比特幣正在做一些以前從未做過的事情，它可能會帶來巨大的收益

美國證券交易委員會 (SEC) 於 2024 年 1 月批准了 11 隻現貨比特幣 ETF。

The first Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs) hit the U.S. market in 2021. But as Morningstar analyst Ben Johnson told investors at the time in no uncertain terms, "These aren't the Bitcoin ETFs you're looking for." That's because the first generation of Bitcoin ETFs buy and sell futures contracts, rather than investing in the cryptocurrency itself.

第一支比特幣（CRYPTO：BTC）交易所交易基金（ETF）於 2021 年登陸美國市場。 。這是因為第一代比特幣 ETF 買賣期貨合約，而不是投資加密貨幣本身。

The problem with that strategy is that price changes in futures contracts do not always mirror price changes in Bitcoin. Additionally, to maintain indefinite exposure, issuers roll Bitcoin futures contracts from one month to the next, meaning they sell contracts as the expiration date approaches and buy new contracts. But rolling the contracts costs money, and the fees are passed along to shareholders.

該策略的問題在於，期貨合約的價格變化並不總是反映比特幣的價格變化。此外，為了保持無限期的風險敞口，發行人將比特幣期貨合約從一個月滾動到下個月，這意味著他們在到期日臨近時出售合約併購買新合約。但延期合約需要花錢，而費用則轉嫁給股東。

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The upshot is the first Bitcoin ETFs provide indirect exposure to Bitcoin, and consequently fail to tightly track its price. For instance, the futures-linked ProShares Bitcoin ETF has declined 37% since making its market debut in October 2021, but Bitcoin has gained 60%. In other words, the first Bitcoin ETF to hit the U.S. market has underperformed Bitcoin by 97 percentage points since its inception.

結果是第一批比特幣 ETF 提供了對比特幣的間接敞口，因此無法嚴格追蹤其價格。例如，與期貨掛鉤的 ProShares 比特幣 ETF 自 2021 年 10 月上市以來已下跌 37%，但比特幣卻上漲了 60%。換句話說，自推出以來，首個登陸美國市場的比特幣ETF的表現已落後比特幣97個百分點。

So, yes, Ben Johnson at Morningstar was correct: Those were not the Bitcoin ETFs investors wanted. Fortunately, spot Bitcoin ETFs -- which actually own Bitcoin -- launched in January 2024, and the cryptocurrency is now doing something it has never done before: It is seeing strong adoption among institutional investors.

所以，是的，晨星公司的本·約翰遜是對的：這些並不是投資者想要的比特幣 ETF。幸運的是，現貨比特幣 ETF（實際上擁有比特幣）於 2024 年 1 月推出，這種加密貨幣現在正在做一些以前從未做過的事情：它在機構投資者中得到了廣泛採用。

Here's why that matters

這就是為什麼這很重要

The SEC approved 11 spot Bitcoin ETFs in January 2024. Those new funds let investors add Bitcoin exposure to existing brokerage accounts, while eliminating the hassle and high fees associated with cryptocurrency exchanges.

美國證券交易委員會(SEC) 於2024 年1 月批准了11 只現貨比特幣ETF。麻煩和高額費用。

Consider this assessment from John Eade, president of Argus Research:

考慮一下阿格斯研究公司總裁約翰·伊德 (John Eade) 的評估：

Not long ago, the only way to gain exposure to Bitcoin was to invest in it directly. The process was arduous and required self-service in an unregulated market. But investing in Bitcoin has come a long way thanks to the January debut of spot Bitcoin ETFs. This new type of security gives investors exposure to Bitcoin without the need to buy, store, or manage it.

不久前，獲得比特幣投資的唯一方法是直接投資。這個過程非常艱鉅，並且需要在不受監管的市場中進行自助服務。但由於現貨比特幣 ETF 一月份的推出，比特幣投資已經取得了長足的進步。這種新型證券讓投資者無需購買、儲存或管理即可接觸比特幣。

Importantly, because spot Bitcoin ETFs buy and hold the cryptocurrency rather than future contracts, they track the price of Bitcoin very closely. For instance, the iShares Bitcoin Trust (NASDAQ: IBIT) has returned 110% since making its debut in January 2024, while Bitcoin itself has advanced 111%.

