比特币etf跟合约的区别在哪比特币etf跟合约的区别大吗

2022-04-24 00:06:50

『壹』比特币ETF与比特币ETN有什么不同

比特币ETN是指比特币交易所的交易票据，通过整个市场的追踪价格走势，让用户参与整个投资过程，无需考虑比特币的安全问题，但需要在在一段时间内的价格涨跌，来兑付当初的资金承诺。

当时我也不太了解这个信息，后来朋友去过盈富财经学院的培训课程，听他们讲课说比特币ETF更像是面对普通投资的一种，以一个固定的价格指数而设立的，同样也是采用信托模式组建。一共分为发起人、受托人和保管人等三个主体，签订合同后，就各自履行相应的职责。

如今首批比特币ETF获批发行，将极大改变公众对加密资产监管风险的整体看法，从而对比特币产生一定的积极影响。

『贰』比特币etf是什么意思

比特币ETF与比特币期货一样，同样是一种金融投资产品。相比直接投资比特币期货，比特币ETF并不能为投资者带来更多的利益，但比特币ETF可以为投资者提供一个更加安全便捷的交易方式，能够吸引更多的投资者与资金。

一、比特币ETF
比特币ETF，简单来讲就是用比特币作为手段的ETF。在此之前，有必要先普及一下ETF的概念。
ETF是Exchange Traded Funds的缩写，中文名叫做“交易所交易基金”，是一种在交易所上市交易的、基金份额可变的开放式基金。
ETF是一种特殊类型的指数基金，它主要有股票型ETF、债券型ETF、商品型ETF、货币型ETF等类型。
比特币ETF与比特币期货一样，同样是一种金融投资产品。相比直接投资比特币期货，比特币ETF并不能为投资者带来更多的利益，但比特币ETF可以为投资者提供一个更加安全便捷的交易方式，能够吸引更多的投资者与资金。
但是ETF的审批条件要比期货要严格，2017年美国证券交易委员会（SEC）多次驳回了多家机构的比特币ETF上市申请。
据悉，双子星交易所创始人Winklevoss兄弟提交的ETF申请就曾被拒，但依然不减行业对于比特币ETF的热情。

二、ETF的影响
如果SEC通过比特币ETF上市会产生的影响，从目前各专家和民众的看法来看，还是偏向积极，一方面可以使加密市场更安全，另一方面可以降低比特币交易的门槛，从而使大量资本涌入，加快数字货币行业的发展。
一旦比特币ETF获得许可，预期的大量法币资本涌入市场，不仅其价格将迅速做出反应，同时对于比特币的风评将产生积极印象。据IT时代报道，技术智库IronWood的CEO Michael Strutton预测，一旦比特币ETF放开，将为比特币市场带来840亿-3360亿美元的资金量，可以将比特币价格推高至4.4万美金一枚。
目前火币研究院院长袁煜明表示，此前比特币ETF被拒原因主要应为还是比特币本身价格波动太大，并且有流动性不足的风险，另外可能也有对操纵市场的担忧。这一次这些风险还是存在，只不过随着监管的规范可能风险在减小，但是结果谁也说不准。
他指出比特币ETF若通过批准，会带来诸多正面影响。
首先会降低比特币交易的门槛，为比特币交易市场带来大量的资金
第二个也会加快数字货币行业的发展，比如对资产托管有促进作用
第三个，ETF通过相当于告诉大众官方已经认可了比特币作为一种合法的资产类别，改变人们对数字货币监管风险的整体看法，这将加速大众接受以比特币为代表的数字货币。
另外在通过ETF通道进行交易被避免大额转账可能会被银行检测并冻结的情况。并且权威交易所也提供了信用背书，提高了用户对资金安全的信息。
总之，比特币ETF被给予了厚望，但是对于虚拟货币市场的稳定发展是否利大于弊，则需要进一步的调研和考证。

