綜合指南：提供投資者現貨比特幣 ETF

隨著現貨比特幣交易所交易基金 (ETF) 於 2024 年 1 月獲得批准，交易者現在可以透過線上經紀商以安全且經濟高效的方式買賣比特幣。這些 ETF 追蹤比特幣的價格，使投資者更容易獲得加密貨幣的投資，而無需承擔與加密貨幣交易所相關的風險。最好的比特幣 ETF 提供較低的費用比率，使其成為與傳統交易方法相比具有競爭力的選擇。

Spot Bitcoin ETFs: A Comprehensive Guide for Investors

現貨比特幣 ETF：投資者綜合指南

Introduction

介紹

The rapid ascent of Bitcoin as a formidable asset class has led to the development of exchange-traded funds (ETFs) that provide investors with a convenient and cost-effective mechanism for exposure to the cryptocurrency. Spot Bitcoin ETFs, in particular, offer a compelling solution for traders seeking to engage with Bitcoin without the complexities and risks associated with cryptocurrency exchanges.

比特幣作為一種強大的資產類別的迅速崛起帶動了交易所交易基金（ETF）的發展，為投資者提供了一種方便且具有成本效益的加密貨幣投資機制。尤其是現貨比特幣 ETF，為尋求交易比特幣且無需承擔與加密貨幣交易相關的複雜性和風險的交易者提供了令人信服的解決方案。

Regulatory Approval and Significance

監管批准及意義

In January 2024, the Securities and Exchange Commission (SEC) granted approval for the establishment of spot Bitcoin ETFs. This landmark decision marked a watershed moment for the cryptocurrency market, legitimizing Bitcoin as an investable asset and paving the way for wider institutional adoption.

2024 年 1 月，美國證券交易委員會（SEC）批准設立現貨比特幣 ETF。這項具有里程碑意義的決定標誌著加密貨幣市場的分水嶺，使比特幣作為可投資資產合法化，並為更廣泛的機構採用鋪平了道路。

Spot Bitcoin ETFs alleviate the challenges associated with directly holding Bitcoin, such as the need for secure storage and the potential for fraudulent activities within cryptocurrency exchanges. They also offer the advantages of regulated trading, providing investors with enhanced transparency and investor protections.

現貨比特幣 ETF 緩解了與直接持有比特幣相關的挑戰，例如安全儲存的需求以及加密貨幣交易所內詐騙活動的可能性。它們還具有受監管交易的優勢，為投資者提供更高的透明度和投資者保護。

Top Bitcoin ETFs: A Comparative Analysis

頂級比特幣 ETF：比較分析

Numerous Bitcoin ETFs have emerged since their regulatory approval. The following table provides a comprehensive overview of some of the most prominent offerings:

自從監管部門批准以來，已經出現了許多比特幣 ETF。下表全面概述了一些最突出的產品：

*On August 1, 2024, this fund will start charging 0.25 percent annually.

基金（股票代號）年初至今績效費用比率iShares Bitcoin Trust (IBIT)50.2%0.12%Fidelity Wise Origin Bitcoin Fund (FBTC)50.2%0%*ARK 21Shares Bitcoin ETF (ARKB)50.0%0.21%Bitwise Bitcoin ETF (BItwise BitTB )49.8%0.20 %VanEck 比特幣信託(HODL)49.8%0.25%Valkyrie 比特幣基金(BRRR)49.6%0.25%富蘭克林比特幣ETF (EZBC)50.2%0.19%*2024 年富蘭克林比特幣ETF (EZBC)50.2%0.19%*2024 年富蘭克林比特幣ETF (EZBC)50.2%0.19%*2024 年富蘭克林比特幣ETF (EZBC)50.2%0.19%*2024 年富蘭克林比特幣 1 日，該基金將開始每年收取0.25% 的費用。

Performance and Expense Considerations

性能和費用考慮因素

Spot Bitcoin ETFs generally track the price of Bitcoin on a percentage basis, regardless of price differences among individual funds. Therefore, an increase in Bitcoin's price should result in a corresponding increase in the value of the ETFs.

現貨比特幣 ETF 通常以百分比為基礎追蹤比特幣的價格，無論個別基金之間的價格差異如何。因此，比特幣價格的上漲應該會導致 ETF 的價值相應增加。

Expense ratio is a crucial factor to consider when selecting a Bitcoin ETF. This ratio represents the percentage of an investment charged as a fee. Some funds initially offer low or zero expense ratios to attract investors, but these fees may increase in the future.

