Why is it so difficult for the SEC to refuse the application for transferring gray-scale GBTC to spot ETF? What is the attraction of ETF transfer?

​​ The three carriages that have been predicted to pull the bull market this year , Namely ：

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Microblogging ： Bull and bear navigator kol

1. The Fed's interest rate hike has turned to 、2. Ethereum merge 、3. Bitcoin spot ETF adopt

However, at present, Ethereum merger seems to be not going well , Today's heavier stock ETF Again rejected , The hope of grayscale has failed again , And intend to sue SEC. Three carriages , Two broken , Today's market also fell sharply .

The short-term fundamentals of the currency circle are unlikely to change much , unfortunately , But still full of hope . Why the spot ETF So important ？ Many institutions are competing to apply ？ Why the spot ETF Fail repeatedly , What's the secret in this ？ Let's talk to you today .

First, let's introduce the spot bitcoin that institutions have made concerted efforts to apply for ETF What is it

The currency ETF It is based on bitcoin ETF（ Exchange traded funds ）. If you buy bitcoin ETF, You invest in bitcoin indirectly , What you have is a tradable bitcoin Fund , Instead of owning bitcoin directly . But you buy bitcoin ETF There is no difference in income between buying bitcoin directly , Because of bitcoin ETF Tracking the price of bitcoin , Bitcoin has gone up , This ETF That's it , vice versa .

​ Bitcoin spot ETF And Futures ETF The difference between ：

Simply speaking , Bitcoin futures, which are currently popular in the currency circle ETF, Actually, I don't hold bitcoin . And in stock ETF It is necessary to hold real spot BTC Of .

Browsing Valkyrie And ProShares Of ETF Prospectus , It is not difficult to find that the two companies submitted ETF All are synthetic ETF, Because their underlying assets are bitcoin futures contract products that are only delivered in cash , Instead of physical bitcoin futures （ At present, the US regulatory authorities have not approved the physical bitcoin futures contract ）.

The currency ETF What are the benefits , The spot ETF What is the impact of passing ？

1. Increased institutional customers , Previously, retail investors bought bitcoin , Later, the listing of bitcoin futures , Some institutions have been added . Now if we succeed in bitcoin ETF Words , Then traditional funds can also invest in bitcoin , Even if you like , Pension funds can also be configured with some bitcoin ETF 了 . That is, you buy a traditional fund now , And your fund manager can also use your money to invest and allocate some bitcoin ETF 了 . So this increases some of the funds invested in bitcoin .

2. Attract more retail investors . Many elderly people invest in stocks and ETF People who , They may also be interested in bitcoin , But I don't know how to buy , Now invest in bitcoin and buy stocks before them , Funds and ETF It's just as simple .

3. Many people think bitcoin ETF It's just another way to invest and buy bitcoin , It's not , One advantage is that we no longer worry about whether bitcoin will be stolen , No longer worry about where bitcoin is stored .

Spot bitcoin ETF Is it better than futures ？

Bitcoin spot ETF And bitcoin futures ETF Each have advantages and disadvantages .

Although spot bitcoin ETF It is certain that the bitcoin futures ETF more “ legal ”, Because they involve the actual purchase of bitcoin , But it's hard to say which is better .

After all , Bitcoin futures ETF It may not involve buying at the spot price of bitcoin , But it simplifies the buying process , And allow investors to bet on the market , Whether they choose to short or other ways . Again , Some bitcoin Futures ETF It is difficult to accurately track the price of bitcoin , And many charge annual fees for contracts that hold the company .

contrary , According to many bitcoin lovers , Bitcoin spot ETF Will bring “ Legitimacy ”, Because it allows users to invest in bitcoin without actually holding it —— And invest at the actual price of bitcoin .

​ As for why it has been delayed , Now let's analyze ：

1. The securities and Exchange Commission said in its documents that , The application failed to answer the U.S. Securities and Exchange Commission （SEC） About preventing market manipulation and other concerns .

 

2. SEC Worry that these cryptocurrencies are traded on unregulated trading platforms , It is therefore difficult to monitor , Market manipulation is also a long-standing problem in the spot market .SEC Although cryptocurrency futures have been approved ETF, But these ETF On the platform under the supervision of the US financial regulatory authority .

3. quite a lot BTC The spot ETF Of investors use pensions , Pension investment , They can't afford high volatility and high risk ETF product , Investors will suffer losses .

Although the United States continues to reject bitcoin spot ETF Application for , But Canada is already a leader in this market , Because it has approved some based on bitcoin and The etheric fang In stock ETF. Bitcoin spot ETF The approval of will be another milestone for bitcoin to move into the mainstream .

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​ This time, SEC Again, out of concern, I rejected grayscale , In the eyes of many people, it is indeed reversing , Also let everyone's hope of returning to the cow be defeated by more than half . The future is worth looking forward to , The spot ETF It's a matter of time .