『叁』 ETP与ETF的区别详细介绍一下什么是ETP

ETF 和 ETP 为机构投资者和合格投资者进军加密货币领域提供了便利，降低了风险。只不过，ETF 是基金，而 ETP 是债券，ETF 因此要接受更为严格的监管。
1.比特币ETF
ETF的全文是 Exchange Traded Funds，即交易平台交易基金。按字面理解，就是可以在交易平台交易的基金，简单说就是追踪大盘走势的一篮子标的。你可以把 ETF 当作是一篮子股票，它们是根据一些指示股票走势的指数选的，比如标普 500，它记录了 500 家公司股票的整体走势。那么，ETF 里的一篮子股票就是这 500 家公司的股票。需要提出的一点是，你实际上并不直接拥有那 500 只股票，你拥有的是一个凭证，来证明你拥有这个 ETF。最著名的 ETF 是 SPY ETF，它是全球最大的交易平台交易基金，跟踪的就是标准普尔 500 股市指数的总体水平。
比特币 ETF 就是基于比特币的 ETF。如果你购买了比特币 ETF，你就相当于间接投资了比特币，拥有的是可以交易的比特币基金，而并非直接拥有比特币。但是，你买比特币 ETF 和直接买比特币，在收益上没有任何区别，因为比特币 ETF 追踪的就是比特币的价格，比特币涨了，这个 ETF 也就涨了，反之亦然。 ETF 不过就是换了一种投资比特币的方式而已。唯一的区别是我们不用再去担心比特币会不会被盗了，不再担心把比特币存放在哪里了，也无需走繁琐的程序。
2. ETP
ETP 的全文是 Exchange Traded Procts，即交易平台交易产品。 ETP 是交易平台上市的开放式投资产品，衍生定价，并像股票一样在全国性交易平台进行日间交易和结算。它被归类为优先结构债务证券。基本上说，它们在价值上与其它证券、大宗商品或者指数挂钩。 ETP 是被动投资，旨在通过跟踪基础基准指数来复制特定市场的表现，它的收益在大部分时间会优于主动投资产品。瑞士证券交易平台 SIX 对 ETP 如此定义：ETP 是有抵押物的，不赚取利息的不记名债务证券，可以以基本或通过杠杆方式复制基础资产（通常来自大宗商品）。与 ETF 一样，它们在多个做市商领域进行日内交易，但从法律上来讲，它们不是基金。以瑞士证券交易平台在 2018 年 11 月推出的第一个全球多加密货币 ETP 为例，Amun ETP 基于 Amun Crypto Basket Index，该指数跟踪市场资本化和流动性方面五种最佳加密货币的表现。上市之初，该指数的构成如下：BTC（49.7％），XRP（25.4％），ETH（16.7％），LTC（3％）和 BCH（5.2％）。
瑞士金融监管机构 Finma 的发言人称：“区分 ETP 与 ETF 是很重要的，因为 ETP 不受《集体投资计划法案（Cisa）》的约束。” 从概念上讲，Amun ETP 在某种程度上类似于 ETF，它们都允许机构投资者和经认可的散户投资者投资数字资产，而无需保管方，也无需面对其他监管障碍。但是，为了增加美国证券交易委员会（SEC）批准 ETF 的机会，提出 ETF 产品申请的公司必须证明，加密货币期货市场足够稳定，这也是 SEC 多次拒绝批准比特币 ETF 的理由。对于 ETP，则没有这样的要求，因为美国已有 ETP 产品，诸如 Grayscale Investment 推出的 Bitcoin Investment Trust。

『肆』比特币ETF是什么

ETF的全称是 Exchange Traded Fund，中文翻译为交易平台交易基金。它是一种遵循基础资产或一篮子资产的价格行为在交易所上市交易的、基金份额可变的一种开放式基金。一些ETF以现金为支持资产，而另一些则用实物资产本身作为支撑。ETF是在金融市场非常受欢迎的一种金融衍生品。
简单来说，比特币 ETF 追踪的就是比特币的价格，比特币 ETF 的价格涨了那么比特币的价格就涨了；相反若比特币的价格降低了，那么比特币 ETF 的价格就下降了。比特币和比特币ETF的区别在于我们不用担心自己钱包里的比特币会被黑客盗走，不用担心自己的比特币应该存放在什么地方。这是在技术层面上的一种促进作用，购买了比特币 ETF 我们就不用再去学习如何在电脑上操作比特币了。

『伍』比特币申请etf是什么意思

ETF，全称叫做“交易型开放式指数基金”，是一种在交易所上市交易的、基金份额可变的一种开放式基金。投资者既可以向基金管理公司申购或赎回基金份额，同时，又可以在交易所按市场价格买卖ETF份额

ETF是特殊类型的指数基金：股票、债券、商品、货币。ETF是比特币持有者向基金公司寄售比特币现货，随后基金公司以此为依托，在交易所公开发行基金份额，销售给各类投资者，另外会有银行和经纪商负责承销。

简单来说比特币ETF就是将比特币证券化，变成一种开放式的、能在交易所上买到的基金产品。

比特币ETF申请成功意味着：

1、比特币ETF申请成功首先会降低比特币交易的门槛，为比特币交易市场带来大量的资金。

2、会加快加密货币行业的发展，对资产托管这一块也会有一定的促进作用。

3、ETF通过相当于告诉大众官方已经认可了比特币作为一种合法的资产类别，改变人们对加密货币监管风险的整体看法，这将加速大众接受以比特币为代表的加密货币。

任何ETF产品的推出都会很自然的刺激它的底层产品的市场，因为一方面底层产品是最适合对冲ETF价格波动的，另一方面ETF申购和赎回必然涉及到买卖实体比特币。如果这第15次申请通过就是良性发展，下一步市场会有更多的衍生品需求，比如ETF期权。

『陆』比特币ETF与比特币ETN有什么不同

什么是比特币ETN？比特币ETN是比特币交易所交易票据（债券）

ETN，即交易所交易债券或交易所交易票据，是一种无担保债权，由发行机构承诺在债券期满向投资者按一定金额向持有者偿付，偿付金额基于特定市场指数，减去必要费用，并不支付固定利息，且不保障本金。

比特币ETN是比特币交易所交易票据（债券），通过追踪比特币价格走势来让用户参与投资，用户所持有的是在一段时间内依其价格指数涨跌兑付资金的承诺，同时它还是非常高效的对冲工具。

投资者购买比特币ETN后，不需要直接持有比特币，公司将代表投资者持有比特币，这样就降低了投资者的投资风险作为一种投资工具，它大大扩宽了机构投资者进入加密货币投资的渠道。

