{"id":732439,"date":"2026-02-28T04:33:10","date_gmt":"2026-02-27T20:33:10","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=732439"},"modified":"2026-02-28T04:33:10","modified_gmt":"2026-02-27T20:33:10","slug":"%e7%ae%80%e8%a1%97%e6%9c%89%e6%b2%a1%e6%9c%89%e3%80%8c%e6%93%8d%e7%ba%b5%e3%80%8dbtc%ef%bc%9f%e6%8b%86%e8%a7%a3-ap-%e5%88%b6%e5%ba%a6%ef%bc%8c%e8%af%bb%e6%87%82-etf-%e7%94%b3%e8%b5%8e%e6%9c%ba","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=732439","title":{"rendered":"\u7b80\u8857\u6709\u6ca1\u6709\u300c\u64cd\u7eb5\u300dBTC\uff1f\u62c6\u89e3 AP \u5236\u5ea6\uff0c\u8bfb\u61c2 ETF \u7533\u8d4e\u673a\u5236\u80cc\u540e\u7684\u5b9a\u4ef7\u6743\u535a\u5f08"},"content":{"rendered":"<blockquote>\n<p>\u4e0d\u662f\u67d0\u4e2a\u300c\u53cd\u6d3e\u300d\u7684\u95ee\u9898\uff0c\u800c\u662f\u6bcf\u4e00\u4e2a AP\uff0c\u90fd\u6709\u80fd\u529b\u5229\u7528\u7533\u8d4e\u673a\u5236\u5f71\u54cd BTC \u6d41\u52a8\u6027\u3002<\/p>\n<\/blockquote>\n<p><span>\u64b0\u6587\uff1aEddie Xin\uff0cOSL \u96c6\u56e2\u9996\u5e2d\u5206\u6790\u5e08<\/span><\/p>\n<p>\u300c\u4ed6\u4eec\u4e4b\u524d\u4e00\u76f4\u90fd\u5728\u73a9\u5f04\u6211\u4eec\uff08They were fcking us the whole time\uff09\u300d\u3002<\/p>\n<p>\u8fd9\u53e5\u5728\u8bc9\u8bbc\u540e\u6d41\u4f20\u4e8e Reddit \u4e0e CT\uff08Crypto Twitter\uff09\u7684\u7c97\u53e3\uff0c\u4f34\u968f\u7740\u8d85 2400 \u4ebf\u7f8e\u5143\u6e05\u7b97\u89c4\u6a21\u7684\u53f2\u8bd7\u7ea7\u7a7a\u5934\u6324\u538b\uff0c\u5c06\u5e02\u573a\u7684\u6012\u706b\u6307\u5411\u4e86\u540c\u4e00\u4e2a\u76ee\u6807\uff1a\u7b80\u8857\u8d44\u672c\uff08<span data-slug=\"jane_street\"><a href=\"https:\/\/www.bitpush.news\/articles\/tag\/jane-street\" title=\"\u67e5\u770bJane Street\u4e2d\u7684\u5168\u90e8\u6587\u7ae0\" target=\"_blank\" rel=\"noopener\">Jane Street<\/a> <\/span>Capital\uff09\u3002<\/p>\n<p>10 AM\uff0c\u8fd9\u4e2a\u8fc7\u53bb\u6570\u6708\u4e9a\u6d32\u5e02\u573a\u7684\u6d41\u52a8\u6027\u51b0\u70b9\uff0c\u968f\u7740<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e7%be%8e%e5%9b%bd\" title=\"View all posts in \u7f8e\u56fd\" target=\"_blank\" class=\"tag_link\">\u7f8e\u56fd<\/a>\u53f8\u6cd5\u90e8\u7684\u8bc9\u72b6\uff0c\u7ec8\u4e8e\u63ed\u5f00\u4e86\u51b0\u5c71\u4e00\u89d2\uff0c\u4e00\u5207\u6e90\u4e8e\u6210\u7acb\u4e8e 2000 \u5e74\u7684<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%8d%8e%e5%b0%94%e8%a1%97\" title=\"View all posts in \u534e\u5c14\u8857\" target=\"_blank\" class=\"tag_link\">\u534e\u5c14\u8857<\/a>\u9876\u7ea7\u505a\u5e02\u5546\u7b80\u8857\u8d44\u672c\uff08<a href=\"https:\/\/www.bitpush.news\/articles\/tag\/jane-street-capital\" title=\"\u67e5\u770bJane Street Capital\u4e2d\u7684\u5168\u90e8\u6587\u7ae0\" target=\"_blank\" rel=\"noopener\">Jane Street Capital<\/a>\uff09\uff0c\u5176\u88ab\u6307\u63a7<span>\u901a\u8fc7\u5b9a\u5411\u5728\u5e02\u573a\u4e2d\u901a\u8fc7 ETF \u5957\u5229\u7684\u624b\u6bb5\u5728\u73b0\u8d27\u4e0e\u884d\u751f\u54c1\u76d8\u53e3\u4e4b\u95f4\uff0c\u5229\u7528\u73b0\u8d27 