对冲基金第三季度增加了对美国现货比特币交易所交易基金的投资

Millennium Management、Capula Management 和 Tudor Investment 等对冲基金增加了对美国现货比特币交易所交易基金的投资

Major hedge funds boosted their holdings in U.S. spot bitcoin exchange-traded funds (ETFs) in the third quarter, securities filings showed on Wednesday, as a hot election-driven arbitrage trade ramped up.

周三提交的证券文件显示，随着选举驱动的热门套利交易增加，主要对冲基金在第三季度增加了美国现货比特币交易所交易基金（ETF）的持有量。

President-elect Donald Trump embraced digital assets during his campaign, promising friendly regulation and to accumulate a national stockpile of bitcoin. The cryptocurrency surpassed the $90,000 level to reach an all-time high earlier this week, although it has pared gains.

当选总统唐纳德·特朗普在竞选期间拥抱数字资产，承诺友好监管并积累国家比特币储备。该加密货币本周早些时候突破 90,000 美元，创下历史新高，但涨幅有所回落。

During the election price volatility, some hedge funds have been taking advantage of a price difference between spot bitcoin and its derivatives in the futures market in a leveraged trade, according to analysts. Spot ETFs were approved by the Securities and Exchange Commission earlier this year.

分析师表示，在选举价格波动期间，一些对冲基金一直在利用现货比特币及其期货市场衍生品之间的价差进行杠杆交易。现货ETF今年早些时候获得了美国证券交易委员会的批准。

The seal of the Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington. (REUTERS/Jonathan Ernst/File Photo / Reuters Photos)

美国证券交易委员会的印章挂在华盛顿 SEC 总部的墙上。 （路透社/乔纳森·恩斯特/档案照片/路透社照片）

In the so-called bitcoin basis trade, investors buy spot bitcoin - or its ETFs - and short the cryptocurrency futures, which have been trading at substantially higher prices this year. This gap widened after the election result and on Nov. 11 reached 17% in an annual basis, CF Bitcoin data showed, but pared gains to 12% on Friday.

在所谓的比特币基差交易中，投资者买入现货比特币（或其 ETF），并做空加密货币期货，今年加密货币期货的交易价格大幅上涨。 CF Bitcoin 数据显示，选举结果公布后，这一差距扩大，年率差距在 11 月 11 日达到 17%，但周五涨幅回落至 12%。

"Hedge funds are harvesting that spread. It creates a very tactical, opportunistic trade," said Gabe Selby, head of research at Kraken's CF Benchmarks. "It has an uncorrelated return."

Kraken CF Benchmarks 研究主管加布·塞尔比 (Gabe Selby) 表示：“对冲基金正在利用这种价差。这创造了一种非常战术性的机会主义交易。” “它有一个不相关的回报。”

Positions unveiled in 13-F filings this week only show long equity bets placed by hedge funds and not wagers on the fall of share prices or derivatives. Reuters could not determine whether specific hedge funds were putting on such an arbitrage bet, only if they have taken long positions.

本周 13-F 文件中公布的头寸仅显示对冲基金的多头股票押注，而不是对股价或衍生品下跌的押注。路透社无法确定特定对冲基金是否进行了此类套利押注，除非它们持有多头头寸。

Among those that increased their exposure to the cryptocurrency was Israel Englander's Millennium, which more than doubled its number of shares in iShares Bitcoin Trust to 23.5 million shares, valued at $849 million, from the previous quarter. It also increased its positions in ARK 21Shares Bitcoin and Bitwise Bitcoin funds.

Israel Englander 的 Millennium 是增加加密货币投资的公司之一，该公司持有的 iShares Bitcoin Trust 股票数量比上一季度增加了一倍多，达到 2350 万股，价值 8.49 亿美元。它还增加了 ARK 21Shares 比特币和 Bitwise 比特币基金的头寸。

Overall, the New York-based hedge fund ended September with $1.7 billion in crypto ETFs, including spot bitcoin and ethereum funds. The ETFs account for a small portion of the firm's $70 billion in assets under management.

总体而言，这家总部位于纽约的对冲基金 9 月底持有价值 17 亿美元的加密 ETF，其中包括现货比特币和以太坊基金。 ETF 只占该公司 700 亿美元管理资产的一小部分。