比特币ETN、ETF傻傻分不清？

那么，比特币ETN与比特币ETF一字之别，两者有何异同呢？

比特币ETN与ETF的产品相似之处在于：投资者都可以通过不直接持有比特币而投资比特币；第二，鉴于加密货币价格波动的特点，两者都解决了投资者在投资加密货币时的这一忧虑；其次，两者都能有效吸引更多的投资者，带来更多的资金流入；同时，两者都有传统金融机构的信用背书，大大降低了投资者的投资风险。

两者也有不同点：

第一，与ETF不同，ETN是债券类交易工具，由发行人担保，没有其他资产支撑。发行人通常是银行而不是资产池，它更像是一种由银行或任何其他有公信力的发行机构支持的债务工具。

第二，比特币ETN通过追踪价格走势来让用户参与投资，用户所持有的是在一段时间内依其价格指数涨跌兑付资金的承诺。而比特币ETF是以某一市场中的比特币价格指数为目标指数而设立的交易型开放式指数基金，类似黄金ETF。除了作为信托受益人的ETF投资者外，还包括发起人、受托人和保管人等三个重要主体，他们将签订信托合同，并按照合同的约定履行各自的职责。

第三，不同于 ETF 采用一篮子股票申赎，ETN采用现金申赎，还会受到一些限制导致时效性不高。这种非实物申赎特性决定了其套利效率不如 ETF，因此折溢价率一般高于 ETF。

ETN产品成功进入美国市场，能够使持有美元的投资者更方便地进行比特币相关产品的投资，这无疑增加数字货币作为投资资产的吸引力。

监管交易所上市加密货币ETN，充分表明官方认可了比特币作为一种合法的资产类别，另外作为一种投资工具，它大大扩宽了机构投资进入加密货币投资的渠道。

ETN入场后，比特币市场反响如何？

大家一度认为，ETF通过并有大量机构投资者进入市场时，比特币价格会一路飙升。ETN被认为是大众梦寐以求的比特币ETF的“软性”替代品，ETN让美元持有者可以在不持有比特币的情况下投资比特币，按理说，这应该是一个能带动市场的大事件，但实际上引起的市场反响并不大，并没有引来很多的美国投资者以及他们争取的华尔街资本，这是个奇怪的现象。

KKM Financial的创始人兼首席执行官Jeff Kilburg解释说，比特币价格会持续波动下去，直到ETF的申请有了最终答复，ETN并没有太大影响力。

全球投资市场巨头——萨斯奎汉纳国际集团数字资产部门负责人巴特史密斯对此持乐观态度，他说ETN已经对市场有了一定牵动力，但是远不及ETF的爆发力。

也有观点认为，想让ETN产品具有更多的竞争力，投资者们就需要说服他们的经纪账户供应商在其平台上提供比特币ETN服务。据不少投资者反应，他们的经纪账户供应商表示目前还不支持CXBTF（Bitcoin Tracker One的交易代码）的交易，又或者是需要执行更加复杂繁琐的步骤来进行交易。

ETN并不受SEC监管，也不在SEC登记注册，所以其影响力远不及ETF那么大。

虽然美国投资者现在可以通过ETN 以及一些机构交易所进行比特币投资，但比特币仍未达到新的高度。大多数的加密货币市场投资者仍希望监管机构能批准比特币ETF进入美国市场，因为他们认为这将促进比特币被华尔街在内的更多主流资金采用，并且将引起大规模的价格上涨。加之SEC继续考虑各种比特币ETF的申请，因此对于可能通过的ETF，还有很多的炒作点和兴奋点。

『柒』 etp产品是什么意思

ETP 的全文是 Exchange Traded Procts，即交易平台交易产品。 ETP 是交易平台上市的开放式投资产品，衍生定价，并像股票一样在全国性交易平台进行日间交易和结算。它被归类为优先结构债务证券。

一、什么是ETP？
ETP 的全文是 Exchange Traded Procts，即交易平台交易产品。 ETP 是交易平台上市的开放式投资产品，衍生定价，并像股票一样在全国性交易平台进行日间交易和结算。它被归类为优先结构债务证券。基本上说，它们在价值上与其它证券、大宗商品或者指数挂钩。 ETP 是被动投资，旨在通过跟踪基础基准指数来复制特定市场的表现，它的收益在大部分时间会优于主动投资产品。瑞士证券交易平台 SIX 对 ETP 如此定义：ETP 是有抵押物的，不赚取利息的不记名债务证券，可以以基本或通过杠杆方式复制基础资产（通常来自大宗商品）。与 ETF 一样，它们在多个做市商领域进行日内交易，但从法律上来讲，它们不是基金。以瑞士证券交易平台在 2018 年 11 月推出的第一个全球多加密货币 ETP 为例，Amun ETP 基于 Amun Crypto Basket Index，该指数跟踪市场资本化和流动性方面五种最佳加密货币的表现。上市之初，该指数的构成如下：BTC（49.7％），XRP（25.4％），ETH（16.7％），LTC（3％）和 BCH（5.2％）。

