机构关注。</p>
<p>现在的问题不再是比特币是否应该在投资组合中，而是适合您风险偏好的何种类型的敞口。</p>
<ul>
<li><strong>黑石的比特币 ETF 刚刚超过 Michael Saylor 的 MSTR——现在持有近 700,000 BTC</strong></li>
</ul>
<p><em>照片来源：Shutterstock</em></p>

英伟达

<p>iShares Bitcoin Trust（IBIT）上涨了 125.86%，创下 52 周新高，与比特币超过 118,900 美元的历史高点相吻合。这一涨势与更广泛的科技股上涨有关，特别是英伟达，以及潜在的美联储降息。比特币正从对抗通胀的避险资产演变为反映科技趋势的高贝塔资产。此外，比特币矿工正在向人工智能领域多元化，提升了他们的估值。结构性保护 ETF 正在出现，表明加密货币 ETF 市场正在成熟。总体而言，比特币 ETF 正获得机构投资者的关注，促使投资者根据风险偏好考虑合适的投资敞口</p>

<p>The <strong>iShares Bitcoin Trust</strong> IBIT is seeing its time in the sun once again. The fund on July 10 set a new 52-week high, an astonishing 125.86% increase from its lows. Bitcoin itself broke above $118,900, reaching an all-time high today.</p>
<div class="lb-trans"><p><strong>iShares Bitcoin Trust</strong> IBIT 再次迎来了它的高光时刻。该基金在 7 月 10 日创下了新的 52 周高点，较低点惊人地上涨了 125.86%。比特币本身突破了 118,900 美元，今天达到了历史新高。</p>
</div><p>With tech stocks like <strong>NVIDIA Inc.</strong> NVDA hot and whispers of rate cuts becoming louder, IBIT’s ride is not another crypto sugar rush; it could be something more profound: the mainstreaming of Bitcoin ETFs as solid portfolio staples.</p>
<div class="lb-trans"><p>随着像 <strong>NVIDIA Inc.</strong> NVDA 这样的科技股火热，以及降息的传闻愈发响亮，IBIT 的上涨并不是另一场加密货币的短暂狂欢；它可能意味着更深远的事情：比特币 ETF 作为稳健投资组合的主流化。</p>
</div><p>So, is the rally genuine, or are investors again pursuing a mirage constructed of digital gold?</p>
<div class="lb-trans"><p>那么，这次反弹是真实的吗，还是投资者再次追逐一个由数字黄金构建的幻影？</p>
</div><h2><strong>Tech Tailwinds And The Bitcoin-NVIDIA Connection</strong></h2>
<div class="lb-trans"><h2><strong>科技助力与比特币-NVIDIA 的联系</strong></h2>
</div><p>IBIT’s rally is synchronous with a technology surge that has been nothing less than historic. Nvidia’s $4 trillion valuation and the Nasdaq’s record run have made it a rising tide for risk assets, Bitcoin included. Bitcoin enthusiasts note that the cryptocurrency has a tendency to track tech stocks. With AI mania fueling demand for compute power and investor enthusiasm, Bitcoin has been along for the ride, flaunting its own bona fides as a macro asset.</p>
<div class="lb-trans"><p>IBIT 的反弹与一场历史性的科技浪潮同步。Nvidia 的 4 万亿美元估值和纳斯达克的创纪录上涨为风险资产，包括比特币，带来了上涨的潮水。比特币爱好者指出，这种加密货币往往与科技股走势一致。随着人工智能热潮推动对计算能力的需求和投资者的热情，比特币也随之上涨，展示了其作为宏观资产的自身价值。</p>
</div><p>In reality, others contend Bitcoin is now more than a hedge against fiat or inflation; instead, it’s evolving as a high-beta proxy for betting on the tech boom. Following months of trading in a tight $10,000 range, the breakout was overdue.</p>
<div class="lb-trans"><p>实际上，其他人认为比特币现在不仅仅是对法币或通货膨胀的对冲；相反，它正在演变为对科技繁荣的高贝塔代理。在经历了几个月的紧缩交易区间后，突破是迟早的事。</p>
</div><h2><strong>Rate Cuts And The Risk-On Revival</strong></h2>
<div class="lb-trans"><h2><strong>降息与风险偏好的复苏</strong></h2>
</div><p>Monetary policy could be providing Bitcoin ETFs with an additional tailwind. A number of Fed officials, from Gov. <strong>Christopher Waller</strong> to regional Presidents <strong>Mary Daly</strong> and <strong>Michelle Bowman</strong>, have suggested that rate cuts are on the horizon as early as late July. Even President <strong>Donald Trump</strong> has echoed the dovish sentiment, advocating for swift cuts to mitigate inflationary damage from fresh tariffs.</p>
<div class="lb-trans"><p>货币政策可能为比特币 ETF 提供了额外的助力。一些美联储官员，从 <strong>Christopher Waller</strong> 到地区主席 <strong>Mary Daly</strong> 和 <strong>Michelle Bowman</strong>，都暗示降息可能在 7 月底之前到来。甚至 <strong>Donald Trump</strong> 总统也表达了鸽派情绪，主张迅速降息以减轻新关税带来的通胀损害。</p>
</div><p>That’s significant because Bitcoin doesn’t pay yield. In a world where interest rates are high, that’s a problem. But in a place where bonds and cash provide less punch, digital assets suddenly shine again. Bitcoin is nearly 26% higher this year, almost quadrupling the S&amp;P 500’s 7% return.</p>
<div class="lb-trans"><p>这很重要，因为比特币不支付收益。在利率高企的世界中，这是一大问题。但在债券和现金收益较低的情况下，数字资产突然再次闪耀。今年，比特币上涨近 26%，几乎是标准普尔 500 指数 7% 回报的四倍。</p>
</div><p>Fed Chairman <strong>Jerome Powell</strong>‘s labeling of Bitcoin as “virtual and digital gold” may finally be clicking with investors who once derided crypto as little more than a hobby for tech bros.</p>
