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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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- M! s& d" R6 H) b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; l0 R0 G1 M- I/ d0 e% y
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& `* \& c/ \; m, F6 D N
式」，而非受发行商青睐的实物申购/赎回模式。7 v2 i, ^% {! f( I! | g0 }9 j c
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& k1 k! \- l/ N/ s5 t; b$ ^0 N
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」。
" O, b5 _3 k5 |) Z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* r( v1 X: I9 M
「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
5 \# j) Q3 u+ X, k7 }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。3 p8 `% j8 E: V
现金赎回恐让比特币现货ETF丧失大部份优势
( ~3 ~( M# n2 f' i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
& o' {3 Y% K& ~% Y3 J/ y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
$ W7 h7 D1 n" K9 |1 \9 V' \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。
8 o+ T, u9 Z' b) E( a$ @) X1 r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
& P3 W2 x" Y8 _8 P! A用现金赎回模式可能让ETF结构的大部份优势丧失。
) }" S8 G' R/ c8 ~( y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：
. _" e7 `7 J$ k: w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* g" f" ?" f0 v; Z7 e5 u9 d
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
7 K; E, \6 C$ `7 M8 a场上来赚取利润。
9 t1 d, X. |7 `8 S" f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+ h: H1 j) B5 K7 l
售基础资产，以产生利润，因为该产品以折扣价进行交易。
5 }. [5 z8 w& n: U& k“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
2 H- G2 W! {- R$ @' R" K4 h1 w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3 W* N$ g" F( g! B
ETF变得有效率的竞争将不再适用。”
5 y+ }$ Y4 [. I2 l, A6 ]分析师：现金模式将让ETF效率降低、成本变高
* J" d2 u7 D! E- c' |) R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
- Q# P H5 T7 P) P8 W# r2 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
, T/ K( H( z: f3 j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。8 |' c) ~+ Q& Z* p) t0 C- a
4 m% P, J8 g' u9 m" y9 k
) k- x5 r9 A; q2 L2 c. a( \. [1 | |
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