即将到来的创新将使加密ETF行业还会进一步收取涡轮增压

通过大多数衡量标准，在美国，比特币交易所交易的资金取得了成功，但行业参与者表示即将创新

The launch of bitcoin exchange traded funds in the US has been a roaring success by most measures, but coming innovations will turbo-charge the crypto ETF industry further still, say industry participants.

行业参与者说，在美国，比特币交易所交易的资金在大多数措施中取得了巨大的成功，但是即将到来的创新将使加密货币ETF行业的收费进一步收获。

A little over a year on from their debut, US-listed bitcoin ETFs already hold $120bn of assets. The largest, the $57bn iShares Bitcoin Trust (IBIT), was the world’s fastest ETF to get to $10bn, $25bn and $50bn in AUM, has already surpassed iShares’ Gold Trust and is closing in on the $80bn SPDR Gold Shares (GLD) as the planet’s largest commodity exchange traded product.

首次亮相，美国上市的比特币ETF已经持有1200亿美元的资产。最大的是570亿美元的iShares比特币信托（IBIT），是世界上最快的ETF，达到100亿美元，250亿美元和500亿美元的AUM，已经超过了Ishares的黄金信托，并且已关闭80亿美元（GLD）作为地球最大的商品交易所交易产品。

But we haven’t seen anything yet, according to Matt Hougan, chief investment officer at crypto specialist Bitwise Asset Management.

但是，Crypto专家位资产管理首席投资官Matt Hougan表示，我们还没有看到任何东西。

“If we look forward 10 years, I bet the largest ETP in the US hasn’t launched yet,” Hougan said at the recent Digital Assets Forum in London. “I believe [the largest will be] an index-based approach,” Hougan added, referring to the diversified indices that make up most ETFs.

Hougan在伦敦最近的数字资产论坛上说：“如果我们期待10年，我敢打赌，美国ETP尚未推出。” Hougan补充说：“我相信[最大的]将是一种基于指数的方法。”

His words came just days before the listing of the first spot cryptocurrency index, or basket, ETF in the US, the Hashdex Nasdaq Crypto Index US ETF (NCIQ), which holds bitcoin and ether in a single product.

他的话是在美国第一点加密货币指数或篮子ETF列出的几天前，即Hashdex Nasdaq nasdaq Crypto index US ETF（NCIQ），该指数在单个产品中容纳了比特币和Ether。

As things stand, there remains a barrier to further diversification in the US, however. The Securities and Exchange Commission has taken the view that while bitcoin and ether are commodities, many other digital tokens are securities. The latter definition complicates the path to creating ETFs holding them, as they would be subject to the 1940 Investment Company Act, which mandates more robust investor protection.

但是，事物的立场仍然存在着美国进一步多样化的障碍。证券交易委员会认为，尽管比特币和以太是商品，但许多其他数字代币还是证券。后一个定义使创建ETF的途径复杂化，因为它们将受到1940年投资公司法案的约束，该法案要求更强大的投资者保护。

With a changing of the guard at the SEC from Gary Gensler — known for his scepticism of all things crypto — to a more crypto-friendly face under President Donald Trump, some believe the logjam may be broken and these definitions reassessed.

随着SEC从Gary Gensler（以他对所有事物加密货币的怀疑闻名）在SEC的卫队中转变为唐纳德·特朗普（Donald Trump）总统在唐纳德·特朗普（Donald Trump）总统的领导下更加友好的面孔，有些人认为logjam可能会被打破，并且这些定义重新评估了。

Since November there has been a rash of cryptocurrency ETF filings in the US for products predicated on tokens such as solana, Ripple’s XRP and litecoin, as well as a potential basket product from crypto pioneer Grayscale.

自11月以来，美国就已经出现了诸如Solana，Ripple的XRP和Litecoin之类的代币的产品，以及Crypto Pioneer Grayscale的潜在篮子产品。

Hougan said resolving the security-commodity definition debate could open the floodgates.

霍根说，解决安全商品的定义辩论可以打开闸门。

“Until we get clear definitions it will hold the market back. But once we get these definitions, I believe we will get an explosion of products in the US,” he said.

