比特币 ETF 掀起加密货币淘金热，特朗普上任后推出更多产品

作者：Suzanne McGee（路透社）——一年的变化是多么巨大啊。

A year ago, the asset-management industry was abuzz with anticipation over the impending debut of U.S. spot bitcoin exchange-traded funds, hoping they would attract up to $30 billion in their first year.

一年前，资产管理行业对美国现货比特币交易所交易基金即将推出充满期待，希望它们在第一年能吸引高达 300 亿美元的资金。

Now, those issuers are popping the champagne corks.

现在，这些发行人正在开香槟。

That first wave of bitcoin ETFs pulled in a massive $65 billion in 2024, helping to propel the price of bitcoin from $43,000 to more than $100,000. The largest of those new products, BlackRock's (NYSE:BLK) iShares Bitcoin Trust, has become the most successful debut in the ETF industry's 35-year history.

第一波比特币 ETF 在 2024 年吸纳了 650 亿美元的巨额资金，帮助将比特币的价格从 43,000 美元推升至超过 100,000 美元。这些新产品中规模最大的是贝莱德 (BlackRock) (NYSE:BLK) iShares Bitcoin Trust，它已成为 ETF 行业 35 年历史上最成功的首次亮相。

But that's just the beginning of the party, cryptocurrency enthusiasts believe.

但这只是加密货币爱好者认为的聚会的开始。

Shortly after those products celebrate their first anniversary on Jan. 10, President-elect Donald Trump - who has promised to be a crypto president - will be sworn in for the second time, ushering in what cryptocurrency fans believe will be a new golden era for the digital asset class.

这些产品于 1 月 10 日庆祝一周年纪念日后不久，当选总统唐纳德·特朗普（承诺成为加密货币总统）将第二次宣誓就职，加密货币粉丝认为这将迎来一个新的黄金时代数字资产类别。

Applications for new, and often exotic, crypto products are already piling up in regulators' inboxes.

新的、通常是异国情调的加密产品的申请已经堆积在监管机构的收件箱中。

“Everyone is now aware of how much money there is to be made, and with a new, more favorable administration, there's no reason not to go ahead and file your best ideas with regulators,” said Joe McCann, founder and CEO of digital assets hedge fund Asymmetric in Miami.

数字资产创始人兼首席执行官乔·麦肯 (Joe McCann) 表示：“现在每个人都知道可以赚多少钱，有了新的、更有利的政府，没有理由不继续向监管机构提交你最好的想法。”迈阿密的非对称对冲基金。

While Gary Gensler, Biden's crypto-skeptic Securities and Exchange Commission chair, was forced to approve the first spot bitcoin ETFs - and similar ethereum products - after losing a court challenge, he continued to warn that cryptos are highly volatile and plagued by scams and manipulation.

尽管拜登对加密货币持怀疑态度的美国证券交易委员会主席加里·詹斯勒(Gary Gensler)在输掉法庭挑战后被迫批准了第一个现货比特币ETF以及类似的以太坊产品，但他继续警告说，加密货币波动性很大，并受到诈骗和操纵的困扰。 。

Paul Atkins, Trump's appointee to succeed Gensler, is widely seen as a supporter of digital assets.

特朗普任命接替 Gensler 的保罗·阿特金斯 (Paul Atkins) 被广泛视为数字资产的支持者。

Companies including VanEck, 21Shares and Canary Capital had seized upon those expectations of an increasingly crypto-friendly tone in Washington by filing at least 16 applications to launch exchange-traded products tracking crypto indices or tokens such as Solana and Ripple's XRP, as of late November, according to SEC filings and industry sources.

截至 11 月底，VanEck、21Shares 和 Canary Capital 等公司抓住了华盛顿对加密货币日益友好的基调的预期，提交了至少 16 份申请，推出跟踪加密货币指数或代币（例如 Solana 和 Ripple 的 XRP）的交易所交易产品，根据美国证券交易委员会的文件和行业消息来源。

The push to launch the next wave of crypto products began in earnest weeks before the election, with many in the industry expecting a lighter regulatory touch regardless of whether Trump or his rival, Vice President Kamala Harris, prevailed.

