Bitcoin ETF event
in short, bitcoin ETF tracks the price of bitcoin. If the price of bitcoin ETF goes up, then the price of bitcoin goes up; On the contrary, if the price of bitcoin falls, the price of bitcoin ETF will fall. The difference between bitcoin and bitcoin ETF is that we don't have to worry about the bitcoin in our wallet being stolen by hackers, and we don't have to worry about where our bitcoin should be stored. This is a promotion on the technical level. If we buy bitcoin ETF, we will no longer have to learn how to operate bitcoin on the computer.
ETF, fully known as "trading type open-end index fund", is a kind of open-end fund listed and traded on the exchange with variable fund shares. Investors can not only apply for or redeem fund shares from fund management companies, but also buy and sell ETF shares at the market price in the exchange. ETF is the bitcoin holder's consignment of bitcoin spot to the fund company, and then the fund company relies on it to publicly issue fund shares in the exchange and sell them to all kinds of investors. In addition, banks and brokers will be responsible for underwriting
in short, bitcoin ETF is to securitize bitcoin into an open-ended fund proct that can be bought on the exchange
the successful application of bitcoin ETF means that:
1. The successful application of bitcoin ETF will first lower the threshold of bitcoin transaction and bring a lot of money to the bitcoin trading market
2. It will accelerate the development of cryptocurrency instry and promote asset custody
3. ETF is equivalent to telling the public that bitcoin has been officially recognized as a legal asset class, changing people's overall view on the regulatory risk of cryptocurrency, which will accelerate the public's acceptance of cryptocurrency represented by bitcoin
the launch of any ETF proct will naturally stimulate its underlying proct market, because on the one hand, the underlying proct is most suitable for hedging ETF price fluctuations, and on the other hand, ETF purchase and redemption will inevitably involve buying and selling entity bitcoin. If the 15th application is passed, it will be a healthy development. In the next step, there will be more demand for derivatives, such as ETF options
what is bitcoin ETN? Bitcoin ETN is bitcoin exchange traded notes (bonds)
ETN, that is, exchange traded bonds or exchange traded notes. It is a kind of unguaranteed creditor's rights. The issuer promises to pay investors a certain amount to the holders at the maturity of the bonds. The payment amount is based on a specific market index, minus the necessary fees, and does not pay fixed interest, And the principal is not guaranteed
bitcoin ETN is a bill (bond) traded on bitcoin exchange, which allows users to participate in investment by tracking the price trend of bitcoin. What users hold is the promise to cash their funds according to their price index over a period of time. At the same time, it is also a very efficient hedging tool
after investors purchase bitcoin ETN, they do not need to hold bitcoin directly. The company will hold bitcoin on behalf of investors, which reces the investment risk of investors. As an investment tool, it greatly widens the channel for institutional investors to invest in cryptocurrency
is bitcoin ETN and ETF confused
so, what are the differences between bitcoin ETN and bitcoin ETF
the procts of bitcoin ETN and ETF are similar in that investors can invest in bitcoin without holding bitcoin directly; Second, in view of the characteristics of cryptocurrency price fluctuations, both of them have solved the worries of investors when they invest in cryptocurrency; Secondly, both can effectively attract more investors and bring more capital inflow; At the same time, both have the credit endorsement of traditional financial institutions, which greatly reces the investment risk of investors
First, unlike ETF, ETN is a bond trading tool, which is guaranteed by the issuer and not supported by other assets. The issuer is usually a bank rather than an asset pool. It is more like a debt instrument supported by a bank or any other credible issuerSecond, bitcoin ETN allows users to participate in investment by tracking the price trend. What users hold is the promise to cash in accordance with their price index over a period of time. Bitcoin ETF is a trading open-end index fund set up with the bitcoin price index in a certain market as the target index, similar to gold ETF. In addition to the ETF investors who are the beneficiaries of the trust, there are also three important subjects: the sponsor, the trustee and the custodian. They will sign the trust contract and perform their respective ties according to the contract
Thirdly, different from ETF using a basket of stocks for redemption, ETN using cash for redemption will be subject to some restrictions, resulting in low timeliness. The arbitrage efficiency of ETF is lower than that of ETF because of the non physical redemption characteristics, so the discount premium rate is generally higher than that of ETF The successful entry of ETN procts into the U.S. market can make it easier for investors holding US dollars to invest in bitcoin related procts, which undoubtedly increases the attraction of digital currency as an investment assetthe regulation of ETN, a cryptocurrency listed on the stock exchange, fully shows that bitcoin is officially recognized as a legal asset class. In addition, as an investment tool, it greatly widens the channels for institutional investment to enter cryptocurrency investment
after ETN enters the market, what is the response of bitcoin market
