比特幣 ETF 掀起加密貨幣淘金熱，川普上任後推出更多產品

作者：Suzanne McGee（路透社）——一年的變化是多麼巨大。

A year ago, the asset-management industry was abuzz with anticipation over the impending debut of U.S. spot bitcoin exchange-traded funds, hoping they would attract up to $30 billion in their first year.

一年前，資產管理業對美國現貨比特幣交易所交易基金即將推出充滿期待，希望它們在第一年能吸引高達 300 億美元的資金。

Now, those issuers are popping the champagne corks.

現在，這些發行人正在開香檳。

That first wave of bitcoin ETFs pulled in a massive $65 billion in 2024, helping to propel the price of bitcoin from $43,000 to more than $100,000. The largest of those new products, BlackRock's (NYSE:BLK) iShares Bitcoin Trust, has become the most successful debut in the ETF industry's 35-year history.

第一波比特幣 ETF 在 2024 年吸收了 650 億美元的巨額資金，幫助將比特幣的價格從 43,000 美元推升至超過 100,000 美元。這些新產品中規模最大的是貝萊德 (BlackRock) (NYSE:BLK) iShares Bitcoin Trust，它已成為 ETF 產業 35 年歷史上最成功的首次亮相。

But that's just the beginning of the party, cryptocurrency enthusiasts believe.

但這只是加密貨幣愛好者所認為的聚會的開始。

Shortly after those products celebrate their first anniversary on Jan. 10, President-elect Donald Trump - who has promised to be a crypto president - will be sworn in for the second time, ushering in what cryptocurrency fans believe will be a new golden era for the digital asset class.

這些產品在 1 月 10 日慶祝一周年紀念日後不久，當選總統唐納德·特朗普（承諾成為加密貨幣總統）將第二次宣誓就職，加密貨幣粉絲認為這將迎來一個新的黃金時代數字資產類別。

Applications for new, and often exotic, crypto products are already piling up in regulators' inboxes.

新的、通常是異國情調的加密產品的申請已經堆積在監管機構的收件匣中。

“Everyone is now aware of how much money there is to be made, and with a new, more favorable administration, there's no reason not to go ahead and file your best ideas with regulators,” said Joe McCann, founder and CEO of digital assets hedge fund Asymmetric in Miami.

數位資產創辦人兼執行長喬麥肯(Joe McCann) 表示：「現在每個人都知道可以賺多少錢，有了新的、更有利的政府，沒有理由不繼續向監管機構提交你最好的想法。

While Gary Gensler, Biden's crypto-skeptic Securities and Exchange Commission chair, was forced to approve the first spot bitcoin ETFs - and similar ethereum products - after losing a court challenge, he continued to warn that cryptos are highly volatile and plagued by scams and manipulation.

儘管對拜登的加密貨幣持懷疑態度的美國證券交易委員會主席加里·詹斯勒(Gary Gensler) 在輸掉法庭挑戰後被迫批准了第一個現貨比特幣ETF 以及類似的以太坊產品，但他繼續警告說，加密貨幣具有高度波動性，並受到詐騙和操縱的困擾。

Paul Atkins, Trump's appointee to succeed Gensler, is widely seen as a supporter of digital assets.

川普任命接替 Gensler 的 Paul Atkins 被廣泛視為數位資產的支持者。

Companies including VanEck, 21Shares and Canary Capital had seized upon those expectations of an increasingly crypto-friendly tone in Washington by filing at least 16 applications to launch exchange-traded products tracking crypto indices or tokens such as Solana and Ripple's XRP, as of late November, according to SEC filings and industry sources.

截至11 月底，VanEck、21Shares 和Canary Capital 等公司抓住了華盛頓對加密貨幣日益友好的基調的預期，提交了至少16 份申請，推出跟踪加密貨幣指數或代幣（例如Solana 和Ripple 的XRP）的交易所交易產品，根據美國證券交易委員會的文件和行業消息來源。

The push to launch the next wave of crypto products began in earnest weeks before the election, with many in the industry expecting a lighter regulatory touch regardless of whether Trump or his rival, Vice President Kamala Harris, prevailed.

推出下一波加密產品的努力在大選前幾週就開始了，業內許多人都希望無論川普還是他的競爭對手副總統卡馬拉·哈里斯是否獲勝，監管都會更加寬鬆。

“Since it takes several months to get regulatory approvals and bring an ETF to market, many issuers began making a calculated bet that this year, the climate would be different, and wanted to have their products in the queue ready to go,” said Matthew Sigel, head of digital assets research at VanEck, which is hoping to launch a Solana ETF in 2025.