<div class="lb-trans"><p>美联储主席 <strong>Jerome Powell</strong> 将比特币称为 “虚拟和数字黄金”，这可能终于引起了曾经将加密货币视为科技爱好者小玩意的投资者的关注。</p>
</div><h2><strong>Bitcoin Miners Turn AI</strong></h2>
<div class="lb-trans"><h2><strong>比特币矿工转向人工智能</strong></h2>
</div><p>Yet another subplot: Bitcoin miners aren’t mining digital gold alone these days; they’re turning to AI. Bitfarms and similar companies are retrofitting their enormous, energy-hungry data centers to host AI workloads, which can command 5x–10x more valuation than crypto mining businesses.</p>
<div class="lb-trans"><p>另一个情节：如今，比特币矿工不再单独挖掘数字黄金；他们开始转向人工智能。Bitfarms 和类似公司正在改造其庞大且耗能的数据中心，以承载人工智能工作负载，这些工作负载的估值可以比加密货币挖矿业务高出 5 到 10 倍。</p>
</div><p>For ETF investors, this creates a surprise crossover trade. As demand for AI infrastructure surges, these erstwhile crypto pure plays could transform into AI-adjacent stocks, the union of two of the market’s hottest themes. For the time being, the surge in Nvidia and Bitcoin’s rise appears more than coincidental.</p>
<div class="lb-trans"><p>对于 ETF 投资者来说，这创造了一个意外的交叉交易。随着对人工智能基础设施需求的激增，这些曾经的加密货币纯粹投资可能转变为与人工智能相关的股票，结合了市场上两个最热门的主题。目前，Nvidia 的上涨与比特币的上升似乎不仅仅是巧合。</p>
</div><h2><strong>IBIT and The Emergence Of Risk-Conscious Crypto Investing</strong></h2>
<div class="lb-trans"><h2><strong>IBIT 与风险意识加密投资的兴起</strong></h2>
</div><p>As crazy as the rally has been, not all investors are eager to buckle up on the Bitcoin rocket without a parachute. Step into structured protection ETFs such as the <strong>Calamos Bitcoin Structured Alt Protection ETF</strong> CBOJ, <strong>Calamos Bitcoin 90 Series Structured Alt Protection ETF</strong> CBXJ, and <strong>Calamos Bitcoin 80 Series Structured Alt Protection ETF</strong> CBTJ. These funds provide a buffer of protection that several nervous investors appreciate.</p>
<div class="lb-trans"><p>尽管反弹如此疯狂，并不是所有投资者都愿意在没有降落伞的情况下乘坐比特币火箭。可以考虑进入结构性保护 ETF，如 <strong>Calamos Bitcoin Structured Alt Protection ETF</strong> CBOJ、<strong>Calamos Bitcoin 90 Series Structured Alt Protection ETF</strong> CBXJ 和 <strong>Calamos Bitcoin 80 Series Structured Alt Protection ETF</strong> CBTJ。这些基金提供了几位紧张投资者所欣赏的保护缓冲。</p>
</div><p>Demand for these types of tools is indicative that the crypto ETF space is maturing. Investors have vanilla trackers like IBIT, exposure-through-equity ETFs like <strong>Amplify Transformational Data Sharing ETF</strong> BLOK, and now buffered Bitcoin plays to select from.</p>
<div class="lb-trans"><p>对这些工具的需求表明，加密 ETF 领域正在成熟。投资者可以选择像 IBIT 这样的普通跟踪器、通过股票 ETF 获得的敞口，如 <strong>Amplify Transformational Data Sharing ETF</strong> BLOK，以及现在的缓冲比特币投资。</p>
</div><h2><strong>Bottom Line</strong></h2>
<div class="lb-trans"><h2><strong>结论</strong></h2>
</div><p>IBIT’s performance can’t be dismissed. Its high, positive weighted alpha of 89.3 (per Barchart) indicates momentum could persist in the near term. And with the stars finally aligning — tech mania, dovish Fed, regulatory tailwinds, and corporate adoption — Bitcoin ETFs are receiving more institutional shine than ever.</p>
<div class="lb-trans"><p>IBIT 的表现不容忽视。其 89.3 的高正加权阿尔法（根据 Barchart）表明，短期内动能可能会持续。随着科技热潮、鸽派美联储、监管助力和企业采纳的星星终于对齐，比特币 ETF 正获得比以往更多的机构关注。</p>
</div><p>The question now isn’t so much if Bitcoin belongs in a portfolio, but rather what type of exposure is suitable for your risk profile.</p>
<div class="lb-trans"><p>现在的问题不再是比特币是否应该在投资组合中，而是适合您风险偏好的何种类型的敞口。</p>
</div><ul>
<li><strong>BlackRock’s Bitcoin ETF Just Overtook Michael Saylor’s MSTR — Now Holds Nearly 700,000 BTC</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>黑石的比特币 ETF 刚刚超过 Michael Saylor 的 MSTR——现在持有近 700,000 BTC</strong></li>
</ul>
</div><p><em>Photo: Shutterstock</em></p>
<div class="lb-trans"><p><em>照片来源：Shutterstock</em></p>
</div>

The Bitcoin ETF Boom Is Here — But Is It Built To Last?

- iShares Bitcoin Trust IBIT 在 7 月 10 日创下 52 周新高，涨幅达 125.86%。  
- 比特币突破 $118,900，成为主流投资组合的重要组成部分。  
- 货币政策和科技股的强劲表现为比特币 ETF 提供了额外支持。  

比特币 ETF 的热潮已经来临——但这种热潮是否能够持续下去？