如果比特币ETF获得批准 可能会发生以下情况

币圈资讯 阅读:43 2024-04-22 10:58:55 评论:0
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作者:Oliver Knight, Omkar Godbole 来源:coindesk 翻译:善欧巴,比特币买卖交易网

在经历了 10 年的申请失败后,美国证券交易委员会 (SEC) 即将批准美国首只现货比特币 ETF。

  • 如果 SEC 批准现货比特币 ETF,加密货币市场将会发生什么,人们的看法不一。

  • 一些分析师表示,对大量投资涌入的预测有些过头了。

本周是比特币区块链上第一个区块(创世区块)被开采以来的第 15 个年头。其中十多年来,行业中坚力量一直恳求美国证券交易委员会(SEC)批准美国现货比特币交易所交易基金(ETF),这种工具预计将打开一波机构投资的闸门。

到目前为止,美国证券交易委员会已经拒绝了所有申请,但这种情况可能即将改变。分析师预测,目前十多项提案中至少有一项最早将于周五获得批准。

对于如果获得批准,加密市场将会发生什么,人们的看法不一。

VanEck 数字资产策略总监 Gabor Gurbacs 表示,虽然现货 ETF 从长远来看将创造“数万亿美元的价值”,但人们往往“高估了美国比特币 ETF 的初始影响”,初始流量将仅等于“几亿(大部分是回收的)钱。”

其他分析师表示,批准将要求 ETF 发行人购买数百亿美元的比特币以满足机构需求,从而导致供需动态发生根本性转变。一些分析师甚至预测10月份外汇余额跌至五年低点后将出现“供给冲击” 。交易所缺乏比特币表明持有者将其存储在个人钱包中,这表明他们不太愿意出售。

SPDR 黄金股 ETF (GLD) 是美国首个现货黄金 ETF,于 2004 年推出,对资金流入的分析提供了丰富的信息。根据加密货币交易所 Coinbase 的数据, GLD 在前 4 周内积累了 19 亿美元(扣除通货膨胀因素),到第一年年底,这一数字增至 48 亿美元。该ETF目前总资产为573.7亿美元。

追溯到更远的时间,Invesco 的 QQQ 是一款跟踪世界上一些最具创新性公司的纳斯达克 100 指数的 ETF,于 1999 年 3 月推出,即互联网泡沫破裂的前一年。前 30 天内,该基金的资金流入量为 8.47 亿美元(以今天的美元计算为 16 亿美元)。

言归正传,基于比特币期货的 ProShares 比特币策略 ETF (BITO) 在 2021 年 10 月推出后的 30 天内就积累了约 15 亿美元的通胀调整值,当时整个加密资产类别的情绪都非常乐观。截至周四,该基金持有总资产 16.5 亿美元。

BITO 投资于受监管的 CME 期货而不是实际的加密货币,因此面临展期成本的风险。尽管如此,该基金自成立以来一直密切跟踪比特币的现货价格,并且对于那些希望在没有所有权和存储麻烦的情况下接触比特币的人来说是一个可行的选择。

另一个考虑因素是全球经济,全球无风险利率上升,家庭财务状况恶化。这种宏观经济环境与现货 ETF 主流市场的强劲增长形成鲜明对比。

市场将如何反应?

自 10 月初以来,比特币已上涨 61%,主要是由于预期 SEC 将批准一项或多项现货 ETF 申请。这促使几位分析师预测,一旦 ETF 上线,抛售消息就会引发回调。他们表示,一旦消息得到证实,随着从上涨中受益的投资者卖出以锁定利润,价格将会下跌。

考虑一下 2017 年 12 月 CME 比特币期货的首次亮相,2021 年 4 月中旬 Coinbase 在纳斯达克的上市,以及包括 BITO 在内的多个期货 ETF 的首次亮相。在那些情况下,比特币一直在上涨,但在事件发生后的几周内就崩盘了。

例如,在 SEC 批准第一批期货 ETF 之前的三天内,比特币飙升了 15%。一个月后,它创下了69,000美元的历史新高,然后陷入了持续一年多的熊市。

CryptoQuant上周表示,比特币可能会跌至 32,000 美元,因为市场上的未实现利润金额历史上处于所谓的价格调整之前的水平,在加密货币市场中,价格调整通常被认为是下跌 10%。比特币去年上涨了 160%,本月上涨了近 4%。

CryptoQuant 并不是唯一一家预测会出现下滑的公司。总部位于新加坡的加密货币交易公司 QCP Capital 上个月在 Telegram 上表示,对 ETF 的最初需求可能低于预期,从而为经典的抛售新闻场景奠定了基础。

担心 CME 期货和 ProShares BITO 推出后的情况重演的投资者可能需要注意,这两者都是在市场在 12 个月内上涨数百%、看起来回调的时机已经成熟的情况下发生的。

这一次,预计现货 ETF 的推出是在比特币区块链每四年一次的挖矿奖励减半之前进行的,此前这标志着价格迅速上涨的开始。此前,本周价格曾短暂下跌至 41,000 美元,抛售导致 4 亿美元的杠杆押注平仓,并消灭了 20 亿美元的期货未平仓合约。

回收资金还是新流入资金?

