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[虚拟币交流]
BitMEX Research：现金赎回恐让比特币现货ETF丧失大部份优势（27日转）
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美国证券交易委员会(SEC)目前正在审查贝莱德等十多家发行商提交的比特币现货ETF
- v$ }/ `) W+ e( [4 K申请。近来，美国有多家媒体爆料，SEC已在上周和数家发行商会晤，并明确表示只会采纳「现金申购/赎回模2 H* Z+ \2 Z! Y/ h- O+ L
式」，而非受发行商青睐的实物申购/赎回模式。8 s0 K" U0 D& L8 z1 e& q3 q
SEC更表明，任何提及实物申购/赎回模式的内容，都必须从申请文件删去，并且任何无法在29日前完成文件最终" Q6 f% X7 N, j- Y% J: |" a( C
更改的发行商，「将不会进入在1月初首批获准发行的比特币现货ETF行列」。
2 F( @9 u7 B$ j9 G这除了让市场预期SEC将在1月10号前通过现货ETF的机率近一步提高，也意味着首批上市的比特币现货ETF采用% \6 G; A% S8 X( u8 R. ?& C2 c# `. m9 N
「现金申购/赎回模式」可谓是板上钉钉。包括贝莱德、方舟/21Shares、甚至是头最铁的灰度(Grayscale)都已妥* Z1 p* y! }1 X" [, u# O% F
协，陆续提交变更文件、采用现金模式，以寻求成为首批通关的现货ETF发行商。2 J. Q0 q6 o: y( B7 E6 X/ K
现金赎回恐让比特币现货ETF丧失大部份优势
5 v' w7 x6 q2 C. K, D究竟实物和现金赎回的模式差别在哪呢？事实上，两种模式都会持有比特币作为基础资产，但主要差别在于，SEC) o) _1 x, x5 ?' J* F. w9 y( U9 x$ L& ?0 M
偏好的现金赎回模式只有发行商会处理比特币，能够避免未注册的经纪商处理比特币的情况，但会引发现金交易, G+ S; M) a4 Z7 W4 D5 Y& S
可能衍生的税务责任;而实物赎回则是直接用比特币交换ETF份额，因此更能避免税务负担，也更受发行商青睐。
3 ]. W' M2 _% w4 c除了税务上的问题，老牌加密衍生品交易所BitMex的研究部门BitMEX Research分析也警告，比特币现货ETF采( ^/ `3 z: V& }
用现金赎回模式可能让ETF结构的大部份优势丧失。
% w. x! A% B* d4 {该机构今(27)日稍早在X平台解释了ETF的运作方式，并点出现金模式的劣势：
# r5 K! H( | W: {( g8 W如果ETF交易溢价(通常是由于买家多于卖家造成)，授权参与者(AP，即承销商)就会被激励购买基础资产/商品
3 m' S t# i, T0 c: ]并将其交付给发行商以接收新的ETF单位。然后，因为ETF的交易溢价，因此AP可以将新的ETF单位出售到市( [. _: ?9 a4 ` I" x
场上来赚取利润。
$ }% F) A- g, n5 o C/ q7 M如果ETF以折价交易，则情况相反。AP会在市场上购买ETF单位，提供给发行商，然后接收基础资产，然后出
0 ?, c" L8 ?8 q售基础资产，以产生利润，因为该产品以折扣价进行交易。& M! b" X# [7 r( {
“然而，至关重要的是，ETF应该有多个竞争的AP，这确保产品可以处理大流量并具有较低的价格追踪误差。如& F5 O& X7 k6 g. b# C: p
果只允许现金申购和赎回，ETF结构的大部分好处就会丧失。现在只有发行商可以在市场上买卖比特币，许多使
- T& b# j' X2 M/ v1 {1 AETF变得有效率的竞争将不再适用。”
4 v$ E4 m" B/ [" s* z' A4 u分析师：现金模式将让ETF效率降低、成本变高) U# D2 o4 O; y2 J" \6 w/ Q
区块链分析公司CoinMetrics共同创办人、此前曾是富达第一位加密资产分析师的Nic Carter则认为，采用现金模+ {" T) j8 M9 _+ @+ B, p; O
式的后果是ETF的效率将会降低，因为申购/赎回的成本将会更高，虽然不确定这是否会导致价格追踪错误或更高
$ i1 U- M f3 C0 s的费率，但无论如何都会让参与比特币现货ETF的成本变得更加昂贵。
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