Which Bitcoin ETF is best? Why VanEck's XBTF could dethrone BTF and BITO
Which Bitcoin ETF is best? Why VanEck's XBTF could dethrone BTF and BITO
That said, it appears competition is set to heat up in this space. Right now, investors appear to be focusing on the next Bitcoin ETF to hit the market next week.Today, yet another Bitcoin (CCC:BTC-USD) exchange-traded fund (ETF) has hit the market. The $Valkyrie Bitcoin Strategy ETF(BTF.US)$ began trading today after receiving its blessing from the Securities and Exchange Commission (SEC) earlier this week. Like its peer, the $ProShares Bitcoin Strategy ETF(BITO.US)$, this ETF tracks Bitcoin futures, rather than the spot price of Bitcoin itself.
今天，又一次比特币(CCC：BTC-USD)交易所交易基金(ETF)上市。这个$Valkyrie比特币策略ETF(BTF.US)$在本周早些时候获得美国证券交易委员会(SEC)的批准后，今天开始交易。和它的同行一样，$ProShares比特币策略ETF(BITO.US)$这只ETF追踪的是比特币期货，而不是比特币本身的现货价格。
Unfortunately, investors in BTF have seen declines today of more than 5% at the time of writing. This downside move appears to be outpacing the decline in the price of Bitcoin. Currently, Bitcoin prices are down roughly 3.7% at the time of writing. The BITO ETF is down approximately the same amount.
不幸的是，在撰写本文时，BTF的投资者今天已经下跌了5%以上。这一下行走势似乎超过了比特币价格的跌幅。目前，在撰写本文时，比特币价格下跌了约3.7%。Bito ETF的跌幅大致相同。
What's intriguing about BTF's rather poor start is the fund's underperformance relative to its peer. Indeed, some of this underperformance could be due to the rather oversubscribed interest in its peer. This week, it's been reported that BITO brought in more than $1 billion in assets in two days. This represents the fastest capital inflows into any ETF, ever.
BTF开局相当糟糕的耐人寻味之处在于，该基金与同行相比表现不佳。事实上，这种表现不佳的部分原因可能是对其同行的兴趣相当超额。本周，有报道称，Bito在两天内带来了超过10亿美元的资产。这是有史以来流入任何ETF的最快资金流入速度。
That said, it appears competition is set to heat up in this space. Right now, investors appear to be focusing on the next Bitcoin ETF to hit the market next week.
尽管如此，这一领域的竞争似乎正在升温。目前，投资者似乎将注意力集中在下周上市的下一只比特币ETF上。
Let's dive into why the upcoming VanEck Bitcoin Strategy ETF could provide headwinds for both of these funds.
让我们来深入了解一下，为什么即将推出的Vaneck比特币策略ETF可能会给这两只基金带来逆风。
Why Investors May Be Waiting For the Next Bitcoin ETF
为什么投资者可能在等待下一只比特币ETF
As reported by Bloomberg this week, it appears the Bitcoin ETF pricing war is getting started. The incoming VanEck Bitcoin Strategy ETF, expected to be listed under the ticker "XBTF," is set to have the lowest pricing of its peers.
据报道，布隆伯格本周，比特币ETF价格战似乎开始了。即将推出的Vaneck比特币策略ETF预计将以“XBTF”的代码上市，定价将是同行中最低的。
This ETF has announced a management fee of 0.65%. While high relative to other index funds, this fee is markedly lower than its peers. For example, the ProShares Bitcoin Strategy ETF carries a fee of 0.95%. The Valkyrie Bitcoin Strategy ETF holds the same fee.
这只ETF已公布管理费为0.65%。虽然相对于其他指数基金而言，这一费用较高，但明显低于同行。例如，ProShares比特币策略ETF收取0.95%的费用。Valkyrie比特币策略ETF持有同样的费用。
Whether these two incumbent ETFs adjust their fees lower to meet this new VanEck option at 0.65% remains to be seen. Indeed, there appears to be plenty of capital looking to flow into these ETFs. Perhaps these funds don't have to.
这两只现任ETF是否将费用调低，以满足0.65%的这一新Vaneck期权，仍有待观察。事实上，似乎有大量资本希望流入这些ETF。或许这些基金不必这么做。
However, as the battle for ETF market share heats up, it's expected this fee war could accelerate a price war that's been ongoing for decades. Indeed, lower fees are better for investors. However, whether investors will wait for fees to be lowered before dividing in remains to be seen.
然而，随着ETF市场份额争夺战的升温，预计这场收费大战可能会加速已持续数十年的价格战。事实上，较低的费用对投资者更有利。不过，投资者是否会等待费用下调后再分入，仍有待观察。
In any case, this week will be an interesting one from a Bitcoin ETF standpoint.
无论如何，从比特币ETF的角度来看，本周将是有趣的一周。
