比特幣ETF的興起永遠改變了加密貨幣市場

比特幣ETF的興起或交易所貿易資金的興起已經改變了加密貨幣市場和整個財務世界。

The rise of Bitcoin ETFs, or exchange-traded funds, has changed the cryptocurrency market and the financial world at large forever. These game-changing investment vehicles successfully bridged the gap between digital currencies and traditional finance, finally enabling mainstream investors and financial institutions to easily and securely gain exposure to Bitcoin.

比特幣ETF的興起或交易所貿易資金的興起已經改變了加密貨幣市場和整個財務世界。這些改變遊戲規則的投資工具成功地彌合了數字貨幣與傳統財務之間的差距，最終使主流投資者和金融機構可以輕鬆安全地獲得對比特幣的風險。

Bitcoin ETFs opened the floodgates to institutional adoption of cryptocurrencies by bringing regulatory clarity and increased accessibility to the industry. Bitcoin is no longer sidelined by institutional investors and regulators, and the financial market’s embrace of the technology has helped improve perceptions of the asset.

比特幣ETF通過提出監管清晰度並提高對行業的可及性，為機構採用加密貨幣開放了閘門。比特幣不再被機構投資者和監管機構所抵消，金融市場對技術的擁抱有助於提高對資產的看法。

In this article, we detail everything you need to know about Bitcoin ETFs, from pros and cons to an in-depth exploration of their effects on the crypto market and more.

在本文中，我們詳細介紹了您需要了解的有關比特幣ETF的所有信息，從利弊到對它們對加密市場的影響的深入探索等等。

How Do Bitcoin ETFs Work?

比特幣ETF如何工作？

Before we get to Bitcoin ETFs, let’s break down what exactly an ETF or exchange-traded fund is. An ETF is a kind of investment fund that holds any number of assets, such as stocks, commodities, bonds, real estate, and other financial instruments. They are traded on stock exchanges like any other public stock, making it easy for investors to gain exposure to various bundles of assets without having to purchase them and manage them directly.

在進入比特幣ETF之前，讓我們分解究竟是什麼是ETF或交易所交易的基金。 ETF是一種投資基金，持有任何數量的資產，例如股票，商品，債券，房地產和其他金融工具。它們像其他任何公共股票一樣在證券交易所進行交易，使投資者可以輕鬆獲得各種資產的敞口，而無需購買並直接管理它們。

A Bitcoin ETF is simply an ETF that tracks the price of Bitcoin, allowing investors to easily gain exposure to the token. There are various kinds of Bitcoin ETFs that hold different assets. For example, some only hold Bitcoin while others purchase Bitcoin futures contracts.

比特幣ETF只是跟踪比特幣價格的ETF，使投資者可以輕鬆獲得令牌。有多種比特幣ETF擁有不同的資產。例如，有些僅容納比特幣，而另一些則購買比特幣期貨合約。

A Brief History of Bitcoin ETFs

比特幣ETF的簡短歷史

The first Bitcoin ETF started trading on October 19th, 2021, but the idea has been around for over a decade. In fact, the first serious attempt to launch a Bitcoin ETF came in 2013, just a few years after the token was created. The Winklevoss Twins, famous for their involvement in Facebook and their early Bitcoin investments, filed a proposal for the Winklevoss Bitcoin Trust ETF with the U.S. Securities and Exchange Commission.

第一個比特幣ETF於2021年10月19日開始交易，但這個想法已經存在了十多年。實際上，在創建令牌僅幾年後，首次認真嘗試發射比特幣ETF。 Winklevoss雙胞胎以參與Facebook和他們早期的比特幣投資而聞名，他向美國證券交易委員會提交了Winklevoss Bitcoin Trust ETF的提案。

The SEC didn’t make a decision until 2017 when it denied the application. The SEC was mostly worried about the potential for fraud and cited the minimal regulation in the crypto industry at the time. In the notice, the SEC said:

SEC直到2017年拒絕申請才決定。 SEC主要擔心欺詐的潛力，並認為當時加密行業的監管最少。在通知中，SEC說：

“As discussed further below, the Commission is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.”

“正如下面進一步討論的那樣，委員會不贊成這一擬議的規則更改，因為它沒有發現該提案與《交換法》第6（b）（5）條一致，該法案除其他事項外，必須旨在防止欺詐性和操縱性行為和操縱性行為和保護投資者和公眾利益。”

Supporters of Bitcoin ETFs didn’t give up, and multiple institutions submitted their own proposals. In 2017, the Chicago Mercantile Exchange (CME) decided to offer trading of Bitcoin futures contracts, marking a shift towards institutional adoption.

