比特币ETF的兴起永远改变了加密货币市场

比特币ETF的兴起或交易所贸易资金的兴起已经改变了加密货币市场和整个财务世界。

The rise of Bitcoin ETFs, or exchange-traded funds, has changed the cryptocurrency market and the financial world at large forever. These game-changing investment vehicles successfully bridged the gap between digital currencies and traditional finance, finally enabling mainstream investors and financial institutions to easily and securely gain exposure to Bitcoin.

比特币ETF的兴起或交易所贸易资金的兴起已经改变了加密货币市场和整个财务世界。这些改变游戏规则的投资工具成功地弥合了数字货币与传统财务之间的差距，最终使主流投资者和金融机构可以轻松安全地获得对比特币的风险。

Bitcoin ETFs opened the floodgates to institutional adoption of cryptocurrencies by bringing regulatory clarity and increased accessibility to the industry. Bitcoin is no longer sidelined by institutional investors and regulators, and the financial market’s embrace of the technology has helped improve perceptions of the asset.

比特币ETF通过提出监管清晰度并提高对行业的可及性，为机构采用加密货币开放了闸门。比特币不再被机构投资者和监管机构所抵消，金融市场对技术的拥抱有助于提高对资产的看法。

In this article, we detail everything you need to know about Bitcoin ETFs, from pros and cons to an in-depth exploration of their effects on the crypto market and more.

在本文中，我们详细介绍了您需要了解的有关比特币ETF的所有信息，从利弊到对它们对加密市场的影响的深入探索等等。

How Do Bitcoin ETFs Work?

比特币ETF如何工作？

Before we get to Bitcoin ETFs, let’s break down what exactly an ETF or exchange-traded fund is. An ETF is a kind of investment fund that holds any number of assets, such as stocks, commodities, bonds, real estate, and other financial instruments. They are traded on stock exchanges like any other public stock, making it easy for investors to gain exposure to various bundles of assets without having to purchase them and manage them directly.

在进入比特币ETF之前，让我们分解究竟是什么是ETF或交易所交易的基金。 ETF是一种投资基金，持有任何数量的资产，例如股票，商品，债券，房地产和其他金融工具。它们像其他任何公共股票一样在证券交易所进行交易，使投资者可以轻松获得各种资产的敞口，而无需购买并直接管理它们。

A Bitcoin ETF is simply an ETF that tracks the price of Bitcoin, allowing investors to easily gain exposure to the token. There are various kinds of Bitcoin ETFs that hold different assets. For example, some only hold Bitcoin while others purchase Bitcoin futures contracts.

比特币ETF只是跟踪比特币价格的ETF，使投资者可以轻松获得令牌。有多种比特币ETF拥有不同的资产。例如，有些仅容纳比特币，而另一些则购买比特币期货合约。

A Brief History of Bitcoin ETFs

比特币ETF的简短历史

The first Bitcoin ETF started trading on October 19th, 2021, but the idea has been around for over a decade. In fact, the first serious attempt to launch a Bitcoin ETF came in 2013, just a few years after the token was created. The Winklevoss Twins, famous for their involvement in Facebook and their early Bitcoin investments, filed a proposal for the Winklevoss Bitcoin Trust ETF with the U.S. Securities and Exchange Commission.

第一个比特币ETF于2021年10月19日开始交易，但这个想法已经存在了十多年。实际上，在创建令牌仅几年后，首次认真尝试发射比特币ETF。 Winklevoss双胞胎以参与Facebook和他们早期的比特币投资而闻名，他向美国证券交易委员会提交了Winklevoss Bitcoin Trust ETF的提案。

The SEC didn’t make a decision until 2017 when it denied the application. The SEC was mostly worried about the potential for fraud and cited the minimal regulation in the crypto industry at the time. In the notice, the SEC said:

SEC直到2017年拒绝申请才决定。 SEC主要担心欺诈的潜力，并认为当时加密行业的监管最少。在通知中，SEC说：

“As discussed further below, the Commission is disapproving this proposed rule change because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.”

“正如下面进一步讨论的那样，委员会不赞成这一拟议的规则更改，因为它没有发现该提案与《交换法》第6（b）（5）条一致，该法案除其他事项外，必须旨在防止欺诈性和操纵性行为和操纵性行为和保护投资者和公众利益。”

Supporters of Bitcoin ETFs didn’t give up, and multiple institutions submitted their own proposals. In 2017, the Chicago Mercantile Exchange (CME) decided to offer trading of Bitcoin futures contracts, marking a shift towards institutional adoption.