“在我们明确的定义之前，它将阻碍市场。但是，一旦我们得到了这些定义，我相信我们将在美国爆炸。”他说。

Eric Pollackov, global head of ETF capital markets at Invesco ETFs, also speaking at the Digital Assets Forum, went further, alluding to crypto equivalents of the JPMorgan Equity Premium Income Fund (JEPI), the popular “covered call” ETF that uses derivatives to generate enhanced income, albeit at the expense of surrendering some potential capital gains, and for which Grayscale has already filed.

Invesco ETF的全球ETF资本市场负责人Eric Pollackov也在数字资产论坛上发表讲话，他暗示了jpmorgan Equity Premium收入基金（JEPI）的加密等效物，这是一种流行的“涵盖呼叫” ETF，该ETF使用衍生产品来使用衍生产品产生增强的收入，尽管以牺牲一些潜在的资本收益为代价，而Grayscale已经提出了收入。

“We are going to be having covered calls etc, everything that we have for equities,” Pollackov said. “But we need to differentiate between a commodity and a security.”

Pollackov说：“我们将有封面的电话等，这是我们为股票提供的一切。” “但是我们需要区分商品和安全性。”

“There have been more than 50 filings since January 1. We are not even in the first inning of innovation that’s coming from cryptocurrency.”

“自1月1日以来，已经有50多份文件。我们甚至没有在加密货币的第一局创新。”

Even Trump himself may be looking to get in on the act. One of the three ETFs for which his Trump Media and Technology Group has applied for a trademark is a Truth.Fi Bitcoin Plus ETF, implying exposure to more than just bitcoin itself.

甚至特朗普本人也可能希望参与这一行为。他的特朗普媒体和技术集团申请商标的三个ETF之一是事实。Fi比特币加ETF，这意味着不仅仅是比特币本身。

Basket-based crypto index ETPs already exist in some other jurisdictions. Hashdex itself already runs one in Brazil and two in Europe, holding as many as a dozen digital tokens, such as ripple, solana and cardano, as well as bitcoin and ether.

基于篮子的加密指数ETP已经存在于其他一些司法管辖区中。 Hashdex本身已经在巴西和两个在欧洲运行，持有多达十几个数字令牌，例如Ripple，Solana和Cardano，以及比特币和Ether。

Overall, Europe boasts 37 crypto basket or index ETPs, issued by 18 providers, according to data from ETFbook. The range includes equal-weighted, mid-cap and momentum variations on the standard market capitalisation-based model, as well as actively managed vehicles seeking to beat a passive index.

总体而言，根据ETFBook的数据，欧洲拥有37个加密货物篮或指数ETP，由18个提供商发行。该范围包括基于标准市值的模型的同等加权，中等股和动量变化，以及寻求击败被动指数的积极管理的车辆。

However, they have yet to set the world on fire. At $430mn, the Hashdex Nasdaq Crypto Index ETP (HASH) is the largest basket fund, according to ETFbook, and in aggregate the 37 funds hold $1.1bn.

但是，他们尚未使世界着火。根据ETFBook的数据，Hashdex Nasdaq Crypto Index ETP（Hash）是最大的篮子基金，总计37亿美元的基金持有11亿美元。

This is a relatively small share of Europe’s wider crypto ETP market, where 210 funds hold $18bn of assets and five single-token ones — four bitcoin and one solana — individually hold more than all the basket ETPs do in total.

这是欧洲更广泛的加密ETP市场的相对较小的份额，那里有210个资金持有180亿美元的资产和5个单token的资产（四个比特币和一个索拉纳），单独持有比所有篮子ETP所做的更多。

Despite this slow start, Hougan believed crypto index ETFs would come into their own as more institutional investors dip their toe in the asset class.

尽管开局很慢，但Hougan认为加密指数ETF会随着更多的机构投资者在资产类别中的脚趾倾斜。

“To date, crypto has mostly been a retail phenomenon,” he said. “Professional investors have been slow to allocate due to both regulatory and reputational risks.

他说：“迄今为止，加密货币主要是零售现象。” “由于监管和声誉风险，专业投资者分配缓慢。

“But my guess is that over the next 10 years that

“但是我的猜测是在接下来的10年中