比特幣ETF的支持者沒有放棄，多個機構提出了自己的建議。 2017年，芝加哥商業交易所（CME）決定提供比特幣期貨合約的交易，這標誌著向機構採用的轉變。

ProShares, a large ETF issuer, proposed a Bitcoin ETF that only holds Bitcoin futures, providing exposure to the token without owning it directly. After many delays, the SEC finally approved the ProShares Bitcoin Strategy ETF in October 2021. It took another few years for the SEC to approve the first spot Bitcoin ETFs, which directly hold Bitcoin.

大型ETF發行人Proshares提出了只有比特幣期貨的比特幣ETF，可在不直接擁有它的情況下向代幣提供接觸。經過多次延遲，SEC終於批准了2021年10月的Proshares比特幣戰略ETF。 SEC批准了直接持有比特幣的第一個位置比特幣ETF花了幾年的時間。

In the short time that Bitcoin ETFs have been around, they have already had a massive impact on the crypto market, spurring billions of dollars of inflows from institutions and traditional investors.

在比特幣ETF出現的短時間內，它們已經對加密貨幣市場產生了巨大影響，促使機構和傳統投資者流入了數十億美元的流入。

Investing in Bitcoin vs Bitcoin ETFs

投資比特幣與比特幣ETF

It may seem like investing in Bitcoin versus Bitcoin ETFs is virtually identical, and in many ways, they are, but there are crucial differences to keep in mind. The biggest difference, for the most part, is how you invest in each asset.

似乎對比特幣與比特幣ETF進行投資幾乎是相同的，並且在許多方面都是相同的，但是要記住的是至關重要的差異。在大多數情況下，最大的區別是您如何投資於每種資產。

When you want to directly purchase Bitcoin, you have to go through the trouble of setting up an account with a cryptocurrency exchange, such as Coinbase or Kraken. From there, you need to verify your identity with a driver’s license (or other form of valid ID) and personal information. Finally, you can deposit funds and begin trading Bitcoin.

當您想直接購買比特幣時，您必須遇到使用加密貨幣交易所（例如Coinbase或Kraken）設置帳戶的麻煩。從那裡，您需要使用駕駛執照（或其他有效ID形式）和個人信息來驗證自己的身份。最後，您可以存入資金並開始交易比特幣。

On the other hand, investing in Bitcoin ETFs requires a brokerage account (with similar verification requirements). If you already have one set up, you can go ahead and use it to trade Bitcoin ETFs to your heart’s desire.

另一方面，投資比特幣ETF需要一個經紀帳戶（具有相似的驗證要求）。如果您已經設置了一個設置，則可以繼續使用它來對比特幣ETF進行交易。

Directly owning Bitcoin also requires you to store it securely. Many investors leave their cryptocurrencies in their exchange accounts, but this is generally frowned upon by security experts as it incurs a significant counterparty risk.

直接擁有比特幣還需要您安全地存儲它。許多投資者將其加密貨幣留在其交換帳戶中，但這通常是安全專家蒙受的，因為它會帶來重大的對應器風險。

Most experts advise investors to make their own secure personal wallet, ideally a hardware wallet, to hold their tokens safely. Unlike with Bitcoin ETFs, investors can easily transfer and use their Bitcoin in various ways. For example, Bitcoin can be deposited and used in decentralized finance (DeFi) platforms to earn interest, borrow, and swap for other tokens.

大多數專家建議投資者製作自己安全的個人錢包，理想情況下是硬件錢包，以安全地持代幣。與比特幣ETF不同，投資者可以輕鬆地以各種方式轉移和使用其比特幣。例如，可以將比特幣存入和使用分散的財務（DEFI）平台，以贏得其他代幣的利息，借入和交換。

ETF fees are another factor to consider when deciding between Bitcoin and Bitcoin ETFs. Crypto exchanges charge trading fees (and sometimes small wallet transfer costs), but they rarely charge any ongoing management fees. Bitcoin ETFs, like all other

在決定比特幣和比特幣ETF之間，ETF費用是另一個要考慮的因素。加密交換收取交易費（有時是小錢包轉讓費用），但他們很少收取任何持續的管理費。像其他所有人一樣，比特幣ETF