出品 | 妙投APP 作者 | 刘国辉 比特币ETF规模大涨，也使得贝莱德成为持有比特币最多的法人机构之一，持币数量达到80万枚左右。 贝莱德不仅吃大饼也吃二饼——以太坊ETF规模也达到了170亿美元。 如果你以为，贝莱德对加密资产的布局，就只是持有一些加密货币，那你就把贝莱德想得太简单了。 事实上，贝莱德想把旗下的金融资产都通过区块链技术来代币化。 目前，贝莱德已经将一只货币基金代币化，即 BUIDL 基金，规模达到28亿美元。这只是开始，贝莱德想 把金融产品甚至房地产等传统资产代币化。 就在今年11月4日，贝莱德创始人、CEO拉里芬克在香港金管局组织的金融峰会上表示，代币化可能是全 球金融体系演进中的最重要因素，如果全部5.3万亿美元的ETF代币化，被放入数字钱包，通过将ETF等 金融资产数字化并存储在区块链上， 投资者可以在数字钱包中无需中间商、无缝免费地在现金、股票和 债券之间转换，这将是金融业的未来 。 要知道，此前拉里芬克对于加密货币有多么的嗤之以鼻。 编辑 | 关雪菁 头图 | 视觉中国 近日，全球最大资管公司贝莱德（BlackRock）发布2025年三季报，资管总规模（AUM）达到历史新高 的 ...

出品 | 妙投APP 头图 | 视觉中国 近日，全球最大资管公司贝莱德（BlackRock）发布2025年三季报，资管总规模（AUM）达到历史新高的 13.46 万亿美元，同比增长17%。以被动 管理产品为主的贝莱德，贝莱德旗下iShares ETF平台资产规模已突破5万亿美元，继续在ETF市场保持领先。 与贝莱德持续领先资管行业相比，贝莱德的加密资产领域的狂飙突进，更值得关注。 贝莱德比特币ETF（iShares Bitcoin Trust，IBIT）规模在10月14日突破了1000亿美元，成为史上最快突破千亿规模的ETF，也成为了贝莱德旗下最赚 钱的产品。 比特币ETF规模大涨，也使得贝莱德成为持有比特币最多的法人机构之一，持币数量达到80万枚左右。贝莱德不仅吃大饼也吃二饼——以太坊ETF 规模也达到了170亿美元。 如果你以为，贝莱德对加密资产的布局，就只是持有一些加密货币，那你就把贝莱德想得太简单了。 事实上，贝莱德想把旗下的金融资产都通过区块链技术来代币化。 目前，贝莱德已经将一只货币基金代币化，即 BUIDL 基金，规模达到28亿美元。这只是开始，贝莱德想把金融产品甚至房地产等传统资产代币 化。 ...

买股卖币！美国散户抄底区别对待，比特币自2020年7月来首次跌破生产成本，这话题听起来像热闹市 场里的两拨人同时唱反调，一拨在抢股票的便宜货，一拨在甩手里头的加密币，这段热闹里藏着资金流 向和市场情绪的裂缝，后面要说清楚谁在买谁在卖，还有一个可能改变局面的日期等待敲定。 11月里美国散户分成两边行动，一边拼命买入股票ETF，到11月18日为止，全球股票ETF本月净流入已 经有960亿美元，照这个节奏，整个11月可能冲到约1600亿美元； 加密市场这波抛售不是从传统加密玩家开始的，10月那会儿原生加密投资者通过永续合约大幅去杠杆之 后，11月的去杠杆动作平稳数据看是非原生投资者——主要是通过现货比特币和以太坊ETF的散户，成 为了这波下跌的主力； 比特币价格在11月里出现一个明显信号，它跌破了摩根大通估算的约9.4万美元"生产成本"，这是自 2020年7月以来首次出现的情况，这个"生产成本"是拿挖矿成本来算的，意味着挖矿那档子成本不再给 价格提供足够的支撑； 股票这边，散户仍然保持热情，除了大额净流入，杠杆股票ETF也有约70亿美元的资金流入，到11月18 日为止这类资金也在往里涌，说明有一部分散户还是想用放大 ...

11月至今散户已抛售约40亿美元的现货比特币和以太坊ETF，创下历史抛售新纪录，而与此同时，全球股票ETF 净流入高达960亿美元。摩根大通认为，这种"区别对待"的行为表明，散户并未将加密货币崩盘视为整体风险资 产转向的信号。 美国散户在11月展现出截然不同的投资策略，一边大举抄底股市，一边抛售加密货币ETF。 摩根大通最新研报显示， 11月至今散户已抛售约40亿美元的现货比特币和以太坊ETF，超过了今年2月创下的 单月抛售纪录 。随着恐慌快速蔓延，比特币价格自2020年7月以来首次跌破其约9.4万美元的"生产成本"。 然而，在股票市场，情况恰恰相反。散户投资者正积极"逢低买入"。截至11月18日，全球股票ETF的月度至今 （MTD）净流入高达960亿美元。按此速度推算，整个11月的股票ETF净流入可能达到1600亿美元，与前两个 月的热度相当。 摩根大通认为，这种 "区别对待"的行为表明，散户并未将加密货币崩盘视为整体风险资产转向的信号。 相比之下，加密货币原生投资者在10月通过永续期货大幅去杠杆后，11月的去杠杆活动已趋于稳定。比特币和 以太坊永续期货未平仓合约与市值比率显示，这一轮调整的主要推手已从原生 ...

