DTCC 重塑风险格局，限制加密货币 ETF 抵押

美国存托信托和清算公司 (DTCC) 宣布，不会向持有比特币或其他加密货币的交易所交易基金 (ETF) 分配抵押品价值，并禁止针对这些基金提供贷款。尽管如此，个别经纪商仍可能使用这些 ETF 进行贷款和抵押。在现货比特币 ETF 获得批准后，人们的兴趣增加，包括高盛在内的传统参与者已重新进入加密货币市场。美国现货比特币 ETF 吸引了机构关注，净流入超过 125 亿美元，但最近有所放缓。

Redefining Risk: DTCC's Stance on Cryptocurrency ETFs

重新定义风险：DTCC 对加密货币 ETF 的立场

The Depository Trust and Clearing Corporation (DTCC), a cornerstone of the U.S. financial infrastructure, has announced a pivotal decision: effective April 30, the organization will no longer assign collateral value to exchange-traded funds (ETFs) with exposure to Bitcoin or other cryptocurrencies. Additionally, the DTCC will cease extending loans against these assets.

美国金融基础设施基石美国存托信托和清算公司 (DTCC) 宣布了一项关键决定：自 4 月 30 日起，该组织将不再向持有比特币或其他资产的交易所交易基金 (ETF) 分配抵押品价值。加密货币。此外，DTCC 将停止针对这些资产发放贷款。

This move stems from concerns over the volatility and speculative nature of cryptocurrency investments. While the value of cryptocurrencies can fluctuate dramatically, their underlying security is based on decentralized, digital ledgers, raising questions about their long-term stability. The DTCC's decision aligns with its mission to maintain a robust and reliable financial system.

此举源于对加密货币投资的波动性和投机性的担忧。虽然加密货币的价值可能会大幅波动，但其底层安全性是基于去中心化的数字账本，这引发了对其长期稳定性的质疑。 DTCC 的决定符合其维护稳健可靠的金融体系的使命。

The impact of this decision will be felt within the line of credit system, where inter-entity settlements will be affected. However, individual brokers retain the discretion to utilize cryptocurrency ETFs for lending and collateral purposes within their brokerage operations.

这一决定的影响将在信用体系范围内感受到，实体间的结算将受到影响。然而，个别经纪商保留在其经纪业务中使用加密货币 ETF 进行贷款和抵押的自由裁量权。

Traditional Players Re-enter the Cryptocurrency Market

传统玩家重新进入加密货币市场

In contrast to the DTCC's conservative approach, traditional financial institutions are gradually re-entering the cryptocurrency market. In 2024, following the approval of spot Bitcoin ETFs, Goldman Sachs resumed operations in this space, catering to clients' renewed interest.

与 DTCC 的保守做法相反，传统金融机构正在逐步重新进入加密货币市场。 2024 年，在现货比特币 ETF 获得批准后，高盛恢复了该领域的业务，以满足客户重新燃起的兴趣。

The launch of spot Bitcoin ETFs in the U.S. has fueled significant institutional demand. Within three months of their inception, these ETFs collectively accumulated over $12.5 billion in assets under management. However, recent data reveals a slowdown in net inflows, with notable outflows reported by prominent issuers. Grayscale's GBTC ETF, for instance, experienced a single-day outflow of $82.4197 million and a cumulative net outflow of $17.185 billion.

美国现货比特币 ETF 的推出刺激了巨大的机构需求。在成立后的三个月内，这些 ETF 管理的资产总计超过 125 亿美元。然而，最近的数据显示净流入放缓，知名发行人报告资金流出显着。以灰度GBTC ETF为例，单日流出8241.97万美元，累计净流出171.85亿美元。

Exploring the Possibilities of Bitcoin ETFs

探索比特币 ETF 的可能性

Morgan Stanley is actively exploring the possibility of allowing its nearly 15,000 brokers to recommend spot Bitcoin ETFs to clients. This move, if implemented, would potentially expand its customer base, but it also carries the added responsibility and potential liability associated with cryptocurrency investments.

摩根士丹利正在积极探索允许其近 15,000 家经纪商向客户推荐现货比特币 ETF 的可能性。此举如果实施，可能会扩大其客户群，但它也带来了与加密货币投资相关的额外责任和潜在责任。

Other financial institutions, such as Raymond James Financial and Vanguard, have opted against offering cryptocurrency products due to concerns about their suitability for long-term portfolios. LPL Financial, the largest independent brokerage, announced plans in February to evaluate which Bitcoin funds could be offered to clients.

其他金融机构，例如 Raymond James Financial 和 Vanguard，由于担心其是否适合长期投资组合而选择不提供加密货币产品。最大的独立经纪公司 LPL Financial 在 2 月份宣布计划评估可以向客户提供哪些比特币基金。

Hong Kong Embraces Spot Bitcoin and Ethereum ETFs

香港拥抱现货比特币和以太坊ETF

In a significant development, Hong Kong's Securities and Futures Commission has granted approval to several fund managers to launch spot Bitcoin and Ethereum ETFs. These ETFs are expected to be introduced by the end of April, providing Hong Kong investors with a new avenue to access cryptocurrency investments.

香港证券及期货事务监察委员会已批准多家基金经理推出现货比特币和以太坊 ETF，这是一项重大进展。这些ETF预计将于4月底推出，为香港投资者提供加密货币投资的新途径。

Implications and Outlook

影响和展望

The DTCC's decision to exclude cryptocurrency ETFs from its collateral valuation system underscores the ongoing uncertainty surrounding the regulatory landscape for digital assets. While traditional players are cautiously re-engaging with cryptocurrency markets, the volatility and speculative nature of these investments remain a concern for many financial institutions.

DTCC 将加密货币 ETF 排除在其抵押品估值系统之外的决定凸显了数字资产监管环境持续存在的不确定性。尽管传统参与者正在谨慎地重新参与加密货币市场，但这些投资的波动性和投机性仍然是许多金融机构关注的问题。

The net inflow slowdown into U.S.-based Bitcoin ETFs suggests a more cautious approach among institutional investors. Despite the potential for growth, the lack of clear regulatory frameworks and the inherent risk associated with cryptocurrency investments may temper the enthusiasm of some investors.

美国比特币 ETF 的净流入放缓表明机构投资者采取了更加谨慎的态度。尽管存在增长潜力，但缺乏明确的监管框架以及与加密货币投资相关的固有风险可能会削弱一些投资者的热情。

As the cryptocurrency market continues to evolve, it remains to be seen how the financial industry will navigate the regulatory and risk environment. The DTCC's stance and the actions of traditional players will undoubtedly shape the future of cryptocurrency ETFs and the broader financial landscape.

随着加密货币市场的不断发展，金融业将如何应对监管和风险环境仍有待观察。 DTCC 的立场和传统参与者的行动无疑将塑造加密货币 ETF 和更广泛的金融格局的未来。