ETF \u7684\u7533\u8d4e\u673a\u5236\uff08Creation &#038; Redemption\uff09\uff0c\u65bd\u5c55\u4e86\u4e00\u573a\u957f\u8fbe\u6570\u6708\u7684\u300c\u969c\u773c\u6cd5\u300d\u3002<\/span><\/p>\n<p>\u76f4\u5230\u4e00\u7eb8\u8bc9\u72b6\u5c06\u8fd9\u573a\u4e89\u8bae\u63a8\u5411\u516c\u4f17\u89c6\u91ce\uff0c\u56f4\u7ed5 ETF \u5957\u5229\u673a\u5236\u4e0e\u4ef7\u683c\u53d1\u73b0\u7ed3\u6784\u7684\u8ba8\u8bba\u8fc5\u901f\u5347\u6e29\uff0c\u5e02\u573a\u968f\u4e4b\u5267\u70c8\u53cd\u5f39\uff0c\u51fa\u73b0\u4e86\u8d85 2400 \u4ebf\u7f8e\u5143\u6e05\u7b97\u89c4\u6a21\u7684\u53f2\u8bd7\u7ea7\u7a7a\u5934\u6324\u538b\uff08Short Squeeze\uff09\u3002<\/p>\n<p>\u4f46 Jane Street \u771f\u7684\u662f\u90a3\u4e2a\u6309\u4e0b\u538b\u5236\u6309\u94ae\u7684\u5143\u51f6\u4e48\uff0c\u8fd9\u662f\u4e00\u4e2a\u81f3\u5c11\u4ef7\u503c 10 \u4ebf\u7f8e\u5143\u7684\u95ee\u9898\u3002<\/p>\n<p><img src=\"https:\/\/images.bitpush.news\/cn\/20260228\/177222363752856827\" style=\"display:block; margin-left:auto; margin-right:auto;\" alt=\"\u7b80\u8857\u6709\u6ca1\u6709\u300c\u64cd\u7eb5\u300dBTC\uff1f\u62c6\u89e3 AP \u5236\u5ea6\uff0c\u8bfb\u61c2 ETF \u7533\u8d4e\u673a\u5236\u80cc\u540e\u7684\u5b9a\u4ef7\u6743\u535a\u5f08\"\/><\/p>\n<h2>\u4e00\u3001\u7b80\u8857\uff08Jane Street\uff09\u662f\u5426\u771f\u7684\u538b\u5236\u4e86 BTC \u4ef7\u683c\uff1f<\/h2>\n<p>\u8fd9\u4e2a\u95ee\u9898\u503c\u5f97\u4e00\u4e2a\u51c6\u786e\u7684\u56de\u7b54\uff0c\u9996\u5148\u8981\u660e\u767d\u7684\u6700\u91cd\u8981\u7684\u4e00\u70b9\u662f\uff0c\u8fd9\u5176\u5b9e\u4e0d\u53ea\u662f\u4e00\u4e2a\u5173\u4e8e\u7b80\u8857\u7684\u95ee\u9898\u3002<\/p>\n<p>\u8fd9\u662f\u4e00\u4e2a\u5173\u4e8e<a href=\"https:\/\/www.bitpush.news\/articles\/tag\/%e6%af%94%e7%89%b9%e5%b8%81\" title=\"\u67e5\u770b\u6bd4\u7279\u5e01\u4e2d\u7684\u5168\u90e8\u6587\u7ae0\" target=\"_blank\" rel=\"noopener\">\u6bd4\u7279\u5e01<\/a> ETF \u67b6\u6784\u7ed3\u6784\u6027\u7279\u5f81\u7684\u95ee\u9898\uff0c\u5b83\u540c\u7b49\u5730\u9002\u7528\u4e8e\u751f\u6001\u7cfb\u7edf\u4e2d\u7684\u6bcf\u4e00\u4e2a\u6388\u6743\u53c2\u4e0e\u8005\uff08Authorized Participant\uff0c\u7b80\u79f0 AP\uff09\u3002\u4ec5\u5c31\u8d1d\u83b1\u5fb7\u7684 IBIT \u800c\u8a00\uff0c<span>\u8fd9\u4e2a\u540d\u5355\u5c31\u5305\u62ec\u7b80\u8857\u8d44\u672c\u3001\u6469\u6839\u5927\u901a\u3001\u9ea6\u683c\u7406\u3001Virtu Americas\u3001<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e9%ab%98%e7%9b%9b\" title=\"View all posts in \u9ad8\u76db\" target=\"_blank\" class=\"tag_link\">\u9ad8\u76db<\/a>\u3001Citadel Securities\u3001\u82b1\u65d7\u96c6\u56e2\u3001\u745e\u94f6\u548c\u8377\u5170\u94f6\u884c\u3002<\/span><\/p>\n<p>\u8fd9\u4e9b\u673a\u6784\u7684\u89d2\u8272\u786e\u5b9e\u88ab\u5916\u754c\u6df1\u6df1\u8bef\u89e3\u4e86\uff0c\u751a\u81f3\u5728\u7ecf\u9a8c\u4e30\u5bcc\u7684\u884c\u4e1a\u8001\u5175\u4e2d\u4e5f\u662f\u5982\u6b64\uff0c\u800c\u5728\u5f97\u51fa\u4efb\u4f55\u7ed3\u8bba\u4e4b\u524d\uff0c\u8fd9\u79cd\u8bef\u89e3\u503c\u5f97\u88ab\u7ea0\u6b63\u3002<\/p>\n<p>\u5173\u4e8e