it was once believed that bitcoin price would soar all the way when ETF passed and a large number of institutional investors entered the market. ETN is regarded as the "soft" substitute of bitcoin ETF, which is the dream of the public. ETN allows us dollar holders to invest in bitcoin without holding bitcoin. In principle, this should be a big event that can drive the market, but in fact, the market response is not big, and it does not attract many US investors and the Wall Street capital they are fighting for, This is a strange phenomenon
Jeff kilburg, founder and CEO of KKM financial, explained that the price of bitcoin will continue to fluctuate until the application for ETF is finally answered, and ETN will not have much influence
Bart Smith, head of the digital assets Department of Susquehanna International Group, a global investment market giant, is optimistic about this. He said that ETN has had a certain influence on the market, but it is far less explosive than ETF
there are also views that in order to make ETN procts more competitive, investors need to persuade their brokerage account providers to provide bitcoin ETN services on their platforms. According to the reaction of many investors, their brokerage account suppliers say that they do not support cxbtf (bitcoin tracker one's transaction code) transactions at present, or they need to perform more complicated steps to carry out transactions
ETN is neither regulated by SEC nor registered with SEC, so its influence is far less than that of ETF
although US investors can now invest in bitcoin through ETN and some institutional exchanges, bitcoin has not yet reached a new height. Most cryptocurrency market investors still hope that regulators can approve bitcoin ETF to enter the U.S. market, because they believe that this will promote bitcoin to be adopted by more mainstream funds, including wall street, and will cause a large-scale price rise. In addition, the SEC continues to consider various applications for bitcoin ETFs, so there are still a lot of hype and excitement about the ETFs that may pass
the whole process of customs declaration is divided into three stages: declaration, inspection and release
(1) declaration of import and export goods when importing and exporting goods, the consignor or or their agent of import and export goods shall, within the time limit prescribed by the customs, fill in the import and export goods declaration form in the format prescribed by the customs, attach the relevant freight and commercial documents, and provide the certificate of approval for the import and export of goods at the same time to declare to the customs. The main documents for customs declaration are as follows: import declaration. Generally, it should be completed in plicate (Beijing customs requires three copies of declaration form). The items to be filled in the customs declaration form should be accurate, complete and written clearly, and pencil is not allowed; All columns in the customs declaration form, including the statistical code, tax code and tax rate, shall be filled in by the customs declarant in red ink; Each customs declaration is limited to four items of goods; If it is found that there are circumstances or other circumstances that need to change the contents of the form, the change order shall be submitted to the Customs on its own initiative and in a timely manner. Export declaration form. Generally, it should be completed in plicate (Beijing customs requires three copies). The requirements for filling in the form are basically the same as those for import declaration. In case of failure to make timely and active changes e to incorrect filling or change of filling contents, the customs declaration unit shall handle the correction proceres with the Customs within three days after the export declaration. Freight and commercial documents submitted with customs declaration. Any import and export goods passing through the customs must submit the completed declaration form to the Customs at the same time, hand over the relevant freight and commercial documents, and accept the customs examination to see if all kinds of documents are consistent. After the examination, the customs shall affix its seal as the certificate for picking up or shipping the goods
the shipping and commercial documents submitted with the customs declaration are: ocean import bill of lading; Shipping export loading list (need to be sealed by customs declaration unit); Land and air waybill; Invoice of the goods (one less than the customs declaration form, need to be sealed by the customs declaration unit, etc.); The packing list of the goods (the number of copies is equal to the invoice, which needs to be sealed by the customs declaration unit), etc. It should be noted that if the customs considers it necessary, the customs declaration unit should also submit the trade contract, order card, certificate of origin, etc. In addition, for goods that are entitled to rection, exemption or inspection exemption according to regulations, relevant supporting documents shall be submitted with the customs declaration form for inspection after applying to the customs and completing the formalities. Import (export) goods license. The license system of import and export goods is an administrative protection means to manage import and export trade. Like most countries in the world, China also adopts this system to implement comprehensive management of import and export goods and articles. The commodities that have to submit import and export licenses to the customs are not fixed, but are adjusted and announced by the national competent department at any time. All commodities that are required to apply for import and export