By Bitcoin 雜誌 - 4 個月前 - 閱讀時間：4 分鐘
怎麼會 Bitcoin 以太幣的差異會影響他們的現貨 ETF 嗎？
分析師 預測 that the Securities and Exchange Commission (SEC) will approve spot Bitcoin ETF applications in January 2024, following 批准 of Bitcoin (BTC) Futures ETFs in October 2021 和 Ether (ETH) Futures ETFs in October 2023.
In anticipation, traditional financial institutions also applied to issue spot Ether ETFs. Since applicants like BlackRock have a near-perfect track record in obtaining SEC approval for their ETFs, spot Ether ETFs are likely to be approved, too. However, the SEC might approve them only after their Bitcoin counterparts, which would mean approval of Ether ETFs in late 2024 or early 2025.
If approved, spot Bitcoin and Ether ETFs will attract millions of new investors who were previously unable or unwilling to purchase crypto assets directly. Will Bitcoin and Ether's differing investment theses, alongside issuers' capability to integrate each asset's features into spot ETFs, impact the success of these newly created products?
For Ether in particular, the disparity between the underlying asset’s use cases and the spot ETF product offerings raises doubts about the product's viability. A spot Ether ETF does not allow shareholders to participate in the Ethereum network – the primary reason that an investor would seek to acquire Ether. Meanwhile, Bitcoin, which is widely used as a 存儲的價值, makes a spot Bitcoin ETF a more straightforward investment proposition.
以太坊 ETF 沒有投資論點
The Ether investment thesis revolves around the ability of individuals and institutions to utilize the ETH token on the Ethereum network. Unlike Bitcoin, which is recognized for its monetary qualities as a store of value, as well as a medium of exchange in some geographical regions, the Ether token functions as the "gas" of a technology ecosystem. One way users use ETH is for staking, the 過程 of participating in transaction validation on a proof-of-stake blockchain by locking up an amount (stake) of the network's native token to validate consensus and earn a yield.
River執行長亞歷山大·利甚曼 說”，“ETH 將自己定位為一個技術平台，現在它被迫參與競爭。” ETH 代幣作為以太坊平台的實用代幣的角色意味著其投資理論並非基於潛在的貨幣特徵。
The core value proposition of Ether makes it challenging for firms to market spot ETF products that only provide investors with price exposure. Investors don't hold Ether for its decentralization or monetary qualities. Corporations like MicroStrategy don’t sell stock to buy Ether. Countries like El Salvador haven’t designated Ether as legal tender – in fact, as far as anyone knows, no national governments are even talking about it.
Another obstacle is that applications like BlackRock’s do not even mention staking, which is central to Ether’s investment thesis. The SEC has been strict with crypto exchanges offering staking-as-a-service features, making it even more unlikely for BlackRock or other issuers to get permission to offer staking via an ETF.
Bitcoin 交易所買賣基金
Based on current applications, spot Bitcoin ETF發行人 will not offer in-kind redemptions, which means shareholders cannot take custody of their Bitcoin. Therefore, such products introduce additional counterparty risk. However, shareholders do gain exposure to Bitcoin’s price. This allows them to benefit from price appreciation even if annual management fees cut into their profits.
有現貨 Bitcoin ETF, issuers can count on demand from market participants who view Bitcoin as a store of value and seek price exposure for extended periods. The store-of-value investment thesis makes it easy for Wall Street firms to market spot Bitcoin ETF products to financial advisors and retail investors.
Anticipating approval for spot Bitcoin products, traditional financial leaders like BlackRock CEO Larry Fink have changed their rhetoric. They no longer issue sound bites like "an index of money laundering" when it comes to Bitcoin. Instead, Fink now calls it an "international asset" that is "digitizing gold" and represents a "flight to quality" for investors.
Fink's description reflects bitcoin's perceived product market fit in Western markets as a store of value due to its decentralization and the network's monetary policy. Some U.S.-based firms 正在創造 Bitcoin products focused on payments, but most holders of bitcoin store wealth in Bitcoin 很長一段時間。
展望
乏善可陳的發射 of the Ether futures ETF in October might indicate that a spot Ether ETF will be met with similarly low demand. Bitcoin and Ether’s underlying investment theses will determine the demand for ETFs issued against these assets. Since the utility of Ether comes from its ability to be used within the Ethereum ecosystem, a spot ETH ETF is unlikely to be a valuable product offering.
這是大衛·沃 (David Waugh) 的客座文章。 所表達的意見完全是他們自己的，並不一定反映 BTC Inc 或 Bitcoin 雜誌。
原始來源： Bitcoin 雜誌