DTCC 更新抵押品估值，停止加密 ETF

自 2024 年 4 月 30 日起，存款信託與清算公司 (DTCC) 將實施抵押品估值變更，包括涉及比特幣和其他加密貨幣的交易所交易基金的抵押品價值減少 100%。此舉符合 DTCC 不為此類 ETF 提供抵押品或提供貸款的決定。

DTCC Revises Collateral Valuation, Excluding Bitcoin ETFs

DTCC 修改抵押品估值，不包括比特幣 ETF

New York, NY - April 27, 2024 - The Depository Trust & Clearing Corporation (DTCC), a critical infrastructure provider for the US securities market, has announced significant changes to its collateral valuation policies, effective April 30, 2024. These changes will have a direct impact on exchange-traded funds (ETFs) backed by Bitcoin or other cryptocurrencies, effectively eliminating their collateral value and raising concerns within the crypto industry.

紐約州紐約- 2024 年4 月27 日- 美國證券市場的關鍵基礎設施提供商美國存管信託與清算公司(DTCC) 宣布對其抵押品估值政策進行重大變更，並於2024 年4 月30 日生效。

No Collateral for Bitcoin ETFs

比特幣 ETF 無需抵押

The DTCC has明确表示，它将不再为涉及比特币或其他加密货币的交易所交易基金（ETF）提供抵押或发放贷款。这清楚地表明了DTCC对加密资产作为金融担保的不信任。

The DTCC has明確表示，它將不再為涉及比特幣或其他加密貨幣的交易所交易基金（ETF）提供抵押或發放貸款。這清楚地表明了DTCC對加密資產作為財務擔保的不信任。

Impact on Crypto ETFs

對加密貨幣 ETF 的影響

This decision has raised concerns among crypto investors and analysts, as spot Bitcoin ETFs have grown in popularity, attracting billions of dollars in investments since their launch just three months ago. The DTCC's move could significantly impact the value and liquidity of these ETFs.

這項決定引起了加密貨幣投資者和分析師的擔憂，因為現貨比特幣 ETF 越來越受歡迎，自三個月前推出以來吸引了數十億美元的投資。 DTCC 的舉措可能會對這些 ETF 的價值和流動性產生重大影響。

Collateral Values Reduced by 100%

抵押品價值減少 100%

According to the DTCC announcement, these ETFs will no longer be assigned any collateral value, effectively reducing their collateral value by 100%. This could lead to increased margin calls for investors holding these ETFs, forcing them to either provide additional collateral or sell their positions.

根據 DTCC 公告，這些 ETF 將不再被分配任何抵押品價值，從而有效地將其抵押品價值減少 100%。這可能會導致持有這些 ETF 的投資者追加保證金要求增加，迫使他們要么提供額外的抵押品，要么出售頭寸。

Concerns Over Bank Lending

對銀行貸款的擔憂

The DTCC's decision could also affect the ability of banks to lend against crypto ETFs as collateral. Traditionally, banks have relied on collateral to secure their loans, but the DTCC's move effectively eliminates this option for crypto ETFs.

DTCC 的決定也可能影響銀行以加密 ETF 作為抵押品放款的能力。傳統上，銀行依靠抵押品來獲得貸款，但 DTCC 的舉措實際上消除了加密 ETF 的這種選擇。

Market Reaction

市場反應

The news has had a negative impact on the crypto market, particularly on Bitcoin. The price of Bitcoin has dropped by approximately 2.2% in the last 24 hours, reflecting investor concerns about the DTCC's decision.

該消息對加密市場產生了負面影響，尤其是比特幣。在過去 24 小時內，比特幣價格下跌約 2.2%，反映出投資者對 DTCC 決定的擔憂。

Analyst Commentary

分析師評論

Analysts have expressed mixed reactions to the DTCC's move. Some believe it is a prudent decision given the inherent volatility of cryptocurrencies, while others argue that it stifles innovation and deprives investors of access to new asset classes.

分析師對 DTCC 的舉動反應不一。有些人認為，考慮到加密貨幣固有的波動性，這是一個謹慎的決定，而有些人則認為，這會扼殺創新並剝奪投資者獲得新資產類別的機會。

Outlook for Crypto ETFs

加密貨幣 ETF 的展望

The long-term impact of the DTCC's decision on crypto ETFs remains to be seen. It is possible that these ETFs will continue to trade in the secondary market, albeit with reduced liquidity. However, it is also possible that the lack of collateral support could lead to a decline in investor interest and a reduction in their overall market value.

DTCC 的決定對加密 ETF 的長期影響仍有待觀察。儘管流動性有所減少，但這些 ETF 可能會繼續在二級市場上交易。然而，缺乏抵押品支持也有可能導致投資者興趣下降及其整體市場價值下降。

DTCC's Stance on Crypto

DTCC 對加密貨幣的立場

The DTCC's decision highlights the ongoing skepticism and regulatory challenges faced by cryptocurrencies in traditional financial markets. It remains to be seen whether other financial institutions will follow DTCC's lead or explore more innovative approaches to incorporating crypto assets into their operations.

DTCC 的決定凸顯了加密貨幣在傳統金融市場中持續面臨的懷疑和監管挑戰。其他金融機構是否會效仿 DTCC 的領導或探索更多創新方法將加密資產納入其營運仍有待觀察。

Crypto Market Developments

加密貨幣市場發展

Despite the DTCC's decision, interest in cryptocurrencies continues to grow in the traditional financial sector. Major banks such as Goldman Sachs and BNY Mellon have expressed interest in gaining exposure to Bitcoin ETFs. However, recent outflows from spot Bitcoin ETFs suggest that investors remain cautious about the short-term prospects of these products.

儘管 DTCC 做出了決定，但傳統金融領域對加密貨幣的興趣仍在持續增長。高盛和紐約梅隆銀行等主要銀行已表示有興趣投資比特幣 ETF。然而，最近現貨比特幣 ETF 的資金流出表明投資者對這些產品的短期前景保持謹慎。

Conclusion

結論

The DTCC's decision has sent shockwaves through the crypto industry, raising concerns about the future of crypto ETFs and the regulatory landscape for cryptocurrencies in traditional financial markets. While it is too early to predict the full impact of this move, it is evident that the integration of crypto assets into mainstream finance remains a complex and evolving challenge.

DTCC 的決定震驚了整個加密產業，引發了人們對加密 ETF 未來以及傳統金融市場加密貨幣監管環境的擔憂。雖然現在預測這項措施的全面影響還為時過早，但很明顯，將加密資產融入主流金融仍然是一個複雜且不斷變化的挑戰。