Binance Square

比特乔恩

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Reading this as the UK regulating algorithms is a misinterpretation; it regulates who takes that step on behalf of users. [👉 门槛不在算法在决策权,细则落地先进群对着看](https://app.binance.com/uni-qr/SyhWRABY) The FCA’s consultation paper CP26/36, published on 21 October, is clear: an app that assesses price, liquidity, speed and cost, and selects or adjusts a trading route, may no longer qualify for the exemption for purely technical services. The dividing line is not whether an algorithm is used, but whether the service provider is substantively involved in trading decisions. An interface that processes transactions only according to user instructions and predefined rules may still qualify for the exemption. Here’s the crux: if a service is deemed purely technical, it does not need authorisation; if it is deemed to participate in decision-making, it does. This is only a consultation, with responses due by 18 November—not a new rule in force. The UK’s new regime will not take effect until 25 October 2027. One date to watch: after the consultation closes on 18 November, will the final rules make substantive involvement in trading decisions a hard threshold? #英国算法加密交易应用或需fca授权
Reading this as the UK regulating algorithms is a misinterpretation; it regulates who takes that step on behalf of users.
👉 门槛不在算法在决策权,细则落地先进群对着看

The FCA’s consultation paper CP26/36, published on 21 October, is clear: an app that assesses price, liquidity, speed and cost, and selects or adjusts a trading route, may no longer qualify for the exemption for purely technical services.

The dividing line is not whether an algorithm is used, but whether the service provider is substantively involved in trading decisions.

An interface that processes transactions only according to user instructions and predefined rules may still qualify for the exemption.

Here’s the crux: if a service is deemed purely technical, it does not need authorisation; if it is deemed to participate in decision-making, it does. This is only a consultation, with responses due by 18 November—not a new rule in force. The UK’s new regime will not take effect until 25 October 2027.

One date to watch: after the consultation closes on 18 November, will the final rules make substantive involvement in trading decisions a hard threshold?
#英国算法加密交易应用或需fca授权
Binance Oracle has added an earnings prediction section, where you enter with points, not money. [📈 积分刷得出热度,刷不出仓位,财报季的账进群一起算](https://app.binance.com/uni-qr/SyhWRABY) The key point is being overlooked: points don’t cost anything—you can earn them by posting on Binance Square every day. And the predictions here are about popular companies’ earnings, so the section records how much people participate, not who’s willing to take on risk over the results. With the dollar, gold, and stocks, gains and losses come down to margin and exchange rates; if the consensus is wrong, you pay for it. In the same earnings season, one side is points earned by posting, while the other is exposure backed by margin. The two aren’t interchangeable. If, over time, the distribution of points in this earnings prediction section consistently moves in the same direction as the dollar and gold in response to the same earnings reports, then it’s more than just a measure of interest—it’s pricing in expectations ahead of time, and this assessment would need to change. #股票财报季
Binance Oracle has added an earnings prediction section, where you enter with points, not money.
📈 积分刷得出热度,刷不出仓位,财报季的账进群一起算

The key point is being overlooked: points don’t cost anything—you can earn them by posting on Binance Square every day. And the predictions here are about popular companies’ earnings, so the section records how much people participate, not who’s willing to take on risk over the results. With the dollar, gold, and stocks, gains and losses come down to margin and exchange rates; if the consensus is wrong, you pay for it. In the same earnings season, one side is points earned by posting, while the other is exposure backed by margin. The two aren’t interchangeable.

