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Kutheni i-ETF ye-Spot ye-Crypto ikhupha imali

4.5 kwi 5 iinkwenkwezi (10 iivoti)

US indawo Bitcoin ETFs wavula 2024 kunye bang, ukufunxa malunga 60 000 bitcoin (~US $3 yebhiliyoni) kwinyanga yabo yokuqala kwimarike. Embindini ka-Epreli ka-2025 umsinga wawusele ujikile: kwachithwa iimveliso ezifanayo US$204 yezigidi kwiveki enye, ekhokelwa ngu US $ 458 yezigidi Indiza isuka kwi-GBTC yeGreyscale, ephumayo ngoku iphezulu I-US $ 15 yezigidigidi.

Abatyali-mali bavota ngeenyawo zabo njenge-GBTC's 1.5% imali encinci yeBlackRock 0.12% i-teser kwi-IBIT. Ii-ETF ze-Spot Ether, zikhubazekile ngenxa ye-zero staking isivuno, nazo zopha. Ngokuhlawulelwa kweerekhodi kunye nemfazwe ehlawuliswayo, abakhuphi bazama ukukhupha ngexabiso eliphantsi, esele ilungile "ETF 2.0." Ngaba i-2025 iyindawo yokufa ye-ETFs ye-crypto-gen yokuqala-okanye i-launchpad ye-sequel yabo ehlakaniphile?

Kutheni i-ETF ye-Spot ye-Crypto ikhupha imali

💡 Izinto ezibalulekileyo ezithathwayo

Amanqanaba entlawulo yokuqhuba: Iitrasti zelifa ezibiza i-1 % ‑plus zilahlekelwa yi-asethi, ngelixa i-sub-0.30 % yeemali ezifana ne-IBIT kunye ne-FBTC zisatsala imali-ubungqina bexabiso buyinkosi.

Umsantsa we-Staking ukhupha i-Ether: Ngaphandle kwe-3.5-5 % kwi-chain isivuno, i-ETHE kunye noontanga babona ukukhululwa okuzinzileyo nangona u-Ethereum ephethe ngaphezu kwe-US $ 3 k.

Uluvo olukhulu kunye nomgaqo-nkqubo olawulayo: Ixesha lokuncitshiswa kwesantya se-Fed kunye nezigqibo ze-SEC ekuhlawuleni okanye kwi-in-kind redemptions ziyakuseta umkhombandlela olandelayo wokuqukuqela kwe-ETF.

Izaphulelo ze-NAV zenza ialpha: Ukuthenga i-GBTC nge-1 % isaphulelo okanye i-ETHE nge-8 % engaphantsi kwexabiso le-asethi ivumela i-arbitrage kunye nelahleko yerhafu izicwangciso ezibetha ukuvezwa kwendawo.

Inguqulelo 2.0 inokuvuselela ii-ETFs: Uxinzelelo lomrhumo oqhubekayo, iihybrids ezinikwe amandla, kunye ne-macro backdrop ngo-2026 inokuguqula intlungu yanamhlanje ibe ngamaza okwamkelwa kwangomso.

Nangona kunjalo, umlingo ukwinkcukacha! Cazulula ama-nuances abalulekileyo kula macandelo alandelayo ... Okanye, gxuma ngqo kuthi Ii-FAQ ezipakishwe ngokuqonda!

 

Eli nqaku lixhaswe ngu ActivTrades, ephumelele i-“Best Forex umrhwebi 2025” Imbasa

Ku ActivTrades

I-73% yee-akhawunti zokuthengisa ezithengisayo zilahlekelwa yimali urhwebo CFDs nalo mboneleli.

I-ETF ye-Crypto e-1 yopha imali

1.1 Ukusuka kwiRekhodi yokuNgena ukuya kwiZiphumo zeMbali

Ekuqaleni kuka-2024 ndaziva ngathi yi-crypto's IPO mzuzu: on Nge-11 kaJanuwari 2024 Abalawuli baseMelika bawangawangisa ngebhetshi yokuqala yendawo yokutshintshiselana ngeBitcoin‑traded imali. Ngaphantsi kweeveki ezine, ezo mveliso ziye zafunxa ngokurhabaxa I-10 yeebhiliyoni zeedola kwinkunzi entsha-umyinge we I-125 yezigidi zeedola ngosuku-Ngelixa i-Bitcoin ibaleka isiya kwinqanaba eliphezulu.

Ekupheleni kukaFebruwari imincili yafikelela incopho. BlackRock's iShares Bitcoin ithemba (IBIT) yaphula irekhodi ye-ETF ekhawulezayo ukuya I-10 yeebhiliyoni zeedola ngempahla—ukwenza oko ngobulungisa iiveki ezisixhenxe- ngaphambi kokupheka I-20 yeebhiliyoni zeedola emva kwenyanga. Nangona kunjalo into eyaqala njengombhobho wokungena komlilo ngokuthe ngcembe yabuyela umva ngo-2024 ukuya kutsho ngo-2025: NgoJanuwari 2 2025 ikhuphe i-IBIT yokuqala yeentsuku ezintathu zokurhoxa, ibanjwe I-465 yezigidi zeerandi Ukuphuma kosuku olunye, kunye nokukhululwa kweveki kukhawuleziswa kulo lonke icandelo.

1.2 Umda weNgxaki: iBitcoin‑ ngokuchasene neEthereum‑Imveliso

Izinto eziphumayo azihanjiswa ngokulinganayo. Izithuthi zeBitcoin zisabambe isabelo sengonyama se-asethi (≈ $ 92 billion), kodwa zikwalawula iteyiphu yentlawulelo: iveki ephela. 14 kuTshazimpuzi 2025 bonayo I-751 yezigidi zeerandi shiya i-Bitcoin ETFs. Iimveliso ze-Ethereum zibalisa ibali elahlukileyo-i-AUM encinci (≈ i-7 yeebhiliyoni zeerandi) kodwa inomdla oqhubekayo. Kwisithuba seentsuku ezili-11 ngoMatshi ziye zavuza I-358 yezigidi zeerandi, kunye ne-flagship Grayscale ETHE iye yanikezela ngaphezu isiqingatha sezigidi zeedola unyaka ukuza kuthi ga ngoku njengoko abatyali-zimali behluleka ukukwazi ukufumana isivuno esihle.