推出下一波加密产品的努力在大选前几周就开始了，业内许多人都希望无论特朗普还是他的竞争对手副总统卡马拉·哈里斯是否获胜，监管都会更加宽松。

“Since it takes several months to get regulatory approvals and bring an ETF to market, many issuers began making a calculated bet that this year, the climate would be different, and wanted to have their products in the queue ready to go,” said Matthew Sigel, head of digital assets research at VanEck, which is hoping to launch a Solana ETF in 2025.

马修表示：“由于获得监管部门批准并将 ETF 推向市场需要几个月的时间，许多发行人开始深思熟虑地押注今年的情况会有所不同，并希望他们的产品能够随时上市。” VanEck 数字资产研究主管 Sigel 表示，该公司希望在 2025 年推出 Solana ETF。

In addition to XRP and Solana, which are the fourth- and sixth-largest coins by capitalization, according to CoinGecko, Canary has filed to launch products tied to Litecoin and HBAR, less widely held coins, SEC filings show.

根据 CoinGecko 的数据，除了 XRP 和 Solana（按市值计算排名第四和第六大的加密货币）之外，美国证券交易委员会 (SEC) 文件显示，Canary 还申请推出与莱特币和 HBAR 相关的产品，而这两种加密货币持有量较少。

“The last piece of the puzzle was seeing who the new SEC chair would be - that's what we were banking on,” said Steven McClurg, who led the launch of the Valkyrie Bitcoin Fund in January and went on to launch new crypto asset manager Canary Capital in October. “Now, it's off to the races,” he added.

“最后一个难题是看看谁将成为新的 SEC 主席 - 这就是我们所指望的，”Steven McClurg 说道，他在一月份领导了 Valkyrie 比特币基金的推出，并随后推出了新的加密资产管理公司 Canary十月首都。 “现在，比赛开始了，”他补充道。

The looming crypto ETF gold rush is about more than just products tied to single coins, however. New derivative products are set to make their debut within days of Trump's inauguration, and new types of multi-asset or hybrid products are waiting in the wings.

然而，迫在眉睫的加密 ETF 淘金热不仅仅涉及与单一代币相关的产品。新的衍生产品将在特朗普就职后几天内首次亮相，新型多资产或混合产品也正在蓄势待发。

Several issuers, including Calamos Investments, Innovator ETFs and First Trust, have filed for new funds that would use recently-launched bitcoin ETF options to shield investors from losses on bitcoin itself. The first ones of those products are expected to debut on Jan. 22, issuers say.

包括 Calamos Investments、Innovator ETF 和 First Trust 在内的多家发行人已申请新基金，这些基金将使用最近推出的比特币 ETF 期权来保护投资者免受比特币本身的损失。发行人称，首批产品预计将于 1 月 22 日上市。

The SEC approved options on some of the bitcoin ETFs late last year, including BlackRock's iShares Bitcoin Trust, and gave CBOE Global Markets the go-ahead to launch options tied to the Cboe Bitcoin U.S. ETF Index - paving the way for this batch of new ETFs.

美国证券交易委员会去年年底批准了一些比特币 ETF 的期权，包括贝莱德的 iShares Bitcoin Trust，并批准 CBOE Global Markets 推出与 Cboe 比特币美国 ETF 指数相关的期权，为这批新 ETF 铺平了道路。

Federico Brokate, head of U.S. business for digital asset manager 21Shares, which has launched U.S. bitcoin and ethereum ETFs, in addition to a wider array of offerings in Europe, predicted other new products could include listed funds tied to baskets of cryptocurrencies or that track a mix of alternative assets, such as bitcoin and gold.

数字资产管理公司 21Shares 的美国业务主管 Federico Brokate 预计，其他新产品可能包括与一篮子加密货币挂钩或追踪加密货币的上市基金，该公司除了在欧洲推出更广泛的产品外，还推出了美国比特币和以太坊 ETF。另类资产的组合，例如比特币和黄金。

“Product innovation in the U.S. is just getting started,” he said.

“美国的产品创新才刚刚开始，”他说。

To be sure, such novel products are still a gamble.

可以肯定的是，这样新颖的产品仍然是一场赌博。

While bitcoin ETFs have outperformed, ETFs launched in July tied to the world's second-largest token, ether, have attracted relatively meager inflows of $12.8 billion, according to Paris-based TrackInsight. While bitcoin's price

据总部位于巴黎的 TrackInsight 称，虽然比特币 ETF 表现出色，但 7 月份推出的与全球第二大代币以太坊相关的 ETF 吸引的资金流入相对较少，仅为 128 亿美元。虽然比特币的价格