馬修表示：“由於獲得監管部門批准並將 ETF 推向市場需要幾個月的時間，因此許多發行人開始深思熟慮地押註今年的情況會有所不同，並希望他們的產品能夠隨時上市。” VanEck 數位資產研究主管Sigel 表示，該公司希望在2025 年推出Solana ETF。

In addition to XRP and Solana, which are the fourth- and sixth-largest coins by capitalization, according to CoinGecko, Canary has filed to launch products tied to Litecoin and HBAR, less widely held coins, SEC filings show.

根據CoinGecko 的數據，除了XRP 和Solana（按市值計算排名第四和第六大的加密貨幣）之外，美國證券交易委員會(SEC) 文件顯示，Canary 還申請推出與萊特幣和HBAR 相關的產品，而這兩種加密貨幣持有量較少。

“The last piece of the puzzle was seeing who the new SEC chair would be - that's what we were banking on,” said Steven McClurg, who led the launch of the Valkyrie Bitcoin Fund in January and went on to launch new crypto asset manager Canary Capital in October. “Now, it's off to the races,” he added.

「最後一個難題是看看誰將成為新的SEC 主席- 這就是我們所指望的，」Steven McClurg 說道，他在一月份領導了Valkyrie 比特幣基金的推出，並隨後推出了新的加密資產管理公司Canary十月首都。 「現在，比賽開始了，」他補充道。

The looming crypto ETF gold rush is about more than just products tied to single coins, however. New derivative products are set to make their debut within days of Trump's inauguration, and new types of multi-asset or hybrid products are waiting in the wings.

然而，迫在眉睫的加密 ETF 淘金熱不僅涉及與單一代幣相關的產品。新的衍生產品將在川普就職後幾天內首次亮相，新型多元資產或混合產品也蓄勢待發。

Several issuers, including Calamos Investments, Innovator ETFs and First Trust, have filed for new funds that would use recently-launched bitcoin ETF options to shield investors from losses on bitcoin itself. The first ones of those products are expected to debut on Jan. 22, issuers say.

包括 Calamos Investments、Innovator ETF 和 First Trust 在內的多家發行人已申請新基金，這些基金將使用最近推出的比特幣 ETF 選擇權來保護投資者免受比特幣本身的損失。發行人稱，首批產品預計將於 1 月 22 日上市。

The SEC approved options on some of the bitcoin ETFs late last year, including BlackRock's iShares Bitcoin Trust, and gave CBOE Global Markets the go-ahead to launch options tied to the Cboe Bitcoin U.S. ETF Index - paving the way for this batch of new ETFs.

美國證券交易委員會在去年年底批准了一些比特幣 ETF 的選擇權，包括貝萊德的 iShares Bitcoin Trust，並批准 CBOE Global Markets 推出與 Cboe 比特幣美國 ETF 指數相關的選擇權，為這批新 ETF 鋪平了道路。

Federico Brokate, head of U.S. business for digital asset manager 21Shares, which has launched U.S. bitcoin and ethereum ETFs, in addition to a wider array of offerings in Europe, predicted other new products could include listed funds tied to baskets of cryptocurrencies or that track a mix of alternative assets, such as bitcoin and gold.

數位資產管理公司21Shares 的美國業務主管Federico Brokate 預計，其他新產品可能包括與一籃子加密貨幣掛鉤或追蹤加密貨幣的上市基金，該公司除了在歐洲推出更廣泛的產品外，還推出了美國比特幣和以太坊ETF。

“Product innovation in the U.S. is just getting started,” he said.

「美國的產品創新才剛開始，」他說。

To be sure, such novel products are still a gamble.

可以肯定的是，這樣新穎的產品仍然是賭博。

While bitcoin ETFs have outperformed, ETFs launched in July tied to the world's second-largest token, ether, have attracted relatively meager inflows of $12.8 billion, according to Paris-based TrackInsight. While bitcoin's price

據總部位於巴黎的 TrackInsight 稱，雖然比特幣 ETF 表現出色，但 7 月推出的與全球第二大代幣以太坊相關的 ETF 吸引的資金流入相對較少，僅為 128 億美元。雖然比特幣的價格