二、什么是ETF？
ETF的全文是 Exchange Traded Funds，即交易平台交易基金。按字面理解，就是可以在交易平台交易的基金，简单说就是追踪大盘走势的一篮子标的。你可以把 ETF 当作是一篮子股票，它们是根据一些指示股票走势的指数选的，比如标普 500，它记录了 500 家公司股票的整体走势。那么，ETF 里的一篮子股票就是这 500 家公司的股票。需要提出的一点是，你实际上并不直接拥有那 500 只股票，你拥有的是一个凭证，来证明你拥有这个 ETF。最著名的 ETF 是 SPY ETF，它是全球最大的交易平台交易基金，跟踪的就是标准普尔 500 股市指数的总体水平。
比特币 ETF 就是基于比特币的 ETF。如果你购买了比特币 ETF，你就相当于间接投资了比特币，拥有的是可以交易的比特币基金，而并非直接拥有比特币。但是，你买比特币 ETF 和直接买比特币，在收益上没有任何区别，因为比特币 ETF 追踪的就是比特币的价格，比特币涨了，这个 ETF 也就涨了，反之亦然。 ETF 不过就是换了一种投资比特币的方式而已。唯一的区别是我们不用再去担心比特币会不会被盗了，不再担心把比特币存放在哪里了，也无需走繁琐的程序。

『捌』比特币期权和比特币交割合约有什么区别

这个比他比你现在炒的还是比较火。不过爸比的话还是有一点困难的。

『玖』比特币ETF基金比合约好在哪里

疫情给全球造成巨大的伤害，不仅仅是生命安全和公共卫生的伤害，同时也是对全球经济和金融市场的巨大打击。根据IMF的最新预测，2020年全球经济或萎缩3%以上，其中发达国家将普遍出现负增长，而中国和印度可能也仅能维持正常增长。

面对如此大规模且比历史上任何一次经济危机都严重的灾难，要帮助陷入困境的劳动者和企业，最常用的手段就是政府发行国债和央行印钞。美国已经出台了3轮财政刺激政策，合计的刺激规模超过2.1万亿美元，而第四轮4840亿美元刺激即将推出，这四轮的量化宽松将达到2.6万亿美元，约占美国19年GDP的12%。这是一个骇人听闻的数字，相当于给每个人的财富打个8.9折。

而在中国，央行放水的量只会比美国更大，大概会高50%。美国放水，全世界人民共同承担。而由于人民币还没有完成全球通用货币使命，中国放水，大部分都是中国人民承担。换言之，美国放水，中国人民会承担一部分，中国放水，中国人民会承担大部分，因此财富会打折上折。放弃持有现金，找到一个安全的投资渠道和优质的避险资产是当务之急。

传统避险投资资产有国债、黄金、基金等，但此次金融危机来势汹汹，传统避险资产已经不足以保证财产不贬值了。Bitoffer分析师Lucian认为，比特币ETF基金或许是现阶段最好的避险资产。

首先比特币被誉为“数字黄金”，而且比特币存在于去中心化的区块链中，几乎不可能丢失（除非忘记私钥），比藏在家里保险柜的黄金更安全；其次比特币便于携带，能够流转支付，比黄金用途更多更广。一方面是数字黄金的储值功能，另一方面是货币的支付流通功能，更难得的是比特币价格被严重低估，后期会继续上涨，所以说比特币是比黄金更好的避险投资资产。

而比特币ETF基金更是能够放大比特币收益的最好工具。为什么这么说？虽然合约也可以放大比特币收益，但是合约容易爆仓，一旦价格波动率大，合约爆仓将使得投资者亏得血本无归。比特币ETF基金不一样，通过动态调仓机制，ETF基金不存在爆仓风险，而且通过基金净值的不断上涨，还能不断用收益赚取收益，买入越早，收益滚得越大，最低3倍，最高17倍的收益。

比如说10000美元买一个比特币，现货涨一倍就赚一倍，而ETF基金没有爆仓的后顾之忧，最低赚3倍，最高赚17倍，就是说比特币涨一倍，ETF基金赚170000美元。

『拾』比特币期权和比特币合约有什么不一样

比特币合约就是期货，期货与期权本质上都是比特币的一种衍生品，而且也是现货的对冲工具！但是总体来说，期权要优于期货，我们可以根据几个点来进行对比。
首先，假如比特币现价为8000美金时，当比特币从8000涨到8500美金。
1、买涨现货，赚500美金
2、买涨期权，赚500美金
3、期货如何才赚500美金？
打个比方，就用500美金本金，开20倍杠杆，涨幅5%，才能赚的到500美金。
三者收益相同时，我们发现，其中期权投入本金是最低的，风险也是最低。
现货，需要投入9000美金
期货，需要投入500美金
期权，需要投入5美金
所以，在我看来，Bitoffer推出的BTC期权将会具有极大的优势，无保证金、无手续费，这才是最牛的。

『一』 What is the difference between Bitcoin ETF and Bitcoin ETN?

Bitcoin ETN refers to the transaction note of the Bitcoin exchange, which allows users to participate by tracking the price trend of the entire market. During the entire investment process, there is no need to consider the security of Bitcoin, but the price rise and fall within a period of time are needed to fulfill the original financial commitment.

I didn’t know much about this information at the time. Later, my friends went to the training courses of Yingfu Financial College and listened to their lectures. They said that Bitcoin ETF is more like a kind of ordinary investment, with a fixed It is established based on the price index and is also established using a trust model. It is divided into three entities: promoter, trustee and custodian. After signing the contract, each will perform corresponding responsibilities.

Now that the first batch of Bitcoin ETFs has been issued, it will greatly change the public's overall view of the regulatory risks of crypto assets, thereby having a certain positive impact on Bitcoin.

