Ukugunyazwa kwama-ETF e-spot bitcoin e-US ngoJanuwari kwakuyingqophamlando enkulu embonini ye-cryptocurrency. Ngokwethulwa ngempumelelo esibukweni esingemuva, abatshalizimali manje banethemba lokuthola ama-Ether Ether, kodwa umbono wabo murkier. 

Ezinyangeni ezimbalwa ezedlule, amafemu amaningana, okuhlanganisa iBlackRock, Fidelity, Ark, Grayscale, kanye noVanEck, bafake izicelo zokukhipha ama-ETF e-spot ether, azolandelela intengo ye-cryptocurrency yomdabu ye-Ethereum blockchain, i-ETH. Umhla zingama-23 kuNhlaba wumnqamulajuqu wokugcina wokuthi i-SEC yenze isinqumo kwezinye zalezi zicelo.

Nakuba kukhulu ukulindela ama-ETF e-ether, kukhona nokukhathazeka okuthi I-Securities and Exchange Commission (SEC) ingase iwanqabe, ikakhulukazi uma ibheka umugqa wesikhathi wezenzakalo ngaphambi kokugunyazwa kwe-spo Bitcoin ETFs.

Use I-podcast engakhethiwe, u-Eric Balchunas, umhlaziyi omkhulu we-ETF kwa-Bloomberg Intelligence futhi oyingxenye yethimba elibize usuku oluqondile lokugunyazwa kwe-ETF ye-bitcoin, uthe, "Benginethemba elincane ngenyanga edlule." Khona-ke, ebhekisela kozakwabo ekuvezeni imvume ye-ETF yendawo, wathi, “Uzakwethu ebugebengwini kulokhu – sifana no-50%.

Amacebo Okuthi Izinto Zihlukile kuma-ETF e-Spot Ether

Isizathu esenza abantu balindele ukuthi ama-ETF e-spot ether azodlula kuwo ukuthi kokubili i-bitcoin ne-ether kunento eyodwa efana ngayo ezinye izimpahla ze-crypto zingenayo: zombili zisebenza njengempahla eyisisekelo yemikhiqizo ye-ETF yesikhathi esizayo. Ukuze lokho kwenzeke, zombili izimpahla bezifakwe kusigaba njengempahla ukuze leyo mikhiqizo yesikhathi esizayo ivunyelwe. 

Kodwa-ke, naphezu kwalokho, i-Grayscale kwadingeka imangalele i-SEC futhi iwine ukuze i-ejensi ivume futhi ivume indawo bitcoin ETFs. Ngosuku lokugunyazwa, uSihlalo we-SEC uGary Gensler ushicilele isitatimende egcizelela ukuthi isandla se-SEC siphoqelelwe yinkantolo futhi akufihlanga neze ukudelela bitcoin uqobo, eyibiza ngokuthi “impahla eqagelayo, eguquguqukayo esetshenziselwa umsebenzi ongekho emthethweni kubandakanya i-ransomware. , ukuxhaphaza imali, ukubalekela izijeziso nokuxhasa ngemali amaphekula.”

Funda kabanzi: I-SEC Ibambezela Isinqumo ngeBlackRock's Spot Ethereum ETF

Ngakho-ke omunye umehluko omkhulu wokuqala phakathi kwesifiso sokuthola ama-ETF e-spot ether vs spot bitcoin ETF avunyelwe ukuthi, nakuba eminyakeni edlule, i-bitcoin ne-ether zombili zahlukaniswa njengempahla ngaphambi kokugunyazwa kwama-ETF azo akusasa, ayikho inkampani okwamanje emangalela I-SEC (okungaba isilawuli esikhona somfakisicelo noma esizayo) ukuze kugunyazwe ama-ETF e-spot ether. 

