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? 比特币周二位于 64,000 美元上方，创下历史新高，因为第一只交易所交易基金 (ETF)的发布，以及即将到来的另一只交易所交易基金 (ETF)即将发布的推至高潮。
♪ Bitcoin Tuesday is above $64,000, a record high because of the release of the first Exchange Trading Fund (ETF) and the forthcoming launch of another Exchange Trading Fund (ETF).
作为市值最大的加密货币当天上涨超过 4%，Proshares 比特币策略 ETF在纽约证券交易所推出，这是美国投资者可以使用的首个 BTC ?相关基金（简称BITO）。虽然一些市场参与者质疑新产品的实用性，但它将为人们提供一种通过投资获得 BTC 的新方式。
Proshares Bitcoin's strategy was launched at the New York Stock Exchange, the first BTC to be used by United States investors. The associated fund (BITO) is a new way to get BTC through investment, although some market participants question the usefulness of the new product.
BITO 的首次亮相是有史以来第二大 ETF，反映了北美人民对加密行业的巨大兴趣。然而，新的买家——尤其是首次使用加密货币的拥有者——应该被预先警告：新的比特币 ETF 不会像市场数字货币那样剧烈波动。?
BITO’s first appearance was the second largest ETF in history, reflecting the great interest of the people of North America in the encryption industry. However, new buyers – especially the owners of the first encrypted currency – should be warned that the new ETF would not be as volatile as the market’s digital currency?
美国证券交易委员会 (SEC) 批准新 ETF 为基于期货的 ETF，这意味着它们是基于 BTC 价格的衍生品。通过这种基金的方式比直接持有比特币更加复杂和昂贵。
The United States Securities and Exchange Commission (SEC) approved new ETFs as futures-based ETFs, which means they are derivatives based on BTC prices. This fund is more complex and expensive than direct possession of bitcoins.
但灰度投资和纽约证券交易所正着手将全球最大的比特币基金转变为现货 ETF，利用市场对新基金的支持热情，以及似乎正在转变为支持加密货币的监管环境。
But the Greyscale Investment and the New York Stock Exchange are moving to convert the world's largest bitcoin fund into a spot ETF, taking advantage of the market's enthusiasm for new funds, and what appears to be a regulatory environment that supports encrypted currencies.
“BITO 与现货比特币的每日相关性将几乎是完美的，”彭博高级 ETF 分析师 Eric Balchunas 告诉雅虎财经直播，即使在此过程中 BITO 可能会比比特币的价格低 5% 到 10%几年，他补充说。
“BITO’s daily relevance to spot bitcoin will be almost perfect.” Eric Balchunas, a senior ETF analyst in Bloomberg, told Yahoo that even in the process BITO might be 5 to 10 years below Bitcoin’s price, he added.
投资者一直在呼吁建立一个以现货价格为基础的基金，以更好地为散户投资者服务。然而，美国证券交易委员会选择首先批准 BITO，因为他是基于期货的产品，为投资者提供更高程度的保护。?
Investors have been calling for an off-the-shelf-based fund to better serve bulk investors. However, the US Securities and Exchange Commission has chosen to approve BITO first, because it is based on futures products that provide greater protection for investors.
其他比特币 ETF 的竞争者——包括灰度，? 对基于期货的 ETF 将为现货产品的趋势表现出很乐观。但近期来看，鉴于美国证监会 SEC 主席 Gary Gensler 似乎对比特币现货 ETF 不太感兴趣。
Other Bitcoin ETF competitors – including Greyscale – are optimistic about the trend that future-based ETFs will be spot-based products. But, in the near future, given that the US SEC Chairman Gary Gensler seems to be less interested in Vitco's spot ETF.
“Gary Gensler 对 1933 年的行为不太满意，”Balchunas 说。在谈到提供比特币现货 ETF 的可能时间表时，他补充说：“如果你强迫我选择一个日期，我可能会选择一年到十八个月。”
"Gary Gensler was not very satisfied with his actions in 1933," Balchunas said. Speaking of a possible timetable for the provision of the spot ETF in bitcoin, he added: "If you force me to choose a date, I might choose between a year and 18 months."
投资者需要知道的
what investors need to know
如果您从未交易过期货或拥有基于期货的 ETF，那么关键的区别在于 BTC 期货合约的回报并不能反映长期比特币市场价格的回报。?
If you never trade expired goods or have ETFs based on futures, the key difference is that the return on the BTC futures contract does not reflect the return on the long-term Bitcoin market price.
总的来说，这意味着投资者有时会通过拥有基于期货的 BTC ETF 获得或损失更长期的价值，即使比特币的价格不会以同样的方式波动。
In general, this means that investors sometimes acquire or lose longer-term value through the possession of future-based BTC ETFs, even if the price of Bitcoin does not fluctuate in the same way.
但期货溢价和现货溢价也为称为“现金和套利”的交易打开了另一个机会。关键是要从 BTC 期货与基础比特币价格（也称为期货溢价）之间的这种价差中获利。
But futures premiums and spot premiums also open up another opportunity for transactions called “cash and arbitrage.” The key is to benefit from the difference between the BTC futures and the base bitcoin price (also known as futures premiums).
交易者可以使用现金和套利策略多年。但现在随着基于期货的ETF的发布，溢价预计会变得更大。一旦这样做，它将为美国基金和亲交易者提供另一种从 BTC 期货中获利的方式。
Dealers can use cash and arbitrage strategies for years. But now, with the release of future-based ETFs, the premium is expected to grow.
所有主要交易所的比特币期货未平仓合约总额现在都超过 230 亿美元，并且还在攀升，与今年 Coinbase 之前创下的历史最高点（273 亿美元）相差不远。) 。
The total amount of unsettled futures contracts for all major exchanges now exceeds $23 billion and is rising, not far from the historic peak set by Coinbase this year ($27.3 billion).
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