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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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1 q" ^* L7 k3 n3 b: u# {% O) b; M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, n* A; Z9 S( u; {. P$ {9 Y; ?
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
, p, K: {) X8 E, X4 T3 A式」，而非受发行商青睐的实物申购/赎回模式。
1 a$ S, Q# v" N& q8 z3 sSEC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
( A7 T9 c/ F f# H0 g6 l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」。
: Z7 b) p/ I$ A& ~' ~; w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
" l% X- o) [' p( d- o「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" I! V) e% I( c& U8 h# W" G+ @
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。
5 ]. C# Z2 w/ y! O" L# [0 N现金赎回恐让比特币现货ETF丧失大部份优势
5 X3 s0 X# T% ]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
* B: |8 w# f+ u0 I6 r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
6 T3 y# O/ n3 Z: b$ C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。5 m) R! r @6 H- A K J7 M
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0 w" i7 Q* x) q
用现金赎回模式可能让ETF结构的大部份优势丧失。
U" F( [( a4 i3 }3 j# T' T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：% J4 w6 D5 X) _0 C( _
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
8 h3 S- a- u4 J" K3 v9 c+ w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
0 X1 A4 C3 L1 k5 _' z场上来赚取利润。$ T2 x: [( R) ~4 h+ w5 o
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& J1 |1 o8 V! F/ E# ~5 o; l
售基础资产，以产生利润，因为该产品以折扣价进行交易。# S8 h0 b3 {/ c2 E5 v+ d
“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# w$ V: a& B6 ]$ V" b8 f
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* ?+ b2 [( r( K0 b0 }% G
ETF变得有效率的竞争将不再适用。”
; K* \+ h8 C3 g# G& ^. J/ a分析师：现金模式将让ETF效率降低、成本变高
0 D5 l4 @% M9 [! u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
, c: b) Y# G M9 }+ s1 n4 N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
& d# Z( f' W- N5 K7 l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。! F) ~; t$ C& ], ]7 U- L
$ e, X) e/ r! _/ d' I9 J( U5 `, h5 }, {+ `2 |7 E2 A3 G& ~' S
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