AOFEX Insight: Bitcoin-linked ETF Officially Gets Listed

ThefirstbitcoinETFfinallygetslistedintheUnitedStatesafter8yearsofa?longjourneysince2013.TheU.S.SECapprovedthefirstbitcoin-linkedETFafterits5commissionmembers’discussion.

It'sunderstoodiftheSECdoesnotreject,delayoraskmorequestions,thebitcoin-linkedETFproposalwilltakeeffectautomatically.DuringOctober15-18,norejection,delayormorequestionswere?heard.At9:30am,October19,ProShares’sCEOMichaelSapirrangthebellattheNYSE.Itisamilestoneinthehistoryofbitcoin,whichseesthepublic?listingofbitcoin-linkedETFbyProSharestradingunderTickerSymbolBITO.After4tradingdayssinceOctober20,1.2billiondollarsflowintothebitcoin-linkedETFandthebitcoinpricehitsanewrecord.

ItislearnedthatthefeeontheETFis0.95%,whichisonly?halfofthefeeonGBTC,whichis2%.Atthesametime,GrayscaleInvestmentsplansonfilinganapplicationtoconverttheworld’sbiggestbitcoinfundintoaspotETF,accordingtoapersonwithknowledgeofthematter.Bitcoin?trust?isnotthedesiredoneforGrayscale?fromtheverybeginning.InJanuary2017,GrayscalefiledanapplicationofbitcoinspotETFlistingtoSEC,butwithdrewitinOctobersinceSECthinksthebitcoinmarketisextremelyrisky.NowitseemsthatGrayscale?nevergivesupthebitcoinETF.

“AOFEX理财挖矿—Staking”首期FIL锁仓质押专场开启:据官方消息，“AOFEX理财挖矿—Staking”首期FIL锁仓质押专场开启后，AOFEX现特开启FIL锁仓质押专场第二期，即刻开启AOFEX Staking，随时随地享收益。AOFEX Staking将围绕平台使命“让数字金融普惠大众”，只为用户数字资产创造更高的收益价值。

?AOFEX数字货币金融衍生品交易所，旨在为用户提供优质服务和资产安全保障。

?[2021/4/9 20:02:17]

WhatisanETF?

ETF(exchange-tradedfund)meansanexchange-tradedopenindexfund.Itisatraditionalfinancialmarketconcept,listedonexchanges,openwithvariablefundshares,suchasBUZZETF,ARKETF,VanguardETF,andSPYETF.

ETFvsmutualfund

ListingonexchangesComparedtotraditionalmutualfunds,listingonexchangesisfeaturedbystandardizedproducts?amonginvestors,all-daytradingcapability,andliquidityenhancement.

InstanttransparencyofshareholdingItallowsallinvestorstolearnaboutthefundshareholdingintheday,helpsplaytheroleofarbitrage,andguaranteesthatETFanditsunderlyingassetsaretradedindependentlyandrelevantly.

TaxadvantagesThecapitalgainsfrom?ETFsarefarlessthanrelated?mutualfundsbecausetheinteriorfeaturesofcreationandredemptionmechanismsenable?ETFtotransferinandoutassetswithoutanytaxesamongallinvestors.

AOFEX创新型期权24H交易量3411万USDT:据AOFEX创新型期权交易数据：截至18:00， BTC 1M交割期权成交量692万USDT，多空换手频次18421次，看多/看空买入量比为0.92；5M交割期权成交量1713万USDT，多空换手频次31412次，看多/看空买入比为0.88。

?AOFEX数字货币金融衍生品交易所，旨在为用户提供优质服务和资产安全保障。[2020/12/10 14:49:17]

InvestorswillnotbeaffectedbythebehaviorsofotherETFinvestors.ItisincrediblyimportantbecausenomatterwhereyouaretheonlyETFholderoroneofthe?millionsofshareholders,you?willnotbeaffectedduetootherinvestors’engagementorwithdrawal.Itvaries?considerablyfrommutualfundswherethefeesonassetsarechargedbythe?investorbase.

Whatisthefirstbitcoin-linkedETFintheU.S.?

Thebitcoin-linkedETFisacrypto-based?traditionalETF?andafinancialinvestmentproduct.Comparedtodirectinvestmentinbitcoinanditstrustfunds,thereisnoguaranteethatthebitcoin-linkedETFcanbringdesired?profitsforinvestorsbutprovidesalowerinvestmententry.

Thefirstbitcoin-linkedETFisProSharesBitcoinStrategyETF(BITO),whichisappliedtobecreatedbytheassetmanagementcompanyProShares.ProSharesonLinkedin?showsthatithasbeenattheforefrontoftheETFrevolutionsince2006.Withoneofthenation’slargestlineupsofETFs,thecompanyprovidesinnovativestrategicandtacticalETFsdesignedtomanageriskandenhancereturns.ApartfromvariouspositivetrackingindexETFs,italsoincludes?low-leveragereverseETFs.

