評論
打印
Finance and Economics
財經(jīng)版塊
Crypto assets
加密資產(chǎn)
Bitcoin bounce
比特幣反彈
A new crypto-linked exchange-traded fund is many things to many people
這種新的加密的交易基金對于很多人來說意味著很多東西
CRYPTO SEASONS are not what they used to be.
加密時代不再是過去的樣子了。
In 2017, just as bitcoin was nearing $20,000 for the first time, a regulatory crackdown triggered a crypto “winter”—a period of depressed prices—that lasted nearly three years.
2017年，就在比特幣首次接近2萬美元之際，一場監(jiān)管打擊引發(fā)了一場持續(xù)近3年的加密資產(chǎn)“寒冬”——一段價格低迷的時期。
In May this year frost set in after China clamped down on crypto transactions, bringing bitcoin down by half from its peak of $64,900.
今年5月，在中國打擊加密貨幣交易后，比特幣開始霜凍，比特幣從6.49萬美元的峰值下跌了一半。
But after just a few icy months, things are warming up again.
但僅僅在冰冷的幾個月之后，情況又開始回暖。
On October 20th bitcoin briefly crossed $67,000—a new record.
10月20日，比特幣短暫突破67000美元，創(chuàng)下新紀錄。
The latest heat reflects a much-awaited event: the listing of America’s first bitcoin-linked exchange-traded fund (ETF) on the New York Stock Exchange.
最新的熱度反映了一個期待已久的事件：美國首只與比特幣掛鉤的交易所交易基金在紐約證交所掛牌上市。
Run by ProShares, a maker of specialist investment products, it got a green light of sorts after the Securities and Exchange Commission (SEC), America’s main markets watchdog, let a deadline to approve or reject it lapse without objection.
由專業(yè)投資產(chǎn)品制造商ProShares運營，在美國主要市場的看門狗——美國證券交易委員會無異議地批準或拒絕的最后期限過去后，它獲得了某種形式的綠燈。
The listed fund offers investors exposure not to the cryptocurrency itself but to bitcoin futures, and specifically to contracts traded on the Chicago Mercantile Exchange (CME).
上市基金為投資者提供的敞口不是加密貨幣本身，而是比特幣期貨，特別是芝加哥商品交易所交易的合約。
Depending on whom you ask, the launch is either a landmark, a way for regulators to retain control, or a disappointment.
這要取決于你問的是誰，有人認為這是一個里程碑，是監(jiān)管機構(gòu)保持控制的一種方式，也有人認為是非常令人失望的。
For crypto entrepreneurs and conventional financiers, the launch is a breakthrough.
對于加密貨幣企業(yè)家和傳統(tǒng)金融家來說，這是一個突破。
Over the past decade many sought approval for all manner of bitcoin ETFs, only to be denied or fobbed off.
在過去的十年里，許多人尋求批準各種比特幣作為交易所交易基金，但都被拒絕或搪塞了。
But in August Gary Gensler, the SEC‘s boss, signalled that he would favour funds that tracked futures, which led to a wave of filings.
但是在8月份，證券交易委員會的老板加里·詹斯勒表示，他將青睞追蹤期貨的基金，這導(dǎo)致了一波又一波的申請。
Two could start trading later this month.
兩家可能在本月晚些時候開始交易。
Others, including ones run by giant asset managers, could follow.
其他公司，包括由大型資產(chǎn)管理公司運營的公司，可能會效仿。
In expectation of all this, existing crypto investors have poured into derivatives markets.
出于對這一切的預(yù)期，現(xiàn)有的加密資產(chǎn)投資者紛紛涌入衍生品市場。
“Open interest”—the capital tied up in futures contracts—is at an all-time high.
“未平倉權(quán)益”——期貨合約中被套牢的資本仍處于歷史高位。
The bet is that ETFs will lure retail investors, who are numerous, and institutions, which have big money.
人們押注的是，交易所交易基金將吸引數(shù)量眾多的散戶投資者和資金雄厚的機構(gòu)投資者。
The former, long put off by the hassle of opening an account at crypto-exchanges, now only need one with an ordinary broker.
前者由于在密碼交易所開戶的麻煩而擱置，現(xiàn)在只需要一個普通經(jīng)紀人開戶即可。
The latter, nervous about the custody of digital assets, no longer have to own any in order to sell exposure to their clients.
后者對數(shù)字資產(chǎn)的托管感到緊張，為了向客戶出售敞口，他們不再持有任何數(shù)字資產(chǎn)。
There was certainly early enthusiasm: the price of shares in the ETF rose by 4% on its debut.
當然，早期的熱情是存在的：交易所交易基金的股票價格在上市首日上漲了4%。
Still, new investors may not come in the droves that bulls expect.
盡管如此，新的投資者可能不會像看漲人士預(yù)期的那樣成群結(jié)隊地到來。
For years now individuals have been able to buy bitcoin through mobile wallets, such as PayPal, or brokers, such as Robinhood.
多年來，個人一直可以通過PayPal等移動錢包或Robinhood等經(jīng)紀商購買比特幣。
Institutions can gain exposure through vehicles like the Grayscale Bitcoin Trust, a private fund that allows investors to trade shares in trusts that own bitcoin, and which manages $40bn.
機構(gòu)可以通過灰度（Grayscale Bitcoin Trust）等工具獲得敞口。灰度是一家私人基金，允許投資者交易持有比特幣的信托基金的股票，該基金公司管理著400億美元的資金。
A growing cast of firms, including Wall Street stalwarts such as BNY Mellon and State Street, are lining up to offer institutional-grade bitcoin custody.
越來越多的公司，包括紐約梅隆銀行和道富銀行等華爾街的中堅力量，都在排隊提供機構(gòu)級的比特幣托管。
Purists, meanwhile, would have preferred an ETF that holds bitcoin directly.
與此同時，純粹主義者更喜歡直接持有比特幣的交易基金。
A futures-linked fund needs to roll forward futures contracts as existing ones expire, which is costly; so is the requirement to park hefty collateral at the CME.
期貨掛鉤基金需要在現(xiàn)有期貨合約到期時展期，代價非常大；在芝加哥商品交易所存放大量抵押品的要求也是如此。
Both will eat into returns.
兩者都會侵蝕回報。
A straight bitcoin ETF, however, is some way off.
然而，直接推出比特幣交易基金還有一段路要走。
Permitting futures funds allows the SEC to direct investors to regulated exchanges like the CME, which enables the watchdog to intervene to prevent wrongdoing.
允許設(shè)立期貨基金，SEC就可以引導(dǎo)投資者進入芝加哥商品交易所等受監(jiān)管的交易所，這樣監(jiān)管機構(gòu)就能夠進行干預(yù)，以防止不當行為發(fā)生。
By contrast, bitcoin trades in a variety of venues, many of which are out of the SEC’s reach, and is notoriously volatile.
相比之下，比特幣的交易場所多種多樣，其中許多都不在SEC的監(jiān)管范圍之內(nèi)，而且是出了名的不穩(wěn)定。
Crypto spring it may be, but the weather can always turn.
這也許是加密貨幣的春天，但是天氣總是會變的。
譯文由可可原創(chuàng)，僅供學(xué)習(xí)交流使用，未經(jīng)許可請勿轉(zhuǎn)載。
