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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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6 R+ O; ?2 G L$ k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ETF9 b% i+ Q3 M% `2 M- p
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+ K$ Z& r- W6 i9 N9 t
式」，而非受发行商青睐的实物申购/赎回模式。* q4 L3 Z3 }; r
SEC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' L! w: Y" `9 p$ H$ [/ S) r& L
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: Q2 U$ J" {1 @6 |7 [4 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5 A, L- n2 R3 d* C) x- A4 z
「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( c2 t. ?; ~" {( m" n& U
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。
% ]/ [. Q2 S! `8 X$ x- P$ d现金赎回恐让比特币现货ETF丧失大部份优势2 ]* {1 w* ^/ y9 o8 }6 b2 l
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/ P: S( L5 t, L s! _
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
% v; A. U( F* ~5 X+ n: `- E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。
' x( n, q, r7 X6 h5 w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2 a/ T) U7 a) a4 {
用现金赎回模式可能让ETF结构的大部份优势丧失。
/ J5 ?9 ~/ ^( X. g0 D6 h: S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：
4 S5 ?; b" \& F1 H9 @: p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
, }3 K8 @0 _0 V; Q+ [9 U& ?( c! C5 ~" P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
" Y1 [1 w# V' z场上来赚取利润。& V, a- |% R* n5 E J( z
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8 h) G( R6 o: [% c! B+ i' z7 o, ~
售基础资产，以产生利润，因为该产品以折扣价进行交易。: {9 s; ]. y+ E/ y8 V1 V( H$ |
“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0 ]0 P6 v5 M# [( m
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8 T8 [8 X2 ^2 v$ x) t; ^& c* t
ETF变得有效率的竞争将不再适用。”
6 q( J! D4 t' E) y$ P分析师：现金模式将让ETF效率降低、成本变高
; O" |+ z/ a9 _" N* R, R& Y. S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+ ]- ^* G6 Y2 P6 Y9 H) q
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, U! X2 Z8 Z# }7 B/ x
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。
& \" L; S( _. a- O C4 B0 K$ i; E4 Z v
# l# t* j5 Z$ F6 \$ j1 B; \' b" p
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