Await Bitc_老虎社区_美港股上老虎

2021-11-04

Await Bitcoin ETF.

Bitcoin Futures ETF Mania Cools as Wall Street Hits Pause Button<blockquote>华尔街按下暂停键，比特币期货ETF热潮降温</blockquote>

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pekss
2021-11-04
pekss
I’m waiting for a bitcoin ETF that trades on spot prices

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While optimism still abounds that several funds could begin trading in the coming weeks, a similar ETF from VanEck is in a holding pattern even though the 75-day window for regulators to reject or delay it has “long passed.”<blockquote>华尔街分析师预计，在美国证券交易委员会默许该结构后，多达四只比特币期货ETF将于10月开始交易；相反，只有ProShares和Valkyrie Investments的两款产品首次亮相。尽管人们仍然乐观地认为几只基金可能在未来几周内开始交易，但VanEck的一只类似ETF仍处于持有模式，尽管监管机构拒绝或推迟该ETF的75天窗口“早已过去”。</blockquote> The delay is due in part to reticence among futures commission merchants, which act as an intermediary between derivatives-backed funds such as the ProShares Bitcoin Strategy ETF (ticker BITO) and the exchanges where those contracts trade. Known as FCMs, these firms -- typically banks -- handle buy and sell orders for futures contacts on behalf of their clients and then settle those trades with exchanges such as the Chicago Mercantile Exchange.<blockquote>推迟的部分原因是期货佣金商的沉默，他们充当ProShares比特币策略ETF（股票代码BITO）等衍生品支持基金与这些合约交易的交易所之间的中介。这些公司（通常是银行）被称为FCM，代表客户处理期货合约的买卖订单，然后与芝加哥商品交易所等交易所结算这些交易。</blockquote> In normal circumstances, it’s a fairly mechanical, out-of-the-spotlight relationship. However, the stunning appetite seen for BITO -- which last month accumulated more than $1 billion in assets in just two days, among the biggest launches ever -- has FCMs thinking twice. The cash influx quickly ate up the balance sheet of the firm acting as an FCM for BITO at its launch, putting regulatory capital limitations against the Bitcoin futures exposure in sight, according to a person familiar with the matter.<blockquote>在正常情况下，这是一种相当机械的、不引人注目的关系。然而，人们对BITO的惊人兴趣——上个月，BITO在短短两天内积累了超过10亿美元的资产，是有史以来最大的发行之一——让FCM三思。据一位知情人士透露，现金流入很快就吞噬了该公司的资产负债表，该公司在BITO成立时担任FCM，导致监管机构对比特币期货敞口的资本限制迫在眉睫。</blockquote> While Valkyrie’s ETF managed to debut two days after BITO -- and with somewhat less fanfare -- the dizzying demand for the first fund has created a crunch for next-in-line issuers such as VanEck. It has yet to launch its pending Bitcoin Strategy ETF (ticker XBTF) despite being ‘post-effective’ -- essentially, cleared to begin trading by the Securities and Exchange Commission -- because of the difficulty of lining up FCMs, according to a person familiar with the matter who asked not to be named. Beyond VanEck, there are a handful of applications for similar futures-based products filed with the SEC.<blockquote>虽然Valkyrie的ETF在BITO两天后首次亮相——而且没有那么引人注目——但对第一只基金的令人眼花缭乱的需求给VanEck等下一个发行人带来了压力。据一位不愿透露姓名的知情人士称，尽管该基金已“生效后”（本质上是美国证券交易委员会批准开始交易），但由于FCM排队困难，该公司尚未推出其悬而未决的比特币策略ETF（股票代码XBTF）。除了VanEck之外，还有一些类似的期货产品申请向SEC提交。</blockquote> Exacerbating the issue is the fact that the futures world has been slowly hollowed out for years. Coming into 2020, a wave of workforce cuts and consolidation buffeted the industry, including firms that facilitate trading, like FCMs. That’s created a form of “concentration risk” for FCMs, given how the industry has shrunk over the past decade.<blockquote>加剧这一问题的是，期货世界多年来一直在慢慢被掏空。进入2020年，一波裁员和整合浪潮冲击了该行业，包括FCM等促进交易的公司。考虑到该行业在过去十年中的萎缩，这给FCM带来了一种“集中风险”。</blockquote> And so even as cryptocurrencies and their signature volatility have emerged as a profitable new asset class -- allowing smaller, non-bank players such as ED&amp;F Man and StoneX to gain a foothold -- their size creates limitations.<blockquote>因此，尽管加密货币及其标志性的波动性已成为一种有利可图的新资产类别——允许ED&amp;F Man和StoneX等规模较小的非银行参与者站稳脚跟——但它们的规模也带来了局限性。