DTCC 重塑風險格局，限制加密貨幣 ETF 抵押

美國存託信託和清算公司 (DTCC) 宣布，不會向持有比特幣或其他加密貨幣的交易所交易基金 (ETF) 分配抵押品價值，並禁止針對這些基金提供貸款。儘管如此，個別經紀商仍可能使用這些 ETF 進行貸款和抵押。在現貨比特幣 ETF 獲得批准後，人們的興趣增加，包括高盛在內的傳統參與者已重新進入加密貨幣市場。美國現貨比特幣 ETF 吸引了機構關注，淨流入超過 125 億美元，但最近有所放緩。

Redefining Risk: DTCC's Stance on Cryptocurrency ETFs

重新定義風險：DTCC 對加密貨幣 ETF 的立場

The Depository Trust and Clearing Corporation (DTCC), a cornerstone of the U.S. financial infrastructure, has announced a pivotal decision: effective April 30, the organization will no longer assign collateral value to exchange-traded funds (ETFs) with exposure to Bitcoin or other cryptocurrencies. Additionally, the DTCC will cease extending loans against these assets.

美國金融基礎設施基石美國存託信託和清算公司(DTCC) 宣布了一項關鍵決定：自4 月30 日起，該組織將不再向持有比特幣或其他資產的交易所交易基金(ETF)分配抵押品價值。此外，DTCC 將停止針對這些資產發放貸款。

This move stems from concerns over the volatility and speculative nature of cryptocurrency investments. While the value of cryptocurrencies can fluctuate dramatically, their underlying security is based on decentralized, digital ledgers, raising questions about their long-term stability. The DTCC's decision aligns with its mission to maintain a robust and reliable financial system.

此舉源自於對加密貨幣投資的波動性和投機性的擔憂。雖然加密貨幣的價值可能會大幅波動，但其底層安全性是基於去中心化的數位帳本，引發了對其長期穩定性的質疑。 DTCC 的決定符合其維護穩健可靠的金融體系的使命。

The impact of this decision will be felt within the line of credit system, where inter-entity settlements will be affected. However, individual brokers retain the discretion to utilize cryptocurrency ETFs for lending and collateral purposes within their brokerage operations.

這項決定的影響將在信用體系範圍內感受到，實體間的結算將受到影響。然而，個別經紀商保留在其經紀業務中使用加密貨幣 ETF 進行貸款和抵押的自由裁量權。

Traditional Players Re-enter the Cryptocurrency Market

傳統玩家重新進入加密貨幣市場

In contrast to the DTCC's conservative approach, traditional financial institutions are gradually re-entering the cryptocurrency market. In 2024, following the approval of spot Bitcoin ETFs, Goldman Sachs resumed operations in this space, catering to clients' renewed interest.

與 DTCC 的保守做法相反，傳統金融機構正逐步重新進入加密貨幣市場。 2024 年，在現貨比特幣 ETF 獲得批准後，高盛恢復了該領域的業務，以滿足客戶重新燃起的興趣。

The launch of spot Bitcoin ETFs in the U.S. has fueled significant institutional demand. Within three months of their inception, these ETFs collectively accumulated over $12.5 billion in assets under management. However, recent data reveals a slowdown in net inflows, with notable outflows reported by prominent issuers. Grayscale's GBTC ETF, for instance, experienced a single-day outflow of $82.4197 million and a cumulative net outflow of $17.185 billion.

美國現貨比特幣 ETF 的推出刺激了龐大的機構需求。在成立後的三個月內，這些 ETF 管理的資產總計超過 125 億美元。然而，最近的數據顯示淨流入放緩，知名發行人報告資金流出顯著。以灰階GBTC ETF為例，單日流出8,241.97萬美元，累計淨流出171.85億美元。

Exploring the Possibilities of Bitcoin ETFs

探索比特幣 ETF 的可能性

Morgan Stanley is actively exploring the possibility of allowing its nearly 15,000 brokers to recommend spot Bitcoin ETFs to clients. This move, if implemented, would potentially expand its customer base, but it also carries the added responsibility and potential liability associated with cryptocurrency investments.

摩根士丹利正在積極探索允許其近 15,000 家經紀商向客戶推薦現貨比特幣 ETF 的可能性。此舉如果實施，可能會擴大其客戶群，但它也帶來了與加密貨幣投資相關的額外責任和潛在責任。

Other financial institutions, such as Raymond James Financial and Vanguard, have opted against offering cryptocurrency products due to concerns about their suitability for long-term portfolios. LPL Financial, the largest independent brokerage, announced plans in February to evaluate which Bitcoin funds could be offered to clients.

其他金融機構，例如 Raymond James Financial 和 Vanguard，由於擔心是否適合長期投資組合而選擇不提供加密貨幣產品。最大的獨立經紀公司 LPL Financial 在 2 月宣布計劃評估可以向客戶提供哪些比特幣基金。

Hong Kong Embraces Spot Bitcoin and Ethereum ETFs

香港擁抱現貨比特幣和以太幣ETF

In a significant development, Hong Kong's Securities and Futures Commission has granted approval to several fund managers to launch spot Bitcoin and Ethereum ETFs. These ETFs are expected to be introduced by the end of April, providing Hong Kong investors with a new avenue to access cryptocurrency investments.

香港證券及期貨事務監察委員會已批准多家基金經理人推出現貨比特幣和以太幣 ETF，這是一項重大進展。這些ETF預計於4月底推出，為香港投資者提供加密貨幣投資的新途徑。

Implications and Outlook

影響和展望

The DTCC's decision to exclude cryptocurrency ETFs from its collateral valuation system underscores the ongoing uncertainty surrounding the regulatory landscape for digital assets. While traditional players are cautiously re-engaging with cryptocurrency markets, the volatility and speculative nature of these investments remain a concern for many financial institutions.

DTCC 將加密貨幣 ETF 排除在其抵押品估值系統之外的決定凸顯了數位資產監管環境持續存在的不確定性。儘管傳統參與者正在謹慎地重新參與加密貨幣市場，但這些投資的波動性和投機性仍然是許多金融機構關注的問題。

The net inflow slowdown into U.S.-based Bitcoin ETFs suggests a more cautious approach among institutional investors. Despite the potential for growth, the lack of clear regulatory frameworks and the inherent risk associated with cryptocurrency investments may temper the enthusiasm of some investors.

美國比特幣 ETF 的淨流入放緩表明機構投資者採取了更謹慎的態度。儘管存在成長潛力，但缺乏明確的監管框架以及與加密貨幣投資相關的固有風險可能會削弱一些投資者的熱情。

As the cryptocurrency market continues to evolve, it remains to be seen how the financial industry will navigate the regulatory and risk environment. The DTCC's stance and the actions of traditional players will undoubtedly shape the future of cryptocurrency ETFs and the broader financial landscape.

隨著加密貨幣市場的不斷發展，金融業將如何應對監管和風險環境仍有待觀察。 DTCC 的立場和傳統參與者的行動無疑將塑造加密貨幣 ETF 和更廣泛的金融格局的未來。