『二』What does Bitcoin ETF mean?

Bitcoin ETF, like Bitcoin futures, is also a financial investment product. Compared with direct investment in Bitcoin futures, Bitcoin ETFs cannot bring more benefits to investors, but Bitcoin ETFs can provide investors with a safer and more convenient transaction method and can attract more investors and funds.

1. Bitcoin ETF
Bitcoin ETF, simply put, is an ETF that uses Bitcoin as a means. Before that, it is necessary to popularize the concept of ETF.
ETF is the abbreviation of Exchange Traded Funds. The Chinese name is "Exchange Traded Fund". It is an open-end fund with variable fund shares that is listed and traded on the exchange.
ETF is a special type of index fund, which mainly includes stock ETFs, bond ETFs, commodity ETFs, currency ETFs and other types.
Bitcoin ETF, like Bitcoin futures, is also a financial investment product. Compared with direct investment in Bitcoin futures, Bitcoin ETFs cannot bring more benefits to investors, but Bitcoin ETFs can provide investors with a safer and more convenient transaction method and can attract more investors and funds.
However, the approval conditions for ETFs are stricter than those for futures. In 2017, the U.S. Securities and Exchange Commission (SEC) repeatedly rejected the listing applications of Bitcoin ETFs from many institutions.
It is reported that the ETF application submitted by the Winklevoss brothers, the founders of Gemini Exchange, was rejected, but the industry's enthusiasm for Bitcoin ETFs has not diminished.

2. Impact of ETF
Judging from the current opinions of experts and the public, the impact that the SEC will have if the Bitcoin ETF is listed is still positive. On the one hand, it can make the encryption market safer. On the other hand, it can lower the threshold for Bitcoin transactions, thereby allowing a large amount of capital to flow in and accelerate the development of the digital currency industry.
Once comparedThe Bitcoin ETF is licensed and a large amount of legal currency capital is expected to flood into the market. Not only will its price respond quickly, but it will also have a positive impression on Bitcoin's risk assessment. According to IT Times, Michael Strutton, CEO of technology think tank IronWood, predicts that once the Bitcoin ETF is liberalized, it will bring 84 billion to 336 billion US dollars in funds to the Bitcoin market, which can push the price of Bitcoin to 44,000 US dollars. pieces.
Currently, Yuan Yuming, president of Huobi Research Institute, said that the main reason for previous rejections of Bitcoin ETFs was that the price of Bitcoin itself was too volatile and there was a risk of insufficient liquidity. In addition, there may also be concerns about market manipulation. This time these risks still exist, but they may be reduced with regulatory regulations, but no one can say for sure.
He pointed out that if the Bitcoin ETF is approved, it will bring many positive impacts.
Firstly, it will lower the threshold for Bitcoin transactions and bring a large amount of funds to the Bitcoin trading market
Secondly, it will also accelerate the development of the digital currency industry, such as promoting asset custody
Thirdly , ETF is equivalent to telling the public that officials have recognized Bitcoin as a legal asset class, changing people's overall view on the regulatory risks of digital currencies, which will accelerate the public's acceptance of digital currencies represented by Bitcoin.
In addition, when trading through the ETF channel, large transfers may be detected and frozen by the bank. Moreover, authoritative exchanges also provide credit endorsements, which improves users’ information on the security of their funds.
In short, Bitcoin ETF has been given high hopes, but whether the advantages of the stable development of the virtual currency market outweigh the disadvantages require further research and verification.

『三』The difference between ETP and ETF. Let me introduce in detail what ETP is

ETF and ETP provide convenience for institutional investors and qualified investors to enter the field of cryptocurrency. Risk is reduced. However, ETFs are funds, while ETPs are bonds, so ETFs are subject to more stringent supervision.
1. Bitcoin ETF
The full text of ETF is Exchange Traded Funds, which is a trading platform trading fund. Literally understood, it is a fund that can be traded on a trading platform. Simply put, it is a basket of targets that tracks the trend of the market. You can think of an ETF as a basket of stocks that are selected based on some index that indicates stock movements, such as the S&P 500, which records the overall movement of the stocks of 500 companies. So, the basket of stocks in the ETF is the stocks of these 500 companies. One point that needs to be made is that you don't actually own those 500 stocks directly, you have a certificate to prove that you own the ETF. The most famous ETF is the SPY ETF, which is the world's largest exchange-traded fund and tracks the S&P 500 stock market index.overall level of numbers.
Bitcoin ETF is an ETF based on Bitcoin. If you buy a Bitcoin ETF, you are investing in Bitcoin indirectly. You own a Bitcoin fund that can be traded, rather than owning Bitcoin directly. However, there is no difference in income between buying a Bitcoin ETF and buying Bitcoin directly, because the Bitcoin ETF tracks the price of Bitcoin. When Bitcoin goes up, the ETF will also go up, and vice versa. ETFs are just another way to invest in Bitcoin. The only difference is that we no longer have to worry about whether the Bitcoin will be stolen, no longer worry about where to store the Bitcoin, and there is no need to go through cumbersome procedures.
2. ETP
The full text of ETP is Exchange Traded Procts, which is the trading platform trading products. ETPs are open-ended investment products listed on trading platforms, derivatively priced, and day traded and settled on national trading platforms like stocks. It is classified as a senior structured debt security. Basically, they are linked in value to other securities, commodities or indices. ETPs are passive investments designed to replicate the performance of a specific market by tracking an underlying benchmark index, and their returns will outperform active investment products most of the time. Swiss securities trading platform SIX defines ETPs as follows: ETPs are collateralized, non-interest-earning bearer debt securities that replicate an underlying asset (usually derived from commodities) on a fundamental or leveraged basis. Like ETFs, they are day traded across multiple market makers, but legally they are not funds. Take for example the first global multi-crypto ETP launched by the Swiss stock exchange in November 2018, the Amun ETP is based on the Amun Crypto Basket Index, which tracks the performance of the five best cryptocurrencies in terms of market capitalization and liquidity. At the beginning of the listing, the composition of the index was as follows: BTC (49.7%), XRP (25.4%), ETH (16.7%), LTC (3%), and BCH (5.2%).
A spokesman for Swiss financial regulator Finma said: "It is important to distinguish ETPs from ETFs, as ETPs are not subject to the Collective Investment Schemes Act (Cisa)." Conceptually, Amun ETP Similar to ETFs, they both allow institutional investors and accredited retail investors to invest in digital assets without the need for a custodian and without facing other regulatory hurdles. However, in order to increase the chances of the U.S. Securities and Exchange Commission (SEC) approving an ETF, companies applying for ETF products must prove that the cryptocurrency futures market is stable enough, which is why the SEC has repeatedly refused to approve a Bitcoin ETF. For ETP, there is noSuch a requirement is because there are already ETP products in the United States, such as the Bitcoin Investment Trust launched by Grayscale Investment.