</blockquote> “If you have one customer that’s bringing a lot of risk to your book, that’s an additional capital hit,” said Craig Pirrong, a finance professor at the University of Houston’s Bauer College of Business. “If you look at volatility, if you look at concentration risk, if you look at size, it’s all conceivable that those would raise -- that that would cause issues with FCM capital issues.”<blockquote>休斯顿大学鲍尔商学院金融学教授克雷格·皮隆(Craig Pirrong)表示：“如果你的一个客户给你的账簿带来了很大风险，那就是额外的资本打击。”“如果你看看波动性，如果你看看集中度风险，如果你看看规模，可以想象这些都会增加——这将导致FCM资本问题。”</blockquote> ED&amp;F Man and ProShares declined to comment. VanEck did not respond to multiple requests for comment.<blockquote>ED&amp;F Man和ProShares拒绝置评。VanEck没有回应多次置评请求。</blockquote> “You have some of the smaller FCMs that may be more retail-ish, so they have retail-type clients. And then you have some of the very large banks and some of them have an appetite for these new products, some don’t. You have only a few well-capitalized, non-bank FCMs that I think are potentially a good fit for this type of business,” Vincent Angelico, StoneX’s head of clearing and execution services, said in a phone interview. “We are excited for the opportunity to provide access to the markets for some of the well-capitalized ETFs.”<blockquote>“你有一些规模较小的FCM，它们可能更具零售性质，因此它们拥有零售类型的客户。然后你有一些非常大的银行，其中一些对这些新产品有兴趣，有些则没有。StoneX清算和执行服务主管文森特·安吉利科(Vincent Angelico)在接受电话采访时表示：“我认为，只有少数资本充足的非银行FCM可能非常适合此类业务。”“我们很高兴有机会为一些资本充足的ETF提供市场准入。”</blockquote> The inflows into BITO have also forced the fund to push out purchases into further-out futures to avoid breaching front-month position limits. The ETF has already purchased December contracts just one trading day into November, Bloomberg Intelligence analysts noted Tuesday.<blockquote>流入BITO还迫使该基金将购买进一步的期货，以避免突破近月头寸限制。彭博资讯分析师周二指出，该ETF在进入11月份仅一个交易日就购买了12月份合约。</blockquote> The logjam is a product of pent-up demand for Bitcoin exposure in an ETF wrapper, something that had been out of reach in the U.S. despite a nearly decade-long effort. Cameron and Tyler Winklevoss filed the first application for a Bitcoin ETF in 2013, but the SEC demurred for years, citing concerns over everything from price manipulation to illiquidity. The landscape changed in August, when SEC head Gary Gensler signaled he’d be more open to a futures-backed fund than one that physically held Bitcoin.<blockquote>这种僵局是ETF包装中对比特币敞口需求被压抑的产物，尽管美国付出了近十年的努力，但这种需求在美国仍遥不可及。Cameron和Tyler Winklevoss于2013年首次提交了比特币ETF申请，但SEC多年来一直表示反对，理由是对从价格操纵到流动性不足等各种问题的担忧。情况在8月份发生了变化，当时SEC主席Gary Gensler表示，他将对期货支持的基金比实际持有比特币的基金更加开放。</blockquote> While Gensler’s reasoning lies in the fact that futures trade on the regulated CME, Bitcoin derivatives require more margin. For example, commodity futures typically carry about 10-to-1 leverage ratio, meaning that for every $100 million of exposure, a $10 million deposit is required. For $100 million of Bitcoin futures exposure, however, about $40 million must be put up, according to Bloomberg Intelligence analyst Mike McGlone.<blockquote>虽然Gensler的理由在于期货在受监管的CME进行交易，但比特币衍生品需要更多保证金。例如，商品期货的杠杆率通常约为10比1，这意味着每1亿美元的风险敞口，就需要1000万美元的保证金。然而，彭博资讯分析师Mike McGlone表示，对于1亿美元的比特币期货敞口，必须投入约4000万美元。</blockquote> The bottleneck will ease as larger FCMs and other participants grow more comfortable with the Bitcoin futures market, according to Jesse Proudman, co-founder and chief executive at Makara, a crypto advisory firm.<blockquote>加密货币咨询公司Makara的联合创始人兼首席执行官Jesse Proudman表示，随着大型FCM和其他参与者对比特币期货市场越来越满意，瓶颈将会缓解。</blockquote> “It’s going to take time for all of the participants to gain comfort with how this works,” Proudman said. “Large providers are in wait-and-see mode, while the smaller providers are hungry and ready to adapt.”<blockquote>普劳德曼说：“所有参与者都需要时间才能适应这种工作方式。”“大型提供商处于观望状态，而小型提供商则饥渴难耐，准备适应。”