導航未知的數字資產水域：深入研究比特幣和以太坊ETF

為了強調對數字資產波動，監管不確定性和投資者信任的持續關注，貝萊德的ishares比特幣信託ETF

Key Takeaways:

關鍵要點：

* Highlighting ongoing concerns with digital asset volatility, regulatory uncertainty, and investor trust, BlackRock’s iShares Bitcoin Trust ETF submitted a pre-effective amendment to the U.S. Securities and Exchange Commission (SEC) on May 9, 2025.

*貝萊德（BlackRock）的iShares比特幣信託ETF強調了對數字資產波動，監管不確定性和投資者信託的持續關注，並於2025年5月9日向美國證券交易委員會（SEC）提交了預先有效的修正案。

* The application, covered in a new filing spotted by Inner Chain, comes at a time of heightened political attention on cryptocurrencies, with President Trump’s executive order to begin a U.S. Strategic Bitcoin Reserve now facing follow-up proposals in Congress for broader digital asset accumulation by the government.

*該申請被內部連鎖店發現的新文件涵蓋，在對加密貨幣的政治關注期間，特朗普總統的行政命令開始了一項美國戰略比特幣儲備，目前在國會面臨的後續提案中，政府在廣泛的數字資產中積累了更廣泛的建議。

* iShares’ filing presents a bleak image for investors, covered in the updated prospectus for the iShares Bitcoin Trust ETF (IVC). It bluntly warns that there is no guarantee of recovering any investment in Bitcoin, which it describes as "highly speculative."

* iShares的申請給投資者提供了慘淡的圖像，這些圖像被iShares比特幣信託ETF（IVC）的更新招股說明書所涵蓋。它直言不諱地警告說，沒有保證對比特幣進行任何投資，這被稱為“高度投機”。

* It adds that the cryptocurrency’s price may "decrease substantially," comparing it to a "77% decline" from around $67,734 in late 2021 to $15,632 in 2022. According to the paper, this trailing one-year volatility is 65%, and "periods of rapid price appreciation or depreciation” in early 2025, 2011, 2013, 2014, 2017, and 2018 have also seen "boom-bust cycles” in bitcoin’s price.

*它補充說，加密貨幣的價格可能會“實質上下降”，將其與“ 77％下降”從2021年底的67,734美元降至2022年的15,632美元。根據該論文，這一拖延一年的波動率為65％，是65％，以及2013年，2013年，2013年，2013年第2013卷，2011年第2013年，2013年第2013卷，2011年，2010年第2013卷，2011年，2011年第2013卷，2011年，這一時期也是如此。比特幣的價格。

* Such fluctuations continue to pose a barrier for mainstream institutional capital, despite the growing involvement of ETF providers like iShares, Invesco, WisdomTree, and others in the space.

*儘管ETF，Ishares，Invesco，WisdomTree等ETF提供商的參與日益加劇，但這種波動仍然為主流機構資本構成障礙。

* iShares’ filing also alludes to the devastating events of 2022 that unfolded within the digital asset ecosystem and eroded investor trust. Bankruptcy filings by Celsius, Voyager, and Three Arrows Capital were followed by the dramatic collapse of FTX, which triggered a wave of liquidations and liquidity crunches across the sector.

* Ishares的申請也暗示了數字資產生態系統中展開並侵蝕投資者信任的2022年毀滅性事件。 Celsius，Voyager和三個箭頭資本的破產申請隨後是FTX的劇烈崩潰，這引發了整個行業的清算和流動性脆弱性。

* FTX’s implosion—once a top-tier global crypto exchange—was signaled as a total loss for U.S. institutional investors in the filing. It adds that FTX’s bankruptcy provides a stark reminder of the "limited liquidity" in the digital asset markets.

* FTX的內爆 - 一旦全球頂級加密交易所交易所表示，這是美國機構投資者在申請中的總損失。它補充說，FTX的破產使人想起了數字資產市場中“有限的流動性”。

* If institutions tied to FTX or other distressed platforms begin to fold or withdraw further, investor confidence may erode, sparking additional sell-offs and regulatory responses, the filing warns.

