随着投资者寻求直接投资加密货币，现货比特币 ETF 飙升

随着华尔街提供杠杆变化的最新条目，现货比特币交易所交易基金（ETF）的推出继续获得动力。 ProShares推出了ProShares Ultra比特币ETF（BITU）和ProShares UltraShort比特币ETF（SBIT），分别为投资者提供两倍于比特币及其反向的每日表现。这些新的 ETF 利用了现货比特币 ETF 的大量流入和日益受欢迎，满足了加密货币市场对杠杆敞口和对冲机会不断增长的需求。

Surge in Spot Bitcoin Exchange-Traded Funds Shows Unwavering Investor Demand

现货比特币交易所交易基金的激增表明投资者需求坚定不移

The recent launch of spot Bitcoin exchange-traded funds (ETFs) has sparked an unprecedented surge in investor interest, with the latest offerings from Wall Street-based firms providing supercharged versions of these innovative products.

最近推出的现货比特币交易所交易基金（ETF）引发了投资者前所未有的兴趣激增，华尔街公司的最新产品提供了这些创新产品的增强版。

ProShares Introduces Ultra Bitcoin ETFs

ProShares 推出 Ultra 比特币 ETF

On Tuesday, ProShares unveiled two highly anticipated spot Bitcoin ETFs: ProShares Ultra Bitcoin ETF (ticker BITU) and ProShares UltraShort Bitcoin ETF (SBIT). BITU tracks twice the daily performance of Bitcoin via the Bloomberg Bitcoin Index, while SBIT provides inverse exposure to the same index. Both ETFs offer leverage and an expense ratio of 95 basis points.

周二，ProShares 推出了两款备受期待的现货比特币 ETF：ProShares Ultra 比特币 ETF（股票代码 BITU）和 ProShares UltraShort 比特币 ETF（SBIT）。 BITU 通过彭博比特币指数追踪比特币每日表现的两倍，而 SBIT 则提供同一指数的反向敞口。两只 ETF 均提供杠杆和 95 个基点的费用比率。

Soaring Appetite for Spot Bitcoin Exposure

对现货比特币敞口的兴趣飙升

The launch of these twin ETFs follows the successful debut of almost a dozen Bitcoin ETFs in January, which have collectively attracted an astonishing $12 billion in net inflows and approximately $60 billion in assets. Notably, BITU and SBIT stand out by offering magnified returns on spot Bitcoin, rather than the futures market.

在这两个 ETF 的推出之前，近 12 个比特币 ETF 在 1 月份成功上市，这些 ETF 总共吸引了惊人的 120 亿美元的净流入和约 600 亿美元的资产。值得注意的是，BITU 和 SBIT 因在现货比特币而非期货市场提供放大回报而脱颖而出。

Demand Outstrips Supply

需求超过供应

The overwhelming inflows into spot Bitcoin ETFs underscore the ravenous appetite for direct exposure to the world's most popular cryptocurrency. This demand is driven by investors seeking seamless and cost-effective ways to participate in the emerging crypto market.

大量资金流入现货比特币 ETF，突显了人们对直接接触全球最受欢迎的加密货币的强烈需求。这种需求是由投资者寻求无缝且经济高效的方式参与新兴加密货币市场推动的。

More Products on the Horizon

更多产品即将推出

The success of ProShares' offerings has paved the way for a flood of new spot Bitcoin ETFs seeking to capitalize on the surge in investor demand. Among them is the recently converted Hashdex Bitcoin ETF (DEFI), with Grayscale Bitcoin Mini Trust awaiting regulatory approval.

ProShares 产品的成功为大量寻求利用投资者需求激增的新现货比特币 ETF 铺平了道路。其中包括最近转换的 Hashdex 比特币 ETF（DEFI），以及灰度比特币迷你信托正在等待监管部门的批准。

Leveraged ETFs: A Double-Edged Sword

杠杆ETF：一把双刃剑

According to Michael O'Riordan, founding partner of ETF consulting firm Blackwater, "It demonstrates how ETF managers can be an opportunistic bunch by trying to leverage off the positive sentiment as much as possible."

ETF 咨询公司 Blackwater 的创始合伙人 Michael O'Riordan 表示，“这表明 ETF 管理者如何通过尽可能地利用积极情绪来成为机会主义者。”

While leveraged ETFs have become increasingly popular, analysts warn that they can be a double-edged sword. Matt Maley, chief market strategist at Miller Tabak + Co, observes, "On the negative side, it will likely lead to an increase in speculation in an asset class that is already volatile. However, they will also help investors hedge their positions. So, that could offset some of that speculation."

尽管杠杆ETF越来越受欢迎，但分析师警告称，它们可能是一把双刃剑。 Miller Tabak + Co首席市场策略师Matt Maley观察到，“从负面来看，这可能会导致本已波动的资产类别的投机活动增加。不过，它们也将帮助投资者对冲头寸。因此，这可能会抵消一些猜测。”

Volatile Bitcoin Price Drives Demand

波动的比特币价格推动需求

The extreme volatility of Bitcoin has been a major catalyst in the demand for leveraged and short-exposure investment vehicles. Despite a recent 10% correction, Bitcoin remains up 54% since the start of the year, marking a significant recovery from its catastrophic 64% loss in 2022.

比特币的极端波动一直是杠杆和短期风险投资工具需求的主要催化剂。尽管最近出现了 10% 的回调，但比特币自年初以来仍上涨了 54%，标志着从 2022 年灾难性的 64% 损失中显着恢复。

Existing Leveraged ETF Success

现有杠杆ETF的成功

The demand for Bitcoin leverage is evident in the success of existing products such as VolatilityShares' 2x Bitcoin Strategy ETF (BITX). Launched in June 2023, BITX has consistently attracted inflows, with $885 million in January alone.

VolatilityShares 的 2x 比特币策略 ETF (BITX) 等现有产品的成功证明了对比特币杠杆的需求。 Bitx 于 2023 年 6 月推出，持续吸引资金流入，仅 1 月份就吸引了 8.85 亿美元资金流入。

ProShares' Offerings Provide Flexibility

ProShares 的产品提供灵活性

ProShares CEO Michael Sapir highlights the unique advantages of BITU and SBIT: "BITU offers investors the opportunity to pursue magnified Bitcoin returns or target a level of exposure with less money at risk." Conversely, SBIT "allows investors to seek to profit when the price of Bitcoin drops or hedge their Bitcoin exposure."

ProShares 首席执行官 Michael Sapir 强调了 BITU 和 SBIT 的独特优势：“BITU 为投资者提供了追求放大的比特币回报或以更少的风险资金实现一定程度的投资的机会。”相反，SBIT“允许投资者在比特币价格下跌时寻求利润或对冲其比特币风险”。

Conclusion

结论

The surge in spot Bitcoin ETFs showcases the unwavering investor demand for exposure to this dynamic asset class. As regulators continue to green-light new products, the ETF market is poised to remain a dominant force in the crypto investment landscape. While leveraged ETFs offer allure, investors should carefully consider the potential risks and rewards before making any decisions.

现货比特币 ETF 的激增表明了投资者对这一动态资产类别的坚定需求。随着监管机构继续批准新产品，ETF 市场有望继续成为加密货币投资领域的主导力量。虽然杠杆 ETF 具有吸引力，但投资者在做出任何决定之前应仔细考虑潜在的风险和回报。