『四』 What is Bitcoin ETF

The full name of ETF is Exchange Traded Fund, which is translated into Chinese as trading platform trading fund. It is an open-end fund with variable fund shares that is listed and traded on the exchange following the price behavior of the underlying assets or a basket of assets. Some ETFs are backed by cash, while others are backed by the physical assets themselves. ETF is a very popular financial derivative in the financial market.
To put it simply, Bitcoin ETF tracks the price of Bitcoin. If the price of Bitcoin ETF rises, the price of Bitcoin will rise. On the contrary, if the price of Bitcoin falls, then the price of Bitcoin ETF will rise. Just dropped. The difference between Bitcoin and Bitcoin ETFs is that we don’t have to worry about the Bitcoins in our wallets being stolen by hackers, and we don’t have to worry about where our Bitcoins should be stored. This is a promotion on a technical level. By buying a Bitcoin ETF, we no longer have to learn how to operate Bitcoin on a computer.

『五』What does it mean to apply for an ETF in Bitcoin?

ETF, the full name is "traded open-end index fund", is a kind of fund shares that are listed and traded on the exchange. Become an open-end fund. Investors can not only purchase or redeem fund shares from fund management companies, but also buy and sell ETF shares on the exchange at market prices

ETFs are special types of index funds: stocks, bonds, commodities, currencies . ETF is a consignment of Bitcoin spot by Bitcoin holders to a fund company. Then the fund company relies on this to publicly issue fund shares on the exchange and sell them to various investors. In addition, banks and brokers will be responsible for underwriting.

To put it simply, Bitcoin ETF is to securitize Bitcoin and turn it into an open-ended fund product that can be purchased on the exchange.

Successful application for Bitcoin ETF means:

1. Successful application for Bitcoin ETF will first lower the threshold for Bitcoin transactions and bring a large amount of money to the Bitcoin trading market. funds.

2. It will accelerate the development of the cryptocurrency industry and will also have a certain promotion effect on asset custody.

3. ETFs are equivalent to telling the public that officials have recognized Bitcoin as a legal asset class, changing people’s overall view of the regulatory risks of cryptocurrency, which will accelerate the public’s acceptance of Bitcoin as a representative of cryptocurrency.

The launch of any ETF product will naturally stimulate the market for its underlying product, because on the one hand, the underlying product is the most suitable for hedging ETF price fluctuations, on the other hand, ETF subscription and redemption must involve buyingSell physical Bitcoin. If this 15th application is approved, it will be a healthy development, and the market will have more demand for derivatives, such as ETF options.

『Lu』 What is the difference between Bitcoin ETF and Bitcoin ETN?

What is Bitcoin ETN? Bitcoin ETN is a Bitcoin exchange-traded note (bond)

ETN, an exchange-traded bond or an exchange-traded note, is an unsecured claim in which the issuing institution promises to invest in the bond upon expiration. The investor repays a certain amount to the holder. The repayment amount is based on a specific market index, minus necessary expenses. Fixed interest is not paid, and the principal is not guaranteed.

Bitcoin ETN is a Bitcoin exchange-traded note (bond) that allows users to participate in investment by tracking the price trend of Bitcoin. What the user holds is a commitment to redeem funds according to the rise and fall of its price index over a period of time. , and it is also a very efficient hedging tool.

After investors purchase Bitcoin ETN, they do not need to hold Bitcoin directly. The company will hold Bitcoin on behalf of investors, thus reducing investors’ investment risks. As an investment tool, it greatly Broadening the channels for institutional investors to enter cryptocurrency investment.

Can’t tell the difference between Bitcoin ETN and ETF?