Eqinisweni, njengoba u-Balchunas abonisa ngesikhathi se-podcast, u-Grayscale, owagqugquzelwa ukumangalela i-SEC ukuze akwazi ukuguqula izimpahla ku-Bitcoin trust yakhe ibe yi-ETF, angase angazimisele ukwenza kanjalo ngenxa yokwethenjwa kwe-Ethereum kusukela I-SEC igunyaze wonke ama-ETF e-Bitcoin ukuthi aqale ukuhweba ngasikhathi sinye. Ngokuyisisekelo, i-Grayscale, ngemva kokuchitha imali eningi kuleli cala, yabe isigcina isingenele umjaho nabanye abakhiphi be-ETF abayisishiyagalolunye futhi yalahlekelwa isabelo semakethe kunokugcina inzuzo yayo yokuqala.   

Esinye isizathu sokungabaza ukuthi i-SEC izogunyaza ama-ETF e-spot ngoMeyi 23 ukuthi abafakizicelo abekho ezingeni elifanayo lezingxoxo ne-SEC njengoba abafakizicelo be-ETF befika endaweni efanayo emugqeni wesikhathi kuze kube sekupheleni. Umnqamulajuqu wangoMeyi 23. 

Nakuba, ngesikhathi se-podcast, u-Balchunas wacabanga ngesizathu sokuthi izinga lamanje lezingxoxo lingase lingabi nenjongo, uthe yena ngokwakhe usamnika ikhefu. “Manje kusobala ukuthi kunethempulethi [ye-ETF yempahla ye-crypto] esethiwe manje ngenxa yawo wonke umsebenzi abawenzile ku-bitcoin prospectuse, kodwa ungacabanga ukuthi bazofinyelela ngesikhathi esithile ngoba i-ETH inezinto zayo okufanele uzenze. sebenza kwi. Ngakho-ke, kuze kube yilapho sibona ukubandakanyeka, sizohlala simnene lapho singaboni ngaso linye. ”

Funda kabanzi: Kungani ama-ETF e-Spot Ether Cishe Engeke Antshontshe Ukuduma kwe-Bitcoin - Noma ngabe I-Staking Ifakiwe

Lokhu akuzange kumise ababukeli be-crypto ETF ekuboniseni ukuthi uCoinbase ube nomhlangano ne-SEC ngo-March 6. Nokho, i-Balchunas tweeted ekuphenduleni engxoxweni yalokho, “Ngokujwayelekile ngingathi lokhu bekuwuphawu oluhle kodwa ngokwazi kwami ​​Abasebenzi bebengakasho lutho kubakhiphi, okungelona uphawu oluhle njengoba [sedlule]. lapho benikeza imibono nge-btc ETFs.”

Ukukhathazeka Mayelana Nokuxhumana Phakathi Kwe-Ether Futures Versus Spot

Ngaphandle kwalo mehluko, lisashiya iqiniso lokuthi ubukhona nje be-ether futures ETFs kusho ukuthi ngesikhathi esithile, i-SEC yavuma ukuhlukanisa i-ether njengempahla. Ngakho-ke, abanye ababukeli bakholelwa ukuthi i-SEC ingase izame ukuphika ama-ETF e-ether isebenzisa isizathu esifanayo eyayisinikeze ekuqaleni sokuphika ama-ETF e-bitcoin phakathi nenkathi ngemva kokugunyazwa kwama-ETF ekusasa le-bitcoin: igebe ebudlelwaneni bekusasa nezintengo ezikhona. .

Izimakethe ze-Spot nezizayo zixhunywe ngokombono, ngezintengo ezilindeleke ukuthi zihlangane eduze nosuku lokuphelelwa yisikhathi kwenkontileka. Lokhu kuhlotshaniswa kuthonywa izici ezifana nezindleko zesitoreji, ukutholakala kalula, nokusebenza kahle kwemakethe. I-SEC ngokuvamile izwakalisa ukukhathazeka lapho ukuhlobana kuphansi njengoba ingase iphakamise ukukhwabanisa nokukhohlisa ngaphakathi kwemakethe yendawo.

U-Balchunas, owayengenazo izinombolo eziqondile, uthe “ukuhlobana phakathi kwekusasa le-ether ne-ether [kungase kungabi] kukhulu njengekusasa le-bitcoin ne-bitcoin, futhi kungenzeka ukuthi yilokho abazokusebenzisa ekunqatshweni.”