license according to the state regulations must submit the import and export license issued by the foreign trade administration department at the time of customs declaration, and they can be released only after they pass the customs inspection. However, the import and export companies under the Ministry of foreign economic and trade cooperation, the instrial and trade companies under the departments approved by the State Council to operate the import and export business, and the import and export companies under the provinces (municipalities directly under the central government or autonomous regions) within the approved business scope are deemed to have obtained the permission and are exempted from the import and export license, and can declare to the customs only by the declaration form; Only when dealing with commodities beyond the scope of import and export business, the inspection license is required. Inspection certificate. On the one hand, the customs instructs the customs declaration units to issue commodity inspection certificates to supervise whether the legally inspected commodities have been inspected by the legal commodity inspection authorities; On the other hand, it is the basis of tax, ty-free and tax rection for import and export commodities. According to the law of the people's Republic of China on import and export commodity inspection and the list of types of import and export commodities inspected by commodity inspection authorities, all import and export commodities listed in the list of types for statutory inspection shall be submitted to the commodity inspection authorities for inspection before customs declaration. At the time of customs declaration, the customs shall check and accept the imported goods on the strength of the inspection certificate issued by the commodity inspection authorities or the seal stamped on the declaration form of imported goods. In addition to the above-mentioned documents, for other goods under import and export control stipulated by the state, the customs declaration unit must also submit to the Customs a specific approval document for import and export goods issued by the competent department of the state, which shall be released after being checked by the customs. Such as food hygiene inspection, drug inspection, animal and plant quarantine, cultural relics export signing, gold and silver and their procts management, precious and rare wild animals management, import and export shooting, hunting guns and ammunition and civil explosives management, import and export audio-visual procts management and so on< (2) import and export goods shall be inspected by the customs, except those specially authorized by the General Administration of customs. The purpose of inspection is to check whether the contents reported in the customs declaration documents are consistent with the actual arrival of goods, whether there are errors, omissions, concealment and false reports, and whether the import and export of goods are legal. The customs inspection of goods shall be concted at the time and place specified by the customs. If there are special reasons, the customs may send personnel to inquire outside the specified time and place with the prior approval of the customs. The applicant shall provide and pay for the round-trip transportation and accommodation
when the customs inspects the goods, it requires the consignor or the receiver of the goods or their agents to be present, and be responsible for handling the moving, unpacking and inspecting the packing of the goods according to the requirements of the customs. When the customs considers it necessary, it may directly open, reinspect or take samples of the goods, and the custodian of the goods shall be present as a witness. When inspecting the goods, if the goods are damaged e to the responsibility of the customs officers, the customs shall compensate the parties for their direct economic losses in accordance with the provisions. Method of compensation: the customs officer shall truthfully fill in the report of the customs of the people's Republic of China on the inspection of goods and articles in plicate, which shall be signed by the customs officer and the parties, one for each party. Both parties agree on the damage degree or repair cost of the goods (if necessary, it can be determined by the identification certificate issued by the notary organ), and determine the compensation amount based on the ty paid price approved by the customs. After the amount of compensation is determined, the customs shall fill in and issue the notice of compensation for damaged goods and articles by the customs of the people's Republic of China. The party concerned shall, within three months from the date of receiving the notice, collect the compensation from the customs with one-way payment or notify the customs to transfer the bank account number, and the customs shall not make any compensation after the time limit. All compensation shall be paid in RMB< (3) release of import and export goods customs declaration of import and export goods
, after examining the customs declaration documents, checking the actual goods, and going through the proceres of levying goods taxes or recing taxes in accordance with the law, the owner or his agent of the goods can pick up or ship the goods after signing the release seal on the relevant documents. At this time, the supervision of import and export goods by the customs is over. In addition, if the import and export goods need special customs treatment for various reasons, they can apply to the Customs for guarantee release. The Customs has clear regulations on the scope and mode of guarantee.