</blockquote>","source":"lsy1612507957220","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin Futures ETF Mania Cools as Wall Street Hits Pause Button<blockquote>华尔街按下暂停键，比特币期货ETF热潮降温</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin Futures ETF Mania Cools as Wall Street Hits Pause Button<blockquote>华尔街按下暂停键，比特币期货ETF热潮降温</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBloomberg2021-11-04 11:38\n\n</h4>\n</header>\n<article>\n(Bloomberg) -- What was expected to be a wave of U.S. exchange-traded funds tied to Bitcoin futures has all but dried up -- for now -- after off-the-charts demand for the first one rattled Wall Street’s all-important middlemen.<blockquote>据彭博社报道，与比特币期货挂钩的一波美国交易所交易基金目前几乎已经枯竭，此前对第一只基金的高需求惊动了华尔街所有重要的中间商。</blockquote> Wall Street analysts expected as many as four Bitcoin futures ETFs to begin trading in October following the Securities and Exchange Commission’s tacit approval of the structure; instead only two products, from ProShares and Valkyrie Investments, debuted. While optimism still abounds that several funds could begin trading in the coming weeks, a similar ETF from VanEck is in a holding pattern even though the 75-day window for regulators to reject or delay it has “long passed.”<blockquote>华尔街分析师预计，在美国证券交易委员会默许该结构后，多达四只比特币期货ETF将于10月开始交易；相反，只有ProShares和Valkyrie Investments的两款产品首次亮相。尽管人们仍然乐观地认为几只基金可能在未来几周内开始交易，但VanEck的一只类似ETF仍处于持有模式，尽管监管机构拒绝或推迟该ETF的75天窗口“早已过去”。</blockquote> The delay is due in part to reticence among futures commission merchants, which act as an intermediary between derivatives-backed funds such as the ProShares Bitcoin Strategy ETF (ticker BITO) and the exchanges where those contracts trade. Known as FCMs, these firms -- typically banks -- handle buy and sell orders for futures contacts on behalf of their clients and then settle those trades with exchanges such as the Chicago Mercantile Exchange.<blockquote>推迟的部分原因是期货佣金商的沉默，他们充当ProShares比特币策略ETF（股票代码BITO）等衍生品支持基金与这些合约交易的交易所之间的中介。这些公司（通常是银行）被称为FCM，代表客户处理期货合约的买卖订单，然后与芝加哥商品交易所等交易所结算这些交易。</blockquote> In normal circumstances, it’s a fairly mechanical, out-of-the-spotlight relationship. However, the stunning appetite seen for BITO -- which last month accumulated more than $1 billion in assets in just two days, among the biggest launches ever -- has FCMs thinking twice. The cash influx quickly ate up the balance sheet of the firm acting as an FCM for BITO at its launch, putting regulatory capital limitations against the Bitcoin futures exposure in sight, according to a person familiar with the matter.<blockquote>在正常情况下，这是一种相当机械的、不引人注目的关系。然而，人们对BITO的惊人兴趣——上个月，BITO在短短两天内积累了超过10亿美元的资产，是有史以来最大的发行之一——让FCM三思。据一位知情人士透露，现金流入很快就吞噬了该公司的资产负债表，该公司在BITO成立时担任FCM，导致监管机构对比特币期货敞口的资本限制迫在眉睫。</blockquote> While Valkyrie’s ETF managed to debut two days after BITO -- and with somewhat less fanfare -- the dizzying demand for the first fund has created a crunch for next-in-line issuers such as VanEck. It has yet to launch its pending Bitcoin Strategy ETF (ticker XBTF) despite being ‘post-effective’ -- essentially, cleared to begin trading by the Securities and Exchange Commission -- because of the difficulty of lining up FCMs, according to a person familiar with the matter who asked not to be named. Beyond VanEck, there are a handful of applications for similar futures-based products filed with the SEC.<blockquote>虽然Valkyrie的ETF在BITO两天后首次亮相——而且没有那么引人注目——但对第一只基金的令人眼花缭乱的需求给VanEck等下一个发行人带来了压力。据一位不愿透露姓名的知情人士称，尽管该基金已“生效后”（本质上是美国证券交易委员会批准开始交易），但由于FCM排队困难，该公司尚未推出其悬而未决的比特币策略ETF（股票代码XBTF）。除了VanEck之外，还有一些类似的期货产品申请向SEC提交。</blockquote> Exacerbating the issue is the fact that the futures world has been slowly hollowed out for years. Coming into 2020, a wave of workforce cuts and consolidation buffeted the industry, including firms that facilitate trading, like FCMs. That’s created a form of “concentration risk” for FCMs, given how the industry has shrunk over the past decade.