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加密货币永不休市,倒逼ETF交易

加密货币永不休市,倒逼ETF交易

Jessica Mathews 2021年06月09日
这个挑战并未阻止诸多美国资产经理积极备战ETF的推出。

就在数字货币的拥趸们焦急地等待美国监管机构就是否批准加密货币交易所交易基金(ETF)做出决定之际,美国资产经理将面临一个无法规避的不利因素:市场时间(market hours)。

顾名思义,ETF将在交易所交易,它受到了周工作日交易时间的限制。然而,加密货币则可以全天候地买卖,全年无休。

如果比特币(Bitcoin)的价格在周六暴跌,比特币ETF的投资者从理论上来讲将被该基金套牢,直到周一市场开盘。如果价格上涨的话,他们也只能够在周末过后通过交易来获利。

萨赛克斯大学(University of Sussex)的金融学教授卡罗尔•亚历山大认为:“加密货币市场从不歇市,如果人们在周末无法提取,那么这类开放式基金也就没有用武之地。”她将比特币在周日和周一之间的巨大差价称之为“周日效应”(Sunday effect),因为众多美国资产经理都会在这一天休息。

这个挑战并未阻止诸多美国资产经理积极备战ETF的推出。WisdomTree Investments、富达(Fidelity)和其他一些公司已经向美国证券交易委员会(Securities and Exchange Commission)提交了申报文件,请求该机构批准其开展各自的ETF项目。

加拿大已经走在了前面。该国在今年2月批准了首只加密货币ETF——Purpose Investments公司的Purpose Bitcoin ETF (BTCC)。这种基金经历了爆炸式增长,在交易前两个月达到了10亿加元的规模,凸显市场了对这一投资载体的广泛需求。(Purpose Investments公司的首席投资官格雷格•泰勒称,有鉴于比特币价格在5月中旬的暴跌,BTCC的资产规模已经下滑至约9亿美元。)

这些资产经理正在争先恐后地通过简化准入方式,为投资者提供更广泛的加密货币市场接触渠道。到目前为止,如果仅靠当前的投资手段,美国加密货币投资者拥有的流动性和税收效益十分有限。这些手段包括直接从其他人手中购买,在Coinbase或Gemini这类交易所购买,或通过针对有资质投资者的私募基金购买。这些手段可能会拥有高溢价,而且很难整合至整个资产组合中。

Bitwise Asset Management公司的首席投资官马特•霍根说:“每一种方式都有其优缺点。”该公司在2019年首次向美国证券交易委员会提交了比特币ETF申请。

然而,美国证券交易委员会到目前为止还未批准任何加密货币ETF。令监管机构感到为难的部分原因可能源于市场交易时长的问题,其他原因包括系统性风险和金融脆弱性,以及“金融交易游戏化”的难以实现,GameStop今年早些时候的境况便说明了这一点。

亚历山大称:“我认为美国证券交易委员会不予批准是完全正确的做法。”他担心,如果投资者在加密货币下行期间于周末被ETF套牢,那么投资者将不可避免地采取集体诉讼行动。

然而泰勒称,当投资者选择投资ETF时,他们应该对此心知肚明。泰勒将投资黄金或原油的大宗商品ETF与加密货币基金进行了对比,因为大宗商品也是可以全天候交易的,不过他承认,大宗商品价格的波动性要小得多。

泰勒说:“在这一方面,认知真的非常重要,它能够确保这些已经进驻ETF领域的潜在投资者可以了解ETF的限制。”

Bitwise的霍根强调,ETF并不适合每一位投资者。“其中一个需要权衡的因素就是,ETF的流动性并非是全天候的。”

然而泰勒和霍根指出,ETF构架的优点对投资者来说有很大的吸引力。

ETF的初衷是密切跟踪其标的资产,并提供大量的流动性。Purpose与加拿大做市商合作,跟踪比特币一天的波动性,并将买卖价差(询盘与购买价格之间的差价)维持在一加分的水平。

霍根表示,投资者能够通过传统经纪商,接触到更多的加密货币ETF。

自Purpose的ETF首次亮相之后,一大批其他加密货币ETF涌入了加拿大市场,包括以太坊(Ethereum)以及由CI Financial这类竞争对手推出的其他比特币基金。