Core Insights - On November 14, 2023, U.S. Bitcoin spot ETFs experienced a record outflow of $869.86 million, marking the second-largest single-day outflow in this category's history [1] - Over the past three weeks, investors have withdrawn a total of $2.64 billion, indicating a growing cautious sentiment in the market [1] - The outflow coincided with Bitcoin dropping below the critical support level of $100,000 and a significant deterioration in Wall Street's risk appetite [1] - Additionally, Ethereum ETFs saw an outflow of $259.72 million, the highest since October 13, 2023 [1]

（责任编辑：王治强 HF013） 据数据平台SosoValue显示，周四美国11只比特币现货交易所交易基金(ETF)遭遇8.6986亿美元资金 流出，创下该品类有记录以来第二大规模单日资金外流。近三周内投资者已累计撤资26.4亿美元，显示 市场谨慎情绪持续升温。此次资金外流正值比特币跌破10万美元关键支撑位，且华尔街风险偏好显著恶 化之际。以太坊ETF同日录得2.5972亿美元流出，创10月13日以来最高纪录。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Cryptocurrency Market - The cryptocurrency market experienced significant volatility on November 3, with Bitcoin dropping nearly 5% and Ethereum falling close to 9%, breaking the critical support level of $3600 [2][6] - As of the report, Bitcoin was down over 3% at $106,442 million, while Ethereum was down nearly 7% at $3588 million [3] - Other cryptocurrencies such as SOL, XRP, BNB, and Dogecoin also saw declines exceeding 8% [2][3] Federal Reserve and Interest Rates - San Francisco Federal Reserve Bank President Daly indicated that previous support for interest rate cuts was appropriate, suggesting a more favorable position for the Fed after a 50 basis point cut this year [6] - Fed Governor Milan expressed that the current policy is overly restrictive and that the neutral policy rate is significantly lower than current levels [6] - The probability of a 25 basis point rate cut in December is estimated at 67.3%, with a cumulative cut of 50 basis points by January having a probability of 22.3% [6] Ethereum ETF Performance - Matrixport reported that Ethereum ETFs have shown lackluster performance recently, with net inflows dropping from $5.2 billion in July to $600 million in October [6] - A continued lack of new capital inflow could lead to a more significant correction in Ethereum's price [6] Oil Market Dynamics - OPEC+ announced a pause in production increases, contributing to rising international oil prices due to changing supply expectations [11][12] - Analysts noted that potential military actions by the U.S. against Venezuela could disrupt 900,000 barrels per day of oil supply [12] - The decision to pause production aligns with OPEC+'s strategy to adjust capacity based on market conditions, especially as the first quarter of the year is typically a seasonal demand lull [12][13] Geopolitical Factors and Oil Prices - Recent geopolitical risks, including tensions in Venezuela and U.S. sanctions on Russia, have influenced oil price movements, with prices rebounding due to these factors [13][14] - Despite short-term price increases, analysts predict long-term downward pressure on oil prices due to expected oversupply and weakening global economic growth [14]

Market Overview - The three major U.S. stock indices closed mixed on November 3, with the Dow Jones Industrial Average down 0.48%, the S&P 500 up 0.17%, and the Nasdaq Composite up 0.46% [1] - Large tech stocks showed mixed performance, with Amazon rising 4% to a record high, while Intel, Netflix, and Meta fell over 1% [2] Cryptocurrency Market - The cryptocurrency market experienced significant declines, with Bitcoin dropping nearly 5% to below $105,400, marking its lowest point since October 17 [4] - Ethereum also fell, dropping close to 9% to below $3,600, reaching its lowest level since October 10 [5] - A total of over $1.2 billion in positions were liquidated in the crypto market within 24 hours, predominantly affecting long positions [6] Federal Reserve Insights - Federal Reserve officials expressed caution regarding inflation, with Chicago Fed President Austin Goolsbee highlighting concerns about persistent inflation above the target [7] - The Fed recently cut the benchmark interest rate by 25 basis points for the second consecutive time to support weak employment [7] - Some officials, including Fed Governor Stephen Milan, advocate for more significant rate cuts, arguing that current monetary policy remains too tight [8]