AOFEX今日回购销毁60.56万平台币OT，价值约800万AQ:据官方消息，AOFEX交易所于10月31日17:30完成了平台币的第四次回购销毁，数量为605,601OT，价值约800万AQ。截至目前，AOFEX已进行了7期新项目上线销毁，2期OT矿池销毁，4期平台回购销毁，总销毁数量为3,602,657 OT，占OT总流通量的18.01%。OT现报价13.3AQ，历史涨幅20.91%。

AOFEX将持续增加平台币OT流通场景，打造平台币价值，并保证市场流通量不超过2000万枚。AOFEX数字货币金融衍生品交易所旨在为用户提供优质服务和资产安全保障。[2020/10/31 11:18:49]

ProSharesBitcoinStrategyETF?seekstoprovidecapitalappreciationprimarily?throughactivelymanagedexposuretobitcoinfuturescontracts.?TheFunddoesnotinvestdirectlyinbitcoin.Therefore,the“bitcoin-linkedETF”referstostandardized,cash-settledbitcoinfuturescontracts?tradedoncommodityexchangesregistered?withtheCommodityFuturesTradingCommission?(“CFTC”).Thevalueofbitcoinfuturesisdeterminedbyreference?totheCMECFBitcoinReferenceRate(“BBR”),?whichprovidesanindicationofthepriceofbitcoinacross?certaincashbitcoinexchanges.TheFundseekstoinvestin?cash-settled,front-monthbitcoinfutures.Front-month?bitcoinfuturescontractsarethosecontractswiththe?shortesttimetomaturity.

AOFEX宣布升级三大保障系统:据官方消息，AOFEX宣布将升级三大保障控系统，为用户资产保价护航。包括现货保障系统；上币审核机制；合约风险保障系统。

AOFEX是领先的数字货币金融衍生品交易所，旨在为用户提供优质服务和资产安全保障。[2020/8/13]

Highlightsofthefirstbitcoin-linkedETFintheU.S.

TheFunddoesnottaketemporarydefensivepositions.The?Fundwillgenerallyholditsbitcoinfuturescontractsduring?periodsinwhichthevalueofbitcoinisflatordecliningas?wellasduringperiodsinwhichthevalueofbitcoinisrising.?Inordertomaintainexposuretobitcoinfuturescontracts,the?Fundmustsellitsfuturescontractsastheynearexpiration?andreplacethemwithnewfuturescontractswithalaterexpiration?date.Thisisoftenreferredtoas“rolling”afuturescontract.Futurescontractswithalongertermtoexpirationmay?bepricedhigherthanfuturescontractswithashortertermto?expiration,arelationshipcalled“contango.”Whenrolling?futurescontractsthatareincontango,theFundwillsellthe?expiringcontractatarelativelylowerpriceandbuyalonger-dated?contractatarelativelyhigherprice.Thatistosay,theFundwill“renew”contractspermanentlyratherthancloseoutthem.Conversely,futurescontractswithalongertermtoexpiration?maybepricedlowerthanfuturescontractswithashorter?termtoexpiration,arelationshipcalled“backwardation.”?

AOFEX交易所平台币OT抢购新币第2期，120,000 ATTN售罄:据官方消息，AOFEX交易所在2020年8月5日15:00开放了第2期平台币OT抢购新币权益，限量120,000 ATTN在4分钟内售罄。

A网将持续增加平台币流通场景，打造平台币价值，并保证市场流通量不超过2000万枚。

AOFEX是领先的数字货币金融衍生品交易所，旨在为用户提供优质服务和资产安全保障。[2020/8/5]

TheFundseekstofullyinvestintheseportfoliosatanytimetoprovideexposuretobitcoinfutures?

TheFunddoesnotinvestin,orseekdirectexposureto,the?current“spot”orcashpriceofbitcoin.TheFundisclassifiedasnon-diversified,whichmeansithas?theabilitytoinvestarelativelyhighpercentageofitsassets?infinancialinstrumentswithasinglecounterpartyorafew?counterparties.??

Thebitcoin-linkedfuturescontractsonCMEmaysignificantlydifferfrombitcoinspotsininvestmentstrategyrisk,marketandvolatility,liquidityrisk,bitcoinfuturesrisk,bitcoinfuturescapacityrisk,costoffuturesinvestmentrisk,bitcoinrisk,cashandmoneymarketinstruments?risk,subsidiaryinvestmentrisk,borrowingrisk,counterpartyrisk,non-diversification?risk,marketpricevariance?risk,authorizedparticipant?risk,cashpurchase?andredemptionrisk,earlyclosing/delayedclosing/tradingsuspensionrisk,activemanagementrisk,newfundrisk,taxriskandvaluationrisk.?

DifferencesbetweenGBTCandbitcoin-linkedETF

ETFallowsmarketmakerstorandomlycreateandredeemshares,whileGBTCdoesnotallow?andthefundsharescanonlybemonetizedonsecondarymarkets.?

GBTCsetsa6-monthlockingperiod,withahighpremium,whileETFhasbetterliquidityandisfreeofpremiumorreduction.?

GBTCtradingfeesareveryhigh,includingbrokerfees,annualmanagementfeesandpremium.Thebitcoin-linkedETFhaslowerfees.Forexample,fortheBITOonly0.95%ofmanagementfeesarecharged,whilethefirstNorthAmericabitcoinETF——BTCC,listedinCanada,hasalowermanagementfeeof75%.?

GBTCisonlyavailableforqualifiedinvestorswith50,000dollarsatleast.Thebitcoin-linkedETFhas?fewrestrictionsoninvestors’?qualifications?andamounts.?

Insummary,withovertenyearsofinsanedevelopment,thecryptocurrencymarketgraduallygoesbacktobeing?rational.Recently,thecryptocurrencymarketisexperiencinga?hugerevolutionandtransformation.ThecryptomarketplaceincludingBitcoinhasattractedtheeyesof?traditionalfinancialmarkets,andismoving?towardsstandardsandcompliance.

Workingoncryptocurrencydevelopmentforyears,AOFEXkeepsupdatesontheindustry,providescompleteinvestmentchannelsandprofoundinformation,securefinancialservices,helpsthemfindandgraspindustrialopportunities.AOFEXaccompaniesyouonyourinvestmentjourney.

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