分析师：比特币 ETF 期权可以为衍生 ETF 产品的强大生态系统铺平道路

Bloomberg Intelligence 分析师 James Seyffart 反思了现货比特币 BTC/USD ETF 的巨大成功以及 2025 年山寨币 ETF 批准的潜在问题。

Bloomberg Intelligence analyst James Seyffart discussed the remarkable success of spot Bitcoin ETFs and the potential challenges in altcoin ETF approvals during a recent Blockworks Macro episode.

Bloomberg Intelligence 分析师 James Seyffart 在最近的 Blockworks Macro 节目中讨论了现货比特币 ETF 的巨大成功以及山寨币 ETF 批准的潜在挑战。

Here's a summary of his key points:

以下是他的要点摘要：

Bitcoin ETFs' Stellar Performance:

比特币 ETF 的出色表现：

Seyffart highlighted that four Bitcoin ETFs are now ranked among the top 20 ETF launches of all time, with iShares' IBIT ETF leading the way. These ETFs attracted a staggering $37 billion in net inflows during their first year, surpassing initial projections of $15-$20 billion.

Seyffart 强调，目前有四只比特币 ETF 跻身有史以来推出的 20 只 ETF 之列，其中 iShares 的 IBIT ETF 处于领先地位。这些 ETF 在第一年就吸引了惊人的 370 亿美元净流入，超过了 15-200 亿美元的最初预测。

Moreover, he noted the promising launch of Bitcoin ETF options, which could pave the way for a robust ecosystem of derivative ETF products.

此外，他还指出比特币 ETF 期权的推出很有前景，这可能为衍生 ETF 产品的强大生态系统铺平道路。

Altcoin ETFs: 'When, Not If'

山寨币 ETF：“何时，而不是如果”

While expressing optimism regarding altcoin ETF approvals under a more crypto-supportive administration, Seyffart cautioned that the process might encounter delays.

尽管 Seyffart 对在更加支持加密货币的政府下批准山寨币 ETF 表示乐观，但他警告说，该过程可能会遇到延误。

He emphasized that approval is a matter of "when, not if," but hurdles remain, especially for assets like Solana, which the SEC has previously identified as a security.

他强调，批准只是“何时而非是否”的问题，但障碍仍然存在，尤其是像 Solana 这样的资产，SEC 此前已将其认定为证券。

Seyffart added that regulatory challenges, despite easing under new leadership, could still impact the timelines for altcoin ETFs.

Seyffart 补充说，尽管新领导层的监管挑战有所缓解，但仍可能影响山寨币 ETF 的时间表。

Challenges in Approval Process

审批过程中的挑战

Seyffart suggested that while new leadership could accelerate approvals, a more realistic scenario involves a 240–260 day review period for applications.

Seyffart 表示，虽然新领导层可以加快审批速度，但更现实的情况是申请需要 240 至 260 天的审核期。

However, he remains optimistic about the future regulatory landscape for crypto products, anticipating fewer obstacles in 2023.

不过，他对加密产品的未来监管格局仍然持乐观态度，预计 2023 年障碍将会减少。