<ul>
<li><em>比特幣交易所交易基金（IBIT）面臨不斷波動的資金流入；以太坊交易基金（ETHA）表現更好。</em></li>
<li><em>BlackRock 的白皮書強調了比特幣過去十年的出色表現，但也承認其高風險。</em></li>
</ul>
<p>最近幾天，BlackRock 的比特幣 [BTC] 交易基金（IBIT）面臨着不斷波動的資金流入，最新更新顯示，截至 9 月 18 日，沒有新的資金流入。</p>
<p>相比之下，根據 Farside Investors 的數據，BlackRock 的以太坊 [ETH] 交易基金（ETHA）在同一時期錄得 490 萬美元的健康資金流入。</p>
<h2><strong>分析 Blackrock 的交易基金表現</strong></h2>
<p>儘管存在這些短期波動，自成立以來，IBIT 交易基金累計吸引了 209.2 億美元的資金流入，超過了所有比特幣交易基金總共 174.5 億美元的資金流入。</p>
<p>同樣，自推出以來，ETHA 吸引了 10.3 億美元的資金流入，而累計以太坊交易基金部門經歷了 980 萬美元的淨流出。</p>
<p>這些數據表明，IBIT 缺乏資金流入可能是暫時的波動，有望很快改善。</p>
<h2><strong>Blackrock 對比特幣的角色</strong></h2>
<p>繼成功推出一系列產品後，BlackRock 發佈了一份詳盡的九頁白皮書，深入探討比特幣在主要資產類別中的獨特角色。</p>
<p>該白皮書強調了比特幣作為 “分散投資者” 的獨特地位，通過突出其與美國股市和美元利率之間短暫相關性的對比，將其與傳統資產進行了對比。</p>
<p>根據 BlackRock 的説法，比特幣的非傳統特徵為習慣於分析傳統資產類別的投資者帶來了機遇和挑戰。</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>來源：www.blackrock.com</p>
<h2><strong>比特幣迄今為止的發展</strong></h2>
<p>該白皮書對比特幣發展至 1 萬億美元市值進行了深入分析，展示了其過去十年的出色表現。</p>
<p>白皮書揭示，比特幣在過去十年中有七年超過所有主要資產類別，實現了超過 100% 的令人印象深刻的年化回報率。</p>
<p>儘管比特幣在其中三年中表現最差，出現了四次超過 50% 的重大回撤，但這種顯著增長仍然發生了。</p>
<blockquote>
</blockquote>
<p>“比特幣價格的這些波動在一定程度上繼續反映了其通過時間不斷發展成為全球貨幣替代品的前景。”</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>來源：www.blackrock.com</p>
<h2><strong>對抗美元疲軟的避險工具</strong></h2>
<p>該白皮書還強調了比特幣被視為與全球宏觀經濟因素隔離的看法，暗示對一些投資者而言，在地緣政治不確定時，它已成為 “避險工具”。</p>
<p>此外，BlackRock 認為，比特幣為潛在美元疲軟提供了對沖，這可能源自不斷增加的聯邦赤字。</p>
<p>白皮書進一步將比特幣與美國股市進行對比，強調比特幣的持續交易和幾乎即時的現金結算，這在市場壓力下增強了其流動性。</p>
<p>與傳統股票不同，受限於標準交易時間，比特幣全天候運行，這使其在市場緊張時特別有價值，例如在傳統市場關閉的週末。</p>
<p>這一獨特特性使比特幣在金融不確定時期成為一種極具銷售價值的資產，優於在這些時期不太容易獲得的傳統資產。</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>來源：www.blackrock.com</p>
<h2><strong>比特幣，一種風險資產 — 為什麼？</strong></h2>
<p>儘管如此，白皮書得出結論稱，比特幣仍然是一種高風險資產，並指出：</p>
<blockquote>
</blockquote>
<p>“之前的分析並不能否定比特幣作為一種獨立資產仍然存在很高風險這一事實。比特幣也一直存在波動性，並受到包括監管挑戰、對採用路徑的不確定性以及尚不成熟的生態系統在內的多種風險的影響。”</p>
<p>這意味着比特幣的風險與傳統投資資產的風險有所不同。</p>
<p>與其他資產不同，比特幣的行為和風險因素不能輕易歸類為簡單的 “高風險高回報”（投資於被視為更高風險以獲取更高回報的資產）與 “低風險”（避免風險較高的資產，轉而選擇更安全的資產）框架內。</p>
<p>總的來説，比特幣的獨特特性使其成為一個特殊案例，顯示出這些傳統風險評估模型可能無法完全捕捉其複雜性。</p>