重要的是，由於現貨比特幣 ETF 購買並持有加密貨幣而不是期貨合約，因此它們非常密切地追蹤比特幣的價格。例如，iShares 比特幣信託基金（NASDAQ：IBIT）自 2024 年 1 月首次亮相以來，回報率已達 110%，而比特幣本身則上漲了 111%。

Consequently, the new spot Bitcoin ETFs have already unlocked substantial demand among retail investors and institutional investors, such that several experts have called them the most successful ETF launches in history. In particular, the iShares Bitcoin Trust stands out. It hit $10 billion in assets faster than any ETF on record, according to The Wall Street Journal.

因此，新的現貨比特幣 ETF 已經釋放了散戶投資者和機構投資者的大量需求，以至於一些專家稱其為歷史上最成功的 ETF 發行。 iShares 比特幣信託尤其引人注目。根據《華爾街日報》報道，它的資產達到 100 億美元的速度比有記錄以來任何 ETF 都要快。

Institutional investors have contributed heavily to that trend. The number of institutions holding a spot Bitcoin ETF increased from 965 to 1,100 between the first and second quarters of 2024, such that they are "being adopted by institutions at the fastest rate of any ETF in history," according to Matt Hougan, chief investment officer at Bitwise.

機構投資者對這一趨勢做出了重大貢獻。首席投資長 Matt Hougan 表示，2024 年第一季到第二季度，持有現貨比特幣 ETF 的機構數量從 965 家增加到 1,100 家，因此「它們正以歷史上最快的速度被機構採用」。 Bitwise 的官員。

That has colossal implications for Bitcoin's future price trajectory. Institutional investors have about $120 trillion in assets under management, and allocating even a small fraction of that sum to Bitcoin could drive its price much higher. Indeed, Cathie Wood at Ark Invest thinks institutions will eventually allocate "a little more than 5% of their portfolios to Bitcoin," driving the price of a single Bitcoin to $3.8 million.

這對比特幣未來的價格軌跡有巨大影響。機構投資者管理約 120 兆美元的資產，即使將其中的一小部分分配給比特幣，也可能會推高其價格。事實上，Ark Invest 的 Cathie Wood 認為機構最終將“將其投資組合的 5% 以上分配給比特幣”，從而將單個比特幣的價格推至 380 萬美元。

Options trading on the iShares Bitcoin Trust could accelerate institutional adoption

iShares 比特幣信託上的選擇權交易可以加速機構採用

In November 2024, the Nasdaq Stock Exchange introduced options trading on the iShares Bitcoin Trust, a milestone that provides another catalyst to institutional adoption. Options contracts afford the holder the right (but not the obligation) to buy or sell securities at a predetermined date and price.

2024 年 11 月，納斯達克證券交易所在 iShares 比特幣信託上推出了選擇權交易，這是一個里程碑，為機構採用提供了另一個催化劑。選擇權合約賦予持有人在預定日期和價格買賣證券的權利（但沒有義務）。

One important application of options trading is the hedging of long positions. For instance, institutional money managers with positions in the iShares Bitcoin Trust could protect their portfolios from a potential Bitcoin crash by purchasing put options, which afford the holder the right to sell a security at a specific price during a predetermined period.

選擇權交易的一項重要應用是多頭部位的避險。例如，在iShares 比特幣信託基金中持有頭寸的機構資金管理者可以透過購買看跌期權來保護其投資組合免受潛在的比特幣崩潰的影響，看跌期權賦予持有人在預定期限內以特定價格出售證券的權利。

What does it all mean?

這一切意味著什麼？

Spot Bitcoin ETFs have already boosted institutional demand for Bitcoin, such that the cryptocurrency's price has surged 111% since the new funds hit the U.S. market in January. And demand for spot Bitcoin ETFs could continue to build as institutions incorporate options into their trading strategies. That could drive Bitcoin's price even higher in the coming years.

現貨比特幣 ETF 已經提振了機構對比特幣的需求，自 1 月新基金登陸美國市場以來，加密貨幣的價格已飆升 111%。隨著機構將選擇權納入其交易策略，對現貨比特幣 ETF 的需求可能會持續增加。這可能會在未來幾年推高比特幣的價格。

Don’t miss this second chance at a potentially lucrative opportunity

不要錯過這第二次機會，這是一個潛在的有利可圖的機會

Ever feel like you missed the boat in buying the most successful stocks? Then you’

有沒有感覺自己錯過了買進最成功股票的機會？然後你'