1.3 Isifinyezo sokuHamba kwangoku (Aprili 2025)

Umfanekiso ohambayo uhlala uguquguquka. Ikhefu elifutshane leentsuku ezimbini phakathi ku-Epreli liye lacinywa xa 17 Epreli zibhalwe I-169.9 yezigidi zeerandi kwi-net ye-Bitcoin ETF iyaphuma, ithatha i-streak yokubuyisela. Idatha yeveki yeCoinShares ngoku ingena I-7.2 yeebhiliyoni zeedola itsalwe kwiimali ze-asethi yedijithali ukusukela ekuqaleni kukaFebruwari, isusa yonke into engena ngo-2025. Umrhumo ophezulu we-Grayscale we-GBTC iyodwa kuqikelelwa ukuba iye yachithakala I-20 yeebhiliyoni zeedola kususela ekuguqulweni-enye yee-exodus ezinkulu ezinkulu kwimbali ye-ETF.

Khangela ii-ETF ze-Crypto

Metric Jan-Feb 2024 (Isigaba SokuQaliswa) YTD 2025 IVeki ephela nge-14 ka-Epreli 2025 I-AUM yangoku (18 Epreli 2025)
Ukuhamba komnatha-i-Bitcoin spot ETFs + $10.1 yebhiliyoni + $215 m - $751 m ≈ $92 bn
Ukuhamba kweNet-Ethereum spot ETFs N / A - $565 m - $37.6 m ≈ $7 bn
Olona qukuqelo lukhulu losuku olunye (i-BTC ETFs) + $1.0 yebhiliyoni (28 Feb 2024) - $465 m (2 Jan 2025) - $169.9 yemitha (17 Epreli 2025) -
I-GBTC eyongezelekayo yokuphuma - ≈ $20 bn - -

2 I-Anatomy yokuPhuma

2.1 Ukutsalwa komrhumo kunye nogqatso ukuya ezantsi

Imfazwe yomrhumo eyaqhambuka ngoJanuwari ka-2024 iye yaba sisoyikiso esikhoyo kwabo bakwizikhundla eziphezulu. I-Grayscale ibambe ngokuqinileyo kwi 1.5%, ngelixa abatsha abakhuphisana nabo behlise umlinganiselo weendleko ukuya kutsho ngaphantsi 0.12% ngokuyeka okwethutyana. Umrhumo we-Median spot-Bitcoin ETF ngoku udada ngezantsi 0.30%. Ngayo yonke indawo eyongezelelweyo yesiseko sokungqubana, ukusebenza ikhefu banzi-ukudibanisa ngonyaka kwaye wenze umahluko kwintlawulo ubonakale kabuhlungu kwiitshati zembuyekezo iyonke. Ngokungamangalisiyo, iipateni zohlangulo zilandelela umrhumo amanqanaba phantse enye kwenye: I-GBTC yopha phantse US$20 yeebhiliyoni ukusukela kuguqulo, ngelixa i-sub-0.30 % oontanga beqhubeka nokutsala ulwabiwo oluncangathi "olungundoqo" nangeeveki ezisezantsi.

2.2 Ukunyinwa koLwakhiwo: Akukho kuBamba, akukho Mvuno

Ngokungafaniyo nokubamba iithokheni zomthonyama kwi-chain, abatyali-zimali be-ETF abanako ukuthabatha i-Ethereum okanye bathathe inxaxheba kwi-Bitcoin layer-iinkqubo ezimbini zesivuno. I-Ether ivelisa ngoku 3.5 - 5 % nge staking zomthonyama; Iiprogram ze-Bitcoin "zokudlula" kubagcini abathile zibonelela <1%, kodwa nokuba loo nto ikhutshwe kwi-ETF wrappers. Umahluko wesivuno ukhukulisa imeko yembuyekezo iyonke yezithuthi ezingasebenziyo, ukutyhala abatyali-zimali abaphucukileyo babuyele kwityathanga okanye kutshintshiselwano oluphakathi oludlula imbuyekezo. Isiphumo: I-ETHE yeGreyscale ibone ukuphuma okungapheliyo-ngaphezulu US$2.9 yeebhiliyoni ukususela ngoJulayi 2024-nangona ixabiso Ethereum ukubamba ngasentla US $ 3,100.

2.3 Ukuthatha iNzuzo, iZaphulelo ze-NAV, kunye noxinzelelo lweArbitrage

NgoMatshi ka-2024 US$73 k Ukuphakama kwe-Bitcoin kubangele igagasi lokuqala lokuthatha inzuzo. Njengoko ukuhlangulwa kwanda, i-GBTC iye yaguquka ukusuka kwiprimiyamu yeqhezu ukuya kwi- -1.8 % isaphulelo, ngelixa i-ETHE yatyibilika ukuya -8.2 %. Abenzi bentengiso baye baphikisana nezi zaphulelo ngokufutshane ii-ETFs kunye nokuthenga indawo, ukukhawulezisa ukuphuma. IHedge Iimali zikwaqhubele phambili i-capital kwikamva le-CME ukuze ibambe usasazo lwesiseko, ikhuphe ngakumbi i-ETF utywala. Ukuthengisa ngoomatshini okunxulunyaniswa nokukhululwa komthathi-nxaxheba ogunyazisiweyo kuye kwandiswa kwicala elisezantsi ukungazinzi, ukuguqula izithuba ezincinci ze-NAV zibe yi-spirals yokuzizalisekisa.

2.4 Iintloko-moya ezinkulu kunye noLawulo

Incangathi yase-US ukunyuka kwamaxabiso kunye ne-Federal Reserve igxininise "phezulu ixesha elide" igcine izivuno zokwenyani zilungile nge-Q1 2025, zinciphisa ukunganiki mveliso. crypto ibali. Ngeli xesha, izimangalo eziqhubekayo ze-SEC ngokuchasene notshintshiselwano olukhulu kunye nokulibaziseka kweCongress kumthetho ozinzileyo we-coin igcine ilifu lolawulo. ingozi. Ngaphandle, eYurophu Markets kwi-Crypto‑Assets (MiCA) imithetho ayikahambelani ne-US Frameworks, ukunciphisa umda we-ETP yokuthengisa. Ngokudityanisiweyo, ezi nguqu zinkulu zilawula umngcipheko wokutya kanye njengoko ii-ETF ziphulukene neprimiyamu yazo entsha.