AP\uff0c\u9996\u5148\u8981\u4e86\u89e3\u7684\u662f\uff0c\u5b83\u4eec\u5728 Reg SHO\uff08\u7f8e\u56fd<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e8%af%81%e7%9b%91%e4%bc%9a\" title=\"View all posts in \u8bc1\u76d1\u4f1a\" target=\"_blank\" class=\"tag_link\">\u8bc1\u76d1\u4f1a<\/a>\u88f8\u5356\u7a7a\u76d1\u7ba1\u89c4\u5219\uff09\u7684\u76d1\u7ba1\u67b6\u6784\u4e2d\u5360\u636e\u4e86\u4e00\u4e2a\u8fb9\u7f18\u7279\u4f8b\u3002\u8b6c\u5982 Reg SHO \u8981\u6c42\u5356\u7a7a\u8005\u5728<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e5%81%9a%e7%a9%ba\" title=\"View all posts in \u505a\u7a7a\" target=\"_blank\" class=\"tag_link\">\u505a\u7a7a<\/a>\u4e4b\u524d\u5fc5\u987b\u5148\u878d\u5238\uff08\u5b9a\u4f4d\u80a1\u7968\uff09\uff0c\u4f46 AP \u51ed\u501f\u5176\u53c2\u4e0e\u7533\u8d2d\u548c\u8d4e\u56de\u7684\u5408\u540c\u6743\u5229\u83b7\u5f97\u4e86\u8c41\u514d\u3002<\/p>\n<p>\u867d\u7136\u8fd9\u542c\u8d77\u6765\u50cf\u662f\u7a0b\u5e8f\u6027\u7684\uff0c\u4f46\u5176\u5b9e\u9645\u540e\u679c\u662f\u91cd\u5927\u7684\uff0c\u8fd9\u610f\u5473\u7740\u4efb\u4f55 AP \u90fd\u53ef\u4ee5\u968f\u610f\u5236\u9020\u4efd\u989d\u2014\u2014\u6ca1\u6709\u501f\u5238\u6210\u672c\uff0c\u6ca1\u6709\u4f20\u7edf\u610f\u4e49\u4e0a\u4e0e\u505a\u7a7a\u76f8\u7ed1\u5b9a\u7684\u8d44\u91d1\u5360\u7528\uff0c\u9664\u4e86\u5546\u4e1a\u4e0a\u7684\u5408\u7406\u671f\u9650\u5916\uff0c\u4e5f\u6ca1\u6709\u5e73\u4ed3\u7684\u786c\u6027\u622a\u6b62\u65e5\u671f\u3002<\/p>\n<p>\u8fd9\u5c31\u662f\u7070\u8272\u5730\u5e26\uff1a<span>\u4e00\u4e2a\u4e3a\u6709\u5e8f\u7684 ETF \u505a\u5e02\u800c\u8bbe\u8ba1\u7684\u76d1\u7ba1\u8c41\u514d\uff0c\u4ece\u7ed3\u6784\u4e0a\u8bb2\uff0c\u5b83\u4e0e\u5177\u6709\u65e0\u4e0e\u4f26\u6bd4\u6301\u7eed\u65f6\u95f4\u7684\u76d1\u7ba1\u5957\u5229\u65e0\u6cd5\u533a\u5206\u3002 \u8fd9\u79cd\u8c41\u514d\u5e76\u975e\u67d0\u4e00\u5bb6\u516c\u53f8\u72ec\u6709\u3002\u5b83\u662f\u6210\u4e3a AP \u4ff1\u4e50\u90e8\u6210\u5458\u7684\u5148\u51b3\u6761\u4ef6\u3002<\/span><\/p>\n<h2><span>\u4e8c\u3001\u8fd9\u79cd AP \u8c41\u514d\u610f\u5473\u7740\u4ec0\u4e48\uff1f<\/span><\/h2>\n<p>\u901a\u5e38\u60c5\u51b5\u4e0b\uff0c\u5982\u679c IBIT \u7684\u4ea4\u6613\u4ef7\u683c\u4f4e\u4e8e\u5176\u8d44\u4ea7\u51c0\u503c\uff08NAV\uff09\uff0c\u4f60\u4f1a\u9884\u671f\u5957\u5229\u4e70\u5bb6\u4ecb\u5165\uff0c\u7528\u4efd\u989d\u8d4e\u56de<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e6%af%94%e7%89%b9%e5%b8%81\" title=\"View all posts in \u6bd4\u7279\u5e01\" target=\"_blank\" class=\"tag_link\">\u6bd4\u7279\u5e01<\/a>\uff0c\u5e76\u62b9\u5e73\u5dee\u4ef7\u3002\u4f46\u4efb\u4f55 AP \u672c\u8eab\u5c31\u662f\u90a3\u4e2a\u5957\u5229\u4e70\u5bb6\uff0c\u4ed6\u4eec\u63a7\u5236\u7740\u7ba1\u9053\uff0c\u8fd9\u610f\u5473\u7740\u4ed6\u4eec\u53bb\u62b9\u5e73\u8fd9\u4e2a\u5dee\u4ef7\u7684\u52a8\u673a\uff0c\u4e0e\u6ca1\u6709\u7533\u8d4e\u6743\u5229\u7684\u7b2c\u4e09\u65b9\u4ea4\u6613\u53f0\u662f\u4e0d\u540c\u7684\u3002<\/p>\n<p>\u542c\u7740\u5f88\u590d\u6742\uff0c\u4f46\u901a\u8fc7\u4e00\u4e2a\u7b80\u5355\u6bd4\u55bb\u5c31\u4f1a\u597d\u7406\u89e3\u4e86\uff1a<\/p>\n<h3><span>\u7b2c\u4e00\u5c42\uff1a\u4ec0\u4e48\u662f\u6b63\u5e38\u7684\u300c\u62b9\u5e73\u5dee\u4ef7\u300d\uff1f<\/span><\/h3>\n<p>\u5047\u8bbe\u5e02\u9762\u4e0a\u6709\u4e00\u4e2a\u76f2\u76d2\uff08\u8fd9\u5c31\u662f IBIT \u8fd9\u4e2a ETF\uff09\uff0c\u5927\u5bb6\u90fd\u77e5\u9053\u76f2\u76d2\u91cc\u9762\u88c5\u4e86\u4e00\u5f20\u4ef7\u503c 100 \u5757\u94b1\u7684\u771f\u5b9e\u6bd4\u7279\u5e01\u5151\u6362\u5238\uff08\u8fd9\u5c31\u662f\u8d44\u4ea7\u51c0\u503c NAV\uff09\u3002 \u4f46\u662f\u4eca\u5929\u5e02\u573a\u4e0a\u5927\u5bb6\u6050\u614c\uff0c\u8fd9\u4e2a\u76f2\u76d2\u7684\u6807\u4ef7\u8dcc\u5230\u4e86 95 \u5757\u94b1\u3002<\/p>\n<p>\u5982\u679c\u51fa\u4e8e\u6b63\u5e38\u4eba\u7684\u903b\u8f91\uff0c\u806a\u660e\u7684\u5546\u4eba\uff08\u5957\u5229\u4e70\u5bb6\uff09\u80af\u5b9a\u4f1a\u75af\u72c2\u82b1 95 \u5757\u94b1\u4e70\u5165\u76f2\u76d2\uff0c\u7136\u540e\u53bb\u627e\u5b98\u65b9\u62c6\u5f00\uff0c\u6362\u6210 100 \u5757\u94b1\u7684\u6bd4\u7279\u5e01\u5356\u6389\uff0c\u767d\u8d5a 5 \u5757\u94b1\u5dee\u4ef7\u3002<\/p>\n<p>\u4e5f\u6b63\u56e0\u4e3a\u5927\u5bb6\u90fd\u5728\u62a2\u8d2d\u76f2\u76d2\u53bb\u5957\u5229\uff0c\u76f2\u76d2\u7684\u4ef7\u683c\u5f88\u5feb\u5c31\u4f1a\u88ab\u4e70\u76d8\u63a8\u9ad8\uff0c\u91cd\u65b0\u56de\u5230 100 \u5757\u3002\u8fd9\u5c31\u53eb\u300c\u62b9\u5e73\u5dee\u4ef7\u300d\u3002<\/p>\n<h3><span>\u7b2c\u4e8c\u5c42\uff1a\u300c\u5784\u65ad\u901a\u9053\u300d\u7684 AP<\/span><\/h3>\n<p>\u4f46\u5728\u6bd4\u7279\u5e01 ETF \u7684\u771f\u5b9e\u4e16\u754c\u91cc\uff0c\u666e\u901a\u7684\u4ea4\u6613\u516c\u53f8\u548c\u6563\u6237\u662f\u6ca1\u6709\u8d44\u683c\u53bb\u627e\u5b98\u65b9\u201c\u62c6\u76f2\u76d2\u201d\u7684\uff08\u4e5f\u5c31\u662f\u6ca1\u6709\u7533\u8d4e\u6743\u5229\uff09\uff0c<span>\u5168\u5e02\u573a\u53ea\u6709\u51e0\u5bb6\u62e5\u6709\u7279\u6743\u7684\u534e\u5c14\u8857\u5927\u6295\u884c\uff08AP\uff09\u53ef\u4ee5\u505a\u8fd9\u4ef6\u4e8b\uff0c\u4e5f\u5c31\u662f\u8bf4\uff0cAP \u5784\u65ad\u4e86\u628a ETF \u6362\u6210\u771f\u5b9e\u6bd4\u7279\u5e01\u7684\u8fd9\u6761\u552f\u4e00\u901a\u9053\uff08\u4ed6\u4eec\u63a7\u5236\u7740\u7ba1\u9053\uff09\u3002<\/span><\/p>\n<h3><span>\u7b2c\u4e09\u5c42\uff1a\u4e3a\u4ec0\u4e48 AP \u4e0d\u6309\u5957\u7406\u51fa\u724c\uff1f<\/span><\/h3>\n<p>\u5982\u679c\u662f\u4e00\u4e2a\u666e\u901a\u7684\u7b2c\u4e09\u65b9\u5546\u4eba\uff0c\u770b\u5230\u8fd9 5 \u5757\u94b1\u7684\u65e0<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e9%a3%8e%e9%99%a9\" title=\"View all posts in \u98ce\u9669\" target=\"_blank\" class=\"tag_link\">\u98ce\u9669<\/a>\u5dee\u4ef7\uff0c\u80af\u5b9a\u7acb\u523b\u52a8\u624b\uff0c\u4f46\u662f AP \u4e0d\u4e00\u6837\uff0c\u5b83\u4eec\u4f1a\u7b97\u4e00\u7b14\u66f4\u7cbe\u660e\u7684\u8d26\uff1a\u300c\u53cd\u6b63\u53ea\u6709\u6211\u80fd\u62c6\u76f2\u76d2\uff0c\u6211\u6025\u4ec0\u4e48\uff1f\u5982\u679c\u6211\u6545\u610f\u4e0d\u628a\u4ef7\u683c\u62c9\u56de 