隨著投資者尋求直接投資加密貨幣，現貨比特幣 ETF 飆升

隨著華爾街提供槓桿變化的最新條目，現貨比特幣交易所交易基金（ETF）的推出繼續獲得動力。 ProShares推出了ProShares Ultra比特幣ETF（BITU）和ProShares UltraShort比特幣ETF（SBIT），分別為投資者提供兩倍於比特幣及其反向的每日表現。這些新的 ETF 利用了現貨比特幣 ETF 的大量流入和日益受歡迎，滿足了加密貨幣市場對槓桿暴露和對沖機會不斷增長的需求。

Surge in Spot Bitcoin Exchange-Traded Funds Shows Unwavering Investor Demand

現貨比特幣交易所交易基金的激增顯示投資者需求堅定不移

The recent launch of spot Bitcoin exchange-traded funds (ETFs) has sparked an unprecedented surge in investor interest, with the latest offerings from Wall Street-based firms providing supercharged versions of these innovative products.

最近推出的現貨比特幣交易所交易基金（ETF）引發了投資者前所未有的興趣激增，華爾街公司的最新產品提供了這些創新產品的增強版。

ProShares Introduces Ultra Bitcoin ETFs

ProShares 推出 Ultra 比特幣 ETF

On Tuesday, ProShares unveiled two highly anticipated spot Bitcoin ETFs: ProShares Ultra Bitcoin ETF (ticker BITU) and ProShares UltraShort Bitcoin ETF (SBIT). BITU tracks twice the daily performance of Bitcoin via the Bloomberg Bitcoin Index, while SBIT provides inverse exposure to the same index. Both ETFs offer leverage and an expense ratio of 95 basis points.

週二，ProShares 推出了兩款備受期待的現貨比特幣 ETF：ProShares Ultra 比特幣 ETF（股票代號 BITU）和 ProShares UltraShort 比特幣 ETF（SBIT）。 BITU 透過彭博比特幣指數追蹤比特幣每日表現的兩倍，而 SBIT 則提供相同指數的反向曝險。兩隻 ETF 均提供槓桿和 95 個基點的費用比率。

Soaring Appetite for Spot Bitcoin Exposure

對現貨比特幣曝險的興趣飆升

The launch of these twin ETFs follows the successful debut of almost a dozen Bitcoin ETFs in January, which have collectively attracted an astonishing $12 billion in net inflows and approximately $60 billion in assets. Notably, BITU and SBIT stand out by offering magnified returns on spot Bitcoin, rather than the futures market.

在這兩個 ETF 的推出之前，近 12 個比特幣 ETF 在 1 月成功上市，這些 ETF 總共吸引了驚人的 120 億美元的淨流入和約 600 億美元的資產。值得注意的是，BITU 和 SBIT 因在現貨比特幣而非期貨市場提供放大回報而脫穎而出。

Demand Outstrips Supply

需求超過供應

The overwhelming inflows into spot Bitcoin ETFs underscore the ravenous appetite for direct exposure to the world's most popular cryptocurrency. This demand is driven by investors seeking seamless and cost-effective ways to participate in the emerging crypto market.

大量資金流入現貨比特幣 ETF，突顯了人們對直接接觸全球最受歡迎的加密貨幣的強烈需求。這種需求是由投資者尋求無縫且經濟高效的方式參與新興加密貨幣市場所推動的。

More Products on the Horizon

更多產品即將推出

The success of ProShares' offerings has paved the way for a flood of new spot Bitcoin ETFs seeking to capitalize on the surge in investor demand. Among them is the recently converted Hashdex Bitcoin ETF (DEFI), with Grayscale Bitcoin Mini Trust awaiting regulatory approval.

ProShares 產品的成功為大量尋求利用投資者需求激增的新現貨比特幣 ETF 鋪平了道路。其中包括最近轉換的 Hashdex 比特幣 ETF（DEFI），以及灰階比特幣迷你信託正在等待監管部門的批准。

Leveraged ETFs: A Double-Edged Sword

槓桿ETF：一把雙面刃

According to Michael O'Riordan, founding partner of ETF consulting firm Blackwater, "It demonstrates how ETF managers can be an opportunistic bunch by trying to leverage off the positive sentiment as much as possible."

ETF 諮詢公司 Blackwater 的創始合夥人 Michael O’Riordan 表示，“這表明 ETF 管理者如何通過盡可能地利用積極情緒來成為機會主義者。”

While leveraged ETFs have become increasingly popular, analysts warn that they can be a double-edged sword. Matt Maley, chief market strategist at Miller Tabak + Co, observes, "On the negative side, it will likely lead to an increase in speculation in an asset class that is already volatile. However, they will also help investors hedge their positions. So, that could offset some of that speculation."

儘管槓桿ETF越來越受歡迎，但分析師警告稱，它們可能是一把雙面刃。 Miller Tabak + Co首席市場策略師Matt Maley觀察到，「從負面來看，這可能會導致本已波動的資產類別的投機活動增加。不過，它們也將幫助投資者對沖頭寸。因此，這可能會抵消一些猜測。”

Volatile Bitcoin Price Drives Demand

波動的比特幣價格推動需求

The extreme volatility of Bitcoin has been a major catalyst in the demand for leveraged and short-exposure investment vehicles. Despite a recent 10% correction, Bitcoin remains up 54% since the start of the year, marking a significant recovery from its catastrophic 64% loss in 2022.

比特幣的極端波動一直是槓桿和短期創投工具需求的主要催化劑。儘管最近出現了 10% 的回調，但比特幣自年初以來仍上漲了 54%，標誌著從 2022 年災難性的 64% 損失中顯著恢復。

Existing Leveraged ETF Success

現有槓桿ETF的成功

The demand for Bitcoin leverage is evident in the success of existing products such as VolatilityShares' 2x Bitcoin Strategy ETF (BITX). Launched in June 2023, BITX has consistently attracted inflows, with $885 million in January alone.

VolatilityShares 的 2x 比特幣策略 ETF (BITX) 等現有產品的成功證明了對比特幣槓桿的需求。 Bitx 於 2023 年 6 月推出，持續吸引資金流入，光是 1 月就吸引了 8.85 億美元資金流入。

ProShares' Offerings Provide Flexibility

ProShares 的產品提供彈性

ProShares CEO Michael Sapir highlights the unique advantages of BITU and SBIT: "BITU offers investors the opportunity to pursue magnified Bitcoin returns or target a level of exposure with less money at risk." Conversely, SBIT "allows investors to seek to profit when the price of Bitcoin drops or hedge their Bitcoin exposure."

ProShares 執行長 Michael Sapir 強調了 BITU 和 SBIT 的獨特優勢：“BITU 為投資者提供了追求放大的比特幣回報或以更少的風險資金實現一定程度的投資的機會。”相反，SBIT「允許投資者在比特幣價格下跌時尋求利潤或對沖其比特幣風險」。

Conclusion

結論

The surge in spot Bitcoin ETFs showcases the unwavering investor demand for exposure to this dynamic asset class. As regulators continue to green-light new products, the ETF market is poised to remain a dominant force in the crypto investment landscape. While leveraged ETFs offer allure, investors should carefully consider the potential risks and rewards before making any decisions.

現貨比特幣 ETF 的激增表明了投資者對這一動態資產類別的堅定需求。隨著監管機構繼續批准新產品，ETF 市場有望繼續成為加密貨幣投資領域的主導力量。雖然槓桿 ETF 具有吸引力，但投資者在做出任何決定之前應仔細考慮潛在的風險和回報。