This has been a whirlwind June. Regulators attempted a deathblow against the industry a couple weeks ago and now Bitcoin is posting new 2023 highs while altcoins mount steady recoveries. Today, we dig into the institutional embrace of BTC that’s prompting much of this broader comeback.
这是一个旋风般的六月。几周前，美国监管机构试图对加密行业进行致命打击，而现在比特币创下了2023年的新高，山寨币则在稳步反弹中。本文将探讨机构对比特币的支持，这在很大程度上推进了加密市场的广泛复苏。
Over a dozen asset managers have sought the SEC’s regulatory blessing to launch some form of spot Bitcoin exchange-traded fund (ETF) over the years, but thus far, applicants have been met with little more than silence or rejection.
多年来，有十几家资产管理公司寻求美国证券交易委员会（SEC）的监管许可，以推出某种形式的现货比特币交易所交易基金（ETF），但截至目前，申请者得到的只是沉默或拒绝。
Just last week, however, BlackRock, the world’s largest asset management firm with over $9 trillion in AUM and a nearly impeccable ETF approval record, added its name to this list. Renewed hope has emerged that the spot BTC ETF status quo may be about to change and BlackRock’s proposed ETF is viewed by many as having a legitimate chance of gaining the SEC’s approval.
就在上周，拥有超过9万亿美元资产管理规模和近乎100% ETF 获批记录的全球最大资产管理公司贝莱德（BlackRock）加入到了现货比特币ETF申请行列。人们重新燃起了希望，认为现货比特币ETF的现状可能即将改变，许多人认为贝莱德提出的ETF很有可能获得SEC的批准。
Markets are now signaling that BlackRock’s application has increased the likelihood of other spot BTC ETF approvals. The market discount to net asset value (NAV) of the Grayscale Bitcoin Trust (GBTC) serves as a barometer for the likelihood of spot BTC ETF approval for them. Currently, this discount sits at a 2023 low of 33.5%.
市场目前显示，贝莱德的申请增加了其他现货比特币ETF获批的可能性。灰度比特币信托（GBTC）的资产净值（NAV）的市场折价是现货BTC ETF获批可能性的晴雨表。目前，这一折价处于2023年低点33.5%。
Today, we’re exploring the SEC concern that has held up every previous spot Bitcoin ETF application, discussing whether we just saw the next chapter of Operation Choke Point 2.0 play out, and answering the one question every degen is asking.
今天，我们探究一下美国证交会之前所关注的所有现货比特币ETF应用，看看我们所看到是否正是“瓶颈行动2.0”的下一个环节。
The Fine Print
附加条款
The first BTC futures ETF received regulatory approval from the SEC in October 2021, but the agency has long dragged its feet on approving a BTC spot ETF.
首只BTC期货ETF于2021年10月获得SEC的监管批准，但该机构长期以来迟迟不批准BTC现货ETF。
Present in any of the SEC’s numerous rejection letters of spot Bitcoin ETF applications is a similar passage citing the listing exchange’s failure to meet its burden under the Exchange Act through an inability to prevent fraud and market manipulation as the reason for disapproval.
在SEC拒绝现货比特币ETF申请的众多信函中，有一段类似的文字，称上市交易所不能履行《交易法》规定的义务，无法防止欺诈和市场操纵，因此不予批准。
To demonstrate that an exchange listing shares of a proposed spot Bitcoin ETF can meet its obligations under the Exchange Act, the SEC prescribes a “comprehensive surveillance-sharing agreement with a regulated market of significant size related to the underlying or reference bitcoin assets.”
为了证明在拟议的现货比特币ETF上市的交易所能够履行《交易法》规定的义务，SEC规定了一项“与基础或参考比特币资产相关的大规模受监管市场的全面监管共享协议”。
Getting in the way of a potential comprehensive surveillance-sharing agreement is the lack of U.S.-regulated Bitcoin spot markets. Applicants have long detested this framework, claiming that if regulators are comfortable with ETFs holding derivatives of an asset, they should logically be comfortable with an ETF holding that underlying.
由于比特币现货市场缺乏美国监管，从而无法达成潜在的全面监管共享协议。申请人长期以来一直诟病这一框架，他们认为，如果监管机构不反对持有某资产衍生品的ETF，那么从逻辑上讲，也应该会支持持有该标的资产的ETF。
Further, the SEC frequently accepts surveillance-sharing agreements with regulated futures exchanges in commodity and currency markets where unregulated spot exchanges are the norm (i.e.; soybeans and USD).
进一步，SEC经常接受与受监管的商品和货币市场期货交易所的监管共享协议。在商品和货币市场上，不受监管的现货交易是常态（如大豆和美元）。
So why have these rules been applied differently to the granddaddy of all crypto currencies with commodity-like properties so strong not even the SEC dares stake its reputation detesting them? Perhaps, the SEC’s decision making has been compelled by the hidden hand of Operation Choke Point 2.0…
那么，为什么这些规则会以不同的方式适用于比特币呢?比特币的商品属性如此强大，甚至连SEC都不敢拿自己的声誉冒险。或许，SEC的这一决策是受到了“瓶颈行动2.0”的幕后操作者的干预。。。
Regulator Red Carpet?
监管的红毯
Do you too find it just a little suspicious that during a June filled with nothing other than Gary Gensler attacking crypto exchanges and labeling tokens as securities, BlackRock chose to apply for a Bitcoin spot ETF?