I-Anatomy ye-ETF Outflows

ETF Ukulinganiswa kweendleko Intlawulo yomnxeba Isaphulelo/Intlawulo yexabiso (18 Epreli 2025) Isivuno sigqithiselwe?
I-GBTC 1.50% nanye -1.8 % Hayi
IBIT 0.25% I-0.12 % kwi-US$5 yebhiliyoni yokuqala (iinyanga ezili-12) +0.1 % Hayi
FBTC 0.25% Irhoxisiwe kuqala kwiinyanga ezi-6 ±0.0 % Hayi
IYESE 1.50% nanye -8.2 % Hayi (andinakudlala)

3 IMicrostructure yeMarike kunye nokuziphatha koMtyali

3.1 Ujikelezo lweZiko kunye ne-Hedge‑Fund Arbitrage

Inkunzi ayishiyi i-crypto; iyajikeleza. CME data show vula inzala kwi-cash-settlement Bitcoin futures inyukela kwirekhodi Izivumelwano ezili-27,400 on 15 kuTshazimpuzi 2025- ngokulinganayo 137 000 BTC or US $8.9 billion ngamaxabiso akhoyo. Iiakhawunti zomphathi we-asethi bezinde +9,600 izivumelwano ngelixa i-reveraged-funds iguqukela kuyo -11,200 izivumelwano, ebonisa ukuthwala kwakudala-trade: i-hedge-fund ikamva elifutshane okanye ii-ETF kwaye uthenge indawo yokuvuna isiseko sokusasazeka okanye izaphulelo ze-NAV. Yonke intlawulo yomthathi-nxaxheba egunyazisiweyo esuka kwi-GBTC inikezela ngeenkozo zemali ezintsha arbitrage iidesika, ezithi ziphinde ziphinde ziphinde zisetyenziswe kwindawo ephezulu yekamva elintsonkothileyo okanye ezingapheliyo zaselunxwemeni. Ngokwenyani, imali yokuhlawula amatyala iyafuduka isuka kwi-ETF isongelwe ukuya kwiindawo eziphuma kuzo ezinokuxhaswa ngemali ngexabiso eliphantsi kwaye zibiyelwe nge-intraday.

3.2 Uvakalelo lwentengiso kunye neeNgcaciso zeMedia

Uphando ekwizinga amanqaku okukhangela ixesha "I-Bitcoin ETF" at 100 ngexesha lokuqalisa kukaJanuwari 2024. Inzala iwile 28 ngoDisemba kodwa kwagqitywa 34 ngoMatshi 2025-ukunyuka kokuqala okulandelelanayo kulo nyaka. Nangona kunjalo, i-traffic ihlala ingaphantsi kakhulu kumanqanaba afunekayo ukulinganisa ukuthengiswa kweziko. Ifemu yohlalutyo lwemidiya yoluntu iLunarCrush logs a 61% ukuhla ekukhankasweni kwe-hashtag (#BitcoinETF, #SpotETF) phakathi kwe-Q2 2024 kunye ne-Q1 2025. I-instream coverage iphinde yaphuma kwi-headlines "yokuvunywa kwembali" ukuya kwi-"record outflows" i-sound-bites, ukondla i-loop reflexive: ukugeleza okungahambi kakuhle kuqhuba amabali amabi, athobisa ukugeleza kwe-retail.

3.3 ILiquidity Dynamics: Utshintshiselwano vs ETF Iincwadi zokuOdela

Ngomhla we-17 kuTshazimpuzi ka-2025, imbuyekezo edityanisiweyo yotshintshiselwano (Binance, Coinbase, Bybit, Kraken) ishicilelwe. US $34 billion, elona liphezulu ukusukela kwincopho yexabiso kaMatshi, ngelixa inani lilonke kwi-ETFs ye-US Bitcoin indawo nje US $2.1 billion, ezantsi 39% ukusuka kumndilili kaFebruwari. I-Coinbase International ye-Bitcoin engapheliyo yodwa iqhubekile US $100 billion ngomthamo weveki yombono, urhwebo lwe-ETF luncinci. Ukucela ibhidi ukusasazeka ngaphakathi kweencwadi ze-odolo ze-ETF zandisiwe ukuya 4–6 amanqaku esiseko ngeentsuku ezizolileyo-amanqanaba aphindwe kabini e-Q1 2024-kuba abenzi bentengiso ngoku babiyela uluhlu lwempahla kumachibi anzulu aphuma elunxwemeni kunee-ETF ngokwazo. Ukunganyaniseki okunxulumeneyo kuphinda kungabi namdla kwiqhinga traders, ishiya abagcini bexesha elide kuphela ukuba bafumane intlawulelo.

Isalathisi Yazisa Frenzy (Jan 2024) Okwangoku (18 Epreli 2025) Δ
CME Bitcoin ikamva elivulekileyo umdla 16 700 izivumelwano 27 400 izivumelwano +64 %
Isikhundla somphathi we-asethi (CME) +4 200 izivumelwano +9 600 izivumelwano +129 %
Iindlela zikaGoogle- "i-Bitcoin ETF" 100 34 -66 %
Ukukhankanywa kwe-hashtag yentlalo (#BitcoinETF) Isiseko 100 39 -61 %
Spot-exchange umthamo wemihla ngemihla US $22 yebhiliyoni US $34 yebhiliyoni +55 %
US Bitcoin ETF umthamo wemihla ngemihla US $5.4 yebhiliyoni US $2.1 yebhiliyoni -61 %
Avg. ETF bid-ask spread 2–3 bps 4–6 bps Ububanzi

I-4 yoKhuphiswano lomhlaba we-Crypto ETFs

4.1 IiTrasti zeLifa: iGreyscale's GBTC & ETHE

I-Grayscale iguqule iitrasti zayo zeminyaka elishumi ubudala ezivaliweyo zibe kutshintshiselwano-traded imali kwi Nge-11 kaJanuwari 2024, ngokukhawuleza ukufumana isiseko esikhulu se-asethi-kodwa kunye neshedyuli ephezulu yomrhumo weshishini (1.50%). Emva koguqulo, i-GBTC isayalela eyona phuli inkulu yeBitcoin ebanjwe yimveliso enye (≈ 303 000 BTC ku fanele ≈ US $21.5 billion) nasemva kokuphuma okumangalisayo. I-ETHE ihlala isesona sithuthi se-Etere esigqwesileyo esidlangalaleni (≈ 1.9 yezigidi ze-ETH, ≈ US $6 billion AUM) kodwa yopha inkunzi veki nganye njengoko abatyali-mali bevukela zombini umrhumo kunye nokungabikho kwe-on-chain staking isivuno.

Intengiso yeGreyscalevantage kukuqondwa kophawu; isithende sayo se-Achilles sixabiso. De imirhumo yolawulo iwe phantsi 0.30%, abahlalutyi balindele ukutyhutyha kweengqekembe eziphumayo ukuya kwizisongelo ezinexabiso eliphantsi.

4.2 Abaceli-mngeni abaPhantsi: BlackRock, Fidelity, Bitwise

BlackRock IBIT seta ithoni ngomsindo ophantsi 0.25% umrhumo wesihloko kunye nokuyekwa kweenyanga ezilishumi elinesibini unciphisa i-US yokuqala yeebhiliyoni ezi-5 ukuya 0.12%. Ngu 18 kuTshazimpuzi 2025 ingxowa-mali ihlala ngezantsi nje US $23 billion I-AUM, ifunxa isabelo sengonyama sokungena okushiyekileyo nangeeveki zokungabikho komngcipheko.