So, Bitcoin ETN and Bitcoin ETF are completely different. What are the similarities and differences between them?

The similarities between Bitcoin ETN and ETF products are: investors can invest in Bitcoin without directly holding Bitcoin; secondly, given the characteristics of cryptocurrency price fluctuations, both solve This alleviates investors' concerns when investing in cryptocurrency; secondly, both can effectively attract more investors and bring more capital inflows; at the same time, both have the credit endorsement of traditional financial institutions, which greatly reduces investors’ investment risks.

There are also differences between the two:

First, unlike ETFs, ETNs are bond trading instruments, guaranteed by the issuer and not supported by other assets. The issuer is usually a bank rather than an asset pool, it is more like a debt instrument backed by a bank or any other reputable issuing institution.

Second, Bitcoin ETN allows users to participate in investment by tracking price trends. What users hold is a commitment to redeem funds according to the rise and fall of its price index over a period of time. The Bitcoin ETF is a trading open-end index fund established with the Bitcoin price index in a certain market as the target index, similar to a gold ETF. In addition to ETF investors as trust beneficiaries, there are also three important entities including the sponsor, trustee and custodian. They will sign a trust contract and perform their respective responsibilities in accordance with the contract.

Thirdly, unlike ETFs that use a basket of stocks for redemption, ETNs use cash for redemption, which is subject to some restrictions and is not timely. This non-physical redemption feature determines that its arbitrage efficiency is not as good as that of ETFs, so the discount and premium rates are generally higher than those of ETFs.

Produced by ETNThe successful entry of the product into the U.S. market will make it easier for investors holding U.S. dollars to invest in Bitcoin-related products, which will undoubtedly increase the attractiveness of digital currencies as investment assets.

The listing of cryptocurrency ETNs on regulatory exchanges fully demonstrates the official recognition of Bitcoin as a legal asset class. In addition, as an investment tool, it greatly expands the channels for institutional investment to enter cryptocurrency investment. .

After ETN entered the market, what was the response of the Bitcoin market?

Everyone once thought that when ETFs were passed and a large number of institutional investors entered the market, the price of Bitcoin would soar. ETN is considered a "soft" alternative to the coveted Bitcoin ETF. ETN allows U.S. dollar holders to invest in Bitcoin without holding Bitcoin. It stands to reason that this should be a big move that can drive the market. The incident actually caused little market response, and it did not attract many American investors and the Wall Street capital they sought. This is a strange phenomenon.

Jeff Kilburg, founder and CEO of KKM Financial, explained that Bitcoin prices will continue to fluctuate until the ETF application has a final answer, and ETN will not have much influence.

Bart Smith, head of the digital asset department of Susquehanna International Group, a global investment market giant, is optimistic about this. He said that ETN has had a certain influence on the market, but it is far less than that of ETFs. explosive force.

There is also a view that in order for ETN products to be more competitive, investors need to convince their brokerage account providers to provide Bitcoin ETN services on their platforms. According to reports from many investors, their brokerage account providers currently do not support CXBTF (Bitcoin Tracker One’s trading code) transactions, or they need to perform more complicated and cumbersome steps to conduct transactions.

ETN is not regulated by the SEC, nor is it registered with the SEC, so its influence is far less than that of ETFs.

Although U.S. investors can now invest in Bitcoin through ETNs and some institutional exchanges, Bitcoin has yet to reach new heights. Most investors in the cryptocurrency market still hope that regulators will approve Bitcoin ETFs to enter the U.S. market, because they believe this will promote the adoption of Bitcoin by more mainstream funds, including Wall Street, and will cause large-scale price increases. In addition, the SEC continues to consider applications for various Bitcoin ETFs, so there is still a lot of hype and excitement about ETFs that may pass.

『撒』What does etp product mean?

The full text of ETP is Exchange Traded Procts, that is, trading platform trading products. ETPs are open-ended investment products listed on trading platforms, derivatively priced, and day traded and settled on national trading platforms like stocks. it is classifiedare senior structured debt securities.

1. What is ETP?
The full text of ETP is Exchange Traded Procts, that is, trading platform trading products. ETPs are open-ended investment products listed on trading platforms, derivatively priced, and day traded and settled on national trading platforms like stocks. It is classified as a senior structured debt security. Basically, they are linked in value to other securities, commodities or indices. ETPs are passive investments designed to replicate the performance of a specific market by tracking an underlying benchmark index, and their returns will outperform active investment products most of the time. Swiss securities trading platform SIX defines ETPs as follows: ETPs are collateralized, non-interest-earning bearer debt securities that replicate an underlying asset (usually derived from commodities) on a fundamental or leveraged basis. Like ETFs, they are day traded across multiple market makers, but legally they are not funds. Take for example the first global multi-crypto ETP launched by the Swiss stock exchange in November 2018, the Amun ETP is based on the Amun Crypto Basket Index, which tracks the performance of the five best cryptocurrencies in terms of market capitalization and liquidity. At the beginning of the listing, the composition of the index was as follows: BTC (49.7%), XRP (25.4%), ETH (16.7%), LTC (3%), and BCH (5.2%).

