加密貨幣 ETF 激增，在市場轉型中提振比特幣

隨著美國上市加密貨幣ETF的資金流入激增，比特幣的價格出現了上漲趨勢。道明證券 ETF 銷售和策略主管 Andres Rincon 闡述了加密 ETF 市場的現狀，強調了投資者的潛在機會和風險。

Cryptocurrency ETFs Gain Traction, Driving Bitcoin's Rise Amid Market Evolution

加密貨幣 ETF 受到關注，在市場演變中推動比特幣上漲

As inflows into U.S.-listed cryptocurrency exchange-traded funds (ETFs) surge, the price of Bitcoin is experiencing a welcome boost. Andres Rincon, Managing Director and Head of ETF Sales and Strategy at TD Securities, offers insights into the current state of the crypto ETF market, highlighting potential opportunities and risks for investors.

隨著流入美國上市的加密貨幣交易所交易基金（ETF）的資金激增，比特幣的價格正在經歷可喜的提振。道明證券 (TD Securities) 董事總經理兼 ETF 銷售與策略主管 Andres Rincon 提供了有關加密 ETF 市場現狀的見解，強調了投資者的潛在機會和風險。

A Rapidly Evolving Landscape

快速發展的格局

Following the launch of spot Bitcoin ETFs in the U.S. in January 2022, the market has witnessed significant activity and excitement. Initially, 11 Bitcoin ETFs were approved. Since then, the space has evolved rapidly, with money flowing from existing crypto products and new investors entering the fold.

自 2022 年 1 月在美國推出現貨比特幣 ETF 以來，市場出現了顯著的活躍和興奮。最初，有 11 隻比特幣 ETF 獲得批准。從那時起，該領域發展迅速，資金從現有的加密產品中流出，新的投資者也進入其中。

Rincon emphasizes the transformative role played by behemoths like BlackRock and Fidelity, which have endorsed crypto ETFs, boosting their legitimacy in the eyes of advisors and other investors. As a result, a growing number of these professionals are allocating a small portion of traditional portfolios to crypto exposure, typically in the range of 3-5%.

Rincon 強調了 BerRock 和 Fidelity 等巨頭所發揮的變革性作用，這些巨頭已經認可了加密 ETF，從而提高了它們在顧問和其他投資者眼中的合法性。因此，越來越多的專業人士將傳統投資組合的一小部分分配給加密貨幣投資，通常在 3-5% 的範圍內。

Implications of SEC's Stance

SEC 立場的影響

Interestingly, the SEC's approval of these ETFs was largely a result of being forced to do so, according to Rincon. While the agency made it clear that it does not endorse the products and acknowledges the risks, it nonetheless allowed them to trade. Consequently, large-name ETFs have gained traction and additional filings for other types of crypto ETFs have been made.

有趣的是，Rincon 表示，SEC 對這些 ETF 的批准很大程度上是被迫的結果。儘管該機構明確表示不認可這些產品並承認存在風險，但仍允許它們進行交易。因此，大牌 ETF 受到了關注，其他類型的加密 ETF 也已提交了額外的申請。

Expanding Cryptocurrency ETF Horizons

擴大加密貨幣 ETF 的視野

Beyond Bitcoin, other cryptocurrencies are poised for ETF representation in the U.S. Ether ETFs, for instance, are expected to join the market soon, with Rincon suggesting that other digital assets may follow suit. However, the availability of futures trading in the underlying cryptocurrency is a key factor in determining ETF eligibility.

除了比特幣之外，其他加密貨幣也準備在美國的 ETF 中佔有一席之地。例如，以太坊 ETF 預計很快就會加入市場，Rincon 表示其他數位資產也可能會效仿。然而，基礎加密貨幣期貨交易的可用性是確定 ETF 資格的關鍵因素。

Cautionary Notes Amidst Enthusiasm

熱情中的警示

While interest in crypto ETFs remains high, Rincon emphasizes the importance of recognizing the risks associated with these products. The SEC has highlighted the potential for manipulation within the cryptocurrency market, which falls outside its regulatory purview. Additionally, concerns regarding custody of digital assets, despite the rigorous oversight of ETF custodians, must be considered.

儘管人們對加密 ETF 的興趣仍然很高，但 Rincon 強調認識到與這些產品相關的風險的重要性。美國證券交易委員會強調了加密貨幣市場內操縱的可能性，這不屬於其監管範圍。此外，儘管 ETF 託管人受到嚴格監管，但仍必須考慮對數位資產託管的擔憂。

Commodities ETFs: Resilience and Overlooked Potential

商品 ETF：彈性和被忽視的潛力

In addition to cryptocurrencies, commodities have also performed well in recent years. Gold and oil prices have skyrocketed, driven by geopolitical tensions and supply chain disruptions. Despite this resilience, allocations to commodities ETFs remain relatively low. Rincon highlights the diversification benefits of these investments and encourages investors to consider their potential.

除了加密貨幣之外，大宗商品近年來也表現出色。在地緣政治緊張局勢和供應鏈中斷的推動下，黃金和石油價格飆升。儘管有這種彈性，但大宗商品 ETF 的配置仍然相對較低。 Rincon 強調了這些投資的多元化優勢，並鼓勵投資者考慮其潛力。

Covered Call ETFs: A Growing Trend

備兌買權 ETF：成長趨勢

Covered call ETFs have gained significant popularity in Canada, with over 160 such funds and assets under management exceeding $20 billion. Recently, the U.S. market has embraced these products, with J.P. Morgan's JEPI and JEPQ leading the surge. Rincon explains that the popularity of covered call ETFs stems from their ability to generate income while potentially sacrificing some growth potential, an appealing option for income-seeking investors, particularly those in retirement.

備兌買權 ETF 在加拿大非常受歡迎，這類基金超過 160 只，管理資產超過 200 億美元。最近，美國市場開始接受這些產品，其中摩根大通的JEPI和JEPQ領漲。 Rincon 解釋說，備兌買權ETF 之所以受歡迎，是因為它們能夠產生收入，同時可能會犧牲一些成長潛力，這對於尋求收入的投資者（尤其是退休投資者）來說是一個有吸引力的選擇。

Canada's ETF Legacy

加拿大的 ETF 遺產

In March 2023, the ETF industry celebrated its 34th anniversary, marking a remarkable journey that began with Canada's launch of the TIPs fund, the world's first ETF. The Canadian ETF market has since grown to encompass 40 issuers, 1,400 products, and over $400 billion in assets under management.

2023 年 3 月，ETF 產業慶祝了成立 34 週年，標誌著一段非凡的旅程，始於加拿大推出全球首支 ETF TIPs 基金。此後，加拿大 ETF 市場已發展到擁有 40 個發行人、1,400 種產品和超過 4,000 億美元的管理資產。