泰勒说:“我们认为这对加密货币成为主流资产是一个十分有利的消息,而此前它一直都是一种小众投资。”

截至目前,美国证券交易委员会是否会批准依然没有定论。(财富中文网)

译者:冯丰

审校:夏林

就在数字货币的拥趸们焦急地等待美国监管机构就是否批准加密货币交易所交易基金(ETF)做出决定之际,美国资产经理将面临一个无法规避的不利因素:市场时间(market hours)。

顾名思义,ETF将在交易所交易,它受到了周工作日交易时间的限制。然而,加密货币则可以全天候地买卖,全年无休。

如果比特币(Bitcoin)的价格在周六暴跌,比特币ETF的投资者从理论上来讲将被该基金套牢,直到周一市场开盘。如果价格上涨的话,他们也只能够在周末过后通过交易来获利。

萨赛克斯大学(University of Sussex)的金融学教授卡罗尔•亚历山大认为:“加密货币市场从不歇市,如果人们在周末无法提取,那么这类开放式基金也就没有用武之地。”她将比特币在周日和周一之间的巨大差价称之为“周日效应”(Sunday effect),因为众多美国资产经理都会在这一天休息。

这个挑战并未阻止诸多美国资产经理积极备战ETF的推出。WisdomTree Investments、富达(Fidelity)和其他一些公司已经向美国证券交易委员会(Securities and Exchange Commission)提交了申报文件,请求该机构批准其开展各自的ETF项目。

加拿大已经走在了前面。该国在今年2月批准了首只加密货币ETF——Purpose Investments公司的Purpose Bitcoin ETF (BTCC)。这种基金经历了爆炸式增长,在交易前两个月达到了10亿加元的规模,凸显市场了对这一投资载体的广泛需求。(Purpose Investments公司的首席投资官格雷格•泰勒称,有鉴于比特币价格在5月中旬的暴跌,BTCC的资产规模已经下滑至约9亿美元。)

这些资产经理正在争先恐后地通过简化准入方式,为投资者提供更广泛的加密货币市场接触渠道。到目前为止,如果仅靠当前的投资手段,美国加密货币投资者拥有的流动性和税收效益十分有限。这些手段包括直接从其他人手中购买,在Coinbase或Gemini这类交易所购买,或通过针对有资质投资者的私募基金购买。这些手段可能会拥有高溢价,而且很难整合至整个资产组合中。

Bitwise Asset Management公司的首席投资官马特•霍根说:“每一种方式都有其优缺点。”该公司在2019年首次向美国证券交易委员会提交了比特币ETF申请。

然而,美国证券交易委员会到目前为止还未批准任何加密货币ETF。令监管机构感到为难的部分原因可能源于市场交易时长的问题,其他原因包括系统性风险和金融脆弱性,以及“金融交易游戏化”的难以实现,GameStop今年早些时候的境况便说明了这一点。

亚历山大称:“我认为美国证券交易委员会不予批准是完全正确的做法。”他担心,如果投资者在加密货币下行期间于周末被ETF套牢,那么投资者将不可避免地采取集体诉讼行动。

然而泰勒称,当投资者选择投资ETF时,他们应该对此心知肚明。泰勒将投资黄金或原油的大宗商品ETF与加密货币基金进行了对比,因为大宗商品也是可以全天候交易的,不过他承认,大宗商品价格的波动性要小得多。

泰勒说:“在这一方面,认知真的非常重要,它能够确保这些已经进驻ETF领域的潜在投资者可以了解ETF的限制。”

Bitwise的霍根强调,ETF并不适合每一位投资者。“其中一个需要权衡的因素就是,ETF的流动性并非是全天候的。”

然而泰勒和霍根指出,ETF构架的优点对投资者来说有很大的吸引力。

ETF的初衷是密切跟踪其标的资产,并提供大量的流动性。Purpose与加拿大做市商合作,跟踪比特币一天的波动性,并将买卖价差(询盘与购买价格之间的差价)维持在一加分的水平。

霍根表示,投资者能够通过传统经纪商,接触到更多的加密货币ETF。

自Purpose的ETF首次亮相之后,一大批其他加密货币ETF涌入了加拿大市场,包括以太坊(Ethereum)以及由CI Financial这类竞争对手推出的其他比特币基金。

泰勒说:“我们认为这对加密货币成为主流资产是一个十分有利的消息,而此前它一直都是一种小众投资。”

截至目前,美国证券交易委员会是否会批准依然没有定论。(财富中文网)

译者:冯丰

审校:夏林

Digital currency enthusiasts are anxiously awaiting a regulatory decision on crypto exchange-traded funds in the U.S.—but there’s a drawback American asset managers will face, regardless: market hours.

