VBTC：澳大利亚首个现货比特币 ETF 来了

对于我们许多人来说，一想到“加密货币”，就会想到“投机”这个词，后面可能还会想到被监禁的 FTX 加密货币企业家 Sam Bankman-Fried 的照片。

The arrival of the first spot Bitcoin ETFs on the local bourse is undoubtedly a big development for the Australian market.

第一批现货比特币 ETF 登陆当地交易所无疑是澳大利亚市场的一大发展。

We sat down with VanEck’s Portfolio Manager Pranav Kanade and Deputy Head of Investments and Capital Markets, Jamie Hannah, who hosted a webinar on Thursday to field questions from prospective investors.

我们采访了 VanEck 的投资组合经理 Pranav Kanade 以及投资和资本市场副主管 Jamie Hannah，他们于周四主持了一场网络研讨会，回答了潜在投资者的问题。

Here are some of the most insightful exchanges.

以下是一些最有见地的交流。

What differentiates VBTC from other Bitcoin ETFs?

VBTC 与其他比特币 ETF 有何不同？

First off, it’s the only one on the Australian Stock Exchange…with the most stringent regulatory requirements of any exchange in Australia. It has taken us three years of regulatory work with the ASX to get this over the line, who had 75 pages of questions.

首先，它是澳大利亚证券交易所中唯一一家拥有澳大利亚交易所中最严格监管要求的交易所。我们花了三年时间与澳大利亚证券交易所进行监管工作，才完成了这个问题，澳大利亚证券交易所提出了 75 页的问题。

We have had multiple meetings over many years to get this product launch, and they drilled into this product. To an extraordinary length. Doing full due diligence right down into Gemini – our custodian. So there’s been a lot of work that’s gone in, and hence why, the ASX has taken a lot longer than other exchanges.

多年来，为了推出该产品，我们召开了多次会议，他们深入研究了该产品。达到非凡的长度。对我们的托管人 Gemini 进行全面的尽职调查。因此，我们已经做了很多工作，因此，澳大利亚证券交易所比其他交易所花费了更长的时间。

There are two other competing products out there listed on Cboe, and unfortunately they’re not plugged into all the brokers, so not everyone can trade through Cboe. A lot of local brokers in Australia don’t have the ability to access that exchange. But we’re listed on the premier exchange, the ASX.

Cboe 还列出了另外两种竞争产品，不幸的是，它们并未插入所有经纪商，因此并非每个人都可以通过 Cboe 进行交易。澳大利亚的许多本地经纪商无法访问该交易所。但我们在澳大利亚证券交易所这一主要交易所上市。

We also have the lowest fee in the market. And we have a long history of managing digital assets, with over $100 billion of traditional assets under management. My day-to-day job is managing investments across the world in traditional asset classes of shares and bonds. So, this is just another asset class in terms of the portfolio management functions that we run.

我们的费用也是市场上最低的。我们在管理数字资产方面拥有悠久的历史，管理着超过 1000 亿美元的传统资产。我的日常工作是管理全球股票和债券等传统资产类别的投资。因此，就我们运行的投资组合管理功能而言，这只是另一个资产类别。

What has driven the price surge in Bitcoin since early 2023?

自 2023 年初以来，是什么推动了比特币价格飙升？

In 2022, you had a whole bunch of crypto centralised businesses that were, either exchanges or lending businesses in the crypto space, that went bankrupt for a variety of reasons. Those bankruptcies resulted in forced selling of Bitcoin, Ethereum, and several other crypto assets.

2022 年，一大批加密中心化企业，无论是加密领域的交易所还是借贷企业，都因各种原因破产。这些破产导致比特币、以太坊和其他几种加密资产被迫出售。

So, it ended the year on a pretty low mark, as you add a whole bunch of forced sellers of these assets, coupled with tightening monetary conditions. The US, the ECB, and the Bank of Canada were all tightening throughout 2022. Those two factors really hurt the price of Bitcoin coming into 2023.

因此，随着大量被迫出售这些资产，再加上货币状况收紧，今年的收盘价相当低。美国、欧洲央行和加拿大央行在 2022 年都在实行紧缩政策。这两个因素确实损害了 2023 年比特币的价格。

And beyond that, in January there was an easing of monetary conditions. So global liquidity got better, which, again, was the catalyst for Bitcoin as well as other risk assets.

