华尔街的新资产类别：灰度能否挺过比特币 ETF 时代？

Over the years, institutions seeking bitcoin investment have chosen this company, which manages more than US$ 100 million in bitcoin assets, far exceeding its nearest competitor several times. Everything has changed since the company launched the spot bitcoin and finally got the approval of the US Securities and Exchange Commission, and launched the exchange-traded fund in the United States for the first time. It is an extraordinary moment for these companies, including this company, to convert the ten-year-old bitcoin trust fund into the month. Todd Thorne, a strategist and managing director, told us that few new asset classes have entered the dictionary year. We have stocks, bonds and gold in the year, but in addition to opening relatively primitive asset classes to retail investors, a competition was triggered on March, which new asset management companies might be popular with Wall Street giants BlackRock and Fidelity, or perhaps more focused on cryptocurrencies, such as their asset management scale in the first two weeks. Both have exceeded billion dollars, or perhaps the existing gray scale has not been challenged for a long time. In order to launch it, the annual management fee has been reduced to point out that it has made a huge start compared with other products, but if we take the first two weeks as any sign, it is the same as that when the issuer is very serious about the product, the gray scale experienced a large-scale capital outflow in the first two weeks after the launch, but even after the redemption loss of billion dollars, it still retained the asset management scale of billion dollars, compared with the closing date of Friday. BlackRock is about $100 million, Fidelity is about $100 million, and others are even more backward. However, is it possible to maintain a huge leading position in asset management companies in the coming year? In the long run, will May be regarded as a change of power, marking the beginning of blockchain startups and cryptocurrency companies being eaten by Wall Street whales? The industry sequela, bitcoin prices, has fallen nearly within a few days after its spot debut, which has aroused people's doubts about whether cryptocurrency industry has expected new investment tools. For example, JPMorgan Chase analysts said that the catalyst in bitcoin to push the ecosystem out of the cold winter will disappoint market participants. Is the demand for spot bitcoin too high? I just want to remember that the basic bitcoin has risen sharply before the launch of these funds. Thorne said, so it is not surprising to suspend it. In the afternoon, bitcoin has rebounded, breaking through the US dollar, and then gold rose sideways in a short time, adding that in fact, the first gold has been in the first three days since June. It has accumulated assets of more than US$ 100 million, which has established the fastest position in its history to attract this level of assets. Institutional investors have completely changed the gold trading. After three years, its asset management scale has reached US$ 100 million. However, the view is that in the first half of the year after the launch, its price on the new york Stock Exchange has hardly changed from September to September, suppressing the price to the present and other overall capital outflows. Their test results are positive on May, which is the first test result in a day. The assistant vice president of the company's financial services told investors that the selling pressure caused by profit-taking will eventually slow down, because the fund selling will weaken over time, adding that some runoff comes from one-off events, such as the sale of 10 thousand shares of bankrupt property and the outflow of funds worth hundreds of millions of dollars. The business development director of cryptocurrency market maker Asia-Pacific told me that many people would think these are negative news for the price, but I don't think this is necessarily the case. It is said that this is mainly because the management fee is higher than most other new spot bitcoin electronic transfers due to several factors. People quit the former and just turned to the latter. After all, the structure or value of the basic products has not changed. At present, it is cheaper to buy from BlackRock stores or Fidelity investment stores. The key question is that we don't know the answer is how much the asset management scale will remain. Is there any pain point in the cost of reducing the gray level? This may have a huge impact on who will be the king, and others will surpass the gray level. It is worth noting that it is still the largest spot bitcoin two weeks after its launch, and it may maintain this position in the foreseeable future. He said that many holders are still satisfied with the internal due diligence and business relationship of the gray scale, and their gray scale has a huge first-Mover advantage. An associate professor of finance at Levy Business School of Santa Clara University told me that conversion is also costly, and one of the reasons why people still insist on using gray scale is that if they convert, they may trigger. In the long run, other providers may eventually surpass the expression, but it is worth remembering that at present, the leading edge is absolutely huge, and its asset management scale is at least $100 million more than that of the nearest competitor. Nevertheless, as pointed out by Bloomberg analysts in a recent article, the greater trend in the past year is in favor of low-cost passively managed index stocks at the expense of actively managing high-cost stock mutual funds, which can be said to make other bitcoins more expensive. It is more in line with the preference of current investors, and it also implies that there is a charge problem in the gray scale, and the outflow of funds from the gray scale will create opportunities, she told me, especially because BlackRock Fidelity and other companies will charge much lower fees, and at the same time, they will still charge a fee of basis points after the launch. In contrast, BlackRock will charge a fee of basis points for it, while Fidelity will completely waive its fee allocation before June. Investors pay great attention to the cost, and every basis point is very important. Senior cryptocurrency research analysts told that this is bitcoin now. In the war of goods, new low-cost leaders have left room. The CEO told me that he believes that large-scale companies such as Heping will surpass their well-known brands and scale in terms of popularity and transaction volume, which has brought them advantages, especially Fidelity's hosting services. I expect that the market dominance will rapidly shift to these traditional financial giants, who think BlackRock will be the closest competitor, but he has not ruled out the possibility of Fidelity, especially its path setting hosting solution. A strong selling point may also be competitive, because it mainly focuses on encryption products and has a huge support base and brand awareness of early adopters of cryptocurrency in the encryption field. If Blackstone Fidelity and other Wall Street companies finally surpass the gray bitcoin trust, will this mark a power change, that is, traditional financial giants will annex or overwhelm encryption start-ups or enterprises focusing on encryption, saying that I think one side of the industry will use traditional financial solutions because they are satisfied with the packaging and related custody protection, and perhaps their parent companies hope so, but the start-ups in the encryption industry will. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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