前不久，“SEC专员认为未来比特币ETF绝对会推出”的消息一经发布，BTC的价格就在下探3650美元后开始了反弹。
The BTC's price rebounded shortly after the release of the information “Commissioner SEC believes that the future Bitcoin ETF will be launched”.
然而反弹并不实在，空头支票的利好消息结束之后反而下跌更多，比特币ETF也进入越来越多的币圈人眼中。
However, the rebound was not real, and the good news of empty cheques fell even more after the end, and the Bitcoin ETF came into the eyes of a growing number of currency circles.
那么，币圈韭菜们是时候了解一下什么是比特币ETF了。为什么大家都希望它通过？为什么一个假消息就能引得比特币价格上涨？
So, it's time for the coins to understand what a bitcoin ETF is. Why would everyone want it to pass? Why would a false message lead to a bitcoin price increase?
要搞清楚比特币ETF，首先要了解什么是ETF(交易所交易型基金)。
It is important to understand what is the ETF (exchange-trading fund) in Bitcoin, first of all.
我们先对比一下股票、基金和ETF。由于不是专业人士，小编只能用大白话来讲讲。
Let's start by comparing stocks, funds and ETF
简单来说，如果够买股票，你必须要自己研究市场上成千上万的股票，可以自己自由买卖。而购买基金就能简化流程，把钱交给基金经理人进行投资，但不可以自由买卖，也不能自己随意操控投入。
Simply put, if you buy enough stocks, you have to study thousands of stocks on the market yourself, and you can buy and sell them on your own. The purchase of funds will simplify the process and give the money to the fund manager for investment, but it will not be free to buy and sell, and it will not be easy to manipulate its own input.
在这之上，有了ETF，简单说就是追踪大盘走势的一篮子股票，但是这一篮子股票不是随便选的，是根据一些指示股票走势的指数选的（如标准普尔500指数）。这就比买股票的风险更低，与其辛苦研究，买到垃圾股，还不如跟着大盘走，还可以自由买卖。
On this, with the ETF, simply to track a basket of large-scale stocks, this basket is not randomly selected, but is based on indicators that point to stock movements (e.g. Standard & Poor's 500 index). This is a lower risk than buying stocks, and it is better to follow the stock than to study it, buy the garbage stock, and buy it freely.
显而易见，比特币ETF就是追踪比特币价格的ETF，拥有了比特币ETF，就相当于间接拥有了比特币，收益跟随比特币的涨跌而涨跌，基本没有差别。
It's obvious that the Bitcoin ETF is the ETF that tracks bitcoin prices and owns bitcoin ETF, which is the equivalent of indirectly owning bitcoin, and the proceeds go up and down with bitcoin.
简单说，ETF就是另一种比特币的投资形式。
In short, ETF is another form of investment in bitcoin.
如果说币圈人的对比特币ETF趋之若鹜，那么一定是有利于比特币的价格。比特币ETF的影响有以下三个方面。
If the currency ringer's bitcoin ETF is on the move, it must be in favor of bitcoin. There are three aspects to the impact of the Bitcoin ETF.
第一、有利于增加机构客源。从前，购买比特币的大多都是散户，由于比特的期货面世增加了一部分机构投资者。如果有了比特币ETF，传统的基金也可以投资比特币。也就是说，如果购买一只传统基金，基金经理人可以拿着你的钱去投资一部分比特币ETF，这样，比特币的投资就增加了。
is first of all conducive to increasing institutional availability. used to buy bitcoins mostly in bulk, as bitcoins increased some institutional investors in futures. Traditional funds can invest bitcoins if BitcoinsETF is available. That is, if you buy a traditional fund, fund managers can invest some bitcoins in bitcoins, which increases Bitcoins.
第二、有利于吸引更多的传统投资散户。买卖比特币的人大多是80、90后，很多年龄偏大的投资者对于数字货币的购买流程不清楚，加上黑客盗取数字货币的消息频发，他们只能望而却步。比特币ETF能简化购买流程，增加传统投资散户。
is the second best way to attract more traditional investors. After 80-90, many of the older investors who buy and sell bitcoin are not clear about the purchase process of digital money, and the information that hackers steal digital money is frequent, they can only wait. BitcoinsETF can simplify the purchase process and increase the number of traditional investors.
第三、相当一部分人对于比特币ETF并不清楚，币圈的大佬和庄家可以借机炒作，拉高币价，资金涌入，牛市就来了。
The third and very large part of the population is not aware of the Bitcoin ETF, and the big man and the dealer in the ring can use the opportunity to make an effort to raise the price of the money, and the cow market will come.
比特币ETF的发行需要美国证券交易委员会（SEC）同意才能通过，但是这条审核之路却相当漫长。
The issue of the Bitcoin ETF required the agreement of the United States Securities and Exchange Commission (SEC) to pass, but the audit path was rather long.
2014年，Winklevoss兄弟向SEC提交申请，希望在BatsBZX交易所上线比特币ETF。足足审核了三年，在2017年3月，SEC驳回了提议。两兄弟提出重审，也被SEC否决。
In 2014, the Winklevoss brothers submitted an application to the SEC to go to the Bitcoin ETF on the BatsBZX exchange. For three years, the proposal was rejected by SEC in March 2017.
2018年1月4日，纽交所向SEC提交了5只以比特币期货为标的的ETF申请被驳回，这次，SEC发表长达92页的文件阐述了驳回的4个理由，如下：
On 4 January 2018, the Newport submitted to SEC the rejected ETF application, which was based solely on Bitcoin futures, and this time, the four grounds for rejection were set out in a 92-page document published by SEC, as follows:
难以证明比特币免遭操纵；
难以识别并制止欺诈或操纵市场的行为；
缺乏共享监管协议；
难以保护投资者和公共利益；It is difficult to prove that Bitcoin is free from manipulation;
it is difficult to identify and deter fraud or market manipulation;
it is not possible to share regulatory agreements;
it is difficult to protect investors and the public interest;
SEC主席Jay Clayton在Consensus Invest大会上表示，区块链技术在基础设施方面有着惊人的前景，已经确定比特币不具备证券的属性。
Chairman Jay Clayton stated at the Consensus Invest conference that block chain technology had alarming prospects in terms of infrastructure and that Bitcoin had been determined not to have the attributes of securities.
比特币ETF存在市场操纵和资产托管问题，ETF的风险其实是其基础资产的风险，而非盗窃或丢失的风险，近期不太可能会批准比特币ETF。
BitcoinETF has market manipulation and asset hosting problems, and the ETF risk is actually the risk of its underlying assets rather than the risk of theft or loss, and it is unlikely that will approve BitcoinETF in the near future.
SEC主席的言论对于投资者来说是非常负责任的，区块链技术前景良好，但是比特币的泡沫有多大还是未知数，现阶段推出比特币ETF是不明智的。
The Chairman's remarks were very responsible for investors, and the block chain technology was promising, but the size of the bitcoin bubble was still unknown, and it would be unwise to introduce the bitcoin ETF at the current stage.
我是小维，区块链从业小白，希望和大家一起进步~
I'm Vee. I'm from White. I want to make progress with you.
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