{"id":4622,"date":"2025-09-02T06:55:16","date_gmt":"2025-09-01T22:55:16","guid":{"rendered":"https:\/\/www.dm-yq.com\/?p=4622"},"modified":"2025-09-02T06:55:16","modified_gmt":"2025-09-01T22:55:16","slug":"%e7%81%b0%e5%ba%a6%e6%af%94%e7%89%b9%e5%b8%81%e5%9f%ba%e9%87%91%e6%8a%98%e4%bb%b7%e5%86%8d%e5%88%9b%e6%96%b0%e9%ab%98%ef%bc%8c%e4%bb%8egbtc%e7%9c%8b%e7%81%b0%e5%ba%a6%e4%ba%a7%e5%93%81%e6%bc%94","status":"publish","type":"post","link":"https:\/\/www.dm-yq.com\/?p=4622","title":{"rendered":"\u7070\u5ea6\u6bd4\u7279\u5e01\u57fa\u91d1\u6298\u4ef7\u518d\u521b\u65b0\u9ad8\uff0c\u4eceGBTC\u770b\u7070\u5ea6\u4ea7\u54c1\u6f14\u8fdb\u53f2"},"content":{"rendered":"<p>\n\t\u6839\u636ecoinglass \u6570\u636e\u663e\u793a\uff0c\u52a0\u5bc6\u8d27\u5e01\u4fe1\u6258\u57fa\u91d1\u516c\u53f8\u7070\u5ea6(Grayscale) \u65d7\u4e0b\u7684\u6bd4\u7279\u5e01\u57fa\u91d1GBTC \u6298\u4ef7\u6765\u523035.26\uff0c\u521b\u5386\u53f2\u65b0\u9ad8\uff0c\u4ee5\u592a\u5e01\u57fa\u91d1EETH \u6298\u4ef7\u4ea6\u6765\u523028.08%\u3002\u800c\u6295\u8d44\u4eba\u671f\u5f85\u85c9\u7531\u8f6c\u5316\u6210\u6307\u6570\u578b\u57fa\u91d1ETF \u521b\u9020\u66f4\u597d\u7684\u6d41\u52a8\u6027\u4f3c\u4e4e\u4e5f\u9065\u9065\u65e0\u671f\u3002\u7070\u5ea6\u57fa\u91d1\u6301\u6709\u9ad8\u8fbe63.5 \u4e07\u4e2aBTC\u3001306 \u4e07\u4e2aETH ; \u76f8\u8f83\u5927\u5f20\u65d7\u9f13\u7684\u4e0a\u5e02\u516c\u53f8\u5fae\u7b56\u7565\uff0c\u81f3\u4eca\u4e5f\u53ea\u6709\u8fd113 \u4e07\u4e2a\u6bd4\u7279\u5e01\u3002\u8fc7\u53bb\uff0cGBTC \u57fa\u91d1\u7684\u6bd4\u7279\u5e01\u89e3\u9501\u6570\u91cf\uff0c\u4e5f\u7ecf\u5e38\u88ab\u7528\u6765\u4f5c\u4e3a\u5e02\u573a\u6307\u6807\u3002<\/p>\n<figure>\n\t<img decoding=\"async\" alt=\"\" src=\"https:\/\/www.wwsww.cn\/uploads\/220926\/1-220926213U1294.jpg\" style=\"width: 525px;height: 112px\" \/><br \/><figcaption>\u622a\u81f39\/24 \u7070\u5ea6\u57fa\u91d1\u6298\u4ef7\u72b6\u51b5(coinglass)<\/figcaption><\/figure>\n<figure>\n\t<img decoding=\"async\" alt=\"\" src=\"https:\/\/www.wwsww.cn\/uploads\/220926\/1-220926213922R8.jpg\" style=\"width: 526px;height: 193px\" \/><br \/><figcaption>GBTC \u6ea2\u4ef7\u72b6\u51b5(\u7d2b\u8272\u7ebf)\uff0c2021 \u5e74\u521d\u8d77\u5c31\u4e00\u8def\u5448\u73b0\u6298\u4ef7<\/figcaption><\/figure>\n<figure>\n\t<img decoding=\"async\" alt=\"\" src=\"https:\/\/www.wwsww.cn\/uploads\/220926\/1-220926213954644.jpg\" style=\"width: 