用实物比特币ETF交流重塑加密市场

在其比特币ETF推出一年后，贝莱德（Blackrock）并没有依靠桂冠。这家金融巨头正在通过要求进行监管修改的请求进一步推动，旨在将“实物”交流引入其IBIT基金。

A year after launching its Bitcoin ETF, BlackRock is not resting on its laurels. The financial giant is pushing even further by requesting a regulatory modification to introduce “in-kind” exchanges into its IBIT fund. This innovative model promises smoother and more economical transactions, reserved for authorized participants. An initiative that demonstrates BlackRock’s desire to reshape the crypto market.

在推出比特币ETF一年后，贝莱德并没有依靠桂冠。这家金融巨头正在通过要求进行监管修改将“实物”交流引入其IBIT基金，从而进一步推动。这种创新的模型承诺将为授权参与者保留更加顺畅，更经济的交易。一项倡议表明了贝莱德渴望重塑加密货币市场的愿望。

In-kind exchanges: a major advance for the Bitcoin ETF

实物交流：比特币ETF的重大进步

BlackRock has requested the SEC, through Nasdaq, to allow “in-kind” redemptions for its IBIT Bitcoin ETF. This mechanism aims to simplify transactions between the fund and authorized participants (AP), such as large financial institutions.

贝莱德（BlackRock）已通过纳斯达克（Nasdaq）要求SEC允许其IBIT比特币ETF的“实物”赎回。该机制旨在简化基金与授权参与者（AP）（例如大型金融机构）之间的交易。

Concretely, these participants will be able to exchange bitcoins directly for ETF shares, without going through cash conversions.

具体而言，这些参与者将能够直接将比特币换成ETF股票，而无需进行现金转换。

Why is this so revolutionary? Currently, redemptions often involve high costs, such as bid-ask spreads or broker commissions. With the in-kind model, these costs disappear.

为什么这么革命？当前，赎回通常涉及高昂的成本，例如出价差价或经纪委员会。使用实物模型，这些成本消失了。

According to James Seyffart, ETF analyst:

根据ETF分析师James Seyffart的说法：

“This improves transaction efficiency while reducing friction.”

“这提高了交易效率，同时降低了摩擦。”

The benefits are numerous:

好处很多：

However, this flexibility remains inaccessible to individuals. MartyParty, a crypto analyst, notes:

但是，个人仍然无法获得这种灵活性。加密分析师Martyparty指出：

“In-kind exchanges are only for the big players. Small investors will have to settle for the old model.”

“实物交流仅适用于大型球员。小型投资者将不得不为旧车型定居。”

BlackRock dominates the crypto ETF market with IBIT

贝莱德（BlackRock）用iBIT主导着加密ETF市场

Since its launch in January 2024, BlackRock’s IBIT Bitcoin ETF has attracted nearly 40 billion dollars in inflows, an absolute record for a product of this type. This massive interest illustrates institutional investors' confidence in cryptocurrencies despite market turbulence.

自2024年1月推出以来，BlackRock的IBIT比特币ETF吸引了近400亿美元的流入，这是这种产品的绝对记录。这种巨大的兴趣表明，尽管市场动荡，但机构投资者对加密货币的信心。

As BlackRock refines its strategies, other players are looking to establish themselves. CoinShares recently filed requests for ETFs based on Litecoin and XRP, while Grayscale is multiplying initiatives with products dedicated to Solana and Ethereum.

当贝莱德（Blackrock）完善其策略时，其他玩家正在寻求建立自己的策略。 Coinshares最近根据Litecoin和XRP提出了ETF的请求，而Grayscale则将计划与专门用于Solana和Ethereum的产品相比。

But the ETF giant remains ahead thanks to its ability to innovate.

但是，由于其创新能力，ETF巨头仍然保持领先。

For Chris J. Terry, a financial strategy expert, this advancement is a “real boon for ETF liquidity”. By optimizing exchanges, BlackRock makes its products more attractive to large investors while consolidating its dominance in the market.

对于财务战略专家克里斯·特里（Chris J. Terry）来说，这一进步是“ ETF流动性的真正恩赐”。通过优化交流，贝莱德使其产品对大型投资者更具吸引力，同时巩固了其在市场上的优势。

Moreover, this dynamic highlights a paradigm shift in the crypto sector. Traditional institutions, once hesitant, are now adopting bold strategies to meet growing demand.

此外，这种动态强调了加密型领域的范式转变。传统机构曾经犹豫，现在正在采取大胆的策略来满足不断增长的需求。

With the IBIT Bitcoin ETF, BlackRock is not just following the trend: it is redefining it.

使用IBIT比特币ETF，BlackRock不仅遵循了趋势：它正在重新定义它。

Ultimately, BlackRock’s IBIT Bitcoin ETF marks a key milestone in ETF history. After more than a decade of waiting, the SEC has approved a product that is experiencing record growth. A revolution for the ETF market and a step forward for Bitcoin.

最终，贝莱德的IBIT比特币ETF标志着ETF历史上的关键里程碑。经过十多年的等待，SEC批准了经历创纪录增长的产品。 ETF市场的革命，比特币向前迈出了一步。

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La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

区块链和加密革命正在进行中！而那一天，将对这个世界上最脆弱的经济感受到影响的那一天，我会说我在那里是为了某事