Ukunyaniseka kweFBTC izibuko kuqoqosho lwe-IBIT (0.25 % umrhumo, ukuyekwa kweenyanga ezintandathu) kwaye iqokelelene ≈ US $15 billion. I-BITB encinci yahamba enye engcono: isigxina 0.20% intlawulo-irhoxisiwe 0.00% kwi-US yokuqala ye-1 yeebhiliyoni zeedola kude kube nguJanuwari 2026-ukunceda ukuwela US $5 billion uphawu. Ezi mveliso zithatha ixesha elide kuphela kubaniki-mali abafana nabaBhalisiweyo Investment Abacebisi, uninzi lwabo banobulumko bokutyala imali kuphela kwi-ETFs kunye ne-sub-0.40 % yomlinganiselo weendleko zizonke.

4.3 IiTrasti eziNcinane, iZiphuma, kunye nee-ETF zeCrypto eziSebenzayo kwiPipeline

Abakhuphi benqanaba lesibini bajolise kwi-niches: I-ARK 21Shares (ARKB) kwaye I-Invesco Galaxy (BTCO) nikezela ngentlawulo encinci yentengisovantages (0.21 %–0.25 %) kunye nokwaleka kweESG. I-HODL kaVanEck kwaye Valkyrie's BRRR zizithengise njenge "Bitcoin purist" idlala ukuba ilungelelanise ngokuphindaphindiweyo ukunciphisa ukuhluma.

Ukujonga phambili, abafaki zicelo abaninzi (uFranklin Templeton, WisdomTree) bafake izicelo "I-staking-enabled" ye-Ethereum ETFs enokusasaza inxalenye yembuyekezo yokuqinisekisa. Ngeli xesha, i-CFTC-regulated futures complex ixhasa isityalo esikhulayo seBitcoin elawulwa ngokusebenzayo. qhinga iimali (umz., IBITX, I-MAXI) etshintsha phakathi kwexesha elizayo kunye nemali ukuthomalalisa ukuguquguquka.

Imeko yoKhuphiswano lwe-Crypto ETFs

Tyikiti Umthumi Ujoliso lweAsethi Usuku lokuqalisa Ukulinganiswa kweendleko AUM (18 Epreli 2025) YTD Net flows
I-GBTC IGreyyscale Bitcoin 11 Jan 2024 (uguqulo) 1.50% US $21.5 yebhiliyoni - US $ 19.9 yebhiliyoni
IYESE IGreyyscale Ethereum 11 Jan 2024 (uguqulo) 1.50% US $6.0 yebhiliyoni - US $ 2.3 yebhiliyoni
IBIT BlackRock Bitcoin 11 Jan 2024 0.25 % (0.12 % ukuncama) US $23.0 yebhiliyoni + US $ 3.4 yebhiliyoni
FBTC ukuthembeka Bitcoin 11 Jan 2024 0.25% US $15.1 yebhiliyoni + US $ 1.9 yebhiliyoni
I-BITB bitwise Bitcoin 11 Jan 2024 0.20 % (0 % ukuyekwa ukuya kwi-US $ 1 bn) US $5.2 yebhiliyoni + US $ 1.2 yebhiliyoni
I-ARKB UMARKO 21Izabelo Bitcoin 11 Jan 2024 0.21% US $3.3 yebhiliyoni + US $ 0.7 yebhiliyoni
I-BTCO I-Invesco Galaxy Bitcoin 11 Jan 2024 0.25% US $2.1 yebhiliyoni + US $ 0.4 yebhiliyoni
HODL VanEck Bitcoin 11 Jan 2024 0.20% US $1.4 yebhiliyoni + US $ 0.3 yebhiliyoni
I-BRRR Valkyrie Bitcoin 11 Jan 2024 0.25% US $0.9 yebhiliyoni + US $ 0.2 yebhiliyoni

La manani aqaqambisa imarike enamacala amabini: ilifa lithemba ukopha kwinkunzi phantsi koxinzelelo lomrhumo, ngelixa abangeneli bemali ephantsi badibanisa isabelo kunye neemveliso ze-niche zifukamela ii-engile ezikhethekileyo ezifana ne-ESG okanye esebenzayo. ulawulo lwengozi.

5 Ithuba Phakathi Kwegazi Lokuphalazwa Kwegazi

5.1 Isaphulelo-kwi-NAV Arbitrage Strategies

Izaphulelo ze -1 % ukuya -2 % kwi-GBTC kunye -8 % kwi-ETHE inokubonakala ithozamile ecaleni kwezithuba ezinedijithi ezimbini zexesha lokuthembana, kodwa basaguqulela kwi-alpha enentsingiselo ye-hedge-fund desks ezikwaziyo ukuthenga izabelo ze-ETF, zihlawulele iinkozo zemali, kwaye zibhangise kwi-chain. Kubatyali-mali abathengisayo ngaphandle kofikelelo lomthathi-nxaxheba ogunyazisiweyo, ukuthenga ngokulula izabelo ezingaphantsi kwexabiso le-asethi eshiyekileyo kunika umqamelo odibeneyo ngokuchasene nebala. Uphononongo lwembali oluthetha ukubuyisela umva lubonisa isaphulelo se-GBTC sicutha ukuya ngaphantsi 0.5% ngexesha lokugqabhuka ngokutsha kokungena, okuthetha ukuba kunokwenzeka +150 isiseko-inqaku ukusebenza ngaphandle kokuba umqukuqelo uyaphambuka. Abatyali-mali kufuneka balandelele iprimiyamu/ukutya kwesaphulelo kwimihla ngemihla kubakhuphi kunye needeshibhodi zohlalutyo lwe-ETF kwaye balungele ukujikelezisa inkunzi ngokukhawuleza.

5.2 Ukuvunwa kweRhafu-Ilahleko kunye neeEngile zokuHlanganisa iPotfoliyo

Cryptocurrency uhlala ngaphandle kwe-US Umgaqo wokuthengisa, oku kuthetha ukuba umtyali-mali unokuthengisa i-Bitcoin ETF, aqonde ilahleko eyinkunzi, kwaye ngoko nangoko athenge ukutyhileka kweBitcoin-nokuba ngomrhumo ophantsi okhuphisana naye okanye ukugcinwa ngokuthe ngqo-ngaphandle kokulinda iintsuku ezingama-30. Lo mngxunya uya kuvaleka nje ukuba iCongress ilungelelanise i-crypto kunye nomthetho wokhuseleko, kodwa ukusukela ngo-Epreli ka-2025 yenza inketho enqabileyo yasimahla yokuphelisa ezinye iinzuzo zika-2025 ngelixa uhlala utyalwe ngokupheleleyo. Ababeki-zabelo abaphucukileyo badibanisa ilahleko yokuvuna kunye imali arbitrage: yikristale ilahleko ye-GBTC, ufudukele kwi-0.25% yengxowa-mali, kwaye uthabathe zombini i-alpha yerhafu kunye nemali yokugcina imali yonyaka.

