比特币-以太坊 ETF：值得吗？

最近的一项分析详细介绍了市场上两种最大的加密资产的同等权重投资组合，以更好地了解投资者的价值主张。

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.

据多家媒体 2024 年 7 月 5 日报道，美国证券交易委员会 (SEC) 已批准推出现货比特币-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.

监管机构早些时候确认已收到 Hashdex 纳斯达克加密货币指数美国 ETF 的 19b-4 备案。如果该产品获得 SEC 的批准（预计在 2025 年 3 月之前），其投资组合中将包括市值最大的两种加密货币：比特币和以太坊。

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 日的分析是基于对 2021 年反弹和今年创纪录高点期间 BTC 和 ETH 投资组合的评估。据调查，2024年的收益率可能达到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.

调查强调：“通过分析 2021 年反弹期间以及今年 1 月份创纪录高点期间同等权重的比特币和以太坊投资组合，我们发现其 2024 年回报率为 58%，而 2021 年为 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 年牛市期间以及今年 1 月份创纪录高点的同等权重的 BTC 和 ETH 投资组合，我们发现 2024 年的收益率为 58%，而 2021 年为 20.6%。 pic.twitter.com/s6naS3AB7B

—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，除了回报之外，由于 BTC/ETH 投资组合的风险状况得到改善，传统投资者可能会被比特币和以太坊结合的 ETF 产品所吸引。

“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% 置信区间（传统金融中使用的最保守的水平之一），我们可以看到第一季度牛市期间实现的每日损益。 BTC/ETH 投资组合保持可控的风险水平和盈亏平衡。假设 99% 的 VaR 为 10,000 美元，从统计上看，每 100 天我们就会有 1 天的损失为 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.

分析师表示，VaR 是一种风险指标，它将美元价值分配给潜在的投资组合损失及其概率。