你是否也发现了其中的不寻常？整个六月都被Gary Gensler对加密货币交易所的攻击，以及给代币贴上证券标签的势头所占据，贝莱德却在这种环境下选择申请现货比特币ETF。
Is BlackRock’s ETF application just part of a greater government effort to instill TradFi institutions at the helm of the crypto landscape? Or has BlackRock just seen the writing on the wall and is timing its entrance to fill a vacuum of institutional trust triggered by the SEC crackdown?
是否贝莱德的这次ETF申请，只是政府尝试将 TradFi 机构托举为加密领域掌舵者的一部分努力？或者，贝莱德只是嗅到了商机，择时进入，以填补SEC打击行动引发的机构信任真空？
Either way, Nic Carter first sounded the alarm on “Operation Choke Point 2.0” in February, and over the subsequent four and a half months, we’ve witnessed a continued regulatory crackdown on crypto-related banking, exchange, and staking service providers.
无论哪种情况，Nic Carter在2月份首次就“瓶颈行动2.0”敲响了警钟，在接下来的四个半月里，我们目睹了监管机构对加密货币相关银行、交易所和质押服务提供商的持续打压。
First, BlackRock. Now, enter EDX: an institution-tailored crypto exchange and the brainchild of TradFi titans like Charles Schwab, Citadel Securities, and Fidelity that formed in September 2022 but launched its first four digital asset markets on Tuesday, June 20.
先是贝莱德，而后是EDX，一家为机构量身定制的加密货币交易所，由嘉信理财（Charles Schwab）、城堡证券（Citadel Securities）和富达（Fidelity）等TradFi巨头创意，成立于2022年9月，但选择在2023年6月20日（周二）推出其首个四大数字资产市场。
Like any “exchange” in traditional finance, EDX will only serve as a marketplace, matching buyers with sellers and separating exchange functionality from brokerage and custody services. While unlike the all-in-one models offered by CEXs like Coinbase and Binance, EDX’s approach appears compliant with the SEC’s calls for separation of core trading functions.
与传统金融领域的任何“交易所”一样，EDX将只作为一个市场，为买家和卖家牵线搭桥，并将交易所功能与经纪和托管服务分离开来。与Coinbase和Binance等交易所提供的一体化模式不同，EDX的方法似乎符合SEC要求分离核心交易功能的规定。
Furthermore, EDX will constrain its initial markets to Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). TradFi’s incumbents appear to be working within the bounds of an unwritten SEC rulebook and it’s plausible that EDX’s unique structure will meet the agency’s definition of a “regulated” Bitcoin spot market.
此外，EDX将其初始市场限制为比特币（BTC）、以太坊（ETH）、莱特币（LTC）和比特币现金（BCH）。TradFi机构似乎在一个不成文的SEC规则手册中运行，EDX的独特结构似乎符合SEC对“受监管”的比特币现货市场的定义。
Whether there is a bonafide conspiracy here or just a flurry of regulators defaulting to the devil they know, it’s clear that the government is spending an outsized amount of effort punishing builders in the crypto space while simultaneously showing TradFi speculators the red carpet.
无论这是一场阴谋，或只是一连串监管机构默许的操作，很明显，政府正在花费大量精力惩罚加密领域的建设者，与此同时，为TradFi投机者铺路。
Bull SZN?
牛市？
Rumors of BlackRock’s filing proved the only thing needed to mark the bottom for crypto markets pummeled by an endless regulatory onslaught, and out of them, the world’s asset management firms emerged as future sellers of Bitcoin investment products.
事实证明，贝莱德提交申请的传言是标志着加密市场触底反弹的唯一因素，当时的加密市场正在遭受无休止的监管冲击，全球资产管理公司从中脱颖而出，成为比特币投资产品的未来卖家。
Traders are now betting that the institutions piling into crypto will inevitably realign their narratives to sell BTC products to customers over the coming years, meaning your crypto bags may soon receive the giga-bid!
交易员现在押注，涌入加密货币的机构将重新调整他们的叙事，在未来几年内向客户出售 BTC 产品，这意味着现在持有加密货币的用户可能很快就会看到巨额收益。
Tokens across the board have rallied since BlackRock’s announcement, but Bitcoin has been the primary beneficiary, dominating alts and riding the week-long wave of subsequent bullish price action to touch above 2023 highs at $31.3k .
自贝莱德宣布这一消息以来，市场全面上涨，山寨币受到提振，但比特币是主要受益者，并在随后为期一周的看涨价格走势中触及 2023 年高点 3.13 万美元。
While it is always unknown where asset prices are headed in the short term, especially in volatility-filled crypto markets, the calculated decisions made by America’s preeminent financial institutions to bolster their position in the industry is evidence that crypto is here to stay.
虽然资产价格在短期内的走向始终未知，尤其是在充满波动的加密市场，但美国金融巨头为巩固其在行业中的地位而做出的深思熟虑的决定证明了加密货币将继续存在。
The titans of TradFi get paid to seek out opportunity – and right now, the major players are visibly committing corporate resources towards establishing footholds in the industry. BlackRock began the hunt for Digital Assets Associates two weeks ago .
TradFi的巨头们通过寻找机会获得利润，而目前，主要参与者显然正在投入企业资源以在该行业建立立足点，贝莱德两周前开始招聘数字资产人才。
With prices pressed against heavy resistance, crypto’s institution-induced rally may largely be over with (for now), but allow this chapter in history to strengthen your long-term resolve in crypto and make sure to remember it the next time the industry is confronted with hardship! Just don’t forget to thank BlackRock for reaffirming your faith in crypto.
伴随着针对价格压力的强大阻力，由机构诱导的反弹行情很可能即将结束在短期内，但贝莱德的这一举动让我们坚定了对加密货币的长期信心！