對沖基金第三季增加了對美國現貨比特幣交易所交易基金的投資

Millennium Management、Capula Management 和 Tudor Investment 等對沖基金增加了對美國現貨比特幣交易所交易基金的投資

Major hedge funds boosted their holdings in U.S. spot bitcoin exchange-traded funds (ETFs) in the third quarter, securities filings showed on Wednesday, as a hot election-driven arbitrage trade ramped up.

週三提交的證券文件顯示，隨著選舉驅動的熱門套利交易增加，主要對沖基金在第三季度增加了美國現貨比特幣交易所交易基金（ETF）的持股。

President-elect Donald Trump embraced digital assets during his campaign, promising friendly regulation and to accumulate a national stockpile of bitcoin. The cryptocurrency surpassed the $90,000 level to reach an all-time high earlier this week, although it has pared gains.

當選總統川普在競選期間擁抱數位資產，承諾友好監管並累積國家比特幣儲備。該加密貨幣本週稍早突破 9 萬美元，創下歷史新高，但漲幅有所回落。

During the election price volatility, some hedge funds have been taking advantage of a price difference between spot bitcoin and its derivatives in the futures market in a leveraged trade, according to analysts. Spot ETFs were approved by the Securities and Exchange Commission earlier this year.

分析師表示，在選舉價格波動期間，一些對沖基金一直在利用現貨比特幣及其期貨市場衍生性商品之間的價差進行槓桿交易。現貨ETF今年稍早獲得了美國證券交易委員會的批准。

The seal of the Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington. (REUTERS/Jonathan Ernst/File Photo / Reuters Photos)

美國證券交易委員會的印章掛在華盛頓 SEC 總部的牆上。 （路透社/喬納森恩斯特/檔案照片/路透社照片）

In the so-called bitcoin basis trade, investors buy spot bitcoin - or its ETFs - and short the cryptocurrency futures, which have been trading at substantially higher prices this year. This gap widened after the election result and on Nov. 11 reached 17% in an annual basis, CF Bitcoin data showed, but pared gains to 12% on Friday.

在所謂的比特幣基差交易中，投資人買入現貨比特幣（或其 ETF），並做空加密貨幣期貨，今年加密貨幣期貨的交易價格大幅上漲。 CF Bitcoin 數據顯示，選舉結果公佈後，這一差距擴大，年率差距在 11 月 11 日達到 17%，但週五漲幅回落至 12%。

"Hedge funds are harvesting that spread. It creates a very tactical, opportunistic trade," said Gabe Selby, head of research at Kraken's CF Benchmarks. "It has an uncorrelated return."

Kraken CF Benchmarks 研究主管加布·塞爾比 (Gabe Selby) 表示：“對沖基金正在利用這種價差。這創造了一種非常戰術性的機會主義交易。” “它有一個不相關的回報。”

Positions unveiled in 13-F filings this week only show long equity bets placed by hedge funds and not wagers on the fall of share prices or derivatives. Reuters could not determine whether specific hedge funds were putting on such an arbitrage bet, only if they have taken long positions.

本週 13-F 文件中公佈的部位僅顯示對沖基金的多頭股票押注，而不是股價或衍生性商品下跌的押注。路透社無法確定特定對沖基金是否進行了此類套利押注，除非它們持有多頭部位。

Among those that increased their exposure to the cryptocurrency was Israel Englander's Millennium, which more than doubled its number of shares in iShares Bitcoin Trust to 23.5 million shares, valued at $849 million, from the previous quarter. It also increased its positions in ARK 21Shares Bitcoin and Bitwise Bitcoin funds.

Israel Englander 的 Millennium 是增加加密貨幣投資的公司之一，該公司持有的 iShares Bitcoin Trust 股票數量比上一季增加了一倍多，達到 2,350 萬股，價值 8.49 億美元。它還增加了 ARK 21Shares 比特幣和 Bitwise 比特幣基金的部位。

Overall, the New York-based hedge fund ended September with $1.7 billion in crypto ETFs, including spot bitcoin and ethereum funds. The ETFs account for a small portion of the firm's $70 billion in assets under management.

總體而言，這家總部位於紐約的對沖基金 9 月底持有價值 17 億美元的加密 ETF，其中包括現貨比特幣和以太坊基金。 ETF 只佔該公司 700 億美元管理資產的一小部分。