即將到來的創新將使加密ETF行業還會進一步收取渦輪增壓

通過大多數衡量標準，在美國，比特幣交易所交易的資金取得了成功，但行業參與者表示即將創新

The launch of bitcoin exchange traded funds in the US has been a roaring success by most measures, but coming innovations will turbo-charge the crypto ETF industry further still, say industry participants.

行業參與者說，在美國，比特幣交易所交易的資金在大多數措施中取得了巨大的成功，但是即將到來的創新將使加密貨幣ETF行業的收費進一步收穫。

A little over a year on from their debut, US-listed bitcoin ETFs already hold $120bn of assets. The largest, the $57bn iShares Bitcoin Trust (IBIT), was the world’s fastest ETF to get to $10bn, $25bn and $50bn in AUM, has already surpassed iShares’ Gold Trust and is closing in on the $80bn SPDR Gold Shares (GLD) as the planet’s largest commodity exchange traded product.

首次亮相，美國上市的比特幣ETF已經持有1200億美元的資產。最大的是570億美元的iShares比特幣信託（IBIT），是世界上最快的ETF，達到100億美元，250億美元和500億美元的AUM，已經超過了Ishares的黃金信託，並且已關閉80億美元（GLD）作為地球最大的商品交易所交易產品。

But we haven’t seen anything yet, according to Matt Hougan, chief investment officer at crypto specialist Bitwise Asset Management.

但是，Crypto專家位資產管理首席投資官Matt Hougan表示，我們還沒有看到任何東西。

“If we look forward 10 years, I bet the largest ETP in the US hasn’t launched yet,” Hougan said at the recent Digital Assets Forum in London. “I believe [the largest will be] an index-based approach,” Hougan added, referring to the diversified indices that make up most ETFs.

Hougan在倫敦最近的數字資產論壇上說：“如果我們期待10年，我敢打賭，美國ETP尚未推出。” Hougan補充說：“我相信[最大的]將是一種基於指數的方法。”

His words came just days before the listing of the first spot cryptocurrency index, or basket, ETF in the US, the Hashdex Nasdaq Crypto Index US ETF (NCIQ), which holds bitcoin and ether in a single product.

他的話是在美國第一點加密貨幣指數或籃子ETF列出的幾天前，即Hashdex Nasdaq nasdaq Crypto index US ETF（NCIQ），該指數在單個產品中容納了比特幣和Ether。

As things stand, there remains a barrier to further diversification in the US, however. The Securities and Exchange Commission has taken the view that while bitcoin and ether are commodities, many other digital tokens are securities. The latter definition complicates the path to creating ETFs holding them, as they would be subject to the 1940 Investment Company Act, which mandates more robust investor protection.

但是，事物的立場仍然存在著美國進一步多樣化的障礙。證券交易委員會認為，儘管比特幣和以太是商品，但許多其他數字代幣還是證券。後一個定義使創建ETF的途徑複雜化，因為它們將受到1940年投資公司法案的約束，該法案要求更強大的投資者保護。

With a changing of the guard at the SEC from Gary Gensler — known for his scepticism of all things crypto — to a more crypto-friendly face under President Donald Trump, some believe the logjam may be broken and these definitions reassessed.

隨著SEC從Gary Gensler（以他對所有事物加密貨幣的懷疑聞名）在SEC的衛隊中轉變為唐納德·特朗普（Donald Trump）總統在唐納德·特朗普（Donald Trump）總統的領導下更加友好的面孔，有些人認為logjam可能會被打破，並且這些定義重新評估了。

Since November there has been a rash of cryptocurrency ETF filings in the US for products predicated on tokens such as solana, Ripple’s XRP and litecoin, as well as a potential basket product from crypto pioneer Grayscale.

自11月以來，美國就已經出現了諸如Solana，Ripple的XRP和Litecoin之類的代幣的產品，以及Crypto Pioneer Grayscale的潛在籃子產品。

Hougan said resolving the security-commodity definition debate could open the floodgates.

霍根說，解決安全商品的定義辯論可以打開閘門。

“Until we get clear definitions it will hold the market back. But once we get these definitions, I believe we will get an explosion of products in the US,” he said.