<blockquote>加剧这一问题的是，期货世界多年来一直在慢慢被掏空。进入2020年，一波裁员和整合浪潮冲击了该行业，包括FCM等促进交易的公司。考虑到该行业在过去十年中的萎缩，这给FCM带来了一种“集中风险”。</blockquote> And so even as cryptocurrencies and their signature volatility have emerged as a profitable new asset class -- allowing smaller, non-bank players such as ED&amp;F Man and StoneX to gain a foothold -- their size creates limitations.<blockquote>因此，尽管加密货币及其标志性的波动性已成为一种有利可图的新资产类别——允许ED&amp;F Man和StoneX等规模较小的非银行参与者站稳脚跟——但它们的规模也带来了局限性。</blockquote> “If you have one customer that’s bringing a lot of risk to your book, that’s an additional capital hit,” said Craig Pirrong, a finance professor at the University of Houston’s Bauer College of Business. “If you look at volatility, if you look at concentration risk, if you look at size, it’s all conceivable that those would raise -- that that would cause issues with FCM capital issues.”<blockquote>休斯顿大学鲍尔商学院金融学教授克雷格·皮隆(Craig Pirrong)表示：“如果你的一个客户给你的账簿带来了很大风险，那就是额外的资本打击。”“如果你看看波动性，如果你看看集中度风险，如果你看看规模，可以想象这些都会增加——这将导致FCM资本问题。”</blockquote> ED&amp;F Man and ProShares declined to comment. VanEck did not respond to multiple requests for comment.<blockquote>ED&amp;F Man和ProShares拒绝置评。VanEck没有回应多次置评请求。</blockquote> “You have some of the smaller FCMs that may be more retail-ish, so they have retail-type clients. And then you have some of the very large banks and some of them have an appetite for these new products, some don’t. You have only a few well-capitalized, non-bank FCMs that I think are potentially a good fit for this type of business,” Vincent Angelico, StoneX’s head of clearing and execution services, said in a phone interview. “We are excited for the opportunity to provide access to the markets for some of the well-capitalized ETFs.”<blockquote>“你有一些规模较小的FCM，它们可能更具零售性质，因此它们拥有零售类型的客户。然后你有一些非常大的银行，其中一些对这些新产品有兴趣，有些则没有。StoneX清算和执行服务主管文森特·安吉利科(Vincent Angelico)在接受电话采访时表示：“我认为，只有少数资本充足的非银行FCM可能非常适合此类业务。”“我们很高兴有机会为一些资本充足的ETF提供市场准入。”</blockquote> The inflows into BITO have also forced the fund to push out purchases into further-out futures to avoid breaching front-month position limits. The ETF has already purchased December contracts just one trading day into November, Bloomberg Intelligence analysts noted Tuesday.<blockquote>流入BITO还迫使该基金将购买进一步的期货，以避免突破近月头寸限制。彭博资讯分析师周二指出，该ETF在进入11月份仅一个交易日就购买了12月份合约。</blockquote> The logjam is a product of pent-up demand for Bitcoin exposure in an ETF wrapper, something that had been out of reach in the U.S. despite a nearly decade-long effort. Cameron and Tyler Winklevoss filed the first application for a Bitcoin ETF in 2013, but the SEC demurred for years, citing concerns over everything from price manipulation to illiquidity. The landscape changed in August, when SEC head Gary Gensler signaled he’d be more open to a futures-backed fund than one that physically held Bitcoin.<blockquote>这种僵局是ETF包装中对比特币敞口需求被压抑的产物，尽管美国付出了近十年的努力，但这种需求在美国仍遥不可及。Cameron和Tyler Winklevoss于2013年首次提交了比特币ETF申请，但SEC多年来一直表示反对，理由是对从价格操纵到流动性不足等各种问题的担忧。情况在8月份发生了变化，当时SEC主席Gary Gensler表示，他将对期货支持的基金比实际持有比特币的基金更加开放。</blockquote> While Gensler’s reasoning lies in the fact that futures trade on the regulated CME, Bitcoin derivatives require more margin. For example, commodity futures typically carry about 10-to-1 leverage ratio, meaning that for every $100 million of exposure, a $10 million deposit is required. For $100 million of Bitcoin futures exposure, however, about $40 million must be put up, according to Bloomberg Intelligence analyst Mike McGlone.<blockquote>虽然Gensler的理由在于期货在受监管的CME进行交易，但比特币衍生品需要更多保证金。例如，商品期货的杠杆率通常约为10比1，这意味着每1亿美元的风险敞口，就需要1000万美元的保证金。然而，彭博资讯分析师Mike McGlone表示，对于1亿美元的比特币期货敞口，必须投入约4000万美元。