2. What is ETF?
The full text of ETF is Exchange Traded Funds, which is a trading platform trading fund. Literally understood, it is a fund that can be traded on a trading platform. Simply put, it is a basket of targets that tracks the trend of the market. You can think of an ETF as a basket of stocks that are selected based on some index that indicates stock movements, such as the S&P 500, which records the overall movement of the stocks of 500 companies. So, the basket of stocks in the ETF is the stocks of these 500 companies. One point that needs to be made is that you don't actually own those 500 stocks directly, you have a certificate to prove that you own the ETF. The best-known ETF is the SPY ETF, the world's largest exchange-traded fund that tracks the overall S&P 500 stock market index.
Bitcoin ETF is an ETF based on Bitcoin. If you buy a Bitcoin ETF, you are investing in Bitcoin indirectly. You own a Bitcoin fund that can be traded, rather than owning Bitcoin directly. However, there is no difference in income between buying a Bitcoin ETF and buying Bitcoin directly, because the Bitcoin ETF tracks the price of Bitcoin. When Bitcoin goes up, the ETF will also go up, and vice versa. ETF is just a different way to invest in BitcoinThat’s all. The only difference is that we no longer have to worry about whether the Bitcoin will be stolen, no longer worry about where to store the Bitcoin, and there is no need to go through cumbersome procedures.

『8』What is the difference between Bitcoin options and Bitcoin delivery contracts

This one is still more popular than what you are speculating on now. But it is still a little difficult for dad to compare.

『九』 What is better about Bitcoin ETF funds than contracts

The epidemic has caused huge harm to the world, not only to life safety and public health, but also to the global economy and a huge hit to financial markets. According to the IMF's latest forecast, the global economy may shrink by more than 3% in 2020, with developed countries generally experiencing negative growth, while China and India may only be able to maintain normal growth.

Faced with such a large-scale disaster that is more serious than any economic crisis in history, the most common means to help struggling workers and businesses are the government's issuance of national bonds and the central bank's money printing. The United States has launched three rounds of fiscal stimulus policies, with a total stimulus scale of more than 2.1 trillion U.S. dollars. The fourth round of 484 billion U.S. dollars of stimulus is about to be launched. These four rounds of quantitative easing will reach 2.6 trillion U.S. dollars, accounting for about 19 years of U.S. GDP. 12%. This is an appalling figure, equivalent to a 89% discount on everyone’s wealth.

In China, the amount of water released by the central bank will only be larger than that in the United States, probably 50% higher. The United States releases water, and people all over the world share the responsibility. Since the RMB has not yet fulfilled its mission as a global currency, most of China’s losses will be borne by the Chinese people. In other words, if the United States releases water, the Chinese people will bear part of it, and if China releases water, the Chinese people will bear the majority, so wealth will be reduced or increased. It is imperative to give up holding cash and find a safe investment channel and high-quality safe-haven assets.

Traditional safe-haven investment assets include treasury bonds, gold, funds, etc. However, this financial crisis is so severe that traditional safe-haven assets are no longer enough to ensure that property does not depreciate. Bitoffer analyst Lucian believes that Bitcoin ETF funds may be the best safe-haven assets at this stage.

First of all, Bitcoin is known as "digital gold", and Bitcoin exists in a decentralized blockchain and is almost impossible to lose (unless you forget the private key), which is better than hiding it in a safe at home. Gold is safer; secondly, Bitcoin is easy to carry, can be transferred for payment, and has more and wider uses than gold. On the one hand, it is the value storage function of digital gold, and on the other hand, it is the payment and circulation function of currency. What is even more rare is that the price of Bitcoin is seriously underestimated and will continue to rise in the future. Therefore, Bitcoin is a better safe-haven investment asset than gold. .

The Bitcoin ETF fund is the best tool that can amplify Bitcoin returns. Why do you say that? Although contracts can also amplify Bitcoin returns, contracts are prone to liquidation. Once price volatility is high, contract liquidation will cause investors to lose money.Lost everything. Bitcoin ETF funds are different. Through the dynamic position adjustment mechanism, ETF funds do not have the risk of liquidation. Moreover, through the continuous rise of the net value of the fund, they can continue to earn income with income. The earlier you buy, the greater the income will be. The lowest 3 times, up to 17 times the income.

For example, if you buy a Bitcoin for $10,000, you will earn twice as much if the spot price rises. However, ETF funds do not have to worry about liquidation. The minimum profit is 3 times and the maximum profit is 17 times. That is to say, if Bitcoin rises, Double that, and the ETF fund earns $170,000.

『Shi』What is the difference between Bitcoin options and Bitcoin contracts?

Bitcoin contracts are futures. Futures and options are essentially derivatives of Bitcoin, and It is also a spot hedging tool! But generally speaking, options are better than futures, and we can make comparisons based on several points.
First of all, if the current price of Bitcoin is 8,000 US dollars, when Bitcoin rises from 8,000 to 8,500 US dollars.
1. Buy spot and make $500
2. Buy call options and make $500
3. How to make $500 in futures?
For example, if you use a principal of 500 US dollars, open 20 times leverage, and increase the price by 5%, you can earn 500 US dollars.
When the returns of the three are the same, we find that the option investment has the lowest principal and the risk is also the lowest.
Spot, you need to invest 9,000 US dollars
Futures, you need to invest 500 US dollars
Options, you need to invest 5 US dollars
So, in my opinion, the BTC options launched by Bitoffer will have great The biggest advantage is that there is no deposit and no handling fees. This is the best thing.