If, over time, the distribution of points in this earnings prediction section consistently moves in the same direction as the dollar and gold in response to the same earnings reports, then it’s more than just a measure of interest—it’s pricing in expectations ahead of time, and this assessment would need to change.
#股票财报季
In commodities, the people holding the goods pay the storage costs. With this SOL perpetual, the -0.006% works in reverse: the bearish side pays. [🔄 负费率配缩仓,掏钱的是旧空头,进群对着数据看](https://app.binance.com/uni-qr/SyhWRABY) In commodity markets, whoever puts goods in a warehouse bears the cost of holding them. In perpetuals, when the funding rate is negative, shorts pay longs to keep holding their short positions. This payment only tells you who is willing to pay; it doesn’t tell you where prices are headed. The difference is in open interest. Public data for Binance USDⓈ-M futures shows 8.74 million SOL in open interest, down 0.3% from an hour ago, with a mark price of 100.37. The rate has flipped, but positions haven’t grown along with it—they’ve actually shrunk. In the altcoin space, RWA is about bringing off-chain assets onto the blockchain. The money coming in is slow-moving money that can stay put; the money moving in perpetuals over this past hour is fast money. If open interest rises along with the funding rate in the next data update, that would show new shorts are truly entering the market. If the rate merely turns negative without open interest rising, it’s still the same group paying. #市场定价美联储下周加息概率仅10%
In commodities, the people holding the goods pay the storage costs. With this SOL perpetual, the -0.006% works in reverse: the bearish side pays.
🔄 负费率配缩仓,掏钱的是旧空头,进群对着数据看

In commodity markets, whoever puts goods in a warehouse bears the cost of holding them. In perpetuals, when the funding rate is negative, shorts pay longs to keep holding their short positions. This payment only tells you who is willing to pay; it doesn’t tell you where prices are headed.

The difference is in open interest. Public data for Binance USDⓈ-M futures shows 8.74 million SOL in open interest, down 0.3% from an hour ago, with a mark price of 100.37. The rate has flipped, but positions haven’t grown along with it—they’ve actually shrunk.

In the altcoin space, RWA is about bringing off-chain assets onto the blockchain. The money coming in is slow-moving money that can stay put; the money moving in perpetuals over this past hour is fast money.

If open interest rises along with the funding rate in the next data update, that would show new shorts are truly entering the market. If the rate merely turns negative without open interest rising, it’s still the same group paying.
#市场定价美联储下周加息概率仅10%
The FCA asks who is making the decision; the headline asks whether an algorithm is being used. [⚖️ 分界线在谁做决定,这条我跟着咨询走,进群看](https://app.binance.com/uni-qr/SyhWRABY) The FCA’s CP26/36 consultation paper, published on October 21, asks just one thing: if an app selects or adjusts trading routes based on price, liquidity, speed or cost, does it still count as a “purely technical service”? The key issue isn’t the algorithm, but whether the provider has substantive involvement in trading decisions. An interface that processes trades solely according to user instructions and predetermined objective rules may still qualify for the exemption. This is still just a consultation. The deadline is November 18. For apps under the new regime, the options are clear: leave routing decisions in the hands of users and objective rules, or obtain authorisation. The UK’s new crypto regulatory regime takes effect on October 25, 2027. First, look at who pressed the button. #英国算法加密交易应用或需fca授权
The FCA asks who is making the decision; the headline asks whether an algorithm is being used.
⚖️ 分界线在谁做决定,这条我跟着咨询走,进群看

The FCA’s CP26/36 consultation paper, published on October 21, asks just one thing: if an app selects or adjusts trading routes based on price, liquidity, speed or cost, does it still count as a “purely technical service”? The key issue isn’t the algorithm, but whether the provider has substantive involvement in trading decisions. An interface that processes trades solely according to user instructions and predetermined objective rules may still qualify for the exemption.

This is still just a consultation. The deadline is November 18.

For apps under the new regime, the options are clear: leave routing decisions in the hands of users and objective rules, or obtain authorisation. The UK’s new crypto regulatory regime takes effect on October 25, 2027.