5.3 Ukunciphisa iRate-Cut Tailwinds: Indlela umgaqo-mali onokuthi ujike ngayo iScript

Iimarike zekamva ngoku zabela ≈ 70 % amathuba okuba ye-Federal-Reserve ireyithi yokuqala enqunywe yi NgoJulayi 2025 Intlanganiso yeFOMC, kunye traders ixabiso elongezelekayo 50 isiseko-amanqaku yokuphucula ekupheleni konyaka. Izivuno zokwenyani ezisezantsi ngokwembali zihambelana nokusebenza okunamandla kwe-crypto njengoko iindleko zethuba lokubamba ii-asethi ezinganiki mveliso ziwa. Ngaba i Ukutya i-pivot, uhlahlo lwabiwo-mali lomngcipheko oluleleyo kumhlalaphantsi kunye neengxowa-mali ze-asethi ezininzi zinokuphinda zifakwe kwezona proxies ze-crypto ezingamanzi-indawo ye-ETFs-iphinda iphucule izaphulelo kunye nokubuyisela umva ukuphuma kwe-YTD.

5.4 IStaking-Enebled or Hybrid Funds: ILiza elilandelayo leMveliso?

Ulawulo ngesantya icebisa ukuba isivuno sokugqitha asiselophupha elikude. Ngo-Epreli 2025 i-SEC yavuma izilungiso ezilindelekileyo ngokohlobo ukuhlawulelwa kunye nokubekwa kwe-Ethereum ecetywayo evela kwi-Fidelity kunye noFranklin Templeton, nangona i-arhente ingekasayine. Ukufayilisha okunxuseneyo kukaSolana kunye neemali ezininzi "zengeniso ye-crypto" zibonakalisa ngokucacileyo imbuyekezo yokuqinisekisa. Ukuba zivunyiwe, ezi hybrids ziya kuthoba umsantsa phakathi kobunini be-on-chain kunye nee-ETF, okunokwenzeka ukuba kukhululwe umjikelo omtsha wolwabiwo lwe-asethi-ingakumbi kumaziko athintelwe kwi-'40 Act izakhiwo.

Catalyst Imo yangoku (18 Epreli 2025) 12‑Inyanga enokwenzeka Umtyali-zimali onokubakho uyaHamba
Isaphulelo se-GBTC/ETHE sithetha-ukubuyisela -1 % / -8 % 60% Ziqokelele ngaphantsi kwe-NAV; uthango olunekamva
Indawo yokuhlambela ilungile Akukho mgaqo weentsuku ezingama-30 kwi-crypto I-50% yamathuba okuvalwa ngo-2026 Ilahleko yesivuno; tshintshela kwi-ETF yomrhumo ophantsi
Ukunciphisa izinga le-Fed 70 % amathuba okuba ngoJul 2025 70% Ukwandisa ukubonakaliswa kwe-crypto cyclical
I-ETFs enestaking-enabled I-SEC yokuphonononga iifayile 40% Ukwabela abaniki-mvume kwangethuba; isibonda kwi-chain okwethutyana

6 Ukujongwa kweNgcali kunye noVavanyo lwemeko (2025-2026)

6.1 I-Base Case: Ukudityaniswa kwaMacala

Uninzi lwabacwangcisi babona ixesha lokupholisa endaweni yokuntlitheka. Ngaphantsi kwesi siseko, umgaqo-mali wase-US ulula kancinci-inye okanye ezimbini 25 isiseko-amanqaku ukucutha kuqala ngasekupheleni kuka-2025-ukugcina izivuno zokwenyani zilungile kodwa zingenasohlwayo. I-Bitcoin kunye ne-Ethereum i-oscillate ngaphakathi kuluhlu olubanzi lokuvunywa kwesithuba (BTC US $55 k–80 k, ETH US $2 .7 k–4 k). Uxinzelelo lwentlawulo kwiimveliso zelifa luyaqhubeka, kunye neGreyscale inyanzeliswa ngezantsi 1.00% nge-Q4 kodwa usaphulukana nempahla ephantsi koontanga abancinci. Indawo yonke-ETF iqukuqela indanda kufutshane neqanda: iintsuku zokungena kunye neentsuku zokuphuma ziyatshintshana, ishiya unyaka opheleleyo ka-2025 ulungelelene emva kombhobho okhohlakeleyo we-Q1. Izaphulelo zihlaliswa kwipaseji emxinwa (GBTC -1 % ukuya -0.5 %; ETHE -6 % ukuya -4 %) njengabathathi-nxaxheba abagunyazisiweyo bangenelela naziphi na izikhewu ezibanzi. Uvakalelo lwentengiso luhlala lusakha ngononophelo, lulindele i-catalyst-ingcaciso elawulayo okanye i-macro easing-ukuphula uluhlu.

6.2 I-Bull Case: Ukucaciswa okuLawulwayo + ukuHlangana kweStaking + ukucuthwa kweRate

Imeko engaphezulu ibeka imisila emithathu. Okokuqala, iNkongolo ikhawuleza ilandelele isakhelo se-asethi yedijithali ye-bipartisan ebeka emngciphekweni imithetho yogcino kunye nezibane eziluhlaza ezilinganiselweyo ngaphakathi kweemali ze-'40 Act. Okwesibini, iFederal Reserve front-loads easing, slicing policy rates by 75 isiseko-amanqaku ngaphambi kukaDisemba 2025 kunye nokubonisa ukungathathi hlangothi kweshiti. Okokugqibela, i-SEC ivume ukukhululwa kwe-Ethereum ETF kwaye ivumela abakhuphi ukuba badlule kwimbuyekezo ebambekayo. Inkunzi izandyondyo zemvula ibuyile: i-cumulative spot-ETF inflows US $25 billion, ukucima konke ukuphuma kwangaphambili. Umrhumo we-GBTC ucuthiwe ukuya 0.25% iphelisa isaphulelo ngokupheleleyo, iqhuba ipremiyamu emfutshane. I-Bitcoin ikhupha into entsha yexesha lonke ngaphezulu US $95 k, kunye nemiqulu ye-on-chain eboniswe yirekhodi US $9 billion umndilili wengeniso yemihla ngemihla kuzo zonke ii-ETFs. Imifuziselo yamaziko-ingakumbi imali yomhlalaphantsi yase-US efuna izakhiwo ze-ETF-zabe i-extra 0.2% kwi-crypto kwiiphothifoliyo ezihlukeneyo, ukulungelelanisa iklasi ye-asethi.

