De Race naar een Spot Bitcoin ETF: TradFi hoopt BTC mainstream te brengen

Betrouwbaarheid
IN HET KORT

De spot Bitcoin ETF is de "Heilige Graal" van de crypto-industrie. De goedkeuring van de ETF zal niet alleen institutionele beleggers aantrekken, maar ook retailbeleggers helpen om op een eenvoudige manier blootstelling aan BTC te krijgen. De Amerikaanse SEC heeft tot nu toe echter alle aanvragen afgewezen. Nu wil BlackRock, 's werelds grootste vermogensbeheerder, het wel proberen. Het is nu of nooit.

De race om de eerste Bitcoin (BTC) ETF is begonnen. BlackRock, ‘s werelds grootste vermogensbeheerder, diende midden juni 2023 een aanvraag in voor een spot BTC ETF. Het voegde zich bij een lange lijst van aanvragers, waaronder collega TradFi-bedrijven WisdomTree en Invesco.

Zal de U.S. Securities and Exchange Commission (SEC) ETF-aanvragen afwijzen zoals het in het verleden heeft gedaan? Wat is er deze keer anders?

In dit artikel beantwoorden we al je vragen.

Waarom is de Spot Bitcoin ETF begeerd?

Velen hebben het geprobeerd – en allemaal hebben ze gefaald. De SEC heeft elke aanvraag voor een Spot Bitcoin ETF die ze tot nu toe heeft ontvangen afgewezen. De lijst van aanvragers is lang en divers. Crypto-inboorlingen Grayscale en Galaxy Digital, alternatieve investeringsbedrijven Ark Invest en Valkyrie, en TradFi-bedrijven WisdomTree en Fidelity zijn allemaal afgewezen door de Amerikaanse toezichthouder.

Wat is een ETF?
Een exchange-traded fund, of ETF, is een beleggingsinstrument dat de prijs van een actief, effect of index volgt. Een ETF bundelt geld van investeerders en streeft naar hetzelfde rendement als de onderliggende waarde. De spot Bitcoin ETF volgt de marktprijs van BTC in realtime.

De spot Bitcoin ETF blijft een felbegeerde mijlpaal voor de industrie. De goedkeuring van de ETF zal niet alleen institutionele beleggers aantrekken, maar zal ook kleine beleggers helpen om gemakkelijk in BTC te stappen.

Op dit moment worden beleggers geconfronteerd met verschillende complexiteiten bij het investeren in cryptocurrencies. Mensen moeten leren hoe ze cryptowallets moeten gebruiken en hoe ze hun private keys moeten beschermen. Velen hebben moeite met het kopen van crypto’s vanwege het gebrek aan ondersteuning van banken voor cryptobedrijven.

Dit zou allemaal opgelost kunnen worden door een ETF die de marktwaarde van Bitcoin volgt. Hierdoor kunnen beleggers profiteren van de grootste crypto zonder de cryptocurrency zelf te bezitten. Technische problemen die te maken hebben met het bezitten van een Bitcoin zullen worden ge?limineerd. Investeringen zullen veilig zijn voor hacks en diefstallen. Bovendien kan een door de SEC goedgekeurde spot Bitcoin ETF gemakkelijk genoteerd worden naast aandelen en andere ETF’s bij uw plaatselijke TradFi-makelaardij.

Een goedkeuringszegel van de Amerikaanse SEC zal ook de spanning binnen de industrie verlichten. Er heerst onzekerheid in de crypto-industrie na de rechtszaken die de SEC heeft aangespannen tegen Binance en Coinbase. Een ter plekke goedgekeurde Bitcoin ETF zou aangeven dat de Amerikaanse toezichthouder bereid is om de crypto-industrie tegemoet te komen door prioriteit te geven aan de bescherming van investeerders.

Bestaat er niet al een Bitcoin ETF?

Het antwoord is ja. De ProShares Bitcoin Strategy ETF (BITO) werd in 2021 goedgekeurd door de SEC. De ETF was zo populair op het moment van zijn debuut dat het het snelste investeringsvehikel werd om een handelsomzet van meer dan $ 1 miljard te bereiken. BITO bereikte deze prestatie in slechts twee dagen in oktober 2021.

BITO volgt echter niet de Bitcoin-prijzen op de spotmarkt.

BITO geeft beleggers de mogelijkheid om te beleggen in Bitcoin futures. Een futurescontract is een afgeleid financieel contract dat de contracthouder verplicht om de onderliggende waarde te kopen of te verkopen tegen een vooraf bepaalde prijs en datum. Futures worden voornamelijk gebruikt voor hedging en speculatie. Beleggen in futures kan leiden tot grotere verliezen en kleinere winsten dan direct beleggen in de onderliggende waarde.

De ProShares Bitcoin Strategy ETF vermeldt expliciet in zijn prospectus dat het fonds niet rechtstreeks in Bitcoin belegt.

Het is duidelijk dat deze ETF niet de ideale manier is om blootstelling te krijgen aan de cryptomunt. Daarom snakt de industrie naar een Spot Bitcoin ETF.

Waarom zou het deze keer anders zijn?

Heeft de SEC niet elke aanvraag voor Spot Bitcoin die ze heeft ontvangen afgewezen?

Deze keer is BlackRock degene die een aanvraag indient. Het is de grootste vermogensbeheerder ter wereld, met een AUM van meer dan $ 9 biljoen. Het bedrijf beheert iShares – een van ‘s werelds grootste ETF-aanbieders.

