加密貨幣永不休市，倒逼ETF交易
Jessica Mathews
2021-06-09
就在數(shù)字貨幣的擁躉們焦急地等待美國監(jiān)管機(jī)構(gòu)就是否批準(zhǔn)加密貨幣交易所交易基金（ETF）做出決定之際,，美國資產(chǎn)經(jīng)理將面臨一個(gè)無法規(guī)避的不利因素：市場時(shí)間（market hours）,。
顧名思義，ETF將在交易所交易,，它受到了周工作日交易時(shí)間的限制。然而,，加密貨幣則可以全天候地買賣，全年無休,。
如果比特幣（Bitcoin）的價(jià)格在周六暴跌,，比特幣ETF的投資者從理論上來講將被該基金套牢,，直到周一市場開盤。如果價(jià)格上漲的話,，他們也只能夠在周末過后通過交易來獲利,。
薩賽克斯大學(xué)（University of Sussex）的金融學(xué)教授卡羅爾?亞歷山大認(rèn)為：“加密貨幣市場從不歇市，如果人們在周末無法提取,，那么這類開放式基金也就沒有用武之地?！彼龑⒈忍貛旁谥苋蘸椭芤恢g的巨大差價(jià)稱之為“周日效應(yīng)”（Sunday effect）,，因?yàn)楸姸嗝绹Y產(chǎn)經(jīng)理都會(huì)在這一天休息,。
這個(gè)挑戰(zhàn)并未阻止諸多美國資產(chǎn)經(jīng)理積極備戰(zhàn)ETF的推出。WisdomTree Investments,、富達(dá)（Fidelity）和其他一些公司已經(jīng)向美國證券交易委員會(huì)（Securities and Exchange Commission）提交了申報(bào)文件,，請求該機(jī)構(gòu)批準(zhǔn)其開展各自的ETF項(xiàng)目。
加拿大已經(jīng)走在了前面,。該國在今年2月批準(zhǔn)了首只加密貨幣ETF——Purpose Investments公司的Purpose Bitcoin ETF （BTCC）,。這種基金經(jīng)歷了爆炸式增長，在交易前兩個(gè)月達(dá)到了10億加元的規(guī)模,，凸顯市場了對(duì)這一投資載體的廣泛需求,。（Purpose Investments公司的首席投資官格雷格?泰勒稱，有鑒于比特幣價(jià)格在5月中旬的暴跌,，BTCC的資產(chǎn)規(guī)模已經(jīng)下滑至約9億美元,。）
這些資產(chǎn)經(jīng)理正在爭先恐后地通過簡化準(zhǔn)入方式，為投資者提供更廣泛的加密貨幣市場接觸渠道,。到目前為止,，如果僅靠當(dāng)前的投資手段，美國加密貨幣投資者擁有的流動(dòng)性和稅收效益十分有限,。這些手段包括直接從其他人手中購買,，在Coinbase或Gemini這類交易所購買，或通過針對(duì)有資質(zhì)投資者的私募基金購買,。這些手段可能會(huì)擁有高溢價(jià),，而且很難整合至整個(gè)資產(chǎn)組合中。
Bitwise Asset Management公司的首席投資官馬特?霍根說：“每一種方式都有其優(yōu)缺點(diǎn),?！痹摴驹?019年首次向美國證券交易委員會(huì)提交了比特幣ETF申請。
然而,，美國證券交易委員會(huì)到目前為止還未批準(zhǔn)任何加密貨幣ETF,。令監(jiān)管機(jī)構(gòu)感到為難的部分原因可能源于市場交易時(shí)長的問題，其他原因包括系統(tǒng)性風(fēng)險(xiǎn)和金融脆弱性,，以及“金融交易游戲化”的難以實(shí)現(xiàn),，GameStop今年早些時(shí)候的境況便說明了這一點(diǎn)。
亞歷山大稱：“我認(rèn)為美國證券交易委員會(huì)不予批準(zhǔn)是完全正確的做法,?！彼麚?dān)心，如果投資者在加密貨幣下行期間于周末被ETF套牢,，那么投資者將不可避免地采取集體訴訟行動(dòng),。