524px;height: 192px\" \/><br \/><figcaption>EETH \u6ea2\u4ef7\u72b6\u51b5(\u7d2b\u8272\u7ebf)\uff0c2021 \u5e74\u521d\u8d77\u5c31\u4e00\u8def\u5448\u73b0\u6298\u4ef7<\/figcaption><\/figure>\n<h2>\n\t\u8001\u724c\u4fe1\u6258\u57fa\u91d1\u516c\u53f8\u85c9\u7531GBTC \u63d0\u4f9b\u673a\u6784\u6295\u8d44\u6bd4\u7279\u5e01<\/h2>\n<p>\n\t\u7070\u5ea6\u662f\u4e00\u5bb6\u52a0\u5bc6\u8d27\u5e01\u4fe1\u6258\u57fa\u91d1\u516c\u53f8\uff0c\u521b\u7acb\u4e8e2013 \u5e74\uff0c\u900f\u8fc7\u5176\u4fe1\u6258\u57fa\u91d1\uff0c\u8ba9\u7f8e\u56fd\u7684\u5408\u683c\u6295\u8d44\u8005\u901a\u8fc7\u4f20\u7edf\u91d1\u878d\u5e02\u573a\u5728\u53d7\u76d1\u7ba1\u7684\u73af\u5883\u4e0b\u6295\u8d44\u52a0\u5bc6\u8d27\u5e01\u4ea7\u54c1\u3002\u77e5\u540d\u7684\u65b9\u821f\u6295\u8d44\u548c\u4e09\u7bad\u8d44\u672c\u5373\u662f\u900f\u8fc7\u5176\u6700\u6709\u540d\u7684\u65d7\u8230\u4ea7\u54c1Grayscale Bitcoin Trust\uff08GBTC\uff09\u6295\u8d44\u6bd4\u7279\u5e01\u7684\u3002<\/p>\n<p>\n\t<img decoding=\"async\" alt=\"\" src=\"https:\/\/www.wwsww.cn\/uploads\/220926\/1-220926214025108.jpg\" style=\"width: 522px;height: 223px\" \/><\/p>\n<h2>\n\t\u4e3a\u4f55\u8981\u6295\u8d44GBTC \u800c\u4e0d\u76f4\u63a5\u6295\u8d44\u6bd4\u7279\u5e01\uff1f<\/h2>\n<p>\n\tGBTC \u6700\u65e9\u662f\u900f\u8fc7\u79c1\u52df\u7684\u65b9\u5f0f\u53d1\u884c\uff0c\u4ec5\u6709\u7f8e\u56fd\u7684\u5408\u683c\u6295\u8d44\u8005\u624d\u53ef\u6295\u8d44\uff0c\u6211\u4eec\u53ef\u7531\u5176\u6301\u80a1\u540d\u5355\u4e2d\u53d1\u73b0GBTC \u7684\u6301\u6709\u8005\u591a\u4e3a\u6cd5\u4eba\u673a\u6784\u3002\u8bb8\u591a\u4f20\u7edf\u673a\u6784\u56e0\u4e3a\u76d1\u7ba1\u539f\u56e0\u65e0\u6cd5\u76f4\u63a5\u6301\u6709\u6bd4\u7279\u5e01\uff0c\u591a\u4f1a\u900f\u8fc7GBTC \u7b49\u4fe1\u6258\u65b9\u5f0f\u8fdb\u573a\u3002<\/p>\n<p>\n\tGBTC\u662f\u85c9\u7531\u76f4\u63a5\u6301\u6709\u6bd4\u7279\u5e01\u73b0\u8d27\u800c\u8fd0\u4f5c\u7684\u4fe1\u6258\u57fa\u91d1\uff0c\u6ca1\u6709\u4f7f\u7528\u6760\u6746\u6216\u6bd4\u7279\u5e01\u671f\u8d27\u5408\u7ea6\u7b49\u884d\u751f\u54c1\u3002\u9664\u4e86\u7ba1\u7406\u6258\u7ba1\u5173\u7cfb\u5916\uff0c\u7070\u5ea6\u8fd8\u8d1f\u8d23\u76d1\u7763\u65e5\u5e38\u7ba1\u7406\u3001\u4e0e\u76d1\u7ba1\u673a\u6784\u7684\u6c9f\u901a\u3001\u62a5\u544a\u3001\u8d22\u52a1\u62a5\u8868\u4ee5\u53ca\u719f\u6089\u7684\u516c\u5f00\u4ea4\u6613\u6295\u8d44\u5de5\u5177\u7684\u5176\u4ed6\u529f\u80fd\u3002<\/p>\n<p>\n\t\u800c\u540e\uff0c\u7070\u5ea6\u83b7\u5f97\u4e86\u91d1\u878d\u4e1a\u76d1\u7ba1\u5c40(FINRA) \u7684\u6279\u51c6\uff0c\u53ef\u4ee5\u516c\u5f00\u4ea4\u6613\u3002\u5176\u52a0\u5bc6\u8d27\u5e01\u6295\u8d44\u5de5\u5177\u76ee\u524d\u5728OTCQX \u573a\u5916\u4ea4\u6613 (OTC) \u4ea4\u6613\u6240\u4e0a\u5e02\u3002\u5728\u4e8c\u7ea7\u5e02\u573a\u4e2d\uff0c\u6295\u8d44\u8005\u53ea\u9700\u900f\u8fc7\u8bc1\u5238\u7ecf\u7eaa\u5e10\u6237\u5373\u53ef\u4e0b\u5355\uff0c\u5bf9\u4e2a\u4eba\u800c\u8a00\uff0c\u7701\u53bb\u4e86\u521b\u5efa\u52a0\u5bc6\u94b1\u5305\u548c\u53e6\u5916\u5728\u52a0\u5bc6\u4ea4\u6613\u6240\u5f00\u6237\u7684\u591a\u91cd\u624b\u7eed\uff0c\u4e5f\u63d0\u4f9b\u4e86\u6563\u6237\u53e6\u4e00\u4e2a\u6295\u8d44\u52a0\u5bc6\u8d27\u5e01\u7684\u7ba1\u9053\u3002\u6709\u4e00\u5927\u90e8\u5206\u7684\u7f8e\u56fd\u516c\u6c11\u901a\u8fc7401 (k) (\u7f8e\u56fd\u9000\u4f11\u798f\u5229\u8ba1\u5212) \u7684\u5e10\u6237\u76f4\u63a5\u8d2d\u4e70GBTC\uff0c\u8fd8\u4eab\u6709\u9012\u5ef6\u8bfe\u7a0e\u7684\u4f18\u60e0\u3002<\/p>\n<h2>\n\t\u4e3a\u4f55\u8981\u8f6c\u6362\u6210ETF\uff1f<\/h2>\n<p>\n\t\u7070\u5ea6\u66fe\u591a\u6b21\u63d0\u51fa\u5c06\u5176GBTC \u8f6c\u6362\u4e3a\u73b0\u8d27\u6bd4\u7279\u5e01ETF \u7684\u7533\u8bf7\uff0c\u5728\u516d\u6708\u5e95\u518d\u5ea6\u88abSEC \u5426\u7edd\u3002\u539f\u672c\u7684\u57fa\u91d1\u6a21\u5f0f\u6709\u4ec0\u4e48\u4e0d\u597d\uff1f\u4e3a\u4f55\u8981\u8f6c\u6362\u6210ETF \u5462\uff1f<\/p>\n<p>\n\t\u5176\u5b9eGBTC \u7684\u8fd0\u4f5c\u539f\u7406\u7c7b\u4f3c\u4e8e\u5546\u54c1\u4ea4\u6613\u6240\u4ea4\u6613\u57fa\u91d1 (\u5982\u9ec4\u91d1ETF) \uff0c\u56e0\u4e3a\u5b83\u662f\u4ee5\u6bd4\u7279\u5e01\u7684\u73b0\u8d27\u4ef7\u683c\u4e3a\u652f\u6491\u5e76\u8ffd\u8e2a\u5176\u4ef7\u683c\u3002\u9664\u6b64\u4e4b\u5916\uff0c\u8f6c\u6362\u6210ETF\u8fd8\u6709\u4ee5\u4e0b\u51e0\u70b9\u7279\u6027\uff1a<\/p>\n<p>\n\t1. \u53ef\u5728\u56fd\u5bb6\u8bc1\u5238\u4ea4\u6613\u6240\u5982NYSE Arca \u4ea4\u6613<br \/>\n\t2. \u5b83\u5305\u62ec\u4e00\u4e2a\u540c\u6b65\u7684\u521b\u5efa\/\u8d4e\u56de\u673a\u5236<br \/>\n\t3. \u5141\u8bb8\u5408\u683c\u53c2\u4e0e\u8005(Authorized Participants\uff0c\u7b80\u79f0AP) \u901a\u8fc7\u4ee5\u5176\u6301\u6709\u7684\u8d44\u4ea7\u51c0\u503c(NAV)\u548cEFT \u8fdb\u884c\u5957\u5229<\/p>\n<p>\n\t\u73b0\u4eca\u7684GBTC \u4e0e\u6bd4\u7279\u5e01\u73b0\u8d27\u4ef7\u683c\u957f\u671f\u5904\u4e8e\u6298\u4ef7 (discount\uff0c\u5373GBTC \u4ef7\u683c\u4f4e\u4e8e\u5176\u8ffd\u8e2a\u7684\u6bd4\u7279\u5e01\u73b0\u8d27\u4ef7\u683c) \u72b6\u51b5\uff0c\u8fd9\u4e5f\u662fGBTC \u88ab\u8bdf\u75c5\u8bb8\u4e45\u7684\u95ee\u9898\u3002<\/p>\n<p>\n\t\u7136\u800c\uff0c\u82e5\u6539\u4e3aETF \u7684\u53d1\u884c\u65b9\u5f0f\uff0c\u56e0\u4e3aETF \u6709\u5b9e\u7269\u4ea4\u5272\u7684\u65b9\u5f0f\uff0c\u53ef\u4ee5\u5141\u8bb8AP \u5728\u521d\u7ea7\u5e02\u573a\u4ee5ETF \u6210\u4efd\u80a1(\u5728\u8fd9\u91cc\u5c31\u662f\u6bd4\u7279\u5e01\u73b0\u8d27) \u76f4\u63a5\u4e0e\u7070\u5ea6\u4ea4\u6362ETF \uff0c\u900f\u8fc7\u5957\u5229\u7684\u65b9\u5f0f\uff0c\u8ba9EFT \u66f4\u4e3a\u8d34\u8fd1\u73b0\u8d27\u5e02\u573a\u4ef7\u683c\u3002<\/p>\n<p>\n\t\u7070\u5ea6\u4e5f\u5f3a\u8c03\u4e00\u65e6\u8f6c\u6362\u4e3aETF\uff0c\u968f\u65f6\u505a\u597d\u4e86\u964d\u4f4e\u4ea4\u6613\u8d39\u7528\u7684\u51c6\u5907\uff0c\u539f\u5148\u6301\u6709GBTC \u7684\u5ba2\u6237\u4e5f\u4e0d\u9700\u505a\u4efb\u4f55\u52a8\u4f5c\uff0c\u624b\u4e2d\u7684\u6301\u80a1\u5c06\u4f1a\u81ea\u52a8\u8f6c\u6362\u4e3aETF\u3002<\/p>\n<h2>\n\t\u4e3a\u4ec0\u4e48\u671f\u8d27\u53ef\u4ee5\uff0c\u73b0\u8d27\u5374\u4e0d\u884c\uff1f<\/h2>\n<p>\n\t\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a(SEC) \u62d2\u7edd\u7070\u5ea6\u7684\u7406\u7531\u662f\u5176\u672a\u7b26\u5408\u8bc1\u5238\u4ea4\u6613\u6cd5\u7b2c6(b)(5) \u6761\u7684\u8981\u6c42\uff0c\u65e0\u6cd5\u9632\u6b62\u6b3a\u8bc8\u548c\u64cd\u7eb5\u884c\u4e3a\uff0c\u5e76\u4fdd\u62a4\u6295\u8d44\u4eba\u53ca\u516c\u5171\u5229\u76ca\u3002SEC \u8ba4\u4e3a\u8bc1\u5238\u4ea4\u6613\u6240\u5fc5\u987b\u4e0e\u5177\u6709\u89c4\u6a21\u4e14\u53d7\u76d1\u7ba1\u7684\u5e02\u573a\u7b7e\u8ba2\u76d1\u7ba1\u5171\u4eab\u534f\u8bae\uff0c\u624d\u80fd\u6709\u6548\u68c0\u6d4b\u5e76\u963b\u6b62\u5e02\u573a\u4e0a\u7684\u6076\u610f\u884c\u4e3a\u3002<\/p>\n<p>\n\t\u8fc4\u4eca\u4e3a\u6b62\uff0c\u53ea\u6709\u5c11\u6570\u6bd4\u7279\u5e01\u671f\u8d27ETF\u83b7\u51c6\u4ea4\u6613\u3002\u800c\u6bd4\u7279\u5e01\u671f\u8d27\u662f\u5c5e\u4e8e\u5546\u54c1\u671f\u8d27\u4ea4\u6613\u59d4\u5458\u4f1a(CFTC) \u6240\u8d1f\u8d23\u76d1\u7ba1\u3002\u73b0\u8d27\u6bd4\u7279\u5e01ETF \u57fa\u4e8e\u6bd4\u7279\u5e01\u672c\u8eab\u7684\u4ef7\u683c\u8fdb\u884c\u4ea4\u6613\uff0c\u800c\u671f\u8d27ETF 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