比特币ETF：直接BTC暴露的门户，但是它们值得吗？

比特币花了10年的时间获得了其第一个是交易的交易所交易基金（ETF）。直到2024年1月，这种类型的比特币投资一直由未拥有实际BTC的期货交易的ETF主导。通过持有实际资产，现货交易的ETF不仅可以直接接触比特币，而没有BTC监护的麻烦，而且还可以直接接触比特币，而且提供了最小的价格偏差，例如期货合约中的Contango。

Bitcoin exchange-traded funds (ETFs) finally arrived in January 2024, offering investors direct exposure to the flagship cryptocurrency without the hassles of BTC custody.

比特币交易所交易的资金（ETF）最终于2024年1月到达，为投资者提供了直接接触旗舰加密货币的侵害，而无需BTC托管的麻烦。

But while Bitcoin ETFs opened the floodgates for both retail and institutional investors, driving up the price of Bitcoin, does that mean it is a good idea to invest in crypto ETFs as well?

但是，尽管比特币ETF为零售和机构投资者开放了闸门，但提高了比特币的价格，这是否意味着投资加密ETF也是一个好主意？

Let’s first examine what exactly does it mean to have such exposure in the case of Bitcoin.

让我们首先检查在比特币的情况下进行这种曝光到底意味着什么。

Exposure to Custodial Bitcoin as ETF Shares

ETF分享时，接触保管比特币

As increased liquidity crashed against the wall of Bitcoin’s scarcity of 21 million BTC, investors gained outsized returns.

随着比特币稀缺2100万BTC的流动性增加，投资者获得了巨额回报。

Case in point, since the launch of VanEck’s Bitcoin ETF (HODL) from January 2024 by the end of January 2025, the fund had a life return of 117.70%.

举个例子，自2024年1月底从2024年1月底开始，Vaneck的比特币ETF（HODL）推出以来，该基金的寿命回报率为117.70％。

Last week, VanEck Bitcoin ETF executed a four-for-one forward stock split, elevating the number of the fund’s shares from 12.8 million to 51.2 million. As with companies represented by shares, the total value of the fund’s assets remained unchanged, now holding 14,430 BTC worth around $1.42 billion.

上周，Vaneck Bitcoin ETF执行了四轮远远的股票拆分，将该基金的股票数量从1,280万股提高到5120万。与由股票代表的公司一样，基金资产的总价值保持不变，现在持有14,430 BTC，价值约14.2亿美元。

And just like Nvidia did a stock split to lower the barrier to entry for investors, so did VanEck. The fund’s Net Asset Value (NAV) is the total value of ETF’s assets divided by the number of shares. Following the 4x increase, HODL is presently priced at $27.88 per share.

就像Nvidia所做的股票分割以降低投资者的入境障碍一样，Vaneck也是如此。基金的净资产价值（NAV）是ETF资产的总价值除以股份数量。增加4倍后，HODL目前的价格为每股27.88美元。

If the NAV price is in a consistent premium range, when its market price is higher than NAV price, this suggests bullish market conditions because investors are paying more for ETF shares than the value of underlying holdings.

如果NAV价格处于一致的溢价范围内，那么当其市场价格高于NAV价格时，这表明了看涨的市场状况，因为投资者为ETF股票支付的费用要比基础持有的价值高。

Vice-versa, if the NAV price is in a consistent discount range, when its market price is lower than NAV price, investors are buying ETF shares for less than the underlying value, suggesting bearishness. Of course, this would represent an investing opportunity

反之亦然，如果NAV价格处于一致的折扣范围内，那么当其市场价格低于NAV价格时，投资者以低于基本价值的价格购买ETF股票，这表明看跌。当然，这将代表一个投资机会

In the case of VanEck’s HODL, its 12-month low (discount) was $14.44 on February 23, 2024, while its 12-month high (premium) was $30.16 on January 21, 2025.

就Vaneck的Hodl而言，其12个月的低点（折扣）为2024年2月23日的14.44美元，而其12个月的高（Premium）为2025年1月21日为30.16美元。

Lastly, for the convenience of delegated custody, investors pay a small fee to cover the costs of managing the fund. However, to attract the initial capital inflows, many Bitcoin ETFs waived such fees. VanEck will start charging 0.20% Sponsor Fee after January 10th, 2026, or sooner if the funds’ assets exceed $2.5 billion.