“在我們明確的定義之前，它將阻礙市場。但是，一旦我們得到了這些定義，我相信我們將在美國爆炸。”他說。

Eric Pollackov, global head of ETF capital markets at Invesco ETFs, also speaking at the Digital Assets Forum, went further, alluding to crypto equivalents of the JPMorgan Equity Premium Income Fund (JEPI), the popular “covered call” ETF that uses derivatives to generate enhanced income, albeit at the expense of surrendering some potential capital gains, and for which Grayscale has already filed.

Invesco ETF的全球ETF資本市場負責人Eric Pollackov也在數字資產論壇上發表講話，他暗示了jpmorgan Equity Premium收入基金（JEPI）的加密等效物，這是一種流行的“涵蓋呼叫” ETF，該ETF使用衍生產品來使用衍生產品產生增強的收入，儘管以犧牲一些潛在的資本收益為代價，而Grayscale已經提出了收入。

“We are going to be having covered calls etc, everything that we have for equities,” Pollackov said. “But we need to differentiate between a commodity and a security.”

Pollackov說：“我們將有封面的電話等，這是我們為股票提供的一切。” “但是我們需要區分商品和安全性。”

“There have been more than 50 filings since January 1. We are not even in the first inning of innovation that’s coming from cryptocurrency.”

“自1月1日以來，已經有50多份文件。我們甚至沒有在加密貨幣的第一局創新。”

Even Trump himself may be looking to get in on the act. One of the three ETFs for which his Trump Media and Technology Group has applied for a trademark is a Truth.Fi Bitcoin Plus ETF, implying exposure to more than just bitcoin itself.

甚至特朗普本人也可能希望參與這一行為。他的特朗普媒體和技術集團申請商標的三個ETF之一是事實。Fi比特幣加ETF，這意味著不僅僅是比特幣本身。

Basket-based crypto index ETPs already exist in some other jurisdictions. Hashdex itself already runs one in Brazil and two in Europe, holding as many as a dozen digital tokens, such as ripple, solana and cardano, as well as bitcoin and ether.

基於籃子的加密指數ETP已經存在於其他一些司法管轄區中。 Hashdex本身已經在巴西和兩個在歐洲運行，持有多達十幾個數字令牌，例如Ripple，Solana和Cardano，以及比特幣和Ether。

Overall, Europe boasts 37 crypto basket or index ETPs, issued by 18 providers, according to data from ETFbook. The range includes equal-weighted, mid-cap and momentum variations on the standard market capitalisation-based model, as well as actively managed vehicles seeking to beat a passive index.

總體而言，根據ETFBook的數據，歐洲擁有37個加密貨物籃或指數ETP，由18個提供商發行。該範圍包括基於標準市值的模型的同等加權，中等股和動量變化，以及尋求擊敗被動指數的積極管理的車輛。

However, they have yet to set the world on fire. At $430mn, the Hashdex Nasdaq Crypto Index ETP (HASH) is the largest basket fund, according to ETFbook, and in aggregate the 37 funds hold $1.1bn.

但是，他們尚未使世界著火。根據ETFBook的數據，Hashdex Nasdaq Crypto Index ETP（Hash）是最大的籃子基金，總計37億美元的基金持有11億美元。

This is a relatively small share of Europe’s wider crypto ETP market, where 210 funds hold $18bn of assets and five single-token ones — four bitcoin and one solana — individually hold more than all the basket ETPs do in total.

這是歐洲更廣泛的加密ETP市場的相對較小的份額，那裡有210個資金持有180億美元的資產和5個單token的資產（四個比特幣和一個索拉納），單獨持有比所有籃子ETP所做的更多。

Despite this slow start, Hougan believed crypto index ETFs would come into their own as more institutional investors dip their toe in the asset class.

儘管開局很慢，但Hougan認為加密指數ETF會隨著更多的機構投資者在資產類別中的腳趾傾斜。

“To date, crypto has mostly been a retail phenomenon,” he said. “Professional investors have been slow to allocate due to both regulatory and reputational risks.

他說：“迄今為止，加密貨幣主要是零售現象。” “由於監管和聲譽風險，專業投資者分配緩慢。

“But my guess is that over the next 10 years that

“但是我的猜測是在接下來的10年中