</blockquote> The bottleneck will ease as larger FCMs and other participants grow more comfortable with the Bitcoin futures market, according to Jesse Proudman, co-founder and chief executive at Makara, a crypto advisory firm.<blockquote>加密货币咨询公司Makara的联合创始人兼首席执行官Jesse Proudman表示，随着大型FCM和其他参与者对比特币期货市场越来越满意，瓶颈将会缓解。</blockquote> “It’s going to take time for all of the participants to gain comfort with how this works,” Proudman said. “Large providers are in wait-and-see mode, while the smaller providers are hungry and ready to adapt.”<blockquote>普劳德曼说：“所有参与者都需要时间才能适应这种工作方式。”“大型提供商处于观望状态，而小型提供商则饥渴难耐，准备适应。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://finance.yahoo.com/news/bitcoin-futures-etf-mania-cools-170216513.html\">Bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BITO":"比特币期货ETF-ProShares"},"source_url":"https://finance.yahoo.com/news/bitcoin-futures-etf-mania-cools-170216513.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1133160333","content_text":"(Bloomberg) -- What was expected to be a wave of U.S. exchange-traded funds tied to Bitcoin futures has all but dried up -- for now -- after off-the-charts demand for the first one rattled Wall Street’s all-important middlemen.\nWall Street analysts expected as many as four Bitcoin futures ETFs to begin trading in October following the Securities and Exchange Commission’s tacit approval of the structure; instead only two products, from ProShares and Valkyrie Investments, debuted. While optimism still abounds that several funds could begin trading in the coming weeks, a similar ETF from VanEck is in a holding pattern even though the 75-day window for regulators to reject or delay it has “long passed.”\nThe delay is due in part to reticence among futures commission merchants, which act as an intermediary between derivatives-backed funds such as the ProShares Bitcoin Strategy ETF (ticker BITO) and the exchanges where those contracts trade. Known as FCMs, these firms -- typically banks -- handle buy and sell orders for futures contacts on behalf of their clients and then settle those trades with exchanges such as the Chicago Mercantile Exchange.\nIn normal circumstances, it’s a fairly mechanical, out-of-the-spotlight relationship. However, the stunning appetite seen for BITO -- which last month accumulated more than $1 billion in assets in just two days, among the biggest launches ever -- has FCMs thinking twice. The cash influx quickly ate up the balance sheet of the firm acting as an FCM for BITO at its launch, putting regulatory capital limitations against the Bitcoin futures exposure in sight, according to a person familiar with the matter.\nWhile Valkyrie’s ETF managed to debut two days after BITO -- and with somewhat less fanfare -- the dizzying demand for the first fund has created a crunch for next-in-line issuers such as VanEck. It has yet to launch its pending Bitcoin Strategy ETF (ticker XBTF) despite being ‘post-effective’ -- essentially, cleared to begin trading by the Securities and Exchange Commission -- because of the difficulty of lining up FCMs, according to a person familiar with the matter who asked not to be named. Beyond VanEck, there are a handful of applications for similar futures-based products filed with the SEC.\nExacerbating the issue is the fact that the futures world has been slowly hollowed out for years. Coming into 2020, a wave of workforce cuts and consolidation buffeted the industry, including firms that facilitate trading, like FCMs. That’s created a form of “concentration risk” for FCMs, given how the industry has shrunk over the past decade.\nAnd so even as cryptocurrencies and their signature volatility have emerged as a profitable new asset class -- allowing smaller, non-bank players such as ED&F Man and StoneX to gain a foothold -- their size creates limitations.