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[lastpost] => 2783089 现货比特币ETF恢复正资金流动，比特币价格回升至92000美元以上（转） 1763640320 22301
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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
+ B* ]* {6 I$ B3 l- l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+ @ ]- V+ q* D
式」，而非受发行商青睐的实物申购/赎回模式。# B- }5 z6 Q) O9 I/ K4 M
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% s6 f5 A& d" k
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」。7 r. f& c' Q5 E0 Q$ t& Q
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
7 J# Q5 t& P. c- M, d「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 r- n! z; w2 P
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。3 c" O, d1 D0 \& k0 v
现金赎回恐让比特币现货ETF丧失大部份优势 F: V3 L& o+ U$ 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
F3 e& O* \ A/ ~4 N* g1 j5 q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 f/ Y+ L7 `. P' f0 S f7 @. `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。
) @9 [. Z6 t+ y5 C5 B8 a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( W. c! `6 \+ A$ T6 u' B1 Q% A; a
用现金赎回模式可能让ETF结构的大部份优势丧失。+ _' z/ T8 I% X5 ~+ M) d% C5 O# G
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：; i( o; _6 t: M0 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
" L$ _, x: n' Y/ R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 m$ \% s" z/ m场上来赚取利润。( h& Y6 C( r% J& _
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& x8 y. \) V% t0 c- y1 e
售基础资产，以产生利润，因为该产品以折扣价进行交易。/ U2 p2 t; [" `% u9 c5 m' v Z
“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3 r9 K6 J4 Q, \7 \8 Q4 k
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
/ `; d: |0 o& d( bETF变得有效率的竞争将不再适用。” D1 o/ F# I& W$ u3 E! u
分析师：现金模式将让ETF效率降低、成本变高/ P; G1 E# B3 c2 e7 i0 }% `, O9 ?
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% E3 |3 n# k/ m. n- i: c4 \8 U. U
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
. j) \- S# C# |; e6 }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。
# z, u' B7 ]0 s' o$ M. ]
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