被动资金正在吞噬股票，比特币可能是下一个获得巨额流动性注入的目标

Passive investing has become one of the most powerful forces reshaping equity markets, and the evidence is accumulating in the returns data. Bloomberg Intelligence data compiled by ETF analyst James Seyffart shows stocks with rising passive ownership have dramatically outperformed those losing passive ownership over the past three years. The market has been rewarding inclusion , ownership, and flow alongside fundamentals. The chart's most uncomfortable implication is that the anti-passive trade has often resembled a junk drawer with small, volatile, newly listed, low-quality names that structural flows have left behind. Ownership concentration compounds over time, and the stocks inside the passive machine tend to stay there. Bitcoin is now building a similar infrastructure. The SEC approved spot Bitcoin ETF listings in January 2024, and the two years since have redrawn how institutional capital reaches BTC. US spot Bitcoin ETFs have accumulated roughly $58.4 billion in cumulative net inflows as of late Apr. 28, with BlackRock's IBIT carrying approximately $61.9 billion in net assets. Euronext listed BlackRock's iShares Bitcoin ETP in Europe in March 2025, describing it as giving investors access to Bitcoin without the complexity of directly trading and holding it. Deutsche Börse's Clearstream extended its institutional crypto custody and settlement services to include Bitcoin alongside conventional assets. Bitcoin has become a wrapper investment accessible through standard brokerage rails, and that access has reshaped who can own it. Bloomberg Intelligence data shows US stocks with rising passive ownership returned up to 224.8% over three years, while those losing passive ownership fell 41.4%. The wrapper changes the market Recurring flows into funds holding the same names create a persistent, price-insensitive bid that compounds over time, and that is the engine behind passive equity outperformance. Bitcoin ETFs work through investor demand, with purchases arriving