\n“If you have one customer that’s bringing a lot of risk to your book, that’s an additional capital hit,” said Craig Pirrong, a finance professor at the University of Houston’s Bauer College of Business. “If you look at volatility, if you look at concentration risk, if you look at size, it’s all conceivable that those would raise -- that that would cause issues with FCM capital issues.”\nED&F Man and ProShares declined to comment. VanEck did not respond to multiple requests for comment.\n“You have some of the smaller FCMs that may be more retail-ish, so they have retail-type clients. And then you have some of the very large banks and some of them have an appetite for these new products, some don’t. You have only a few well-capitalized, non-bank FCMs that I think are potentially a good fit for this type of business,” Vincent Angelico, StoneX’s head of clearing and execution services, said in a phone interview. “We are excited for the opportunity to provide access to the markets for some of the well-capitalized ETFs.”\nThe inflows into BITO have also forced the fund to push out purchases into further-out futures to avoid breaching front-month position limits. The ETF has already purchased December contracts just one trading day into November, Bloomberg Intelligence analysts noted Tuesday.\nThe logjam is a product of pent-up demand for Bitcoin exposure in an ETF wrapper, something that had been out of reach in the U.S. despite a nearly decade-long effort. Cameron and Tyler Winklevoss filed the first application for a Bitcoin ETF in 2013, but the SEC demurred for years, citing concerns over everything from price manipulation to illiquidity. The landscape changed in August, when SEC head Gary Gensler signaled he’d be more open to a futures-backed fund than one that physically held Bitcoin.\nWhile Gensler’s reasoning lies in the fact that futures trade on the regulated CME, Bitcoin derivatives require more margin. For example, commodity futures typically carry about 10-to-1 leverage ratio, meaning that for every $100 million of exposure, a $10 million deposit is required. For $100 million of Bitcoin futures exposure, however, about $40 million must be put up, according to Bloomberg Intelligence analyst Mike McGlone.\nThe bottleneck will ease as larger FCMs and other participants grow more comfortable with the Bitcoin futures market, according to Jesse Proudman, co-founder and chief executive at Makara, a crypto advisory firm.\n“It’s going to take time for all of the participants to gain comfort with how this works,” Proudman said. “Large providers are in wait-and-see mode, while the smaller providers are hungry and ready to adapt.”","news_type":1,"symbols_score_info":{"BITO":0.9}},"isVote":1,"tweetType":1,"viewCount":404,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":16,"xxTargetLangEnum":"ZH_CN"},"commentList":[{"id":6448512,"commentId":"6448512","gmtCreate":1636001247262,"gmtModify":1636003716570,"authorId":3581636635898281,"author":{"id":3581636635898281,"idStr":"3581636635898281","authorId":3581636635898281,"name":"pekss","avatar":"https://static.tigerbbs.com/7dfef98c44b3810cffef7f3eb78524ba","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":848679034,"objectIdStr":"848679034","type":1,"supId":0,"supIdStr":"0","prevId":0,"prevIdStr":"0","content":"I’m waiting for a bitcoin ETF that trades on spot prices","text":"I’m waiting for a bitcoin ETF that trades on spot prices","html":"I’m waiting for a bitcoin ETF that trades on spot prices","likeSize":0,"commentSize":0,"subComments":[],"verified":10,"allocateAmount":0,"commentType":"valid","coins":0,"score":0,"disclaimerType":0}],"isCommentEnd":false,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/848679034"}