6.3 I-Case ye-Bear: Umngcipheko owandisiweyo we-Off, i-Fie-Compression Squaze & More Outflows

Ibali elisezantsi libonisa ukunyuka kwamaxabiso okuncangathi kunye ne-Fed ebambezela ukucutha kude kube yi-2026. Amaxabiso okwenene ahlala ngaphezulu. 2%, iifemu zeedola, kunye nomngcipheko we-geopolitical (umzekelo, ukothuka okutsha kwamandla) kukhokelela ekuphumeni okubanzi kwe-asethi yomngcipheko. Iimfazwe ze-ETF zomrhumo ziyaqina: I-Bitwise iyancipha ukuya 0.10%, Ukunyaniseka kurhoxisa iifizi ngomnye unyaka, kwaye iGreyscale iyayithobela 0.25% ukanti imikhondo ekuhambeni. Abathathi-nxaxheba abagunyazisiweyo bahlawulela ngamandla, batsale omnye US $30 billion ukusuka kwiimali zeBitcoin kunye US $4 billion kwiimali ze-Ether. Ngaphandle kwendlela ecacileyo yolawulo, ii-ETFs ezikwaziyo ukubekelwa bucala kunye ne-on-chain alternatives hoover liquidity. I-GBTC kunye ne-ETHE zihlala kwizaphulelo ezibanzi (-3 % kunye -10 % ngokulandelanayo) ngelixa i-Bitcoin isila ukuya kuthi ga ngoku. US $42 k kunye ne-Ethereum ukuya US $1.8 k. Phantsi kolu xinzelelo, ubuncinci umkhuphi omnye omncinci uyayivala imveliso yakhe ngenxa ye-AUM ethe gqolo.

Isimo Abaqhubi abaphambili 2025-Isiphelo se-ETF ye-Net Uluhlu lwexabiso le-BTC Uluhlu lwexabiso le-ETH Isaphulelo se-GBTC Okunokwenzeka*
isiseko Ukucuthwa ngokuthe ngcembe kweFed, ukunyanzeliswa kwentlawulo, akukho staking ± US $2 yebhiliyoni 55 k–80 k 2.7 k–4 k -1 % ukuya -0.5 % 50%
inkunzi Ukunciphisa okunamandla, ukuvunywa kwe-stacking, i-regs ecacileyo + US $ 25 yebhiliyoni 80 k–100 k 4 k–6 k 0 % ukuya +1 % 30%
zeBhere Akukho kuncitshiswa kwexabiso, umngcipheko wehlabathi jikelele, imfazwe eqatha yomrhumo - US $ 30 yebhiliyoni 35 k–55 k 1.8 k–3 k -3 % ukuya -5 % 20%

7 Isicwangciso sokuSebenza soMtyali

7.1 Uluhlu lokuHlola olufunekayo lokuVavanya ii-Crypto ETFs

Phambi kokwabelwa imali entsha-okanye ukujikelezisa kwi-wrapper ebiza kakhulu-sebenzisa isikrini esicwangcisiweyo:

  • Umlinganiselo wenkcitho iyonke (TER) – target ≤ 0.30 % ukuvezwa core. Rhoqo nge-10 bps umahluko weendleko ≈ 0.6 % yentsebenzo eyongezelekayo kwisithuba seminyaka emihlanu.
  • IPremium / iDiscount Volatility - uphonononge umndilili weentsuku ezingama-30 ukusuka kwi-NAV; ibhendi eqinileyo (< 0.4 %) ibonisa umsebenzi ogunyazisiweyo-othatha inxaxheba osempilweni.
  • Iimetriki zoLiquidity -umyinge wexabiso ledola yemihla ngemihla ≥ US $ 50 yezigidi kunye nescreen sisasaza ≤ 4 bps ukuze kuqhutywe ngokufanelekileyo.
  • Umlondolozi kunye ne-Inshurensi - qinisekisa ukugcinwa kweendawo ezibandayo ezininzi okanye okwahlukileyo, kunye nokhuseleko lolwaphulo-mthetho; I-IBIT kunye ne-FBTC zisebenzisa i-Coinbase Custody kunye ne-US $ 200 yezigidi ze-inshurensi yelahleko engaphezulu.
  • Ulwakhiwo lweNdalo yokwabelana – izinto ezenziweyo/eziluncedo zinciphisa ukuvuza kwerhafu; Iinkqubo zemali ezinkozo kuphela zibangela ukutyibilika korhwebo ngaphakathi kwingxowa-mali.
  • Umbhobho woLawulo -abanikezeli abanezilungiso ezisalindileyo zokuhlawulelwa kwe-ETH okanye zobubele ziqinisekisa iprimiyamu eya phambili.

7.2 ETF Exposure vs Direct Custody vs Staking Platforms

iimpawu Spot-Crypto ETF UkuZigcina kwi-Hardware Wallet On‑Chain Staking/Liquid-Staking Token
Yima kancinci Akukho nanye (de kube kunikwe amandla) nanye 3.5 – 5 % ETH; 2 – 4 % SOL
Ukucaciswa koLawulo Phezulu (SEC-bhalisiwe) Phakathi (ukuzixela ngokwakho) Phantsi ukuya-kwimodareyitha (ixhomekeke kulawulo)
Umngcipheko wokuchasana neqela Ukutshona komgcini + umngcipheko wokukhupha Impazamo yomsebenzisi/ilahleko yehardware Ikhontrakthi ye-Smart kunye nokusikwa kwesiqinisekiso
Ukuntsonkotha kweRhafu (US) 1099‑B into yomgca omnye Ifomu 8949 kwitx nganye Ingeniso yesiqhelo + imisitho yenzuzo eyinkunzi
Ukusetyenziswa koMsebenzi Cofa kwi-Brokerage Ifuna ulawulo lwesipaji Iyafuneka Defi ubuchule

Isikhokelo: Sebenzisa ii-ETF zokuvezwa ngaphakathi kumhlalaphantsi okanye kwiiakhawunti zeengcebiso; ukuzimela ngokucwangcisa ixesha elide lokubamba; kwi-chain staking yokufuna isivuno, inkunzi ye-tech-savvy.