Okwagcina kuphoqe isandla se-SEC ecaleni lenkantolo ne-Grayscale kwaba amajaji akhomba ukuhlobana okuqinile phakathi kwekusasa le-bitcoin nezintengo ze-bitcoin. 

Lokhu kuphakamisa umbuzo: yikuphi ukuhlobana phakathi kwamanani entengo ye-ether futures ne-spot ether?  

Abanye abadlali esikhaleni bazama ukuphendula lowo mbuzo ukuze bakhiphe ukwenqatshwa okusekelwe kulokho kucabanga kwe-SEC. Ngokwesibonelo, uCoinbase wenza ukuhlaziywa yekusasa le-bitcoin kanye ne-spot bitcoin efana neye-SEC (nakuba isampula yabo yedatha ihlanganisa izinyanga ezimbalwa ezengeziwe) ebonise ukusabalala okuqinile phakathi kokubili - isibonelo, i-99.1% ngehora ngokuphambene ne-98.4% yi-SEC, kanye ne-96.4% ngesisekelo semizuzu engu-5 ngokumelene ne-94.6% ye-SEC. 

Ukuhlaziywa kwe-Coinbase kuphinde kwahlanganisa ikusasa le-ETH nendawo, ekuxhumaneni kwe-99.3% ngehora kanye ne-96.2% ngesisekelo semizuzu engu-5. Ukuhlaziywa kweKhomishini ngekusasa le-ether vs. indawo kusazobonakala, kodwa abanye ababukeli be-crypto asset ETF bakholelwa ukuthi i-SEC ingase ihlele ukuphika ngokusekelwe kulokhu kucabanga. 

Esabela ezindabeni zomhlangano we-SEC noCoinbase (kodwa hhayi noma yibaphi abakhiphi), uScott Johnson, ummeli wezezimali kwaDavis Polk & Wardwell, wathi ku-X, “Lokhu kungibonisa ukuthi i-SEC cishe izovuma/iphike ngesisekelo sokuhlobana (okungafanele kusimangaze). Kungani balethe uCoinbase ukuze baxoxe ngokuhlaziywa kwabo kokuxhumana ngaphambi kwabakhiphi bangempela? "

Ngakho-ke, Yini Okulandelayo? 

Akukhona nje kuphela ukuthi alikho icala elimelene ne-SEC ngendawo ye-ETH ETF (njengoba u-Balchunas esho ku-podcast, “Kuyaxaka ukumangalela i-SEC”), kodwa bambalwa kwabafake izicelo abangaba nomdlandla ngokwezezimali ukwenza kanjalo. “Ingakanani imali etholakalayo ngempela yama-ETF e-ether?” Kubuza uBalchunas. “Hhayi kangako ngokubona kwami. Bheka nje ikusasa futhi bazokunikeza umhlahlandlela wentshisekelo kuleyo makethe. " 

Uthi uma i-SEC iphika, "lokhu kuzoba yinto. Kuzophinde kubaxabanise nemboni.” Ngaleso sizathu, uthi, ukube ubeyi-SEC, ubezovuma nje “ukuqhubeka nempilo yami.” Kodwa-ke, ngenxa yokuthi i-SEC kungenzeka ukuthi ithole i-blowback yezombusazwe ngokugunyaza indawo bitcoin ETFs, uthi ukuphika indawo ye-ETFs kungase kufane “nokuphonsa ithambo kwabanye abantu ababecasulwe ukumane bathi, ukufakazela nje, 'Singabantu. hhayi kule nto.'”

Okwamanje, amehlo ngeke abe ku-SEC kuphela kanye nokuxhumana kwayo nabafakizicelo kodwa futhi nokuhlaziywa kwayo kwezinombolo zokuxhumanisa. Kuleli qophelo, okuwukuphela kwesiqiniseko ukuthi ukugunyazwa kwe-ETF ye-spot ether akuyona into embi abanye ababukeli abebeyithemba.