In 2017， just as bitcoin was nearing $20，000 for the first time， a regulatory crackdown triggered a crypto “winter”—a period of depressed prices—that lasted nearly three years。 In May this year frost set in after China clamped down on crypto transactions， bringing bitcoin down by half from its peak of $64，900。 But after just a few icy months， things are warming up again。 On October 20th bitcoin briefly crossed $67，000—a new record。
2017年，比特幣首次接近2萬美元之際，監管機構的打擊讓加密貨幣進入“寒冬”，價格低迷持續了近三年。今年5月，在中國禁止加密幣交易之後，比特幣的“寒流”降臨，價格從64900美元峰值暴跌一半。不過，在低迷幾個月之後，一切開始回暖。10月20日，比特幣一度突破67000美元，創下新高。
The latest heat reflects a muchawaited event： the listing of America’s first bitcoin-linked exchangetraded fund （ETF） on the New York Stock Exchange。 Run by ProShares， a maker of specialist investment products， it got a green light of sorts after the Securities and Exchange Commission （SEC）， America’s main markets watchdog， let a deadline to approve or reject it lapse without objection。 The listed fund offers investors exposure not to the cryptocurrency itself but to bitcoin futures， and specifically to contracts traded on the Chicago Mercantile Exchange （CME）。 Depending on whom you ask， the launch is either a landmark， a way for regulators to retain control， or a disappointment。
比特幣近期的火熱反映了市場期待已久的一件事件：美國首隻與比特幣相關的交易所交易基金（ETF）在紐約證券交易所上市。該基金由特定投資產品開發機構ProShares經營，並在美國證券交易委員會（SEC）在最後期限預設無異議後，獲得透過。這支上市基金向投資者提供的不是加密貨幣本身，而是比特幣期貨，主要是在芝加哥商品交易所（CME）的交易合約。對於不同方而言，這或許是一個里程碑，或許是監管機構保留控制權的一種方式，或許是令人失望的一件事。
For crypto entrepreneurs and conventional financiers， the launch is a breakthrough。 Over the past decade many sought approval for all manner of bitcoin ETFS， only to be denied or fobbed off。 But in August Gary Gensler， the SEC‘s boss， signalled that he would favour funds that tracked futures， which led to a wave of filings。 Two could start trading later this month。 Others， including ones run by giant asset managers， could follow。
對於加密創業者和傳統金融學家來說，這支基金上市是一大突破。十年來，許多人想方設法地尋求批准各式各樣比特幣ETFS，均遭拒絕或搪塞。在8月，美國證券交易委員會（SEC）主席加里•詹斯勒（Gary Gensler）放風稱，有意於追蹤期貨的基金，引發一波申請上市的熱潮。有兩家基金將於10月末上市發銷。其他的基金，包括大資管機構推出的基金，也將陸續上市。
In expectation of all this， existing crypto investors have poured into derivatives markets。 “Open interest”—the capital tied up in futures contracts—is at an alltime high。 The bet is that ETFS will lure retail investors， who are numerous， and institutions， which have big money。 The former， long put off by the hassle of opening an account at cryptoexchanges， now only need one with an ordinary broker。 The latter， nervous about the custody of digital assets， no longer have to own any in order to sell exposure to their clients。 There was certainly early enthusiasm： the price of shares in the ETF rose by 4% on its debut。
出於對市場預期的考慮，當前的加密投資者紛紛湧入衍生品市場。“未平倉權益”——捆綁在期貨合約中的資本——達到了歷史最高水平。他們押注的是，ETFS將吸引數量眾多的散戶和資金雄厚的機構投資者。前者長期因在加密交易所開戶麻煩而受阻，現在只需要一個普通的經紀人就能開戶；後者不安於數字資產的保管方式，且不必擁有數字資產就能客戶出售。當然，最早一波投資熱情肯定會出現：ETF的股價在上市首日上漲了4%。
Still， new investors may not come in the droves that bulls expect。 For years now individuals have been able to buy bitcoin through mobile wallets， such as PayPal， or brokers， such as Robinhood。 Institutions can gain exposure through vehicles like the Grayscale Bitcoin Trust， a private fund that allows investors to trade shares in trusts that own bitcoin， and which manages $40bn。 A growing cast of firms， including Wall Street stalwarts such as BNY Mellon and State Street， are lining up to offer institutionalgrade bitcoin custody。
不過，新投資者可能不會像多頭預期的那樣大批湧入。多年來，個人可以透過PayPal等移動錢包或Robinhood等中介應用購買比特幣。機構可以透過灰色比特幣信託（Grayscale Bitcoin Trust）等工具購買比特幣。灰色比特幣信託是一傢俬人基金，允許投資者交易持有比特幣的信託基金的股票，該基金管理著400億美元的資產。越來越多的金融企業，如括紐約梅隆銀行和道富銀行等華爾街中堅企業，正在排隊提供機構級比特幣託管服務。
Purists， meanwhile， would have preferred an ETF that holds bitcoin directly。 A futureslinked fund needs to roll forward futures contracts as existing ones expire， which is costly； so is the requirement to park hefty collateral at the CME。 Both will eat into returns。 A straight bitcoin ETF， however， is some way off。 Permitting futures funds allows the SEC to direct investors to regulated exchanges like the CME， which enables the watchdog to intervene to prevent wrongdoing。 By contrast， bitcoin trades in a variety of venues， many of which are out of the SEC’s reach， and is notoriously volatile。 Crypto spring it may be， but the weather can always turn。 A new crypto-linked exchange-traded fund is many things to many people。
與此同時，純粹主義者更喜歡直接持有比特幣ETF。與期貨掛鉤的基金需要在現有期貨合約到期時展期，這樣的代價高昂； 芝加哥商品交易所存放大量抵押品的要求也是如此。兩者都將侵蝕收益。然而，直接的比特幣ETF還有一段路要走。允許期貨基金上市，則讓美國證券交易委員引導投資者到到像芝加哥商品交易所這樣受監管交易所交易，進而能使其加以干預，防止不法行為出現。相比之下，比特幣在各種各樣的加密幣交易所交易，有許多不在美國證券交易委員管轄範圍內，同時比特幣是出了名的不穩定。這也許是一個加密貨幣的“春天”，不過，氣象總是萬千變化。對很多人來說，在交易所新上市的加密貨幣相關基金意味深遠。
編譯：高越
編輯：翻吧君