100 \u5757\uff0c\u800c\u662f\u5229\u7528\u76ee\u524d 95 \u5757\u7684\u4f4e\u4ef7\u5047\u8c61\uff0c\u53bb\u53e6\u4e00\u4e2a\u8d4c\u573a\uff08\u6bd4\u5982\u6bd4\u7279\u5e01\u671f\u8d27\u5e02\u573a\uff09\u505a\u7a7a\u6216\u8005\u505a\u591a\uff0c\u6211\u53ef\u80fd\u80fd\u8d5a 20 \u5757\u94b1\uff01\u300d<\/p>\n<p>\u603b\u7ed3\u6210\u4e00\u53e5\u8bdd\u5c31\u662f\uff1a\u5e02\u573a\u539f\u672c\u6709\u4e00\u4e2a\u81ea\u52a8\u7ea0\u9519\u7684\u673a\u5236\uff08\u8dcc\u591a\u4e86\u5c31\u4f1a\u6709\u4eba\u4e70\u5165\u5957\u5229\u6765\u62ac\u9ad8\u4ef7\u683c\uff09\uff0c\u4f46\u662f\uff0c\u56e0\u4e3a\u6267\u884c\u8fd9\u4e2a\u7ea0\u9519\u673a\u5236\u7684\u300c\u552f\u4e00\u5f00\u5173\u300d\u638c\u63e1\u5728 AP \u624b\u91cc\uff0c\u800c AP \u53d1\u73b0\u300c\u4e0d\u7ea0\u9519\u3001\u7ef4\u6301\u5dee\u4ef7\u300d\u80fd\u8ba9\u4ed6\u4eec\u5728\u522b\u7684\u5730\u65b9\u8d5a\u5f97\u66f4\u591a\uff0c\u6240\u4ee5\u4ed6\u4eec\u6839\u672c\u6ca1\u6709\u52a8\u529b\u53bb\u628a\u4ef7\u683c\u62c9\u56de\u6b63\u5e38\u6c34\u5e73\u3002<\/p>\n<p>\u6563\u6237\u5728\u82e6\u7b49\u5957\u5229\u5927\u519b\u6765\u62ef\u6551\u4ef7\u683c\uff0c\u5374\u4e0d\u77e5\u9053\u552f\u4e00\u7684\u5957\u5229\u5927\u519b\uff08AP\uff09\u6b63\u5728\u65c1\u8fb9\u5229\u7528\u8fd9\u4e2a\u5dee\u4ef7\u8d5a\u5176\u4ed6\u5e02\u573a\u7684\u94b1\u3002<\/p>\n<h2><span>\u4e09\u3001\u95ee\u9898\u4e0d\u5728\u7b80\u8857\uff0c\u800c\u662f AP \u7684\u67b6\u6784<\/span><\/h2>\n<p>IBIT \u7684\u505a\u7a7a\u98ce\u9669\u655e\u53e3\u539f\u5219\u4e0a\u53ef\u4ee5\u7528\u505a\u591a\u6bd4\u7279\u5e01\u73b0\u8d27\u6765\u5bf9\u51b2\uff0c\u4f46\u8fd9\u5e76\u975e\u5fc5\u987b\uff0c\u53ea\u8981\u6240\u9009\u5de5\u5177\u4fdd\u6301\u7d27\u5bc6\u7684\u76f8\u5173\u6027\u5373\u53ef\u3002<\/p>\n<p>\u663e\u800c\u6613\u89c1\u7684\u66ff\u4ee3\u54c1\u662f BTC \u671f\u8d27\uff0c\u7279\u522b\u662f\u8003\u8651\u5230\u5b83\u4eec\u7684\u8d44\u91d1\u6548\u7387\u3002\u8fd9\u5176\u5b9e\u610f\u5473\u7740\uff0c\u5982\u679c\u5bf9\u51b2\u5de5\u5177\u662f\u671f\u8d27\u800c\u4e0d\u662f\u73b0\u8d27\uff0c\u90a3\u4e48\u73b0\u8d27\u5c31\u4ece\u672a\u88ab\u4e70\u5165\uff0c\u800c\u7531\u4e8e\u5929\u7136\u7684\u5957\u5229\u4e70\u5bb6\u9009\u62e9\u4e0d\u4e70\u5165\u73b0\u8d27\uff0c\u8fd9\u79cd\u4ef7\u5dee\u65e0\u6cd5\u901a\u8fc7\u5929\u7136\u7684\u5957\u5229\u673a\u5236\u6765\u95ed\u5408\u3002 <\/p>\n<p>\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u73b0\u8d27 \/ \u671f\u8d27\u57fa\u5dee\u672c\u8eab\u5c31\u662f\u6574\u4e2a\u57fa\u5dee\u4ea4\u6613\u8005\u7fa4\u4f53\u7684\u4e3b\u9898\uff0c\u4ed6\u4eec\u81f4\u529b\u4e8e\u4fdd\u6301\u8fd9\u79cd\u5173\u7cfb\u7684\u7d27\u5bc6\u6027\u3002\u4f46\u662f\u5bf9\u51b2\u5de5\u5177\u548c\u6807\u7684\u8d44\u4ea7\u4e4b\u95f4\u7684\u6bcf\u4e00\u6b21\u5206\u79bb\uff0c\u90fd\u4f1a\u5f15\u5165\u4e0d\u7eaf\u7cb9\u7684\u57fa\u5dee\u98ce\u9669\uff08dirty basis