Het voelt alsof de race naar een Bitcoin ETF een kookpunt heeft bereikt. Er heerst optimisme in de markt dat als iemand het kan, het BlackRock is. Zelfs de bedrijven die in het verleden zijn afgewezen – zoals Valkyrie, WisdomTree, Invesco en Galaxy – hebben kort na BlackRock’s aanvraag een nieuwe aanvraag ingediend.

Bloomberg Senior ETF Analyst Eric Balchunas tweette een “leuk feitje” dat BlackRock een record had van 575-1 in het goedgekeurd krijgen van ETF’s door de SEC. Balchunas koelde later de verwachtingen af en zei dat de spot bitcoin ETF een “50% kans heeft om goedgekeurd te worden”.

De analist voegde eraan toe dat de SEC de rol van Coinbase als prime broker voor het fonds in twijfel zou kunnen trekken.

 

Wat BlackRock zou kunnen helpen in zijn poging om de eerste spot Bitcoin ETF op de beurs te krijgen, is de betrokkenheid van de Nasdaq Exchange om de Amerikaanse SEC gerust te stellen.

Prijsmanipulatie van Bitcoin is een belangrijk probleem waar de SEC zich zorgen over maakt. Om deze zorg weg te nemen stelde de Nasdaq Exchange voor om een surveillance-sharing overeenkomst aan te gaan met een Amerikaans spot Bitcoin handelsplatform om informatie te verkrijgen om fraude en marktmanipulatie op te sporen, te onderzoeken en te ontmoedigen.

BlackRock’s spot Bitcoin ETF zou een notering krijgen op de Nasdaq Exchange als het wordt goedgekeurd.

Bitcoinprijs stijgt na ETF-aanvragen en lancering CEX die aan de eisen voldoet

De BTC-prijs was aan het tanken voordat het nieuws over meerdere aanvragen voor spot Bitcoin ETF aan het licht kwam. BTC was gedaald tot een dieptepunt van ongeveer $24.750 midden juni na de rechtszaak van de SEC tegen Binance en Coinbase. De ETF-aanvraag van BlackRock die op 15 juni werd ingediend, ondersteunde de opleving van de munt naar meer dan $30.000 tegen eind juni 2023.

Een andere ontwikkeling die het beleggersvertrouwen hielp versterken, was de lancering van een nieuwe crypto exchange genaamd EDX Markets.

EDX wordt gesteund door een consortium van grote TradFi-instellingen, waaronder Charles Schwab, Citadel Securities en Sequoia Capital. De exchange, die als doel heeft om “compliant trading of digital assets” mogelijk te maken, is gelanceerd op een goed moment nu de SEC “ongeregistreerde effectenbeurzen” in de VS aan het bestraffen is.

Tradfi hoopt BTC mainstream te brengen: Goed nieuws of slecht nieuws?

Er is een oud Chinees spreekwoord dat de luisteraars vertelt dat ze het nieuws niet te snel moeten beoordelen. Een ontwikkeling die als “goed nieuws” wordt beschouwd, kan na verloop van tijd slechte gevolgen hebben. Hetzelfde kan gezegd worden van “slecht nieuws” dat uiteindelijk goede resultaten oplevert.

Dus, kunnen we er zeker van zijn dat een spot Bitcoin ETF uiteindelijk “goed nieuws” zal blijken te zijn voor de crypto-industrie?

Voor investeerders is het antwoord waarschijnlijk ja. Een spot Bitcoin ETF kan de weg vrijmaken voor institutionele en beginnende beleggers om bereikt te krijgen voor BTC, waardoor er meer kapitaal op de markt komt. Na verloop van tijd zouden Bitcoin-beleggingen zelfs “mainstream” kunnen worden.

Maar als je dezelfde vraag voorlegt aan een cyberpunk, is het antwoord misschien niet zo voor de hand liggend. Er werd voorspeld dat Bitcoin en cryptocurrencies de traditionele financi?le sector zouden ontwrichten. Nu de oorlog van de SEC tegen crypto-native bedrijven verhit raakt en compliant TradFi-bedrijven (BlackRock, EDX) het gat opvullen, moeten we ons afvragen hoe de toekomst van een gedecentraliseerde, peer-to-peer en privacy-ondersteunende valuta als Bitcoin eruit kan zien.

Zullen cryptocurrencies worden overspoeld door de pure kracht en invloed van TradFi? Alleen de tijd zal het leren.

Conclusie – Zou 2023 het jaar kunnen zijn?

Crypto finance bedrijven en hun TradFi-tegenhangers jagen al bijna een decennium op de spot Bitcoin ETF. Velen beschouwen de ETF als de ‘Heilige Graal’ voor de crypto-industrie.

Er is een gevoel dat 2023 het jaar kan zijn dat de wereld eindelijk een spot Bitcoin ETF goedgekeurd ziet in de VS.

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Mensholong Lepcha
Redacteur

Mensholong Lepcha is een financieel journalist gespecialiseerd in cryptocurrencies en wereldwijde aandelenmarkten. Hij heeft gewerkt voor gerenommeerde bedrijven als Reuters en Capital.com. Gefascineerd door blockchaintechnologie, NFT's en de tegendraadse school van beleggen, heeft Mensholong expertise in het analyseren van tokenomics, prijsbewegingen en technische details van Bitcoin, Ethereum en andere blockchainnetwerken. Hij heeft artikelen geschreven over een breed scala aan financi?le onderwerpen, waaronder grondstoffen, forex, monetair beleid van centrale banken en ander economisch nieuws.

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