最后，为了方便委派监护权，投资者支付了少量费用来支付管理基金的费用。但是，为了吸引最初的资本流入，许多比特币ETF免除了此类费用。 Vaneck将在2026年1月10日之后开始收取0.20％的赞助商费，或者如果资金的资产超过25亿美元，则会更快。

Are Crypto ETFs Worth It?

加密ETF值得吗？

Crypto ETFs should not be confused with bundled-up, blockchain-related companies. For example, the VanEck Crypto ETF (DAPP) is called as such but instead of holding cryptocurrencies other than Bitcoin, it holds exposure to companies.

加密ETF不应与捆绑的与区块链相关的公司混淆。例如，Vaneck Crypto ETF（DAPP）被称为这样，但它没有持有比特币以外的其他加密货币，而是对公司的敞口。

These range from Coinbase and Microstrategy to Riot Platforms and Bitdeer, with each carrying a different weight in the portfolio. So far, DAPP’s performance appears highly cyclical, yielding greatly lower returns vs HODL, at negative 15.73 life returns.

这些范围从共插基和微型造影到Riot平台和Bitdeer，每个平台都具有不同的投资组合重量。到目前为止，Dapp的性能看起来很周期性，在负15.73寿命回报下，与HODL相比，回报率较低。

However, retail investors may notice that in both cases, one year exposure to such ETFs yielded above 100% returns. For comparison, the average stock market return yielded around 11.3% annually over the last 10 years, per S&P Dow Jones Indices.

但是，散户投资者可能会注意到，在这两种情况下，此类ETF的一年接触均产生超过100％的回报。为了进行比较，在过去的10年中，平均股票市场收益每年的平均收益约为11.3％。

When it comes to ETFs holding physical altcoins, under the umbrella of exchange-traded products (ETPs), they typically cover the largest market cap cryptos, such as Ether (ETH), Ripple (XRP) or Solana (SOL).

当涉及持有物理山寨币的ETF时，在交换产品（ETP）的保护下，它们通常涵盖最大的市值加密蛋白，例如Ether（Eth），Ripple（XRP）或Solana（Solan）（SOL）。

The problem is that with tens of thousands of tokens unleashed, the altcoin market suffers from fragmentation and capital dilution. On top of that, it remains unclear which general-purpose smart contract platform – Solana, Ethereum, or a future newcomer – will gain the upper hand.

问题在于，随着成千上万的代币释放，山寨币市场遭受了分散和资本稀释的影响。最重要的是，目前尚不清楚哪种通用智能合同平台 - Solana，以太坊或未来的新人 - 将占上风。

Case in point, even the ETP that reinvests staking yields, 21Shares Ethereum Staking ETP (AETH), underperforms vs Bitcoin ETFs.

举个例子，即使是重新投资堆积的ETP也产生了21shares以太坊桩ETP（AETH），表现不佳与比特币ETF。

Without the staking benefit, iShares Ethereum Trust (ETHA) yielded negative 20.58% returns over one year. Given early launch, AETH’s inception performance is outstanding, but investors should expect continued underperforming divergence of cryptos from Bitcoin.

如果没有存放益处，iShares以太坊信托（ETHA）在一年内产生了20.58％的回报。鉴于提前发布，AETH的Inception表现非常出色，但是投资者应该期望加密币与比特币的表现不佳。

After all, as a proof-of-work-backed sound money, Bitcoin lacks competition. At present, it seems that Solana blockchain, owing to its fast execution and low fees, is a better choice than legacy smart contract platforms. It is also the main hub for launching countless memecoins.

毕竟，作为工作证明的声音钱，比特币缺乏竞争。目前，由于其快速执行和低费用，Solana区块链似乎比传统的智能合同平台更好。它也是推出无数模因的主要枢纽。

In short, retail investors should expect the capital dilution of the altcoin market to carry

简而言之，散户投资者应该期望替补市场的资本稀释能够携带