risk\uff09\uff0c\u8fd9\u79cd\u98ce\u9669\u5728\u6574\u4e2a\u7ed3\u6784\u4e2d\u4e0d\u65ad\u53e0\u52a0\u2014\u2014\u800c\u5728\u538b\u529b\u6761\u4ef6\u4e0b\uff0c\u57fa\u5dee\u98ce\u9669\u6b63\u662f\u5e02\u573a\u9519\u4f4d\u51fa\u73b0\u7684\u5730\u65b9\u3002<\/p>\n<p>\u6700\u540e\u4e00\u5757\u62fc\u56fe\u6d89\u53ca <a href=\"https:\/\/www.alphaseek.cn\/?tag=sec\" title=\"View all posts in SEC\" target=\"_blank\" class=\"tag_link\">SEC<\/a> \u6700\u8fd1\u6279\u51c6\u7684\u5b9e\u7269\u7533\u8d2d\u548c\u8d4e\u56de\uff08in-kind creation and redemption\uff09\uff0c\u5728\u4e4b\u524d\u7684\u7eaf\u73b0\u91d1\uff08cash-only\uff09\u5236\u5ea6\u4e0b\uff0cAP \u88ab\u8981\u6c42\u5411\u57fa\u91d1\u4ea4\u4ed8\u73b0\u91d1\uff0c\u7136\u540e\u6258\u7ba1\u4eba\u5229\u7528\u8fd9\u7b14\u73b0\u91d1\u8d2d\u4e70\u6bd4\u7279\u5e01\u73b0\u8d27\uff0c\u8fd9\u79cd\u8d2d\u4e70\u52a8\u4f5c\u662f\u4e00\u4e2a\u7ed3\u6784\u6027\u7684\u8c03\u8282\u5668\u2014\u2014\u5b83\u4f5c\u4e3a\u7533\u8d2d\u7684\u673a\u68b0\u540e\u679c\uff0c\u5f3a\u5236\u4e86\u73b0\u8d27\u7684\u4e70\u5165\u3002<\/p>\n<p>\u5b9e\u7269\u7533\u8d4e\u5219\u5f7b\u5e95\u6d88\u9664\u4e86\u8fd9\u4e00\u70b9\uff0c\u73b0\u5728\u4efb\u4f55 AP \u90fd\u53ef\u4ee5\u76f4\u63a5\u4ea4\u4ed8\u6bd4\u7279\u5e01\uff0c\u5176\u83b7\u53d6\u6765\u6e90\u7684\u65f6\u95f4\u548c\u4ea4\u6613\u5bf9\u624b\u90fd\u53ef\u4ee5\u7531\u5176\u81ea\u884c\u9009\u62e9\uff1a\u573a\u5916\u4ea4\u6613\u53f0\uff08OTC desks\uff09\u3001\u534f\u5546\u5b9a\u4ef7\u3001\u5c06\u5e02\u573a\u51b2\u51fb\u964d\u81f3\u6700\u4f4e\u3002<\/p>\n<p>\u5bf9\u8fd9\u79cd\u7075\u6d3b\u6027\u6700\u5bbd\u6cdb\u7684\u89e3\u8bfb\u662f\uff0cAP \u53ef\u4ee5\u7ef4\u6301\u884d\u751f\u54c1\u5934\u5bf8\uff0c\u65e8\u5728\u6536\u53d6\u5728\u7a7a\u5934\u5efa\u7acb\u4e0e\u5b8c\u6210\u5b9e\u7269\u4ea4\u4ed8\u4e4b\u95f4\u8fd9\u4e2a\u65f6\u95f4\u7a97\u53e3\u5185\u7684\u8d44\u91d1\u8d39\u7387\u6216\u6ce2\u52a8\u7387\u5229\u6da6\u2014\u2014\u540c\u65f6\u786e\u4fdd\u6bcf\u4e00\u4e2a\u5355\u72ec\u7684\u6b65\u9aa4\u90fd\u4ecd\u7b26\u5408\u5408\u6cd5 AP \u6d3b\u52a8\u7684\u5b9a\u4e49\u3002<\/p>\n<p>\u800c\u8fd9\u6070\u6070\u662f\u95ee\u9898\u7684\u75c7\u7ed3\u6240\u5728\uff0c\u5f00\u7aef\u770b\u8d77\u6765\u50cf\u662f\u6b63\u5e38\u7684\u505a\u5e02\u884c\u4e3a\uff0c\u7ed3\u5c40\u770b\u8d77\u6765\u4e5f\u50cf\u662f\u6b63\u5e38\u7684\u505a\u5e02\u884c\u4e3a\uff0c\u6b63\u662f\u4e2d\u95f4\u8fc7\u7a0b\u96be\u4ee5\u88ab\u6e05\u6670\u5730\u5f52\u7c7b\u3002 \u8fd9\u5e76\u4e0d\u662f\u5bf9\u4efb\u4f55\u5355\u4e00\u516c\u53f8\u7684\u63a7\u8bc9\u3002<span>IBIT \u540d\u5355\u4e0a\u7684\u6bcf\u4e00\u4e2a AP\uff0c\u8fdb\u800c\u63a8\u53ca\u6bcf\u4e00\u4e2a\u6bd4\u7279\u5e01 ETF \u7684\u6bcf\u4e00\u4e2a AP\uff0c\u90fd\u5728\u76f8\u540c\u7684\u7ed3\u6784\u6846\u67b6\u5185\u8fd0\u4f5c\uff0c\u4eab\u6709\u76f8\u540c\u7684\u8c41\u514d\u6743\uff0c\u5e76\u56e0\u6b64\u5177\u5907\u76f8\u540c\u7684\u7406\u8bba\u80fd\u529b\u3002<\/span>\u4ed6\u4eec\u4e2d\u662f\u5426\u6709\u4eba\u4ee5\u4e00\u79cd\u6e38\u8d70\u5728\u534f\u540c\u6d3b\u52a8\u8fb9\u7f18\u7684\u65b9\u5f0f\u884c\u4f7f\u4e86\u8fd9\u79cd\u80fd\u529b\uff0c\u8fd9\u4e2a\u95ee\u9898\u5b8c\u5168\u5c5e\u4e8e