早期抛售新闻事件与此次事件的区别在于,现货比特币 ETF 涉及实际的比特币,从而消除了市场供应。CME 推出期货导致价格下跌,因为在 2017 年不可持续的 ICO 狂热引领的凶猛牛市之后,它允许交易者综合做空加密货币。

现货比特币 ETF 的另一个方面是,与 Coinbase (COIN) 或 MicroStrategy 等 ETF 衍生品或比特币代理股票不同,机构投资者(例如典型保守的养老基金和保险基金)将获得一种增加原生比特币敞口的方法。 MSTR)。

目前美国有35只黄金ETF,管理总资产达1187亿美元。金融服务公司 NYDIG 最近的一份报告将它们与潜在的比特币 ETF 进行了比较。

报告称:“鉴于比特币的波动性比黄金高出约 3.6 倍,投资者需要比以美元计价的黄金少约 3.6 倍的比特币才能达到同等水平的风险敞口。” “这仍然意味着对比特币 ETF 的额外需求接近 300 亿美元。”


After years of application failure, the US Securities and Exchange Commission is about to approve the first spot bitcoin in the United States. People have different opinions on what will happen in the cryptocurrency market if the spot bitcoin is approved. Some analysts say that the forecast of a large influx of investment is overdone. This week is the first year since the first block in the bitcoin blockchain was mined, and the backbone of the industry has been pleading for US securities trading for more than a decade. The Committee's approval of the US spot bitcoin exchange trading fund is expected to open the floodgates of a wave of institutional investment. So far, the US Securities and Exchange Commission has rejected all applications, but this situation may soon change. Analysts predict that at least one of the more than ten proposals will be approved as early as Friday. People have different views on what will happen in the encrypted market if it is approved. The director of digital asset strategy said that although the spot will create trillions of dollars in the long run. However, people often overestimate the initial impact of bitcoin in the United States. The initial flow will only be equal to hundreds of millions of dollars, most of which will be recycled money. Other analysts said that the approval will require issuers to buy tens of billions of dollars of bitcoin to meet the needs of institutions, which will lead to a fundamental change in the dynamics of supply and demand. Some analysts even predicted that there will be a supply shock after the foreign exchange balance fell to a five-year low in January. The lack of bitcoin in the exchange indicates that holders are reluctant to sell it in their personal wallets. Gold stocks are the first spot gold in the United States, which was launched in 2006. The analysis of capital inflow provides rich information. According to the data of cryptocurrency exchange, it accumulated $ billion in the previous week, and after deducting inflation, this figure increased to $ billion by the end of the first year. At present, the total assets are $ billion. A Nasdaq index tracking some of the most innovative companies in the world was launched in June, that is, the capital inflow of the fund was $ billion the year before the bursting of the Internet bubble. In today's dollars, the dollar is $ billion. Let's get down to business. The bitcoin strategy based on bitcoin futures accumulated about $ billion in inflation adjustment within days after its launch in June. At that time, the mood of the entire crypto asset class was very optimistic. As of Thursday, the fund held total assets of $ billion to invest in regulated futures instead of actual crypto currency, so it faced the risk of extension costs. Nevertheless, the fund has been closely tracking the spot price of bitcoin since its establishment and for those who hope. It is a feasible choice for people who come into contact with Bitcoin without ownership and storage troubles. Another consideration is the global economy, the rise of risk-free interest rates and the deterioration of household financial situation. This macroeconomic environment is in stark contrast to the strong growth of the spot mainstream market. How will the market react? Bitcoin has risen since the beginning of the month, mainly because it is expected that one or more spot applications will be approved, which prompted several analysts to predict that once the news of selling online will trigger a callback to their watches. Once the news is confirmed, as investors who benefit from the rise sell to lock in profits, the price will fall. Consider the debut of bitcoin futures in mid-June, the listing on Nasdaq and the debut of many futures. In those cases, bitcoin has been rising, but it collapsed within a few weeks after the incident. For example, within three days before the approval of the first batch of futures, bitcoin soared to a record high of US dollars and then fell into a continuous state. Last week, the bear market for more than a year said that Bitcoin may fall to US dollars because the unrealized profit in the market is historically at the level before the so-called price adjustment. In the cryptocurrency market, price adjustment is usually considered as a decline. Bitcoin rose last year and rose nearly this month. It is not the only company that predicts a decline. The cryptocurrency trading company headquartered in Singapore said in the newspaper last month that the initial demand for it may be lower than expected, thus laying the foundation for the classic news scene of selling. Investors who are basically worried about the recurrence of futures and the situation after the launch may need to pay attention to the fact that both of them happened when the market rose by hundreds in a month and it seems that the time is ripe for a correction. This time, it is expected that the spot launch will be carried out before the mining reward of Bitcoin blockchain is halved every four years, which marks the beginning of the rapid price increase. Previously, this week, the price briefly fell to the dollar sell-off, which led to the leveraged bet of billion dollars to close the position and eliminated the futures open position of billion dollars. The difference between the early news event of contract recovery of funds or new inflow of funds and this event is that spot bitcoin involves actual bitcoin, thus eliminating the market supply and the price drop caused by the introduction of futures, because after the fierce bull market led by unsustainable fanaticism in, it allows traders to comprehensively short cryptocurrency spot bitcoin. Another aspect is that institutional investors, such as typical conservative pension funds and insurance funds, will get a different kind of derivative or bitcoin agent stock. At present, there is a gold in the United States with total assets of US$ 100 million under management. A recent report by a financial services company compared them with potential bitcoin, saying that since the volatility of bitcoin is about times higher than that of gold, investors need about times less bitcoin than that of gold denominated in US dollars to reach the same level of risk exposure, which still means that the additional demand for bitcoin is close to US$ 100 million. 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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