First, look at who pressed the button.
#英国算法加密交易应用或需fca授权
Until now, this had only been a military plan. This time, Trump spoke out—and two oil tankers carrying 4.5 million barrels of crude hit mines. [💬 450万桶卡在航道上,点进群等核实和停航消息](https://app.binance.com/uni-qr/SyhWRABY) On October 24, Trump said the U.S. might launch another limited “Operation Epic Fury,” and that the war could end soon. The key question is whether it will end completely or simply die down. The Revolutionary Guard Navy said two supertankers attempting to pass through the southern part of the Strait of Hormuz were carrying a combined total of more than 4.5 million barrels of crude. Their crews abandoned ship after the vessels hit mines on Friday, though the claims have yet to be verified. Reuters, citing two senior Iranian security officials, reported that Iran plans to target undersea communications cables in the Gulf if it is attacked again, and may expand its target list to include covert military bases. What markets need to reassess is the risk to physical assets. With 4.5 million barrels of crude stranded in the shipping lane and undersea cables added to the target list, both energy and communications are now within the scope of potential strikes. That is where the added risk premium comes from. Watch for independent verification of the mine-strike claims, and for any new suspensions or diversions of shipping south of the Strait of Hormuz.
Until now, this had only been a military plan. This time, Trump spoke out—and two oil tankers carrying 4.5 million barrels of crude hit mines.
💬 450万桶卡在航道上,点进群等核实和停航消息

On October 24, Trump said the U.S. might launch another limited “Operation Epic Fury,” and that the war could end soon. The key question is whether it will end completely or simply die down.

The Revolutionary Guard Navy said two supertankers attempting to pass through the southern part of the Strait of Hormuz were carrying a combined total of more than 4.5 million barrels of crude. Their crews abandoned ship after the vessels hit mines on Friday, though the claims have yet to be verified. Reuters, citing two senior Iranian security officials, reported that Iran plans to target undersea communications cables in the Gulf if it is attacked again, and may expand its target list to include covert military bases.

What markets need to reassess is the risk to physical assets. With 4.5 million barrels of crude stranded in the shipping lane and undersea cables added to the target list, both energy and communications are now within the scope of potential strikes. That is where the added risk premium comes from.

Watch for independent verification of the mine-strike claims, and for any new suspensions or diversions of shipping south of the Strait of Hormuz.
The real value of this round of Binance Predictor is that it forces you to put your macro view into one sentence before the results come in. [🏛️ 财经栏每条判断我都记着,进群看怎么验](https://app.binance.com/uni-qr/SyhWRABY) This round, Binance Predictor lets you use points to predict trending events in esports, sports, and finance. The leaderboard shares 1,000,000 USDC, and you can also earn points by posting your predictions in the community. The finance section asks you to make calls on stocks, the dollar, gold, and other assets that share many of the same underlying variables as crypto prices. Get one call wrong, and your positions down the line can go wrong too. The prize pool is fixed, so the more people who make the leaderboard, the smaller each person’s share—but that doesn’t make your judgment any less important. If, at the end of the season, the finance section is all screenshots and no verifiable reasoning, then this practice has no value. The prize money is zero-sum. Judgment isn’t. #币安神算子
The real value of this round of Binance Predictor is that it forces you to put your macro view into one sentence before the results come in.
🏛️ 财经栏每条判断我都记着,进群看怎么验

This round, Binance Predictor lets you use points to predict trending events in esports, sports, and finance. The leaderboard shares 1,000,000 USDC, and you can also earn points by posting your predictions in the community. The finance section asks you to make calls on stocks, the dollar, gold, and other assets that share many of the same underlying variables as crypto prices. Get one call wrong, and your positions down the line can go wrong too. The prize pool is fixed, so the more people who make the leaderboard, the smaller each person’s share—but that doesn’t make your judgment any less important. If, at the end of the season, the finance section is all screenshots and no verifiable reasoning, then this practice has no value.