SEC \u5728\u6279\u51c6 ETF \u65f6\u8981\u6c42\u7b7e\u8ba2\u7684\u300c\u76d1\u63a7\u5171\u4eab\u534f\u8bae\u300d\u7684\u8303\u7574\u3002<\/p>\n<p>\u8fd9\u4e9b\u534f\u8bae\u662f\u5426\u8db3\u4ee5\u6355\u6349\u540c\u65f6\u8de8\u8d8a\u73b0\u8d27\u3001\u671f\u8d27\u548c ETF \u5e02\u573a\uff08\u751a\u81f3\u5305\u62ec\u8de8\u79bb\u5cb8\u4ea4\u6613\u573a\u6240\uff09\u7684\u884c\u4e3a\uff0c\u4ecd\u7136\u662f\u4e00\u4e2a\u771f\u6b63\u60ac\u800c\u672a\u51b3\u7684\u95ee\u9898\u3002<\/p>\n<p>\u4e00\u8a00\u4ee5\u853d\u4e4b\uff0c\u7b80\u8857\u53ea\u662f\u88ab\u63a8\u5230\u4e86\u805a\u5149\u706f\u4e0b\uff0c\u771f\u6b63\u7684\u95ee\u9898\u6df1\u57cb\u5728\u6bd4\u7279\u5e01 ETF \u90a3\u5957\u7531\u534e\u5c14\u8857\u8001\u5175\u4eb2\u624b\u8bbe\u8ba1\u7684\u5e95\u5c42\u67b6\u6784\u4e4b\u4e2d\uff0c<span>\u6ca1\u6709\u54ea\u4e2a AP \u5728\u660e\u786e\u5730\u538b\u5236\u6bd4\u7279\u5e01\u4ef7\u683c\uff0cAP \u7ed3\u6784\u6240\u80fd\u538b\u5236\u7684\uff0c\u662f\u4ef7\u683c\u53d1\u73b0\u673a\u5236\u672c\u8eab\u7684\u5b8c\u6574\u6027\uff0c\u8fd9\u53ef\u80fd\u8fdc\u8fdc\u6bd4\u524d\u8005\u5f71\u54cd\u66f4\u6df1\u8fdc\u3002<\/span><\/p>\n<p>\u6240\u4ee5\uff0c\u771f\u6b63\u503c\u5f97\u95ee\u7684\u95ee\u9898\uff0c\u4e0d\u662f\u67d0\u5bb6\u7279\u5b9a\u7684\u516c\u53f8\u662f\u5426\u662f\u53cd\u6d3e\uff0c\u800c\u662f\u4e00\u4e2a\u4e3a 20 \u4e16\u7eaa\u4f20\u7edf\u91d1\u878d\u5efa\u7acb\u7684\u76d1\u7ba1\u6846\u67b6\uff0c\u662f\u5426\u9002\u5408\u6258\u7ba1\u4e00\u79cd 21 \u4e16\u7eaa\u300c\u4ef7\u503c\u5728\u4e8e\u4e0d\u53d7\u76d1\u7ba1\u673a\u6784\u63a7\u5236\u300d\u7684\u65b0\u5174\u8d44\u4ea7\uff1f<\/p>\n<p>\u8fd9\u6216\u8bb8\u662f\u52a0\u5bc6\u5e02\u573a\u8fdb\u5165\u300c\u5927\u673a\u6784\u65f6\u4ee3\u300d\u5fc5\u987b\u7f34\u7eb3\u7684\u5b66\u8d39\uff0c\u6bd5\u7adf\u6211\u4eec\u867d\u7136\u6e34\u671b\u534e\u5c14\u8857\u7684\u6d41\u52a8\u6027\u704c\u6e89\uff0c\u5374\u5e76\u4e0d\u5e0c\u671b\u88ab\u52a8\u63a5\u53d7\u4ed6\u4eec\u5229\u7528\u76d1\u7ba1\u8c41\u514d\u6743\u6784\u5efa\u7684\u9ed1\u76d2<a href=\"https:\/\/www.alphaseek.cn\/?tag=%e6%b8%b8%e6%88%8f\" title=\"View all posts in \u6e38\u620f\" target=\"_blank\" class=\"tag_link\">\u6e38\u620f<\/a>\u3002<\/p>\n<p>\u8fd9\u4e0d\u4ec5\u662f\u5173\u4e8e\u7b80\u8857\u7684\u7b54\u6848\uff0c\u66f4\u662f\u5173\u4e8e\u6bd4\u7279\u5e01 ETF \u65f6\u4ee3\u7684\u7ec8\u6781\u8ffd\u95ee\u3002<\/p>\n<hr\/>\n<p>Twitter\uff1a<a href=\"https:\/\/twitter.com\/BitpushNewsCN\" target=\"_self\" rel=\"noopener\">https:\/\/twitter.com\/BitpushNewsCN<\/a><\/p>\n<p>\u6bd4\u63a8 TG \u4ea4\u6d41\u7fa4\uff1a<a href=\"https:\/\/t.me\/BitPushCommunity\" target=\"_self\" rel=\"noopener\">https:\/\/t.me\/BitPushCommunity<\/a><\/p>\n<p>\u6bd4\u63a8 TG \u8ba2\u9605\uff1a <a href=\"https:\/\/t.me\/bitpush\" target=\"_self\" rel=\"noopener\">https:\/\/t.me\/bitpush<\/a><\/p>\n<p>(\u6765\u6e90:\u6bd4\u63a8)                                                             <ins                                 data-ad-layout=\"in-article\"                                 data-ad-format=\"fluid\"                                 data-ad-client=\"ca-pub-8211126797345278\"                                 data-ad-slot=\"6642518713\"><\/ins>                                                                                                                                                                                                                                                                  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target=\"_blank\">\u5982\u4f55\u7528\u6ea2\u4ef7\u7387\u63d0\u524d24\u5c0f\u65f6\u770b\u900fETF\u8d44\u91d1\u6d41\u5411\uff1f<\/a> <span data=\"1769778383\" ><\/span><\/li>\n<li><a rel=\"bookmark noopener\" href=\"https:\/\/www.bitpush.news\/articles\/7596458\" title=\"Strategy\u5355\u5468\u626b\u8d271\u4e07\u679aBTC\uff0c\u5e02\u573a\u4f9b\u5e94\u662f\u5426\u544a\u6025\" target=\"_blank\">Strategy\u5355\u5468\u626b\u8d271\u4e07\u679aBTC\uff0c\u5e02\u573a\u4f9b\u5e94\u662f\u5426\u544a\u6025<\/a> <span data=\"1765984310\" ><\/span><\/li>\n<li><a rel=\"bookmark noopener\" href=\"https:\/\/www.bitpush.news\/articles\/7588551\" title=\"\u5e02\u573a\u629b\u538b\u4e0b\uff0c\u54ea\u4e9b\u8d44\u91d1\u5728\u9006\u52bf\u4e70\u5165BTC\u4e0eETH\" target=\"_blank\">\u5e02\u573a\u629b\u538b\u4e0b\uff0c\u54ea\u4e9b\u8d44\u91d1\u5728\u9006\u52bf\u4e70\u5165BTC\u4e0eETH<\/a> <span data=\"1763385760\" ><\/span><\/li>\n<li><a rel=\"bookmark noopener\" href=\"https:\/\/www.bitpush.news\/articles\/7559694\" title=\"Jack Dorsey\u7684\u9633\u8c0b\uff1aBlock\u501f\u6807\u666e500\u901a\u9053\uff0c\u5582\u517b\u6bd4\u7279\u5e01&#8221;\u7279\u6d1b\u4f0a\u6728\u9a6c&#8221;\" target=\"_blank\">Jack Dorsey\u7684\u9633\u8c0b\uff1aBlock\u501f\u6807\u666e500\u901a\u9053\uff0c\u5582\u517b\u6bd4\u7279\u5e01&#8221;\u7279\u6d1b\u4f0a\u6728\u9a6c&#8221;<\/a> <span data=\"1754049363\" ><\/span><\/li>\n<\/ul><\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u4e0d\u662f\u67d0\u4e2a\u300c\u53cd\u6d3e\u300d\u7684\u95ee\u9898\uff0c\u800c\u662f\u6bcf\u4e00\u4e2a AP\uff0c\u90fd\u6709\u80fd\u529b\u5229\u7528\u7533\u8d4e\u673a\u5236\u5f71\u54cd BTC \u6d41\u52a8\u6027\u3002 \u64b0\u6587\uff1aEddie Xin [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[327],"tags":[271,71,368,142,241,22,321,367,48,192,38],"views":105,"_links":{"self":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/732439"}],"collection":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=732439"}],"version-history":[{"count":0,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/732439\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=732439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=732439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=732439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}