比特币 ETF 格局的新兴动态

The cryptocurrency industry has been surrounding the speculation that bitcoin spot may be approved, which provides opportunities for direct acquisition of assets and exposure through traditional financial channels. The growing interest of traditional finance and encryption ecosystem has attracted the attention of major participants in traditional finance, who are now seeking to seize this opportunity. The approval process for applications is long and boring, and many companies from the cryptocurrency field, for example, have always been the one. Pioneers in the field, but their applications are still waiting for approval of other product applications. The deadline is coming, and the speculation and interest around this topic are increasing rapidly. Before making a final decision on approval or rejection, the US Securities and Exchange Commission has the right to postpone its decision on the application for up to three times, and will become the first company to reach the final deadline on Monday, March, and only Ethereum Futures hinted that it might consider adopting a similar method to evaluate whether to approve bitcoin spot. It may choose to issue more extensive approvals at the same time instead of approving each application before their respective deadlines to prevent showing preference for any specific entity. At the beginning of the year, the bear market led to a discount on the transaction price relative to the value of bitcoin held by BlackRock. After the collapse of its parent company digital currency Group, the discount intensified at the end of the year, reaching a near-record high. Nevertheless, BlackRock applied for bitcoin in the summer of last year, plus a proud record of being approved in one of its applications, and managed assets of nearly one trillion dollars. Yuan rekindled people's optimism about the final approval, which led to the reduction of discounts. Soon after, Gray won a major victory in the lawsuit against denying its transformation. This victory further confirmed the dynamic changes in this field. Because of these developments, gray products have become a barometer reflecting the market's evaluation of the possibility of approval, and the annual price soared more than the increase of Bitcoin in the same period. It is obvious that these rising price changes and the difference between them are in assets and their different fluctuation levels. The correlation between the two assets becomes particularly obvious when the price difference with Bitcoin is the largest. The correlation shows that the transaction in this specific period is almost contrary to the price trend of Bitcoin, and the volatility in the past two years has reached the peak, which greatly exceeds the highest volatility of Bitcoin. In addition, it is noteworthy that the approved bitcoin futures and the trend analysis of these two assets have been higher than the actual assets they want to track in the past two years. The increase in volatility can be attributed to its infrastructure, that is, the monthly extension of asset contracts. Usually, when a new futures contract is issued, it will generate a premium, but as the maturity date approaches, this premium will begin to decrease. In the process of rebalancing from one month contract to the next month contract, futures will usually buy bitcoin at a premium, which will lead to worse performance and higher volatility. This dynamic is one of the reasons why the potential spot will become a more advantageous product. Because the funds in the spot can be redeemed, Closer consistency with the underlying assets may lead to more accurate tracking, thus reducing higher volatility related to futures. Although the concept of bitcoin spot has been a topic of discussion for many years, it is very important to grasp its deep significance. Unlike bitcoin futures approved at the end of the year and involving derivative contracts, the spot will involve direct purchase of actual bitcoin, paving the way for traditional market participants to directly invest in bitcoin. Although the approval prospect of bitcoin spot is uncertain, it has recently occurred. The event shows that the pattern between the traditional financial system and the cryptocurrency market is changing and converging day by day. These developments highlight the continuous development of cryptocurrency as an important asset class and people's increasing recognition of cryptocurrency. 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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