然而泰勒稱，當(dāng)投資者選擇投資ETF時(shí),，他們應(yīng)該對(duì)此心知肚明,。泰勒將投資黃金或原油的大宗商品ETF與加密貨幣基金進(jìn)行了對(duì)比,，因?yàn)榇笞谏唐芬彩强梢匀旌蚪灰椎模贿^他承認(rèn),，大宗商品價(jià)格的波動(dòng)性要小得多,。
泰勒說：“在這一方面，認(rèn)知真的非常重要,，它能夠確保這些已經(jīng)進(jìn)駐ETF領(lǐng)域的潛在投資者可以了解ETF的限制,。”
Bitwise的霍根強(qiáng)調(diào),，ETF并不適合每一位投資者,。“其中一個(gè)需要權(quán)衡的因素就是,，ETF的流動(dòng)性并非是全天候的,。”
然而泰勒和霍根指出,，ETF構(gòu)架的優(yōu)點(diǎn)對(duì)投資者來說有很大的吸引力,。
ETF的初衷是密切跟蹤其標(biāo)的資產(chǎn)，并提供大量的流動(dòng)性,。Purpose與加拿大做市商合作,，跟蹤比特幣一天的波動(dòng)性，并將買賣價(jià)差（詢盤與購買價(jià)格之間的差價(jià)）維持在一加分的水平,。
霍根表示，投資者能夠通過傳統(tǒng)經(jīng)紀(jì)商,，接觸到更多的加密貨幣ETF,。
自Purpose的ETF首次亮相之后，一大批其他加密貨幣ETF涌入了加拿大市場,，包括以太坊（Ethereum）以及由CI Financial這類競爭對(duì)手推出的其他比特幣基金,。
泰勒說：“我們認(rèn)為這對(duì)加密貨幣成為主流資產(chǎn)是一個(gè)十分有利的消息，而此前它一直都是一種小眾投資,?！?/p>
截至目前，美國證券交易委員會(huì)是否會(huì)批準(zhǔn)依然沒有定論,。（財(cái)富中文網(wǎng)）
譯者：馮豐
審校：夏林
就在數(shù)字貨幣的擁躉們焦急地等待美國監(jiān)管機(jī)構(gòu)就是否批準(zhǔn)加密貨幣交易所交易基金（ETF）做出決定之際,，美國資產(chǎn)經(jīng)理將面臨一個(gè)無法規(guī)避的不利因素：市場時(shí)間（market hours）。
顧名思義,，ETF將在交易所交易,，它受到了周工作日交易時(shí)間的限制。然而,，加密貨幣則可以全天候地買賣,，全年無休,。
如果比特幣（Bitcoin）的價(jià)格在周六暴跌，比特幣ETF的投資者從理論上來講將被該基金套牢,，直到周一市場開盤,。如果價(jià)格上漲的話，他們也只能夠在周末過后通過交易來獲利,。
薩賽克斯大學(xué)（University of Sussex）的金融學(xué)教授卡羅爾?亞歷山大認(rèn)為：“加密貨幣市場從不歇市,，如果人們在周末無法提取，那么這類開放式基金也就沒有用武之地,?！彼龑⒈忍貛旁谥苋蘸椭芤恢g的巨大差價(jià)稱之為“周日效應(yīng)”（Sunday effect），因?yàn)楸姸嗝绹Y產(chǎn)經(jīng)理都會(huì)在這一天休息,。
這個(gè)挑戰(zhàn)并未阻止諸多美國資產(chǎn)經(jīng)理積極備戰(zhàn)ETF的推出,。WisdomTree Investments、富達(dá)（Fidelity）和其他一些公司已經(jīng)向美國證券交易委員會(huì)（Securities and Exchange Commission）提交了申報(bào)文件,，請求該機(jī)構(gòu)批準(zhǔn)其開展各自的ETF項(xiàng)目,。
加拿大已經(jīng)走在了前面。該國在今年2月批準(zhǔn)了首只加密貨幣ETF——Purpose Investments公司的Purpose Bitcoin ETF （BTCC）,。這種基金經(jīng)歷了爆炸式增長,，在交易前兩個(gè)月達(dá)到了10億加元的規(guī)模，凸顯市場了對(duì)這一投資載體的廣泛需求,。（Purpose Investments公司的首席投資官格雷格?泰勒稱,，有鑒于比特幣價(jià)格在5月中旬的暴跌，BTCC的資產(chǎn)規(guī)模已經(jīng)下滑至約9億美元,。）