The prize money is zero-sum. Judgment isn’t.
#币安神算子
Retail investors see an a16z partner leave and immediately think private markets are pulling back. One person leaves—but is the money leaving too? [⚖️ 走的人去了哪,基金往哪挪,进群一起看](https://app.binance.com/uni-qr/SyhWRABY) On October 23, a16z Crypto general partner Ali Yahya announced that he was leaving and moving to San Francisco to start a company focused on infrastructure for “open software ecosystems.” The company is still at an early stage. Yahya had spent nearly 10 years at a16z. When he met Chris Dixon in 2017, a16z’s crypto team consisted of Dixon alone. Earlier, a16z Crypto had been renamed a16z Frontier, with its investment focus expanding to frontier startups. There wasn’t a single mention of regulation in the announcement. What’s worth watching is a16z Frontier’s next investment: the sector and the amount will say more about where the boundaries have shifted than the departure of someone who spent nearly 10 years there. #a16z合伙人aliyahya将离职创业
Retail investors see an a16z partner leave and immediately think private markets are pulling back. One person leaves—but is the money leaving too?
⚖️ 走的人去了哪,基金往哪挪,进群一起看

On October 23, a16z Crypto general partner Ali Yahya announced that he was leaving and moving to San Francisco to start a company focused on infrastructure for “open software ecosystems.” The company is still at an early stage. Yahya had spent nearly 10 years at a16z. When he met Chris Dixon in 2017, a16z’s crypto team consisted of Dixon alone. Earlier, a16z Crypto had been renamed a16z Frontier, with its investment focus expanding to frontier startups.

There wasn’t a single mention of regulation in the announcement.

What’s worth watching is a16z Frontier’s next investment: the sector and the amount will say more about where the boundaries have shifted than the departure of someone who spent nearly 10 years there.
#a16z合伙人aliyahya将离职创业
BMT, the top gainer, rose 19.14%, but its trading volume was only $17.3 million. ZEC, the top coin by trading volume, had $272 million in volume and fell 10.29% over 24 hours. [🛡️ 涨的那 5 个成色如何,进群对着榜单看](https://app.binance.com/uni-qr/SyhWRABY) Of the 46 coins, only 5 rose while 41 fell. Only two, BMT and GTC, posted double-digit gains, with trading volumes of $17.3 million and $12.21 million, respectively. It takes less money to move coins of this size, so the same buy orders can push prices much further. Money is favoring smaller coins. The number to watch is 5: this pattern ends when the number of gainers climbs back into double digits, or when a coin on the top-gainers list has trading volume above $50 million. #比特币跌破8.4万美元
BMT, the top gainer, rose 19.14%, but its trading volume was only $17.3 million. ZEC, the top coin by trading volume, had $272 million in volume and fell 10.29% over 24 hours.
🛡️ 涨的那 5 个成色如何,进群对着榜单看

Of the 46 coins, only 5 rose while 41 fell. Only two, BMT and GTC, posted double-digit gains, with trading volumes of $17.3 million and $12.21 million, respectively. It takes less money to move coins of this size, so the same buy orders can push prices much further.

Money is favoring smaller coins.

The number to watch is 5: this pattern ends when the number of gainers climbs back into double digits, or when a coin on the top-gainers list has trading volume above $50 million.
#比特币跌破8.4万美元
In this downturn, BTC’s selling pressure looks more like sustained distribution, while ETH looks like it was briefly knocked down by sentiment and then recovered. [🛡️ 81000 下面谁在接,进群一起盯](https://app.binance.com/uni-qr/SyhWRABY) On October 22, when BTC fell below 82,000, it was quoted at $81,984.50, down 3.02% on the day. By October 23, it had fallen below 81,000, to $80,966.40—a drop of $1,018.10 between the two points. It was down just 0.87% on the day, and 4.3% over 24 hours. ETH first fell to $2,398.98 (-4.53%), then recovered to $2,400.33 (+0.07%). The invalidation point is specific: if BTC also recovers from below 81,000 and climbs back above 82,000, then the claim that it is undergoing sustained distribution will need to be revised. #btc
In this downturn, BTC’s selling pressure looks more like sustained distribution, while ETH looks like it was briefly knocked down by sentiment and then recovered.
🛡️ 81000 下面谁在接,进群一起盯

On October 22, when BTC fell below 82,000, it was quoted at $81,984.50, down 3.02% on the day. By October 23, it had fallen below 81,000, to $80,966.40—a drop of $1,018.10 between the two points. It was down just 0.87% on the day, and 4.3% over 24 hours. ETH first fell to $2,398.98 (-4.53%), then recovered to $2,400.33 (+0.07%).