Market Overview - Bitcoin trading price hovers around $107,000, while Ethereum fluctuates around $3,800, following a brief attempt to break through $110,000 and $4,000 [2] - The total market capitalization of cryptocurrencies has decreased by 0.4% to approximately $3.745 trillion, with the Fear and Greed Index currently at 29, indicating a state of "fear" [2] ETF Fund Flows - Significant outflows from U.S. spot crypto ETFs have been observed, with Bitcoin ETFs recording a net outflow exceeding $1.2 billion over four consecutive trading days, marking the second-largest weekly withdrawal since the product's launch in January 2024 [2] - BlackRock's IBIT saw a withdrawal of $107 million, while Fidelity's FBTC and ARK's ARKB combined experienced outflows of over $589 million during the same period [2][3] - Ethereum ETFs also faced outflows totaling $312 million, with BlackRock's ETHA and Grayscale's ETHE contributing significantly to this decline [3] Recent Inflows and Market Sentiment - On a positive note, ETFs returned to a net inflow status with a total of $477.2 million on a recent Tuesday, suggesting a potential stabilization in institutional sentiment [4] - Nine out of twelve Bitcoin funds reported net inflows, led by BlackRock's IBIT with $210.9 million, indicating a shift in investor confidence [5] - The demand for cryptocurrencies as a diversification tool is being reinforced as gold demand peaks and its price experiences a significant drop [5] Macroeconomic Factors - The market is facing multiple pressures, including tightening global liquidity and rising inflation concerns, particularly with the Bank of Japan nearing its first interest rate hike in two decades [5][6] - Analysts predict that the upcoming U.S. Consumer Price Index (CPI) report will be crucial for market sentiment, with expectations of a rise in CPI from 2.9% to 3.1% year-over-year [6] - The probability of a 25 basis point rate cut by the Federal Reserve is currently at 96%, indicating a strong market focus on potential policy shifts [7] Market Outlook - The combination of ETF outflows, macroeconomic uncertainty, and aggressive short positions has led to a defensive market posture [8] - Long-term bullish investors view the current cooling period as a healthy adjustment following months of overheated speculation [8]

Core Insights - The Federal Reserve's recent payment innovation conference led to a decline in Bitcoin and Ethereum prices, indicating a "good news is bad news" phenomenon as the discussions were not directly relevant to mainstream cryptocurrencies [1][3] Regulatory Developments - Regulatory upgrades were a primary focus, with the potential introduction of a "federal crypto license" to replace the fragmented state-level money transmission license system, which may accelerate the elimination of smaller trading platforms due to rising compliance costs [3] - The SEC may issue "non-security statements" for the top 50 tokens, facilitating the entry of major asset management firms like BlackRock and Fidelity, with Bitcoin ETF sizes expected to exceed $500 billion, gradually gaining market pricing power [3] Market Dynamics - The cryptocurrency market experienced a significant crash on October 11, 2025, but institutional inflows into Bitcoin and Ethereum ETFs from October 12 to 15 amounted to $2.71 billion and $488 million, respectively, indicating that institutional investors are capitalizing on lower prices [4] - Institutional holdings of Bitcoin increased from 15% in 2022 to 32% in October 2025, with major institutions like Grayscale and BlackRock holding 18% of the total [6] Macroeconomic Factors - The market anticipates a 99% probability of a 25 basis point rate cut in October, with the Fed potentially ending its balance sheet reduction and lowering reserve rates, which could release trillions in liquidity [8] - Historical data shows that during the last rate cut cycle in 2020, Bitcoin surged from $7,000 to $28,000, a 300% increase [8] Liquidity and Timing - There is a time lag in the liquidity release from rate cuts and balance sheet adjustments, which may lead to speculative trading ahead of actual implementation, potentially causing short-term corrections post-announcement [9] Technological Innovations - Ethereum's Shanghai upgrade has stabilized staking yields at 4.2%, attracting over 28 million ETH, or 22% of the circulating supply, while Bitcoin's Lightning Network transaction volume surpassed $1 billion in September 2025, a 35% month-over-month increase [11] - The Trump administration's "Bitcoin Strategic Reserve" policy positions Bitcoin alongside gold as a reserve asset, indicating growing institutional support [11] Regulatory Framework - The passage of the GENIUS Act in 2025 established a federal regulatory framework for stablecoins, mandating issuers to enhance reserve transparency and maintain a 1:1 peg to the dollar or short-term U.S. Treasury securities [13] AI and Payment Innovations - AI technologies are enhancing payment security and risk management efficiency, with advancements like the LightGPT financial model monitoring on-chain transaction anomalies and improving compliance for stablecoins [15] - The Hong Kong Monetary Authority's mBridge project supports the issuance of stablecoins and has significantly reduced cross-border payment times from three days to five seconds [15]