7.3 Ubungakanani beNdawo, uLawulo loMngcipheko, kunye nokuLungelelanisa ngokutsha iiWindows

  • Isakhelo seSatellite esingundoqo - i-cap iyonke ye-crypto kwi-2 - 5% ye-diversified portfolio. Yabela i-70 % yeso silayi kwi-Bitcoin ETFs (engundoqo) kunye ne-30 % kwimidlalo yesathelayithi (i-ETH egxininisiweyo, imiqondiso ye-liquid-staking, okanye ngaphezulu-beta alt-ETFs).
  • Uhlahlo-lwabiwo mali oluguquguqukayo – target risk parity: allote crypto notional such that daily VaR ilingana ne 20 % equity position. Lungisa ubungakanani bekota ngokusekwe kukuguquguquka okubonakalayo.
  • Uhlengahlengiso lweShedyuli – ulungelelwaniso lwekhalenda lwekota luthetha-ukubuyisela umva; I-intra-quarter triggers kwi ± 150 bps ye-NAV isaphulelo sobubanzi bunokuthethelela ubuchule trades phakathi kweemveliso.
  • Misa-Ilahleko kunye neZixhobo zeHedge -sebenzisa i-CME encinci yeBitcoin ikamva kwihedi esecaleni; I-1 ye-BTC encinci ilingana ne-0.01 BTC, ivumela ukugqunywa kwegranular ngokuchasene nezikhundla ze-ETF ngaphandle kokubangela iingxaki zokuthengisa ngokuhlamba.

7.4 Idatha yokuhamba kunye neMrhumo-Tshintshwa iiDashbhodi ukuze zibeke iliso

  • I-CoinShares yeVeki yeDigital-Asset Fund iyaqukuqela (ipapashiwe ngeMivulo) – umfanekiso okhawulezayo wokuziphatha kweziko.
  • Farside Investors ETF Dashboard -Indalo yexesha lokwenyani/intlawulelo kunye neetshati zeprimiyamu ze-IBIT, GBTC, FBTC, ETHE, kunye nabanye.
  • Itheminali yaseBloomberg Umsebenzi -Iimephu zobushushu ezidityanisiweyo ezinqamlezayo kunye nokusasazeka kweNAV.
  • Iifayile zoMkhuphi (SEC EDGAR) -ukulandelela i-S-1 okanye i-497K izongezo zokunciphisa imirhumo kunye notshintsho lwesakhiwo (umzekelo, izilungiso ezisalindileyo).
  • KwiChain Glassnode kunye neDune Analytics Boards - ukujonga iintshukumo zengqekembe emva kokukhululwa ukuvavanya uxinzelelo lwe-arb.
Umtyali-mali we-Archetype Injongo yePotfoliyo I(zi)moto ezicetyiswayo Ii-KPI ezingundoqo ekufuneka zijongwe Intshukumo rhoqo
I-RIA engenamrhumo I-Passive BTC exposure ngaphakathi kwe-IRAs IBIT / FBTC (≤ 0.25 % TER) Iprimiyamu/isaphulelo; izaziso zentlawulo Uphononongo lwesiqingatha sonyaka
Yield-Hunter Family Office Iyonke-imbuyekezo yokutyhileka kwe-ETH Lindela i-ETF enestaking-enabled; okwethutyana Lido stETH Staking APR; Ixesha lokuvunywa kwe-SEC ngenyanga
I-Tactical Hedge-Fund Isaphulelo-capture arbitrage I-GBTC ende, ikamva elifutshane le-CME BTC Isaphulelo > 1 %; ukusasazeka kwesiseko Eqhubekayo
I-HODLer yokuthengisa Elula "ukuthenga kwaye ulibale" umkhono we-crypto I-70% ye-IBIT, i-30% ye-ETH ye-Cold-wallet Ukutsalwa kwentlawulo; i-inshurensi yokugcina Yonyaka
Ukuthotyelwa-Bound Pension I-Reg-enzima, i-proxy engamanzi Ibhaskithi enkulu ye-ETF (IBIT, FBTC) Imali yokuhlawula amatyala yonke imihla; AUM ≥ US $ 10 bn Quarterly

8 Isiphelo-Isiphelo Esifileyo okanye Inguqulelo 2.0?

8.1 Ithetha ukuthini kanye kanye Ukuphalazwa kwegazi ka-2025

Unyaka wokuqala we-Crypto phantsi kokukhanya kwe-ETF ubonakalise izinto ezimbini ngaxeshanye: intshiseko yomtyali-mali inokubonakala ngesantya serekhodi, kwaye inkunzi inokubaleka ngokukhawuleza xa ulwakhiwo, umrhumo, kunye nokungqubana okukhulu. Ukuguqulwa okumangalisayo ukusuka I-10 yeebhiliyoni zeedola ngoJanuwari 2024 ukungena kokuphindaphinda $500 yezigidi-kunye ukuphuma kweveki ngo-2025 kungaphantsi kwesigwebo esibulalayo kwiklasi ye-asethi kunovavanyo loxinzelelo lwentengiso yemveliso. Izisongelo zokukhubekisana okuphezulu, isivuno esingu-zero, kunye nokungaqiniseki komgaqo-nkqubo kuguqule iqela lokuqala lee-ETFs zibe amavili oqeqesho-Ayikabikho amaziko omdyarho weebhayisekile ezifunayo ekugqibeleni.

8.2 Ii-Evolutions esele zihamba

Uxinzelelo lomrhumo alupheli kwaye alunamlinganiselo: wonke umkhuphi ongezantsi 0.30% isatsala ii-asethi ezincangathi, ngelixa nantoni na engasentla 1% uyopha. Abalawuli sele beqalisile ukunxulumana ne-in-kind redemption kunye nestaking mechanics. Iindawo ze-Derivatives zifunxa amanzi ekungekabikho kuwo ii-ETFs-kodwa loo msantsa uya kuncipha ukuba iimveliso zinokuzisa isivuno kunye nokusasazeka okuqina. I-Macro cross-currents ihlala ibalulekile: nje ukuba i-Federal Reserve ibonise umjikelo wokunciphisa oqinisekileyo, ixabiso lethuba le-Bitcoin elinganiki mveliso liza kuwa, libuyisele ii-ETF ezinobunjineli kakuhle kwisithuba sokuhamba kweziko.

8.3 Imibuzo ekhokelayo phambi kokuba ucofe “Thenga”

Ngaba imirhumo yokutya i-alpha yakho ngokukhawuleza kunokuba isiqingatha seBitcoin sidala ukunqongophala?
Ngaba ingxowa-mali evunyiweyo okanye ehlanganisiweyo ingatshintsha ubungakanani bolwabiwo lwakho?
Ingakanani ithisisi yakho ixhomekeke kunciphiso lweFed olukufutshane-kwaye sithini iSicwangciso B ukuba umgaqo-nkqubo uhlala uqinile?
Ngaba ukulungele ukubeka esweni izaphulelo ze-NAV yonke imihla, okanye usetiwe-kwaye-ulibale ukugcinwa ngokufanelekileyo?