The invalidation point is specific: if BTC also recovers from below 81,000 and climbs back above 82,000, then the claim that it is undergoing sustained distribution will need to be revised.
#btc
$1.08 billion, measured against total ETF net assets of $109.309 billion, is just 0.99%. Yesterday’s $528 million accounted for nearly half of the three-day total. [💰 0.99% 撑不住的那部分,进群摊开算](https://app.binance.com/uni-qr/SyhWRABY) That volume isn’t enough to support the claim that investors are building positions. DWF Labs reviewed all 694 trading days since spot ETFs launched in January 2024: in the eight instances when Bitcoin fell 15%, there were net outflows in seven; in all nine instances when it rose 15%, there were net inflows. The money confirms market moves; it doesn’t predict them. It’s like a medical checkup report: it records what has already happened, not what will happen next. The figure to watch is whether that 0.99% turns negative when prices pull back. Of yesterday’s $528 million, $235 million came from BlackRock’s IBIT. One product accounted for 44% of the inflows—and could also see redemptions when investors head for the exits. Conversely, outflows of $1.08 billion would likewise take only one percentage point. #比特币etf三日净流入10.8亿美元
$1.08 billion, measured against total ETF net assets of $109.309 billion, is just 0.99%. Yesterday’s $528 million accounted for nearly half of the three-day total.
💰 0.99% 撑不住的那部分,进群摊开算

That volume isn’t enough to support the claim that investors are building positions. DWF Labs reviewed all 694 trading days since spot ETFs launched in January 2024: in the eight instances when Bitcoin fell 15%, there were net outflows in seven; in all nine instances when it rose 15%, there were net inflows. The money confirms market moves; it doesn’t predict them. It’s like a medical checkup report: it records what has already happened, not what will happen next.

The figure to watch is whether that 0.99% turns negative when prices pull back. Of yesterday’s $528 million, $235 million came from BlackRock’s IBIT. One product accounted for 44% of the inflows—and could also see redemptions when investors head for the exits. Conversely, outflows of $1.08 billion would likewise take only one percentage point.
#比特币etf三日净流入10.8亿美元
BTC-1.03%
IBITETF-0.43%
3,000 ETH, withdrawn from Gemini in 2017, moved into Kraken today. Nine and a half years in between, untouched. [👉 账面倍数和到手两回事,我盯着这地址,进群看](https://app.binance.com/uni-qr/SyhWRABY) That move in 2017 was an exit: ETH was priced at $19 at the time, making 3,000 worth about $56,000. They were withdrawn to a personal wallet and never moved again. The withdrawal from the exchange itself showed that, at the time, there was no intention of keeping them on the platform. Today’s move is a return: ETH was about $2,410 when transferred in, putting the 3,000 coins at a value of about $7.23 million, roughly 128 times their original value on paper. The direction is exactly the opposite. The disagreement is over whether to sell: moving into an exchange does not mean a sale. If these ETH are withdrawn back to self-custody along the same route over the next few days, without being traded on Kraken, this assessment is invalidated. #比特币跌破8.4万美元
3,000 ETH, withdrawn from Gemini in 2017, moved into Kraken today. Nine and a half years in between, untouched.
👉 账面倍数和到手两回事,我盯着这地址,进群看

That move in 2017 was an exit: ETH was priced at $19 at the time, making 3,000 worth about $56,000. They were withdrawn to a personal wallet and never moved again. The withdrawal from the exchange itself showed that, at the time, there was no intention of keeping them on the platform.

