比特幣-以太幣 ETF：值得嗎？

最近的一項分析詳細介紹了市場上兩種最大的加密資產的同等權重投資組合，以便更好地了解投資者的價值主張。

The US Securities and Exchange Commission (SEC) has given the go-ahead for a spot Bitcoin–Ethereum exchange-traded fund (ETF), as reported by several media outlets on July 5, 2024.

根據多家媒體 2024 年 7 月 5 日報道，美國證券交易委員會 (SEC) 已批准推出現貨比特幣-以太坊交易所交易基金 (ETF)。

The regulator had earlier confirmed receiving the 19b-4 filing for the Hashdex Nasdaq Crypto Index US ETF. The product will include the two largest cryptocurrencies by market capitalization, Bitcoin and Ethereum, in its portfolio if it receives approval from the SEC, which is anticipated by March 2025.

監管機構早些時候確認已收到 Hashdex 納斯達克加密貨幣指數美國 ETF 的 19b-4 備案。如果該產品獲得 SEC 的批准（預計在 2025 年 3 月之前），其投資組合中將包括市值最大的兩種加密貨幣：比特幣和以太坊。

An analysis by the Kaiko platform on July 5 was based on an assessment of the BTC and ETH portfolio during the 2021 rally and this year’s record highs. According to the survey, the yield could have been 58% in 2024.

Kaiko 平台 7 月 5 日的分析是基於對 2021 年反彈和今年創紀錄高點期間 BTC 和 ETH 投資組合的評估。根據調查，2024年的收益率可能達到58%。

“Analyzing an equally weighted Bitcoin and Ethereum portfolio during the 2021 rally and this year’s record highs in January, we found that it would have returned 58% in 2024, compared to 20,6% in 2021,” the survey highlighted.

調查強調：“透過分析 2021 年反彈期間以及今年 1 月創紀錄高點期間同等權重的比特幣和以太坊投資組合，我們發現其 2024 年回報率為 58%，而 2021 年為 20.6%。”

Analyzing an equally weighted $ BTC and $ ETH portfolio during the 2021 bull run and this year’s record highs in January, we find that it would have yielded 58% in 2024, compared to 20.6% in 2021. pic.twitter.com/s6naS3AB7B

分析 2021 年多頭期間以及今年 1 月創紀錄高點的同等權重的 BTC 和 ETH 投資組合，我們發現 2024 年的收益率為 58%，而 2021 年為 20.6%。

—Kaiko (@KaikoData) July 5, 2024

-Kaiko (@KaikoData) 2024 年 7 月 5 日

The analysis noted that traditional investors may be drawn to the ETF product combining Bitcoin and Ethereum due to the improved risk profile of a BTC/ETH portfolio, in addition to the returns.

分析指出，除了回報之外，由於 BTC/ETH 投資組合的風險狀況得到改善，傳統投資者可能會被比特幣和以太幣結合的 ETF 產品所吸引。

“Using a 99% confidence interval for VaR, one of the most conservative levels used in traditional finance, we can see the daily profit and loss realized during the first quarter bull run. The BTC/ETH portfolio maintains a manageable level of risk and a balance of gains and losses. Assuming a 99% VaR of $10.000, statistically we will have $10.000 in losses 1 day out of every 100, which we see below.”

「使用 VaR 的 99% 置信區間（傳統金融中使用的最保守的水平之一），我們可以看到第一季牛市期間實現的每日損益。 BTC/ETH 投資組合維持可控的風險水準和損益平衡。假設 99% 的 VaR 為 10,000 美元，從統計上看，每 100 天我們就會有 1 天的損失為 10,000 美元，如下所示。

According to the analysts, VaR is a risk indicator that assigns a dollar value to potential portfolio losses and their probability.

分析師表示，VaR 是一種風險指標，它將美元價值分配給潛在的投資組合損失及其機率。