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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
. R* \$ S. s. t! A6 Z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! h9 S: b1 A, G1 d' M# o; }
式」，而非受发行商青睐的实物申购/赎回模式。* G; C5 m' h2 ?- g% L4 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
, {, a2 M. z. j$ j A% v1 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」。
\& ? ^' G$ [+ `$ z* O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
/ m: n0 |+ D* `5 K+ 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: B: C$ e9 M+ I& h" C
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。
" V8 P1 |& m% M$ ^6 ]1 ]' p2 G现金赎回恐让比特币现货ETF丧失大部份优势
5 M! U2 G2 ]. ?# k; t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( [( k% K/ ]( u
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
3 X9 V/ @# A0 {( r! }/ V" D' e2 ^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。
( {) p5 A9 Y* ? Y5 ~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
- F8 S# F- D% s. M用现金赎回模式可能让ETF结构的大部份优势丧失。# l) p9 J# j" P; ^' h) ]. f
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：. L1 G' Z% n! D" D: Z
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1 I# F; |) e, P0 F
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
& q" X1 k$ ~" E+ x0 N$ k场上来赚取利润。! m, n$ Y4 B6 d' r' ]
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 P X+ B) Y* @9 M) M. }( P, F
售基础资产，以产生利润，因为该产品以折扣价进行交易。
5 U8 r V' {# T, d L+ R, M% j- T“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$ S9 l! ^; `) D6 V
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
2 q# ?# X$ e& Y7 g; Q1 uETF变得有效率的竞争将不再适用。”
& p, g: E, a; |3 _4 `5 j+ H分析师：现金模式将让ETF效率降低、成本变高# R1 C0 Z9 Q. o7 t; _
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) I( B' o, H* Z
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
* n) \! ^0 T% v0 g, t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。, T- t1 x3 a2 G% R: }, `3 `
6 x8 n; E7 }4 E/ g( d7 Y) E7 q
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