用實物比特幣ETF交流重塑加密市場

在其比特幣ETF推出一年後，貝萊德（Blackrock）並沒有依靠桂冠。這家金融巨頭正在通過要求進行監管修改的請求進一步推動，旨在將“實物”交流引入其IBIT基金。

A year after launching its Bitcoin ETF, BlackRock is not resting on its laurels. The financial giant is pushing even further by requesting a regulatory modification to introduce “in-kind” exchanges into its IBIT fund. This innovative model promises smoother and more economical transactions, reserved for authorized participants. An initiative that demonstrates BlackRock’s desire to reshape the crypto market.

在推出比特幣ETF一年後，貝萊德並沒有依靠桂冠。這家金融巨頭正在通過要求進行監管修改將“實物”交流引入其IBIT基金，從而進一步推動。這種創新的模型承諾將為授權參與者保留更加順暢，更經濟的交易。一項倡議表明了貝萊德渴望重塑加密貨幣市場的願望。

In-kind exchanges: a major advance for the Bitcoin ETF

實物交流：比特幣ETF的重大進步

BlackRock has requested the SEC, through Nasdaq, to allow “in-kind” redemptions for its IBIT Bitcoin ETF. This mechanism aims to simplify transactions between the fund and authorized participants (AP), such as large financial institutions.

貝萊德（BlackRock）已通過納斯達克（Nasdaq）要求SEC允許其IBIT比特幣ETF的“實物”贖回。該機制旨在簡化基金與授權參與者（AP）（例如大型金融機構）之間的交易。

Concretely, these participants will be able to exchange bitcoins directly for ETF shares, without going through cash conversions.

具體而言，這些參與者將能夠直接將比特幣換成ETF股票，而無需進行現金轉換。

Why is this so revolutionary? Currently, redemptions often involve high costs, such as bid-ask spreads or broker commissions. With the in-kind model, these costs disappear.

為什麼這麼革命？當前，贖回通常涉及高昂的成本，例如出價差價或經紀委員會。使用實物模型，這些成本消失了。

According to James Seyffart, ETF analyst:

根據ETF分析師James Seyffart的說法：

“This improves transaction efficiency while reducing friction.”

“這提高了交易效率，同時降低了摩擦。”

The benefits are numerous:

好處很多：

However, this flexibility remains inaccessible to individuals. MartyParty, a crypto analyst, notes:

但是，個人仍然無法獲得這種靈活性。加密分析師Martyparty指出：

“In-kind exchanges are only for the big players. Small investors will have to settle for the old model.”

“實物交流僅適用於大型球員。小型投資者將不得不為舊車型定居。”

BlackRock dominates the crypto ETF market with IBIT

貝萊德（BlackRock）用iBIT主導著加密ETF市場

Since its launch in January 2024, BlackRock’s IBIT Bitcoin ETF has attracted nearly 40 billion dollars in inflows, an absolute record for a product of this type. This massive interest illustrates institutional investors' confidence in cryptocurrencies despite market turbulence.

自2024年1月推出以來，BlackRock的IBIT比特幣ETF吸引了近400億美元的流入，這是這種產品的絕對記錄。這種巨大的興趣表明，儘管市場動盪，但機構投資者對加密貨幣的信心。

As BlackRock refines its strategies, other players are looking to establish themselves. CoinShares recently filed requests for ETFs based on Litecoin and XRP, while Grayscale is multiplying initiatives with products dedicated to Solana and Ethereum.

當貝萊德（Blackrock）完善其策略時，其他玩家正在尋求建立自己的策略。 Coinshares最近根據Litecoin和XRP提出了ETF的請求，而Grayscale則將計劃與專門用於Solana和Ethereum的產品相比。

But the ETF giant remains ahead thanks to its ability to innovate.

但是，由於其創新能力，ETF巨頭仍然保持領先。

For Chris J. Terry, a financial strategy expert, this advancement is a “real boon for ETF liquidity”. By optimizing exchanges, BlackRock makes its products more attractive to large investors while consolidating its dominance in the market.

對於財務戰略專家克里斯·特里（Chris J. Terry）來說，這一進步是“ ETF流動性的真正恩賜”。通過優化交流，貝萊德使其產品對大型投資者更具吸引力，同時鞏固了其在市場上的優勢。

Moreover, this dynamic highlights a paradigm shift in the crypto sector. Traditional institutions, once hesitant, are now adopting bold strategies to meet growing demand.

此外，這種動態強調了加密型領域的範式轉變。傳統機構曾經猶豫，現在正在採取大膽的策略來滿足不斷增長的需求。

With the IBIT Bitcoin ETF, BlackRock is not just following the trend: it is redefining it.

使用IBIT比特幣ETF，BlackRock不僅遵循了趨勢：它正在重新定義它。

Ultimately, BlackRock’s IBIT Bitcoin ETF marks a key milestone in ETF history. After more than a decade of waiting, the SEC has approved a product that is experiencing record growth. A revolution for the ETF market and a step forward for Bitcoin.

最終，貝萊德的IBIT比特幣ETF標誌著ETF歷史上的關鍵里程碑。經過十多年的等待，SEC批准了經歷創紀錄增長的產品。 ETF市場的革命，比特幣向前邁出了一步。

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La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

區塊鍊和加密革命正在進行中！而那一天，將對這個世界上最脆弱的經濟感受到影響的那一天，我會說我在那裡是為了什麼