費用比率是選擇比特幣 ETF 時要考慮的關鍵因素。此比率代表作為費用收取的投資的百分比。一些基金最初提供低費用率或零費用率以吸引投資者，但這些費用將來可能會增加。

Competitive Fee Structure

有競爭力的費用結構

The expense ratios of Bitcoin ETFs are competitive with the fees charged by cryptocurrency exchanges and traditional brokers. As a result, these ETFs present a cost-effective alternative for investors seeking Bitcoin exposure while minimizing trading costs.

比特幣 ETF 的費用比率與加密貨幣交易所和傳統經紀商收取的費用相比具有競爭力。因此，這些 ETF 為尋求比特幣投資同時最大限度地降低交易成本的投資者提供了一種經濟高效的選擇。

Suitability for Bitcoin Investors

適合比特幣投資者

The availability of spot Bitcoin ETFs provides a convenient and regulated entry point for investors who wish to participate in the Bitcoin market. However, it is essential to emphasize that Bitcoin ETFs do not eliminate the underlying risks associated with Bitcoin.

現貨比特幣 ETF 的出現為希望參與比特幣市場的投資者提供了便捷且受監管的切入點。然而，必須強調的是，比特幣 ETF 並不能消除與比特幣相關的潛在風險。

Bitcoin's volatility, which has characterized its short history, can be both advantageous and detrimental for investors. While experienced traders may capitalize on price fluctuations, novice investors should be aware of the potential for significant losses.

比特幣歷史短暫，其波動性對投資者來說既有利也有弊。雖然經驗豐富的交易者可能會利用價格波動獲利，但新手投資者應該意識到潛在的重大損失。

Lack of Underlying Assets

缺乏基礎資產

Unlike stocks, which are backed by the assets and cash flow of underlying businesses, Bitcoin and other cryptocurrencies are not underpinned by tangible assets. Their value is solely determined by market sentiment and the expectations of traders. This dependence on investor sentiment has led some experts to refer to cryptocurrency investment as the "greater fool theory of investing."

與由基礎業務的資產和現金流支持的股票不同，比特幣和其他加密貨幣並未以有形資產為支撐。它們的價值完全取決於市場情緒和交易者的期望。這種對投資者情緒的依賴導致一些專家將加密貨幣投資稱為「更大的傻瓜投資理論」。

Regulatory Scrutiny and Investor Cautions

監管審查和投資者註意事項

Despite approving spot Bitcoin ETFs, the SEC has expressed concerns regarding the risks associated with cryptocurrencies. SEC chief Gary Gensler has urged investors to exercise caution and be aware of the potential pitfalls involved.

儘管批准了現貨比特幣 ETF，但美國證券交易委員會仍對與加密貨幣相關的風險表示擔憂。美國證券交易委員會主席加里·詹斯勒敦促投資者謹慎行事，並意識到其中潛在的陷阱。

Availability and Trading

可用性和交易

Bitcoin ETFs are widely available through brokers that facilitate stock trading on major U.S. exchanges. The most reputable brokers offer commission-free ETF trading, enabling investors to enter and exit positions at minimal cost.

比特幣 ETF 可透過促進美國主要交易所股票交易的經紀商廣泛使用。最有信譽的經紀商提供免佣金 ETF 交易，使投資者能夠以最低的成本進入和退出頭寸。

Conclusion: The Future of Bitcoin ETFs

結論：比特幣 ETF 的未來

The emergence of spot Bitcoin ETFs has simplified and reduced the barriers to entry for investors seeking exposure to the digital currency. These funds may contribute to the widespread acceptance of Bitcoin as a store of value and drive further price appreciation.

現貨比特幣 ETF 的出現簡化並降低了尋求數位貨幣投資的投資者的進入障礙。這些資金可能有助於比特幣作為價值儲存手段的廣泛接受，並推動價格進一步升值。

However, it is crucial for investors to approach Bitcoin ETFs with prudence, fully understanding the risks associated with Bitcoin and the reliance on market sentiment. Due diligence and a solid understanding of the underlying dynamics are essential before making any investment decisions.

然而，投資者謹慎對待比特幣 ETF、充分了解與比特幣相關的風險以及對市場情緒的依賴至關重要。在做出任何投資決策之前，盡職調查和對潛在動態的深入了解至關重要。