*如果與FTX或其他陷入困境的平台相關的機構開始折疊或進一步撤回，則投資者的信心可能會侵蝕，引發額外的拋售和監管響應，請警告。

* This weaves into the broader narrative of increased regulatory scrutiny on crypto firms. FTX’s implosion also saw the launch of coordinated legal actions by the U.S. Department of Justice (DOJ), Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC) against the exchange’s leadership.

*這編織到了對加密公司增加監管審查的更廣泛敘述。 FTX的內爆還以美國司法部（DOJ），證券交易委員會（SEC）和商品期貨交易委員會（CFTC）對交易所的領導層進行了協調的法律訴訟。

* These actions sparked a sustained era of enforcement pressure that is still unfolding, with several lawsuits, investigations, and enforcement actions continuing to affect the industry.

*這些行動引發了一個持續的執法壓力時代，這種時代仍在不斷發展，幾項訴訟，調查和執法行動繼續影響該行業。

* iShares’ filing concludes by mentioning President Trump’s March 2025 executive order to establish a Strategic Bitcoin Reserve and a Digital Asset Stockpile, which crypto trade groups hailed as a "landmark policy shift."

* Ishares的申請得出結論，提到特朗普總統2025年3月的行政命令建立戰略性比特幣儲備和數字資產庫存，加密貨幣貿易集團被稱為“具有里程碑意義的政策轉變”。

* The administration is also expected to propose legislation to authorize the accumulation of up to 1 million BTC using seized digital assets or budget-neutral mechanisms, according to reports by The Block.

*根據該街區的報導，政府還有望提議立法使用查獲的數字資產或預算中性機制授權多達100萬BTC的積累。

* However, iShares warns that these initiatives carry no guarantees and that laws can fail in Congress. Executive orders can be undone, and execution poses challenges.

*但是，Ishars警告說，這些舉措沒有保證，而法律可能會在國會中失敗。行政命令可以被撤銷，並且執行構成挑戰。

* Several state-level bitcoin acquisition bills have already stalled this year, indicating that political momentum may not be uniform across the U.S. The market’s expectations must align with realistic policy timelines to avoid speculative bubbles and sharp corrections.

*今年的幾項州級比特幣收購法案已經停滯不前，這表明在整個美國，政治勢頭可能並不統一。市場的期望必須與現實的政策時間表保持一致，以避免投機泡沫和急劇的糾正。

* This ties into the pending approval of bitcoin ETFs by the SEC. Along with the iShares filing, the U.S. Securities and Exchange Commission (SEC) posted a second round of comment papers on suggestions for bitcoin and ether ETFs.

*這與SEC的比特幣ETF批准有關。除iShares申請外，美國證券交易委員會（SEC）發布了第二輪評論文件，內容是關於比特幣和Ether ETF的建議。

* The application raises pressing questions concerning ether's transition to proof-of-stake and whether it would be classified as a security under U.S. law.

*該申請提出了有關以太幣過渡到股份證明以及是否將其歸類為美國法律安全性的迫切問題。

* This legal gray area could factor into the pending approval of ether ETFs, which are facing steeper regulatory hurdles compared to bitcoin ETFs.

*這個合法的灰色區域可能會歸因於以Ether ETF的批准，與比特幣ETF相比，ETHER ETF面臨著更陡峭的監管障礙。

* Among the unresolved matters are issues related to ether's governance, the concentration of staking systems, and the potential for market manipulation in ether, which the SEC notes could render the ETFs "incomplete or misleading."

*尚未解決的問題是與以太治理，均勻系統的集中度以及以太幣進行市場操縱的潛力有關的問題，SEC註釋可能會使ETF“不完整或誤導”。

* The SEC's stance on both bitcoin and ether investment products underscores that ETF approval is not a wholesale endorsement of digital assets. Instead, it indicates a narrow regulatory pathway carved for specific structures within existing legal frameworks.

* SEC對比特幣和以太投資產品的立場強調了ETF批准並不是對數字資產的批發認可。取而代之的是，它表明在現有法律框架內針對特定結構雕刻的狹窄監管途徑。