8.4 Ukukhangela Phambili: Version 2.0 Playbook

Lindela isizukulwana esilandelayo see-ETF ze-crypto ukuze ufiphale umgca phakathi kokuvezwa kokwenziwa kunye nokuthatha inxaxheba kwekhonkco. Iimodeli zeHybrid ezidlula kwi-staking okanye isivuno esincedisayo, iishedyuli zemirhumo eziguquguqukayo ezivuza abanini bexesha elide, kunye noluhlu olunqamlezayo eYurophu nase-Asiya lunokuguqula ubutsha buka-2024 bube yipotfoliyo ka-2026. Abatyali-mali abanyamezele ukuthotywa kuka-2025 banokuzifumana sele bekwigophe nje ukuba inguqulelo 2.0 isungulwe-ukuba bahlala bekhetha, besazi ngentlawulo, kunye ne-macro-savvy.

❔ Imibuzo edla ngokubuzwa

unxantathu sm ekunene
Kutheni le nto i-US spot‑Bitcoin ETFs ithumele ngaphezulu kwesiqingatha sebhiliyoni yeedola ekuphumeni kule veki?

Iimveliso zase-US zabona USD 516 yezigidi zihlawulwe ngoMvulo omnye (uhambo lwabo lwesibini olukhulu lwemihla ngemihla ngo-2025). Abahlalutyi balatha (a) kwingeniso-mali ethathwe emva kokunyuka kwexabiso likaMatshi, (b) ukwandiswa kwezaphulelo kwiimali ezihlawulelwayo eziphezulu ezenze intlawulelo yobubele inomtsalane kwiidesika ze-arbitrage, kunye (c) nokutshintsha kwexesha elifutshane kwikamva le-CME apho isiseko sigqithise ngokufutshane impazamo yokulandela ye-ETF.

unxantathu sm ekunene
Ngaba i-SEC iya kuvumela i-Ethereum ETFs ukuba idlule kwimivuzo enqabileyo nangaliphi na ixesha kungekudala?

Ayikenzeki. Ngomhla we-14 ku-Epreli 2025 i-SEC zilibazisekile imithetho kuzo zombini iintlangulo zobubele kunye nezindululo zokongeza kwi-Greyscale, i-Bitwise kunye nezithuthi ze-WisdomTree, kugxininiswa isilumkiso sabalawuli malunga nokuphatha i-staking njengengeniso okanye isivumelwano sotyalo-mali esingabhaliswanga. Ukufayilishwa okutsha nge-18 kuTshazimpuzi (iCanary Capital's Tron ETF) ibonisa abakhuphi bahlala benomdla, kodwa ithayimthebhile ngoku ityhalelwe kwi-H2 2025 kwangoko.

unxantathu sm ekunene
Mkhulu kangakanani umngcipheko wogcino ‑kugcino kwi-spot-Bitcoin ETFs?

Iimali ezisibhozo kwezilishumi zase-US zixhomekeke kuyo Coinbase Custody. Abacebisi zoshishino balumkisa ukuba ukuphazamiseka kwenkonzo-okanye ilahleko ye-Coinbase yokukwazi ukuthumela isibambiso sexesha elifutshane-kunokuphazamisa indalo yesabelo semihla ngemihla kunye nokuhlawulela, okwethutyana gumming up ETF liquidity. Ngelixa i-Coinbase igcina inkqubo ye-inshurensi ye-multi-layer, imodeli yomgcini oyedwa ithetha ukuba umngcipheko wokusebenza awukahlukanisi ngokupheleleyo.

unxantathu sm ekunene
Ngaba imirhumo iwa ngokukhawuleza ngokwaneleyo ukunqanda ukuphuma kweemveliso zelifa?

Uxinzelelo lwentlawulo alupheli. I-Greyscale iceba ukusungula a I-Bitcoin "i-Mini Trust" kwi-0.15%, iqhezu le-GBTC endala ye-1.5 % yerhafu, kwaye sele idada ukucutha kwangaphakathi ukugcina abathengi abakhulu bafudukele kwi-BlackRock (0.25 %) okanye i-Bitwise (0.20%). Abahlalutyi bathi nantoni na engentla ~0.40 % iyakusokola ukubamba ii-asethi nje ukuba ezo zikhetho zinexabiso eliphantsi zigqitywe ngokupheleleyo.

unxantathu sm ekunene
Ngo-2025, ngaba kububulumko ukubamba i-Bitcoin ngqo okanye uthenge i-ETF ye-spot-Bitcoin?

Kuxhomekeke kwiinjongo zakho kunye nemiqobo:

Ingxaki I-BTC ethe ngqo Spot-BTC ETF
Ukuzonwabisa Ifuna isipaji kunye notshintshiselwano ngolwazi Urhwebo-brokeriminyaka cofa-ukuthenga ✔
Umngcipheko wokugcinwa Impazamo yomsebenzisi/ubusela Ugxininiso lomlondolozi womntu wesithathu
Isivuno / Staking Akukho nanye kwi-BTC Akukho (okwangoku)
Ingxelo yoNgeniso (US) Iifayile eziyi-8949 eziyinkimbinkimbi Elula 1099‑B ✔
iintlawulo Ukusasazeka kotshintshiselwano; imirhumo yokurhoxiswa 0.20 - 0.40 % TER

Abacebisi abacatshulwe yi Investopedia ise cap crypto at 1 - 2% yeepotfoliyo kwaye bahlala bekhetha ii-ETF zeeakhawunti zomhlalaphantsi apho ii-wrappers ezilawulwayo, iziliphu zerhafu ezidityanisiweyo kunye nokuguquguquka okuzenzekelayo kokuzimela kwe-trump. Abasebenzisi bamandla abafuna ulawulo lwekhonkco, ixabiso eliphantsi lexesha elide kunye nemveliso yenethiwekhi yombane yombane basenokukhetha iinkozo zemali.

Umbhali: UArsam Javed
UArsam, iNgcali yoRhwebo enamava angaphaya kweminyaka emine, waziwa ngohlaziyo lwakhe lwemalike yezemali. Udibanisa ubuchule bakhe bokurhweba kunye nezakhono zokucwangcisa ukuphuhlisa abacebisi bakhe beeNgcali, ukuzenzekelayo kunye nokuphucula izicwangciso zakhe.
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Arsam-Javed

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4.4 kwi 5 iinkwenkwezi (28 iivoti)

Plus500

4.4 kwi 5 iinkwenkwezi (11 iivoti)
I-82% yokuthengisa CFD iiakhawunti zilahlekelwa yimali

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UtyaloXTB
4.4 kwi 5 iinkwenkwezi (11 iivoti)
I-77% yeeakhawunti zokuthengisa ezithengisayo zilahlekelwa yimali xa kuthengiswa CFDs nalomboneleli.
UrhweboExness
4.4 kwi 5 iinkwenkwezi (28 iivoti)
BitcoinCryptoXM
I-76.24% yeeakhawunti zokuthengisa ezithengisayo zilahlekelwa yimali xa kuthengiswa CFDs nalomboneleli.

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