Today’s move is a return: ETH was about $2,410 when transferred in, putting the 3,000 coins at a value of about $7.23 million, roughly 128 times their original value on paper.

The direction is exactly the opposite.

The disagreement is over whether to sell: moving into an exchange does not mean a sale. If these ETH are withdrawn back to self-custody along the same route over the next few days, without being traded on Kraken, this assessment is invalidated.
#比特币跌破8.4万美元
Spot Bitcoin ETFs have seen inflows for three straight days, while Ethereum ETFs have only just stopped bleeding. [💰 两边的净值比差在哪,我拆到基金层面发群里,进来对](https://app.binance.com/uni-qr/SyhWRABY) Yesterday (October 21, U.S. Eastern time), spot Bitcoin ETFs recorded total net inflows of $528 million, marking three consecutive days of net inflows. BlackRock’s IBIT brought in $235 million in a single day, while Fidelity’s FBTC brought in $213 million. On the same trading day, spot Ethereum ETFs recorded total net inflows of $14.955 million, turning positive for the first time after five consecutive days of net outflows. Grayscale’s Mini Trust brought in $28.0693 million, Fidelity’s FETH brought in $13.0333 million, and BlackRock’s ETHA saw outflows of $29.3239 million—one fund was bleeding, while the other two more than offset it. Spot Bitcoin ETFs had total net assets of $109.309 billion, equal to 6.42% of Bitcoin’s total market capitalization. Spot Ethereum ETFs had $15.358 billion, equal to 5.05%. The two asset-share figures are still more than one percentage point apart. #比特币etf三日净流入10.8亿美元
Spot Bitcoin ETFs have seen inflows for three straight days, while Ethereum ETFs have only just stopped bleeding.
💰 两边的净值比差在哪,我拆到基金层面发群里,进来对

Yesterday (October 21, U.S. Eastern time), spot Bitcoin ETFs recorded total net inflows of $528 million, marking three consecutive days of net inflows. BlackRock’s IBIT brought in $235 million in a single day, while Fidelity’s FBTC brought in $213 million.

On the same trading day, spot Ethereum ETFs recorded total net inflows of $14.955 million, turning positive for the first time after five consecutive days of net outflows. Grayscale’s Mini Trust brought in $28.0693 million, Fidelity’s FETH brought in $13.0333 million, and BlackRock’s ETHA saw outflows of $29.3239 million—one fund was bleeding, while the other two more than offset it.

Spot Bitcoin ETFs had total net assets of $109.309 billion, equal to 6.42% of Bitcoin’s total market capitalization. Spot Ethereum ETFs had $15.358 billion, equal to 5.05%.

The two asset-share figures are still more than one percentage point apart.
#比特币etf三日净流入10.8亿美元
The expected resolution on Iran, which had been pegged to after the midterm elections, has now been boiled down to two words: very soon. [👉 很快到底多快,进群等下一句](https://app.binance.com/uni-qr/SyhWRABY) Trump’s premise is that the United States is in a very favorable position militarily and economically. He described the current situation as a minor conflict with Iran, while confirming that no negotiations are underway at present. Most people had expected this to wait until after the elections. By moving the timeline forward, he has changed the outlook: the waiting window has narrowed, but there is no date that markets can price in. The next thing to watch is what he says next. If “very soon” turns into a concrete action, the market will have a new anchor; if it doesn’t, prices will have to find their own direction in the meantime.
The expected resolution on Iran, which had been pegged to after the midterm elections, has now been boiled down to two words: very soon.
👉 很快到底多快,进群等下一句

Trump’s premise is that the United States is in a very favorable position militarily and economically. He described the current situation as a minor conflict with Iran, while confirming that no negotiations are underway at present.

Most people had expected this to wait until after the elections. By moving the timeline forward, he has changed the outlook: the waiting window has narrowed, but there is no date that markets can price in.

