加密货币 ETF 激增，在市场转型中提振比特币

随着美国上市加密货币ETF的资金流入激增，比特币的价格出现了上涨趋势。道明证券 ETF 销售和策略主管 Andres Rincon 阐述了加密 ETF 市场的现状，强调了投资者的潜在机会和风险。

Cryptocurrency ETFs Gain Traction, Driving Bitcoin's Rise Amid Market Evolution

加密货币 ETF 受到关注，在市场演变中推动比特币上涨

As inflows into U.S.-listed cryptocurrency exchange-traded funds (ETFs) surge, the price of Bitcoin is experiencing a welcome boost. Andres Rincon, Managing Director and Head of ETF Sales and Strategy at TD Securities, offers insights into the current state of the crypto ETF market, highlighting potential opportunities and risks for investors.

随着流入美国上市的加密货币交易所交易基金（ETF）的资金激增，比特币的价格正在经历可喜的提振。道明证券 (TD Securities) 董事总经理兼 ETF 销售与策略主管 Andres Rincon 提供了有关加密 ETF 市场现状的见解，强调了投资者的潜在机遇和风险。

A Rapidly Evolving Landscape

快速发展的格局

Following the launch of spot Bitcoin ETFs in the U.S. in January 2022, the market has witnessed significant activity and excitement. Initially, 11 Bitcoin ETFs were approved. Since then, the space has evolved rapidly, with money flowing from existing crypto products and new investors entering the fold.

自 2022 年 1 月在美国推出现货比特币 ETF 以来，市场出现了显着的活跃和兴奋。最初，有 11 只比特币 ETF 获得批准。从那时起，该领域发展迅速，资金从现有的加密产品中流出，新的投资者也进入其中。

Rincon emphasizes the transformative role played by behemoths like BlackRock and Fidelity, which have endorsed crypto ETFs, boosting their legitimacy in the eyes of advisors and other investors. As a result, a growing number of these professionals are allocating a small portion of traditional portfolios to crypto exposure, typically in the range of 3-5%.

Rincon 强调了贝莱德 (BlackRock) 和富达 (Fidelity) 等巨头所发挥的变革性作用，这些巨头已经认可了加密 ETF，从而提高了它们在顾问和其他投资者眼中的合法性。因此，越来越多的专业人士将传统投资组合的一小部分分配给加密货币投资，通常在 3-5% 的范围内。

Implications of SEC's Stance

SEC 立场的影响

Interestingly, the SEC's approval of these ETFs was largely a result of being forced to do so, according to Rincon. While the agency made it clear that it does not endorse the products and acknowledges the risks, it nonetheless allowed them to trade. Consequently, large-name ETFs have gained traction and additional filings for other types of crypto ETFs have been made.

有趣的是，Rincon 表示，SEC 对这些 ETF 的批准很大程度上是被迫的结果。尽管该机构明确表示不认可这些产品并承认存在风险，但仍然允许它们进行交易。因此，大牌 ETF 受到了关注，并且其他类型的加密 ETF 也已提交了额外的申请。

Expanding Cryptocurrency ETF Horizons

扩大加密货币 ETF 的视野

Beyond Bitcoin, other cryptocurrencies are poised for ETF representation in the U.S. Ether ETFs, for instance, are expected to join the market soon, with Rincon suggesting that other digital assets may follow suit. However, the availability of futures trading in the underlying cryptocurrency is a key factor in determining ETF eligibility.

除了比特币之外，其他加密货币也准备在美国的 ETF 中占有一席之地。例如，以太坊 ETF 预计很快就会加入市场，Rincon 表示其他数字资产也可能会效仿。然而，基础加密货币期货交易的可用性是确定 ETF 资格的关键因素。

Cautionary Notes Amidst Enthusiasm

热情中的警示

While interest in crypto ETFs remains high, Rincon emphasizes the importance of recognizing the risks associated with these products. The SEC has highlighted the potential for manipulation within the cryptocurrency market, which falls outside its regulatory purview. Additionally, concerns regarding custody of digital assets, despite the rigorous oversight of ETF custodians, must be considered.

尽管人们对加密 ETF 的兴趣仍然很高，但 Rincon 强调认识到与这些产品相关的风险的重要性。美国证券交易委员会强调了加密货币市场内操纵的可能性，这不属于其监管范围。此外，尽管 ETF 托管人受到严格监管，但仍必须考虑对数字资产托管的担忧。

Commodities ETFs: Resilience and Overlooked Potential

商品 ETF：弹性和被忽视的潜力

In addition to cryptocurrencies, commodities have also performed well in recent years. Gold and oil prices have skyrocketed, driven by geopolitical tensions and supply chain disruptions. Despite this resilience, allocations to commodities ETFs remain relatively low. Rincon highlights the diversification benefits of these investments and encourages investors to consider their potential.

除了加密货币之外，大宗商品近年来也表现出色。在地缘政治紧张局势和供应链中断的推动下，黄金和石油价格飙升。尽管存在这种弹性，但大宗商品 ETF 的配置仍然相对较低。 Rincon 强调了这些投资的多元化优势，并鼓励投资者考虑其潜力。

Covered Call ETFs: A Growing Trend

备兑看涨期权 ETF：增长趋势

Covered call ETFs have gained significant popularity in Canada, with over 160 such funds and assets under management exceeding $20 billion. Recently, the U.S. market has embraced these products, with J.P. Morgan's JEPI and JEPQ leading the surge. Rincon explains that the popularity of covered call ETFs stems from their ability to generate income while potentially sacrificing some growth potential, an appealing option for income-seeking investors, particularly those in retirement.

备兑看涨期权 ETF 在加拿大非常受欢迎，此类基金超过 160 只，管理资产超过 200 亿美元。最近，美国市场开始接受这些产品，其中摩根大通的JEPI和JEPQ领涨。 Rincon 解释说，备兑看涨期权 ETF 之所以受欢迎，是因为它们能够产生收入，同时可能会牺牲一些增长潜力，这对于寻求收入的投资者（尤其是退休投资者）来说是一个有吸引力的选择。

Canada's ETF Legacy

加拿大的 ETF 遗产

In March 2023, the ETF industry celebrated its 34th anniversary, marking a remarkable journey that began with Canada's launch of the TIPs fund, the world's first ETF. The Canadian ETF market has since grown to encompass 40 issuers, 1,400 products, and over $400 billion in assets under management.

2023 年 3 月，ETF 行业庆祝了成立 34 周年，标志着一段非凡的旅程，始于加拿大推出全球首只 ETF TIPs 基金。此后，加拿大 ETF 市场已发展到拥有 40 个发行人、1,400 种产品和超过 4,000 亿美元的管理资产。