除此之外，一月份货币状况有所放松。因此，全球流动性变得更好，这再次成为比特币以及其他风险资产的催化剂。

Another big catalyst was the banking crisis in the United States, when Silicon Valley Bank went under. There was this light bulb moment for a lot of folks, the realisation that “hey, the cash that I have in the bank might be at risk. Maybe I need to have some asset outside of the system, to have a hedge against the banking system”. That led a lot of people to think about buying some Bitcoin and another pivotal event last year.

另一个重要的催化剂是美国的银行业危机，当时硅谷银行破产了。对于很多人来说，有一个灵光一现的时刻，他们意识到“嘿，我在银行里的现金可能面临风险。也许我需要在系统之外拥有一些资产，以对冲银行系统”。这导致很多人考虑购买一些比特币以及去年的另一个关键事件。

The next big one was the market’s expectation of a Bitcoin ETF approval, because that would ultimately bring a new cohort of investors into the space, who couldn’t have previously bought it.

下一个重大事件是市场对比特币 ETF 获得批准的预期，因为这最终将吸引一批新的投资者进入该领域，而他们以前不可能购买它。

This year, the ETFs went live, there’s been over US$15 billion of inflows into these, which has been a massive positive. For every US dollar of inflows, that creates almost a 4-7x impact on the price. That US$15 billion inflow could theoretically have five times the impact in terms of the market cap growth it can create for Bitcoin.

今年，ETF 上线后，已有超过 150 亿美元的资金流入其中，这是一个巨大的利好。每流入一美元，就会对价格产生近 4-7 倍的影响。从理论上讲，这 150 亿美元的流入对比特币市值增长的影响可能是其五倍。

Who are the market makers and how does the liquidity work?

谁是做市商以及流动性如何运作？

Susquehanna, Flow Traders, Jane Street and Nine Mile. Since the start of the year, the US has taken over $20 billion dollars’ worth of assets into Bitcoin ETFs.

萨斯奎哈纳 (Susquehanna)、Flow Traders、简街 (Jane Street) 和九英里 (Nine Mile)。自今年年初以来，美国已将价值超过 200 亿美元的资产纳入比特币 ETF。

It’s unlikely we’ll see that same number here, but they have already got the pipes and the contributions in place to set this up. So, liquidity should not ever be a problem in Australia, because we have the same large market makers operating in Australia as we do in the rest of the world.

我们不太可能在这里看到相同的数字，但他们已经准备好管道和捐款来进行设置。因此，流动性在澳大利亚永远不会成为问题，因为我们在澳大利亚拥有与世界其他地区相同的大型做市商。

Why use an ETF to access bitcoin?

为什么要使用 ETF 来获取比特币？

For most investors, it’s simpler and easier to invest in an ETF rather than holding bitcoin directly. You can trade a bitcoin ETF on ASX and hold it in your trading account like any other stock or ETF.

对于大多数投资者来说，投资 ETF 比直接持有比特币更简单、更容易。您可以在 ASX 交易比特币 ETF，并将其像任何其他股票或 ETF 一样保留在您的交易账户中。

If you hold bitcoin directly, you are responsible for safe storage. Whereas with a bitcoin ETF, the fund manager is responsible for buying and storing the bitcoins.

如果您直接持有比特币，您有责任安全存储。而对于比特币 ETF，基金经理负责购买和存储比特币。

VanEck’s bitcoins are held in custody with Gemini, one of the world’s largest crypto custodians, which are regulated in the US. They hold the bitcoin offline in cold storage, which means it is not connected to the internet and is less susceptible to hacking.

VanEck 的比特币由全球最大的加密货币托管机构之一 Gemini 托管，并在美国受到监管。他们将比特币离线保存在冷库中，这意味着它不连接到互联网，并且不易受到黑客攻击。

A bitcoin ETF also offers institutional grade protection. ETFs are established investment vehicles which are subject to regulatory oversight designed to

比特币 ETF 还提供机构级保护。 ETF 是既定的投资工具，受到监管机构的监督，旨在