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[虚拟币交流]
BitMEX Research：现金赎回恐让比特币现货ETF丧失大部份优势（27日转）
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美国证券交易委员会(SEC)目前正在审查贝莱德等十多家发行商提交的比特币现货ETF
1 I b) Z1 b$ o. [- y4 q& q. M& f申请。近来，美国有多家媒体爆料，SEC已在上周和数家发行商会晤，并明确表示只会采纳「现金申购/赎回模( g4 {7 [) \3 a1 J
式」，而非受发行商青睐的实物申购/赎回模式。
) C# P0 o3 R- e$ s( KSEC更表明，任何提及实物申购/赎回模式的内容，都必须从申请文件删去，并且任何无法在29日前完成文件最终
' m# G8 S+ X6 t# U q4 B+ ~更改的发行商，「将不会进入在1月初首批获准发行的比特币现货ETF行列」。, K' _- X3 \; ?9 H( F' S
这除了让市场预期SEC将在1月10号前通过现货ETF的机率近一步提高，也意味着首批上市的比特币现货ETF采用6 Z! O8 `4 G' `: _- f9 d& d9 Q& W. |
「现金申购/赎回模式」可谓是板上钉钉。包括贝莱德、方舟/21Shares、甚至是头最铁的灰度(Grayscale)都已妥
6 u: i: t; g7 R8 r协，陆续提交变更文件、采用现金模式，以寻求成为首批通关的现货ETF发行商。
# O r! a# I- X( E3 |4 k% a5 o( B) U现金赎回恐让比特币现货ETF丧失大部份优势' ~2 [0 o% B5 p
究竟实物和现金赎回的模式差别在哪呢？事实上，两种模式都会持有比特币作为基础资产，但主要差别在于，SEC, _# N8 E1 P8 o* x
偏好的现金赎回模式只有发行商会处理比特币，能够避免未注册的经纪商处理比特币的情况，但会引发现金交易
8 z9 o( b) T" a( Y# h0 ~可能衍生的税务责任;而实物赎回则是直接用比特币交换ETF份额，因此更能避免税务负担，也更受发行商青睐。
1 ^. O- C1 J1 g! {1 c. B! D5 e除了税务上的问题，老牌加密衍生品交易所BitMex的研究部门BitMEX Research分析也警告，比特币现货ETF采& ^$ k/ P% C5 r7 z Y! F) Z! \1 X
用现金赎回模式可能让ETF结构的大部份优势丧失。& [; W7 H0 ~# w8 j. m: T' V
该机构今(27)日稍早在X平台解释了ETF的运作方式，并点出现金模式的劣势：7 a) B; S/ |' d: w) O, G2 v
如果ETF交易溢价(通常是由于买家多于卖家造成)，授权参与者(AP，即承销商)就会被激励购买基础资产/商品
/ b: W# u. K A* B" A: ~ T并将其交付给发行商以接收新的ETF单位。然后，因为ETF的交易溢价，因此AP可以将新的ETF单位出售到市
8 |$ @/ N0 g' K0 ]6 @场上来赚取利润。
9 d% E+ b3 l: X' p4 B如果ETF以折价交易，则情况相反。AP会在市场上购买ETF单位，提供给发行商，然后接收基础资产，然后出2 g/ N9 c4 m5 R' f. n0 z/ |
售基础资产，以产生利润，因为该产品以折扣价进行交易。
: p1 c6 L4 b1 K7 A“然而，至关重要的是，ETF应该有多个竞争的AP，这确保产品可以处理大流量并具有较低的价格追踪误差。如
- I9 m+ q& }. a: k4 r& u果只允许现金申购和赎回，ETF结构的大部分好处就会丧失。现在只有发行商可以在市场上买卖比特币，许多使; T; c M* u; ~9 f' E, C
ETF变得有效率的竞争将不再适用。”# q, s1 m. r9 |) _; v4 g B( _2 P
分析师：现金模式将让ETF效率降低、成本变高* O* B8 \ z( M
区块链分析公司CoinMetrics共同创办人、此前曾是富达第一位加密资产分析师的Nic Carter则认为，采用现金模
( v( Y! Y7 x3 @( e6 h式的后果是ETF的效率将会降低，因为申购/赎回的成本将会更高，虽然不确定这是否会导致价格追踪错误或更高
2 B0 H3 I/ h u2 w的费率，但无论如何都会让参与比特币现货ETF的成本变得更加昂贵。1 Z1 R- |/ a, ~7 ~
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