综合指南：为投资者提供现货比特币 ETF

随着现货比特币交易所交易基金 (ETF) 于 2024 年 1 月获得批准，交易者现在可以通过在线经纪商以安全且经济高效的方式买卖比特币。这些 ETF 跟踪比特币的价格，使投资者更容易获得加密货币的投资，而无需承担与加密货币交易所相关的风险。最好的比特币 ETF 提供较低的费用比率，使其成为与传统交易方法相比具有竞争力的选择。

Spot Bitcoin ETFs: A Comprehensive Guide for Investors

现货比特币 ETF：投资者综合指南

Introduction

介绍

The rapid ascent of Bitcoin as a formidable asset class has led to the development of exchange-traded funds (ETFs) that provide investors with a convenient and cost-effective mechanism for exposure to the cryptocurrency. Spot Bitcoin ETFs, in particular, offer a compelling solution for traders seeking to engage with Bitcoin without the complexities and risks associated with cryptocurrency exchanges.

比特币作为一种强大的资产类别的迅速崛起带动了交易所交易基金（ETF）的发展，为投资者提供了一种方便且具有成本效益的加密货币投资机制。尤其是现货比特币 ETF，为寻求交易比特币且无需承担与加密货币交易相关的复杂性和风险的交易者提供了令人信服的解决方案。

Regulatory Approval and Significance

监管批准及意义

In January 2024, the Securities and Exchange Commission (SEC) granted approval for the establishment of spot Bitcoin ETFs. This landmark decision marked a watershed moment for the cryptocurrency market, legitimizing Bitcoin as an investable asset and paving the way for wider institutional adoption.

2024 年 1 月，美国证券交易委员会（SEC）批准设立现货比特币 ETF。这一具有里程碑意义的决定标志着加密货币市场的分水岭，使比特币作为可投资资产合法化，并为更广泛的机构采用铺平了道路。

Spot Bitcoin ETFs alleviate the challenges associated with directly holding Bitcoin, such as the need for secure storage and the potential for fraudulent activities within cryptocurrency exchanges. They also offer the advantages of regulated trading, providing investors with enhanced transparency and investor protections.

现货比特币 ETF 缓解了与直接持有比特币相关的挑战，例如安全存储的需求以及加密货币交易所内欺诈活动的可能性。它们还具有受监管交易的优势，为投资者提供更高的透明度和投资者保护。

Top Bitcoin ETFs: A Comparative Analysis

顶级比特币 ETF：比较分析

Numerous Bitcoin ETFs have emerged since their regulatory approval. The following table provides a comprehensive overview of some of the most prominent offerings:

自监管部门批准以来，已经出现了许多比特币 ETF。下表全面概述了一些最突出的产品：

*On August 1, 2024, this fund will start charging 0.25 percent annually.

基金（股票代码）年初至今业绩费用比率iShares Bitcoin Trust (IBIT)50.2%0.12%Fidelity Wise Origin Bitcoin Fund (FBTC)50.2%0%*ARK 21Shares Bitcoin ETF (ARKB)50.0%0.21%Bitwise Bitcoin ETF Trust (BITB)49.8%0.20 %VanEck 比特币信托 (HODL)49.8%0.25%Valkyrie 比特币基金 (BRRR)49.6%0.25%富兰克林比特币 ETF (EZBC)50.2%0.19%*2024 年 8 月 1 日，该基金将开始每年收取 0.25% 的费用。

Performance and Expense Considerations

性能和费用考虑因素

Spot Bitcoin ETFs generally track the price of Bitcoin on a percentage basis, regardless of price differences among individual funds. Therefore, an increase in Bitcoin's price should result in a corresponding increase in the value of the ETFs.

现货比特币 ETF 通常以百分比为基础追踪比特币的价格，无论个别基金之间的价格差异如何。因此，比特币价格的上涨应该会导致 ETF 的价值相应增加。

Expense ratio is a crucial factor to consider when selecting a Bitcoin ETF. This ratio represents the percentage of an investment charged as a fee. Some funds initially offer low or zero expense ratios to attract investors, but these fees may increase in the future.

