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，又一次比特幣(CCC：BTC-USD)交易所交易基金(ETF)上市。這個$Valkyrie比特幣策略ETF(BTF.US)$在本週早些時候獲得美國證券交易委員會(SEC)的批准後，今天開始交易。和它的同行一樣，$ProShares比特幣策略ETF(BITO.US)$這隻ETF追蹤的是比特幣期貨，而不是比特幣本身的現貨價格。
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，在撰寫本文時，BTF的投資者今天已經下跌了5%以上。這一下行走勢似乎超過了比特幣價格的跌幅。目前，在撰寫本文時，比特幣價格下跌了約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開局相當糟糕的耐人尋味之處在於，該基金與同行相比表現不佳。事實上，這種表現不佳的部分原因可能是對其同行的興趣相當超額。本週，有報道稱，Bito在兩天內帶來了超過10億美元的資產。這是有史以來流入任何ETF的最快資金流入速度。
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.
儘管如此，這一領域的競爭似乎正在升温。目前，投資者似乎將注意力集中在下週上市的下一隻比特幣ETF上。
Let's dive into why the upcoming VanEck Bitcoin Strategy ETF could provide headwinds for both of these funds.
讓我們來深入瞭解一下，為什麼即將推出的Vaneck比特幣策略ETF可能會給這兩隻基金帶來逆風。
Why Investors May Be Waiting For the Next Bitcoin ETF
為什麼投資者可能在等待下一隻比特幣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.
據報道，布隆伯格本週，比特幣ETF價格戰似乎開始了。即將推出的Vaneck比特幣策略ETF預計將以“XBTF”的代碼上市，定價將是同行中最低的。
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.
這隻ETF已公佈管理費為0.65%。雖然相對於其他指數基金而言，這一費用較高，但明顯低於同行。例如，ProShares比特幣策略ETF收取0.95%的費用。Valkyrie比特幣策略ETF持有同樣的費用。
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.
這兩隻現任ETF是否將費用調低，以滿足0.65%的這一新Vaneck期權，仍有待觀察。事實上，似乎有大量資本希望流入這些ETF。或許這些基金不必這麼做。
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，隨着ETF市場份額爭奪戰的升温，預計這場收費大戰可能會加速已持續數十年的價格戰。事實上，較低的費用對投資者更有利。不過，投資者是否會等待費用下調後再分入，仍有待觀察。
In any case, this week will be an interesting one from a Bitcoin ETF standpoint.
無論如何，從比特幣ETF的角度來看，本週將是有趣的一週。