GBTC

<p>黑石集團的比特幣交易所交易基金（IBIT）的資金流入一直波動，最近報告稱零資金流入，而其以太坊交易所交易基金（ETHA）表現更好，資金流入達到 990 萬美元。黑石集團的新白皮書突出了比特幣在資產類別中獨特的分散作用，展示了過去十年其出色的表現，儘管存在高風險。該白皮書強調了比特幣作為對抗美元疲軟的對沖工具的潛力，以及在市場壓力下的流動性優勢。然而，它也承認了比特幣的波動性和監管挑戰，將其歸類為高風險資產</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>比特幣交易所交易基金（IBIT）面臨不斷波動的資金流入；以太坊交易基金（ETHA）表現更好。</em></li>
<li><em>BlackRock 的白皮書強調了比特幣過去十年的出色表現，但也承認其高風險。</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>最近幾天，BlackRock 的比特幣 [BTC] 交易基金（IBIT）面臨着不斷波動的資金流入，最新更新顯示，截至 9 月 18 日，沒有新的資金流入。</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，根據 Farside Investors 的數據，BlackRock 的以太坊 [ETH] 交易基金（ETHA）在同一時期錄得 490 萬美元的健康資金流入。</p>
</div><h2><strong>Blackrock’s ETF performance analyzed</strong></h2>
<div class="lb-trans"><h2><strong>分析 Blackrock 的交易基金表現</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>儘管存在這些短期波動，自成立以來，IBIT 交易基金累計吸引了 209.2 億美元的資金流入，超過了所有比特幣交易基金總共 174.5 億美元的資金流入。</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>同樣，自推出以來，ETHA 吸引了 10.3 億美元的資金流入，而累計以太坊交易基金部門經歷了 980 萬美元的淨流出。</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>這些數據表明，IBIT 缺乏資金流入可能是暫時的波動，有望很快改善。</p>
</div><h2><strong>Blackrock on Bitcoin’s role</strong></h2>
<div class="lb-trans"><h2><strong>Blackrock 對比特幣的角色</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>繼成功推出一系列產品後，BlackRock 發佈了一份詳盡的九頁白皮書，深入探討比特幣在主要資產類別中的獨特角色。</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>該白皮書強調了比特幣作為 “分散投資者” 的獨特地位，通過突出其與美國股市和美元利率之間短暫相關性的對比，將其與傳統資產進行了對比。</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>根據 BlackRock 的説法，比特幣的非傳統特徵為習慣於分析傳統資產類別的投資者帶來了機遇和挑戰。</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>來源：www.blackrock.com</p>
</div><h2><strong>Bitcoin’s journey so far</strong></h2>
<div class="lb-trans"><h2><strong>比特幣迄今為止的發展</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>該白皮書對比特幣發展至 1 萬億美元市值進行了深入分析，展示了其過去十年的出色表現。</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>白皮書揭示，比特幣在過去十年中有七年超過所有主要資產類別，實現了超過 100% 的令人印象深刻的年化回報率。</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>儘管比特幣在其中三年中表現最差，出現了四次超過 50% 的重大回撤，但這種顯著增長仍然發生了。</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>“比特幣價格的這些波動在一定程度上繼續反映了其通過時間不斷發展成為全球貨幣替代品的前景。”</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>來源：www.blackrock.com</p>
</div><h2><strong>A hedge against U.S. dollar weakness</strong></h2>
<div class="lb-trans"><h2><strong>對抗美元疲軟的避險工具</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>該白皮書還強調了比特幣被視為與全球宏觀經濟因素隔離的看法，暗示對一些投資者而言，在地緣政治不確定時，它已成為 “避險工具”。</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 認為，比特幣為潛在美元疲軟提供了對沖，這可能源自不斷增加的聯邦赤字。</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>白皮書進一步將比特幣與美國股市進行對比，強調比特幣的持續交易和幾乎即時的現金結算，這在市場壓力下增強了其流動性。</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>與傳統股票不同，受限於標準交易時間，比特幣全天候運行，這使其在市場緊張時特別有價值，例如在傳統市場關閉的週末。</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>這一獨特特性使比特幣在金融不確定時期成為一種極具銷售價值的資產，優於在這些時期不太容易獲得的傳統資產。</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>來源：www.blackrock.com</p>
</div><h2><strong>Bitcoin, a risk-on asset — Why?</strong></h2>
<div class="lb-trans"><h2><strong>比特幣，一種風險資產 — 為什麼？</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>儘管如此，白皮書得出結論稱，比特幣仍然是一種高風險資產，並指出：</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>“之前的分析並不能否定比特幣作為一種獨立資產仍然存在很高風險這一事實。比特幣也一直存在波動性，並受到包括監管挑戰、對採用路徑的不確定性以及尚不成熟的生態系統在內的多種風險的影響。”</p>
</div><p>This means that BTC’s risks are distinct from those of traditional investment assets.</p>
<div class="lb-trans"><p>這意味着比特幣的風險與傳統投資資產的風險有所不同。</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>與其他資產不同，比特幣的行為和風險因素不能輕易歸類為簡單的 “高風險高回報”（投資於被視為更高風險以獲取更高回報的資產）與 “低風險”（避免風險較高的資產，轉而選擇更安全的資產）框架內。</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>總的來説，比特幣的獨特特性使其成為一個特殊案例，顯示出這些傳統風險評估模型可能無法完全捕捉其複雜性。</p>
</div>

貝萊德的比特幣白皮書解釋——BTC 並不是一個