费用比率是选择比特币 ETF 时要考虑的关键因素。该比率代表作为费用收取的投资的百分比。一些基金最初提供低费用率或零费用率以吸引投资者，但这些费用将来可能会增加。

Competitive Fee Structure

有竞争力的费用结构

The expense ratios of Bitcoin ETFs are competitive with the fees charged by cryptocurrency exchanges and traditional brokers. As a result, these ETFs present a cost-effective alternative for investors seeking Bitcoin exposure while minimizing trading costs.

比特币 ETF 的费用比率与加密货币交易所和传统经纪商收取的费用相比具有竞争力。因此，这些 ETF 为寻求比特币投资同时最大限度降低交易成本的投资者提供了一种经济高效的选择。

Suitability for Bitcoin Investors

适合比特币投资者

The availability of spot Bitcoin ETFs provides a convenient and regulated entry point for investors who wish to participate in the Bitcoin market. However, it is essential to emphasize that Bitcoin ETFs do not eliminate the underlying risks associated with Bitcoin.

现货比特币 ETF 的出现为希望参与比特币市场的投资者提供了便捷且受监管的切入点。然而，必须强调的是，比特币 ETF 并不能消除与比特币相关的潜在风险。

Bitcoin's volatility, which has characterized its short history, can be both advantageous and detrimental for investors. While experienced traders may capitalize on price fluctuations, novice investors should be aware of the potential for significant losses.

比特币历史短暂，其波动性对投资者来说既有利也有弊。虽然经验丰富的交易者可能会利用价格波动获利，但新手投资者应该意识到潜在的重大损失。

Lack of Underlying Assets

缺乏基础资产

Unlike stocks, which are backed by the assets and cash flow of underlying businesses, Bitcoin and other cryptocurrencies are not underpinned by tangible assets. Their value is solely determined by market sentiment and the expectations of traders. This dependence on investor sentiment has led some experts to refer to cryptocurrency investment as the "greater fool theory of investing."

与由基础业务的资产和现金流支持的股票不同，比特币和其他加密货币并不以有形资产为支撑。它们的价值完全取决于市场情绪和交易者的期望。这种对投资者情绪的依赖导致一些专家将加密货币投资称为“更大的傻瓜投资理论”。

Regulatory Scrutiny and Investor Cautions

监管审查和投资者注意事项

Despite approving spot Bitcoin ETFs, the SEC has expressed concerns regarding the risks associated with cryptocurrencies. SEC chief Gary Gensler has urged investors to exercise caution and be aware of the potential pitfalls involved.

尽管批准了现货比特币 ETF，但美国证券交易委员会仍对与加密货币相关的风险表示担忧。美国证券交易委员会主席加里·詹斯勒敦促投资者谨慎行事，并意识到其中潜在的陷阱。

Availability and Trading

可用性和交易

Bitcoin ETFs are widely available through brokers that facilitate stock trading on major U.S. exchanges. The most reputable brokers offer commission-free ETF trading, enabling investors to enter and exit positions at minimal cost.

比特币 ETF 可通过促进美国主要交易所股票交易的经纪商广泛使用。最有信誉的经纪商提供免佣金 ETF 交易，使投资者能够以最低的成本进入和退出头寸。

Conclusion: The Future of Bitcoin ETFs

结论：比特币 ETF 的未来

The emergence of spot Bitcoin ETFs has simplified and reduced the barriers to entry for investors seeking exposure to the digital currency. These funds may contribute to the widespread acceptance of Bitcoin as a store of value and drive further price appreciation.

现货比特币 ETF 的出现简化并降低了寻求数字货币投资的投资者的进入壁垒。这些资金可能有助于比特币作为价值储存手段的广泛接受，并推动价格进一步升值。

However, it is crucial for investors to approach Bitcoin ETFs with prudence, fully understanding the risks associated with Bitcoin and the reliance on market sentiment. Due diligence and a solid understanding of the underlying dynamics are essential before making any investment decisions.

然而，投资者谨慎对待比特币 ETF、充分了解与比特币相关的风险以及对市场情绪的依赖至关重要。在做出任何投资决策之前，尽职调查和对潜在动态的深入了解至关重要。