来自：金十数据
从目前的时间段来看，现在上市无疑增加了这只新基金错过大部分比特币下跌行情的风险，ProShares押注的是，让做空比特币变得更容易，鼓励更多投资者表达他们对加密货币的负面看法。
At this point in time, listing now undoubtedly increases the risk that the new fund will miss most of the bitcoin drops, and ProShares is concerned that making empty bitcoins easier and encouraging more investors to express their negative views on encrypted currencies.
比特币的暴跌只是整个加密货币市场遭遇血洗的一个缩影。根据TrackInsight的数据，加密货币相关的ETF管理的全球资产总额已从11月的195亿美元的高位暴跌54%至89亿美元。
The sharp fall in bitcoin is only a microcosm of the blood-washing of the entire market for encrypted money. According to TrackInsight, the total global assets managed by the encrypt-related ETF fell sharply from 54 to 8.9 billion dollars in November, a high of $19.5 billion.
管理着620亿美元资产的ProShares的首席执行官Michael Sapir说：
Michael Sapir, CEO of ProShares, who manages $62 billion in assets, says:
“我们乐观地认为，该基金将会引起人们的兴趣，特别是考虑到过去几个月，尤其是过去一周市场上发生的事情。我们认为，许多投资者短期或长期看空比特币和加密货币，但他们没有按照自己的观点采取行动，因为做空比特币太难或太贵。对于现在而言，这些投资者将能够像在传统的经纪账户中购买ETF一样，轻松地做空比特币。”
“We are optimistic that the fund will be of interest, especially in the light of what has happened in the past few months, especially the past week in the market. We believe that many investors are short- or long-term viewers of bitcoins and encrypted currencies, but they have not acted according to their own views, because it is too difficult or too expensive to do bitcoins. For now, these investors will be able to do bitcoins easily, like buying ETFs in traditional brokerage accounts.”
目前，美国投资者做空比特币的途径主要有两种，一是通过加密货币交易所提供的短期风险敞口，但这涉及开立账户、提供保证金，且费用很高；另一种方式是直接交易期货合约。VettaFi研究主管Todd Rosenbluth称：
At present, there are two main ways in which United States investors can make short-term risk exposures through encrypted currency transactions, but this involves opening accounts, providing bonds and being expensive; and directly trading futures contracts. According to Todd Rosenbluth, research director of VettaFi:
“与直接做空比特币相比，能够利用ETF的优势、流动性和易用性将是一个优势。”
“The ability to take advantage of the advantages, liquidity and ease of use of ETFs will be an advantage over the direct use of empty bitcoins.”
ETF Store总裁Nate Geraci则表示，他预计做空比特币ETF的“市场将相当强劲”，因为它们提供了一种方便且相对划算的做空比特币价格的方式。他说：
ETF Store’s president, Nate Geraci, said that he expected that the “market” for ETF would be quite strong, because they offered a convenient and relatively cost-effective way to make TT prices. He said:
“我毫不怀疑他们会找到受众，特别是考虑到目前的加密市场环境。肯定不缺坚信比特币会跌到零的投资者。”
"I have no doubt that they will find their audience, especially given the current encryption market environment. There must be no shortage of investors who believe that bitcoin will fall to zero."
早在去年10月，ProShares还推出了美国首只与比特币相关的ETF——比特币策略ETF （Bitcoin Strategy ETF，简称BITO）。这是ETF历史上最大规模的发行之一，但它的首次亮相却标志着数字资产热潮的顶峰。
As early as last October, ProShares also launched the first United States-only bitcoin-related ETF-bitcoin Strategy ETF (Bitcoin Strategy ETF, or BITO). This was one of the largest launches in the history of ETF, but its first appearance marked the culmination of a boom in digital assets.
不过，与大多数反向ETF一样，这款新推出的比特币做空ETF仅为短线投资而设计，提供的是标的指数每日回报的反向敞口，这意味着它每天都会重置。因此，考虑到它的持续成本，长期持有该ETF的投资者面临着表现不佳的风险。
However, like most reverse ETFs, this newly introduced bitcoin is designed for short-term investment only and provides a reverse exposure to the daily return of the target index, which means that it will be reset every day. Thus, given its continuing costs, investors who hold the ETF for a long time are at risk of underperformance.
另外，ProShares的竞争对手Direxion和AXS也在筹备申请设立类似的ETF。去年10月，BITO成立后，Direxion也想申请成立一只类似的基金，但应美国监管机构的要求撤回了申请。
In addition, ProShares’ rivals, Direxion and AXS, are preparing applications for similar ETFs. Last October, when BITO was established, Direxion also wanted to apply for a similar fund, but withdrew the application at the request of the United States regulatory agencies.
责任编辑：于健 SF069
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