這些資產(chǎn)經(jīng)理正在爭先恐后地通過簡化準(zhǔn)入方式,，為投資者提供更廣泛的加密貨幣市場接觸渠道。到目前為止,，如果僅靠當(dāng)前的投資手段,，美國加密貨幣投資者擁有的流動(dòng)性和稅收效益十分有限。這些手段包括直接從其他人手中購買,，在Coinbase或Gemini這類交易所購買,，或通過針對(duì)有資質(zhì)投資者的私募基金購買。這些手段可能會(huì)擁有高溢價(jià),，而且很難整合至整個(gè)資產(chǎn)組合中,。
Bitwise Asset Management公司的首席投資官馬特?霍根說：“每一種方式都有其優(yōu)缺點(diǎn)?！痹摴驹?019年首次向美國證券交易委員會(huì)提交了比特幣ETF申請,。
然而，美國證券交易委員會(huì)到目前為止還未批準(zhǔn)任何加密貨幣ETF。令監(jiān)管機(jī)構(gòu)感到為難的部分原因可能源于市場交易時(shí)長的問題,，其他原因包括系統(tǒng)性風(fēng)險(xiǎn)和金融脆弱性,，以及“金融交易游戲化”的難以實(shí)現(xiàn)，GameStop今年早些時(shí)候的境況便說明了這一點(diǎn),。
亞歷山大稱：“我認(rèn)為美國證券交易委員會(huì)不予批準(zhǔn)是完全正確的做法,。”他擔(dān)心,，如果投資者在加密貨幣下行期間于周末被ETF套牢,，那么投資者將不可避免地采取集體訴訟行動(dòng)。
然而泰勒稱,，當(dāng)投資者選擇投資ETF時(shí),，他們應(yīng)該對(duì)此心知肚明。泰勒將投資黃金或原油的大宗商品ETF與加密貨幣基金進(jìn)行了對(duì)比,，因?yàn)榇笞谏唐芬彩强梢匀旌蚪灰椎?，不過他承認(rèn)，大宗商品價(jià)格的波動(dòng)性要小得多,。
泰勒說：“在這一方面,，認(rèn)知真的非常重要，它能夠確保這些已經(jīng)進(jìn)駐ETF領(lǐng)域的潛在投資者可以了解ETF的限制,?！?/p>
Bitwise的霍根強(qiáng)調(diào)，ETF并不適合每一位投資者,?！捌渲幸粋€(gè)需要權(quán)衡的因素就是，ETF的流動(dòng)性并非是全天候的,?！?/p>
然而泰勒和霍根指出，ETF構(gòu)架的優(yōu)點(diǎn)對(duì)投資者來說有很大的吸引力,。
ETF的初衷是密切跟蹤其標(biāo)的資產(chǎn)，并提供大量的流動(dòng)性,。Purpose與加拿大做市商合作,，跟蹤比特幣一天的波動(dòng)性，并將買賣價(jià)差（詢盤與購買價(jià)格之間的差價(jià)）維持在一加分的水平,。
霍根表示,，投資者能夠通過傳統(tǒng)經(jīng)紀(jì)商，接觸到更多的加密貨幣ETF,。
自Purpose的ETF首次亮相之后,，一大批其他加密貨幣ETF涌入了加拿大市場，包括以太坊（Ethereum）以及由CI Financial這類競爭對(duì)手推出的其他比特幣基金,。
泰勒說：“我們認(rèn)為這對(duì)加密貨幣成為主流資產(chǎn)是一個(gè)十分有利的消息,，而此前它一直都是一種小眾投資,。”
截至目前,，美國證券交易委員會(huì)是否會(huì)批準(zhǔn)依然沒有定論,。（財(cái)富中文網(wǎng)）
譯者：馮豐
審校：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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