导航未知的数字资产水域：深入研究比特币和以太坊ETF

为了强调对数字资产波动，监管不确定性和投资者信任的持续关注，贝莱德的ishares比特币信托ETF

Key Takeaways:

关键要点：

* 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.

*贝莱德（BlackRock）的iShares比特币信托ETF强调了对数字资产波动，监管不确定性和投资者信托的持续关注，并于2025年5月9日向美国证券交易委员会（SEC）提交了预先有效的修正案。

* 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.

*该申请被内部连锁店发现的新文件涵盖，在对加密货币的政治关注期间，特朗普总统的行政命令开始了一项美国战略比特币储备，目前在国会面临的后续提案中，政府在广泛的数字资产中积累了更广泛的建议。

* 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的申请给投资者提供了惨淡的图像，这些图像被iShares比特币信托ETF（IVC）的更新招股说明书所涵盖。它直言不讳地警告说，没有保证对比特币进行任何投资，这被称为“高度投机”。

* 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.

*它补充说，加密货币的价格可能会“实质上下降”，将其与“ 77％下降”从2021年底的67,734美元降至2022年的15,632美元。根据该论文，这一拖延一年的波动率为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，这一时期也是如此。比特币的价格。

* 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.

*尽管ETF，Ishares，Invesco，WisdomTree等ETF提供商的参与日益加剧，但这种波动仍然为主流机构资本构成障碍。

* 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的申请也暗示了数字资产生态系统中展开并侵蚀投资者信任的2022年毁灭性事件。 Celsius，Voyager和三个箭头资本的破产申请随后是FTX的剧烈崩溃，这引发了整个行业的清算和流动性脆弱性。

* 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的内爆 - 一旦全球顶级加密交易所交易所表示，这是美国机构投资者在申请中的总损失。它补充说，FTX的破产使人想起了数字资产市场中“有限的流动性”。

* 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.

*如果与FTX或其他陷入困境的平台相关的机构开始折叠或进一步撤回，则投资者的信心可能会侵蚀，引发额外的抛售和监管响应，请警告。

* 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.

*这编织到了对加密公司增加监管审查的更广泛叙述。 FTX的内爆还以美国司法部（DOJ），证券交易委员会（SEC）和商品期货交易委员会（CFTC）对交易所的领导层进行了协调的法律诉讼。

* 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.

*这些行动引发了一个持续的执法压力时代，这种时代仍在不断发展，几项诉讼，调查和执法行动继续影响该行业。

* 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的申请得出结论，提到特朗普总统2025年3月的行政命令建立战略性比特币储备和数字资产库存，加密货币贸易集团被称为“具有里程碑意义的政策转变”。

* 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.

*根据该街区的报道，政府还有望提议立法使用查获的数字资产或预算中性机制授权多达100万BTC的积累。

* 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警告说，这些举措没有保证，而法律可能会在国会中失败。行政命令可以被撤销，并且执行构成挑战。

* 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.

*今年的几项州级比特币收购法案已经停滞不前，这表明在整个美国，政治势头可能并不统一。市场的期望必须与现实的政策时间表保持一致，以避免投机泡沫和急剧的纠正。

* 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.

*这与SEC的比特币ETF批准有关。除iShares申请外，美国证券交易委员会（SEC）发布了第二轮评论文件，内容是关于比特币和Ether ETF的建议。

* 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.

*该申请提出了有关以太币过渡到股份证明以及是否将其归类为美国法律安全性的迫切问题。

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

*这个合法的灰色区域可能会归因于以Ether ETF的批准，与比特币ETF相比，ETHER ETF面临着更陡峭的监管障碍。

* 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."

*尚未解决的问题是与以太治理，均匀系统的集中度以及以太币进行市场操纵的潜力有关的问题，SEC注释可能会使ETF“不完整或误导”。

* 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对比特币和以太投资产品的立场强调了ETF批准并不是对数字资产的批发认可。取而代之的是，它表明在现有法律框架内针对特定结构雕刻的狭窄监管途径。