The next thing to watch is what he says next. If “very soon” turns into a concrete action, the market will have a new anchor; if it doesn’t, prices will have to find their own direction in the meantime.
Net inflow is a sum. Which assets you add up determines the story it tells. [💰 加法里放哪几只代码,答案就变,群里接着拆,点进群来](https://app.binance.com/uni-qr/SyhWRABY) $527 million refers to the combined net inflow into U.S. spot Bitcoin ETFs that day—one day, net flows. Now change the sum for the same day: spot ZEC ETFs saw net inflows of $1.6074 million, NEAR saw net outflows of $2.5389 million, HYPE saw net outflows of $7.3420 million, and SOL saw net outflows of $2.6490 million. Three of the four were flowing out, so the claim that U.S. spot ETFs are buying holds only for Bitcoin. Net inflows test not the market, but the sum—change which tickers are included in the denominator, and the answer changes. #美国比特币etf净流入5.27亿美元
Net inflow is a sum. Which assets you add up determines the story it tells.
💰 加法里放哪几只代码,答案就变,群里接着拆,点进群来

$527 million refers to the combined net inflow into U.S. spot Bitcoin ETFs that day—one day, net flows.

Now change the sum for the same day: spot ZEC ETFs saw net inflows of $1.6074 million, NEAR saw net outflows of $2.5389 million, HYPE saw net outflows of $7.3420 million, and SOL saw net outflows of $2.6490 million.

Three of the four were flowing out, so the claim that U.S. spot ETFs are buying holds only for Bitcoin.

Net inflows test not the market, but the sum—change which tickers are included in the denominator, and the answer changes.
#美国比特币etf净流入5.27亿美元
Verified
Calling this FINMA-approved Bitcoin ETF the first of its kind comes with three qualifications: it is aimed at retail investors, classified under Swiss law as another alternative investment fund, and invests all its assets in a single asset—Bitcoin. Only with all three conditions in place does it count as the first. [💰 缝有多宽,看下一份批复理由,群里说,点进群来](https://app.binance.com/uni-qr/SyhWRABY) ETFs are the most ordinary kind of investment vehicle on the stock market, but this one first had to obtain an exemption: a single asset does not meet the rules on risk diversification. FINMA’s rationale was that Bitcoin has a longer trading history and extremely high trading volumes. Look at it another way: this is not a victory for a compliant product, but a rule making room for an exception. The issuer was not disclosed. Multiple media outlets pointed to BIT Asset Management (formerly Matrixport Asset Management), which did not deny it when asked. So the basis for calling it the first is the exemption, not the timing. What matters is how wide this opening is: reports on October 20 also mentioned several others that had submitted applications or announced plans to do so. The reasoning behind the next decision will show whether this is a one-off or a precedent. #瑞士批准首只比特币etf
Calling this FINMA-approved Bitcoin ETF the first of its kind comes with three qualifications: it is aimed at retail investors, classified under Swiss law as another alternative investment fund, and invests all its assets in a single asset—Bitcoin. Only with all three conditions in place does it count as the first.
💰 缝有多宽,看下一份批复理由,群里说,点进群来

ETFs are the most ordinary kind of investment vehicle on the stock market, but this one first had to obtain an exemption: a single asset does not meet the rules on risk diversification. FINMA’s rationale was that Bitcoin has a longer trading history and extremely high trading volumes. Look at it another way: this is not a victory for a compliant product, but a rule making room for an exception. The issuer was not disclosed. Multiple media outlets pointed to BIT Asset Management (formerly Matrixport Asset Management), which did not deny it when asked.

So the basis for calling it the first is the exemption, not the timing. What matters is how wide this opening is: reports on October 20 also mentioned several others that had submitted applications or announced plans to do so. The reasoning behind the next decision will show whether this is a one-off or a precedent.
#瑞士批准首只比特币etf
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