ETFs, by definition, trade on exchanges, which are subject to workweek-hour trading restrictions. Cryptocurrencies, on the other hand, can be bought and sold at all hours of the day, any day of the year.

Should the price of Bitcoin abruptly plummet on a Saturday, investors in a Bitcoin ETF would theoretically be trapped in that fund until the market opens on Monday. Should it spike, they’d have to wait to trade for a profit.

“The crypto market is 24/7, so there’s no role for an open-ended fund that you can’t get out of during the weekend,” argues Carol Alexander, a finance professor at the University of Sussex. She describes dramatic price differences between Bitcoin on Sundays and Mondays as the “Sunday effect,” because many U.S. asset managers take the day off.

This challenge hasn’t stopped a series of U.S. asset managers from gearing up for an ETF launch. WisdomTree Investments, Fidelity, and others have filed registration documents with the Securities and Exchange Commission, requesting approval to move forward with their respective proposals.

Canada is already one step ahead. It approved the first crypto ETF, Purpose Investments’ Purpose Bitcoin ETF (BTCC), in February. Launched Feb. 18, BTCC has experienced explosive growth, gathering $1 billion in Canadian dollars within its first two months of trading and showcasing widespread demand for the investment vehicle. (Given the crash in Bitcoin prices in mid-May, BTCC’s assets have dropped to around $900 million, according to Greg Taylor, chief investment officer of Purpose Investments.)

These asset managers are racing to give investors wider access to the crypto market by simplifying the means to entry. As of now, U.S. crypto investors have limited liquidity and tax efficiencies with current investment choices. Those options include purchasing cryptocurrency directly from others, on an exchange like Coinbase or Gemini, or through a private fund for accredited investors. These options can have high premiums or be difficult to incorporate into an overall portfolio.

“Each of those ways comes with pros and cons,” says Matt Hougan, chief investment officer of Bitwise Asset Management, which first applied for a Bitcoin ETF with the SEC in 2019.

There has yet to be a blessing from the SEC for a crypto ETF. Some of the regulatory hesitancy may stem from the issue of market hours, in addition to concerns over systemic risk and financial fragility, as well as uneasiness over the “gamification of financial trading,” as outlined earlier this year with GameStop.

“I think the SEC is perfectly right not to say yes,” says Alexander, who worries that investor class-action lawsuits would be inevitable were investors to be trapped in an ETF over a weekend during a crypto downturn.

But investors should know better when they choose to invest in an ETF, according to Taylor, who compared crypto funds to ETFs that invest in commodities like gold or oil that can also trade around the clock, though he admits they are significantly less volatile.

“Awareness is really key with that part—to make sure that these underlying investors who are in the ETF understand the limitations of an ETF,” Taylor says.

Bitwise’s Hougan emphasizes that an ETF isn’t going to be for every investor. “One of the tradeoffs you make is that you don’t have 24/7 liquidity.”

But the benefits of the ETF structure are immense for investors, Taylor and Hougan say.

An ETF is designed to closely track its underlying holdings and offer acute liquidity. Purpose works with Canadian market makers to track Bitcoin volatility throughout the day and keep the bid-ask spread (the difference between the asking versus the purchasing price) at one penny.

A crypto ETF would also be more widely available to investors through traditional brokerages, according to Hougan.

There have been a flurry of other cryptocurrency ETFs entering the Canadian market since Purpose’s debut, including Ethereum and additional Bitcoin funds launched by competitors such as CI Financial.

“We think this is a good step for getting crypto into the mainstream instead of a more niche investment,” Taylor says.

Whether the SEC agrees still needs to be determined.

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