比特币ETF的支持者没有放弃，多个机构提出了自己的建议。 2017年，芝加哥商业交易所（CME）决定提供比特币期货合约的交易，这标志着向机构采用的转变。

ProShares, a large ETF issuer, proposed a Bitcoin ETF that only holds Bitcoin futures, providing exposure to the token without owning it directly. After many delays, the SEC finally approved the ProShares Bitcoin Strategy ETF in October 2021. It took another few years for the SEC to approve the first spot Bitcoin ETFs, which directly hold Bitcoin.

大型ETF发行人Proshares提出了只有比特币期货的比特币ETF，可在不直接拥有它的情况下向代币提供接触。经过多次延迟，SEC终于批准了2021年10月的Proshares比特币战略ETF。SEC批准了直接持有比特币的第一个位置比特币ETF花了几年的时间。

In the short time that Bitcoin ETFs have been around, they have already had a massive impact on the crypto market, spurring billions of dollars of inflows from institutions and traditional investors.

在比特币ETF出现的短时间内，它们已经对加密货币市场产生了巨大影响，促使机构和传统投资者流入了数十亿美元的流入。

Investing in Bitcoin vs Bitcoin ETFs

投资比特币与比特币ETF

It may seem like investing in Bitcoin versus Bitcoin ETFs is virtually identical, and in many ways, they are, but there are crucial differences to keep in mind. The biggest difference, for the most part, is how you invest in each asset.

似乎对比特币与比特币ETF进行投资几乎是相同的，并且在许多方面都是相同的，但是要记住的是至关重要的差异。在大多数情况下，最大的区别是您如何投资于每种资产。

When you want to directly purchase Bitcoin, you have to go through the trouble of setting up an account with a cryptocurrency exchange, such as Coinbase or Kraken. From there, you need to verify your identity with a driver’s license (or other form of valid ID) and personal information. Finally, you can deposit funds and begin trading Bitcoin.

当您想直接购买比特币时，您必须遇到使用加密货币交易所（例如Coinbase或Kraken）设置帐户的麻烦。从那里，您需要使用驾驶执照（或其他有效ID形式）和个人信息来验证自己的身份。最后，您可以存入资金并开始交易比特币。

On the other hand, investing in Bitcoin ETFs requires a brokerage account (with similar verification requirements). If you already have one set up, you can go ahead and use it to trade Bitcoin ETFs to your heart’s desire.

另一方面，投资比特币ETF需要一个经纪帐户（具有相似的验证要求）。如果您已经设置了一个设置，则可以继续使用它来对比特币ETF进行交易。

Directly owning Bitcoin also requires you to store it securely. Many investors leave their cryptocurrencies in their exchange accounts, but this is generally frowned upon by security experts as it incurs a significant counterparty risk.

直接拥有比特币还需要您安全地存储它。许多投资者将其加密货币留在其交换帐户中，但这通常是安全专家蒙受的，因为它会带来重大的对应器风险。

Most experts advise investors to make their own secure personal wallet, ideally a hardware wallet, to hold their tokens safely. Unlike with Bitcoin ETFs, investors can easily transfer and use their Bitcoin in various ways. For example, Bitcoin can be deposited and used in decentralized finance (DeFi) platforms to earn interest, borrow, and swap for other tokens.

大多数专家建议投资者制作自己安全的个人钱包，理想情况下是硬件钱包，以安全地持代币。与比特币ETF不同，投资者可以轻松地以各种方式转移和使用其比特币。例如，可以将比特币存入和使用分散的财务（DEFI）平台，以赢得其他代币的利息，借入和交换。

ETF fees are another factor to consider when deciding between Bitcoin and Bitcoin ETFs. Crypto exchanges charge trading fees (and sometimes small wallet transfer costs), but they rarely charge any ongoing management fees. Bitcoin ETFs, like all other

在决定比特币和比特币ETF之间，ETF费用是另一个要考虑的因素。加密交换收取交易费（有时是小钱包转让费用），但他们很少收取任何持续的管理费。像其他所有人一样，比特币ETF