{"id":917,"date":"2025-04-12T12:41:19","date_gmt":"2025-04-12T04:41:19","guid":{"rendered":"https:\/\/www.db-hk.com\/?p=917"},"modified":"2025-04-12T12:41:19","modified_gmt":"2025-04-12T04:41:19","slug":"%e6%af%94%e7%89%b9%e5%b8%81%e6%9c%9f%e8%b4%a7%e9%81%ad%e9%81%87%e6%bf%80%e8%bf%9b%e5%81%9a%e7%a9%ba%ef%bc%8cetf-%e8%b5%84%e9%87%91%e5%8d%b4%e6%b5%81%e5%85%a5%e5%8a%a0%e9%80%9f%ef%bc%8c%e9%80%bc","status":"publish","type":"post","link":"http:\/\/www.fubairui.net\/?p=917","title":{"rendered":"\u6bd4\u7279\u5e01\u671f\u8d27\u906d\u9047\u6fc0\u8fdb\u505a\u7a7a\uff0cETF \u8d44\u91d1\u5374\u6d41\u5165\u52a0\u901f\uff0c\u903c\u7a7a\u884c\u60c5\u4e00\u89e6\u5373\u53d1\uff1f"},"content":{"rendered":"<p>\u8d22\u91d1\u5a92\u4f53 ZeroHedge \u64b0\u6587\u79f0\uff0c\u867d\u7136\u4ea4\u6613\u8005\u79ef\u6781\u62bc\u6ce8\u6bd4\u7279\u5e01\u4ef7\u683c\u5c06\u8fdb\u4e00\u6b65\u4e0b\u8dcc\uff0c\u4f46\u5728\u672a\u6765\u51e0\u5929\u6216\u51e0\u5468\u5185\u53ef\u80fd\u4f1a\u51fa\u73b0\u610f\u5916\uff0c\u56e0\u4e3a\u884d\u751f\u54c1\u5e02\u573a\u6b63\u5728\u5f62\u6210\u4e00\u4e2a\u53ef\u80fd\u5f15\u53d1\u903c\u7a7a\u884c\u60c5\u7684\u5c40\u9762\u3002<\/p>\n<p>\u6839\u636e\u7814\u7a76\u4e3b\u5bfc\u7684\u6570\u5b57\u8d44\u4ea7\u7ecf\u7eaa\u516c\u53f8 K33 \u7684\u6700\u65b0\u5206\u6790\uff0c\u6700\u8fd1\u51e0\u5468\u6bd4\u7279\u5e01\u7684\u6c38\u7eed\u6389\u671f\u8d44\u91d1\u8d39\u7387\uff08perpetual swap funding rates\uff09\u4e3a\u8d1f\uff0c\u540c\u65f6\u672a\u5e73\u4ed3\u5408\u7ea6\u91cf\u6fc0\u589e\u3002\u8fd9\u79cd\u7ec4\u5408\u8868\u660e\uff0c\u5e02\u573a\u4e0a\u6709\u5927\u91cf\u7684\u7a7a\u5934\u5934\u5bf8\uff0c\u4ece\u7ed3\u6784\u4e0a\u5f62\u6210\u4e86\u4e00\u4e2a\u5bb9\u6613\u5f15\u53d1\u903c\u7a7a\u884c\u60c5\u7684\u5c40\u9762\u3002<\/p>\n<p>K33 \u5206\u6790\u5e08 Vetle Lunde \u5728\u5468\u4e8c\u7ed9\u6295\u8d44\u8005\u7684\u62a5\u544a\u4e2d\u5199\u9053\uff1a\u300c\u8fd9\u8868\u660e\u6709\u6fc0\u8fdb\u7684\u7a7a\u5934\u884c\u52a8\uff0c\u4ece\u7ed3\u6784\u4e0a\u521b\u9020\u4e86\u4e00\u4e2a\u9002\u5408\u903c\u7a7a\u7684\u5c40\u9762\u3002\u300d<\/p>\n<p>\u800c\u6839\u636e Decrypt \u7684\u62a5\u9053\uff0cK33 \u7684\u903c\u7a7a\u9884\u6d4b\u4f9d\u8d56\u4e8e 7 \u5929\u5e73\u5747\u6c38\u7eed\u6389\u671f\u8d44\u91d1\u8d39\u7387\uff0c\u8be5\u8d39\u7387\u81ea 8 \u6708 5 \u65e5\u5e02\u573a\u5d29\u76d8\u4ee5\u6765\u4e00\u76f4\u5728\u4e0b\u964d\uff0c\u5e76\u4e8e\u5468\u4e8c\u8fbe\u5230\u4e86 -2.53%\u3002Lunde \u5199\u9053\uff0c\u8fd9\u662f\u81ea 2023 \u5e74 3 \u6708\u4ee5\u6765\u7684\u6700\u4f4e\u6c34\u5e73\u3002<\/p>\n<p>\u4e0e\u6b64\u540c\u65f6\uff0c\u8fc7\u53bb\u4e03\u5929\u7684\u540d\u4e49\u672a\u5e73\u4ed3\u5408\u7ea6\u91cf\u8fbe\u5230\u4e86\u8d85\u8fc7 28,880 \u6bd4\u7279\u5e01\uff0c\u662f\u4e00\u5e74\u591a\u4ee5\u6765\u7684\u6700\u9ad8\u5468\u5ea6\u8bb0\u5f55\u3002Lunde \u5199\u9053\uff1a\u300c\u5f53\u524d\u672a\u5e73\u4ed3\u5408\u7ea6\u91cf\u6fc0\u589e\u4e0e 7 \u5929\u5e73\u5747\u8d44\u91d1\u8d39\u7387\u4e3a\u8d1f\u7684\u7ec4\u5408\u662f\u72ec\u7279\u4e14\u5145\u6ee1\u5e0c\u671b\u7684\u3002\u300d<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/08\/5-1724286280691.jpg\" alt=\"\u6bd4\u7279\u5e01\u671f\u8d27\u906d\u9047\u6fc0\u8fdb\u505a\u7a7a\uff0cETF \u8d44\u91d1\u5374\u6d41\u5165\u52a0\u901f\uff0c\u903c\u7a7a\u884c\u60c5\u4e00\u89e6\u5373\u53d1\uff1f\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/08\/5-1724286280691.jpg\" alt=\"\u6bd4\u7279\u5e01\u671f\u8d27\u906d\u9047\u6fc0\u8fdb\u505a\u7a7a\uff0cETF \u8d44\u91d1\u5374\u6d41\u5165\u52a0\u901f\uff0c\u903c\u7a7a\u884c\u60c5\u4e00\u89e6\u5373\u53d1\uff1f\" \/><\/figure>\n<\/div>\n<p>\u8d44\u91d1\u8d39\u7387\u662f\u671f\u8d27\u5e02\u573a\u4e2d\u4ea4\u6613\u8005\u4e4b\u95f4\u5b9a\u671f\u652f\u4ed8\u7684\u8d39\u7528\uff0c\u7279\u522b\u662f\u7528\u4e8e\u65e0\u5230\u671f\u65e5\u7684\u6c38\u4e45\u5408\u7ea6\u3002\u8fd9\u4e9b\u8d39\u7387\u7528\u4e8e\u4fdd\u6301\u6c38\u4e45\u5408\u7ea6\u4ef7\u683c\u4e0e\u73b0\u8d27\u4ef7\u683c\u4e00\u81f4\u3002\u5f53\u8d44\u91d1\u8d39\u7387\u4e3a\u6b63\u65f6\uff0c\u66f4\u591a\u62bc\u6ce8\u4ef7\u683c\u4e0a\u6da8\uff08\u591a\u5934\u5934\u5bf8\uff09\u7684\u4ea4\u6613\u8005\u5411\u90a3\u4e9b\u62bc\u6ce8\u4ef7\u683c\u4e0b\u8dcc\uff08\u7a7a\u5934\u5934\u5bf8\uff09\u7684\u4ea4\u6613\u8005\u652f\u4ed8\u8d39\u7528\u3002\u800c\u5f53\u8d44\u91d1\u8d39\u7387\u4e3a\u8d1f\u65f6\uff0c\u8fd9\u53cd\u6620\u51fa\u66f4\u591a\u62bc\u6ce8\u4ef7\u683c\u4e0b\u8dcc\u7684\u4ea4\u6613\u8005\u5411\u62bc\u6ce8\u4ef7\u683c\u4e0a\u6da8\u7684\u4ea4\u6613\u8005\u652f\u4ed8\u4e86\u4e00\u7b14\u4e0d\u5c0f\u7684\u8d39\u7528\u3002<\/p>\n<p>\u901a\u5e38\u60c5\u51b5\u4e0b\uff0c\u5f53\u5e02\u573a\u7a33\u5b9a\u65f6\uff0c\u8d44\u91d1\u8d39\u7387\u5728 10.95% \u5de6\u53f3\u6d6e\u52a8\uff0cLunde \u5199\u9053\u3002\u4f46\u5f53\u5f88\u591a\u4eba\u5f00\u59cb\u6fc0\u8fdb\u5730\u62bc\u6ce8\u65f6\uff0c\u8d39\u7387\u53ef\u80fd\u4f1a\u504f\u79bb\u9884\u671f\uff0c\u8fd9\u901a\u5e38\u663e\u793a\u66f4\u591a\u4ea4\u6613\u8005\u6d8c\u5411\u540c\u4e00\u4e2a\u8d4c\u6ce8\u3002\u800c\u5c31\u5728\u6700\u8fd1\u51e0\u5929\uff0c\u6bd4\u7279\u5e01\u4ef7\u683c\u6ce2\u52a8\u663e\u8457\uff0c\u56e0\u4e3a\u7a7a\u5934\u5174\u8da3\u589e\u52a0\u3002<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/08\/5-1724286291193.jpg\" alt=\"\u6bd4\u7279\u5e01\u671f\u8d27\u906d\u9047\u6fc0\u8fdb\u505a\u7a7a\uff0cETF \u8d44\u91d1\u5374\u6d41\u5165\u52a0\u901f\uff0c\u903c\u7a7a\u884c\u60c5\u4e00\u89e6\u5373\u53d1\uff1f\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/08\/5-1724286291193.jpg\" alt=\"\u6bd4\u7279\u5e01\u671f\u8d27\u906d\u9047\u6fc0\u8fdb\u505a\u7a7a\uff0cETF \u8d44\u91d1\u5374\u6d41\u5165\u52a0\u901f\uff0c\u903c\u7a7a\u884c\u60c5\u4e00\u89e6\u5373\u53d1\uff1f\" \/><\/figure>\n<\/div>\n<p>\u4f46\u6839\u636e CoinTelegraph \u7684\u62a5\u9053\uff0c\u6709\u52a0\u5bc6\u8d27\u5e01\u5206\u6790\u5e08\u8868\u793a\uff0c\u4e00\u4e9b\u6bd4\u7279\u5e01\u7684\u6d41\u884c\u4ea4\u6613\u6307\u6807\u663e\u793a\u51fa\u79ef\u6781\u4fe1\u53f7\uff0c\u5982\u679c\u5b8f\u89c2\u6570\u636e\u4e00\u81f4\uff0c\u8fd9\u53ef\u80fd\u8feb\u4f7f\u4ea4\u6613\u8005\u8fc5\u901f\u884c\u52a8\u5e76\u5e73\u4ed3\u3002<\/p>\n<p>\u300c\u6280\u672f\u6307\u6807\u6b63\u5728\u6539\u5584\uff0c\u800c\u4e00\u4e9b\u4ea4\u6613\u8005\u6301\u6709\u7a7a\u5934\u5934\u5bf8\uff0c\u8fd9\u6709\u53ef\u80fd\u5f15\u53d1\u903c\u7a7a\u884c\u60c5\uff0c\u300d10x Research \u7814\u7a76\u4e3b\u7ba1 Markus Thielen \u5728 8 \u6708 21 \u65e5\u7684\u4e00\u4efd\u62a5\u544a\u4e2d\u8bf4\u9053\u3002<\/p>\n<p>\u800c\u5728 8 \u6708 18 \u65e5\u7684\u4e00\u4efd\u62a5\u544a\u4e2d\uff0cCryptoQuant \u7814\u7a76\u5458 Axel Adler \u63d0\u5230\u4e24\u4e2a\u5173\u952e\u6307\u6807\u2014\u2014\u6ce1\u6cab\u4e0e\u5d29\u76d8\u5e02\u573a\u7ed3\u6784\u4ee5\u53ca\u5e02\u503c\u548c\u5b9e\u73b0\u5e02\u503c\u4e4b\u95f4\u5dee\u5f02\u4e0e\u5e02\u503c\u6807\u51c6\u5dee\u4e4b\u6bd4\uff08MVRV-Z \u5206\u6570\uff09\u2014\u2014\u4f5c\u4e3a\u6bd4\u7279\u5e01\u5f53\u524d\u4ef7\u683c\u8d70\u52bf\u5065\u5eb7\u524d\u666f\u7684\u4fe1\u53f7\u3002<\/p>\n<p>Adler \u8865\u5145\u9053\uff1a\u300c\u6211\u4eec\u53ef\u4ee5\u770b\u5230\uff0c\u5f53\u524d\u7684\u725b\u5e02\u5468\u671f\u6b63\u5728\u76f8\u5f53\u7a33\u5b9a\u5730\u53d1\u5c55\uff0c\u6ca1\u6709\u663e\u8457\u7684\u5f02\u5e38\u6216\u6025\u5267\u7684\u8df3\u8dc3\u3002\u300d<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/08\/5-1724286313119.jpg\" alt=\"\u6bd4\u7279\u5e01\u671f\u8d27\u906d\u9047\u6fc0\u8fdb\u505a\u7a7a\uff0cETF \u8d44\u91d1\u5374\u6d41\u5165\u52a0\u901f\uff0c\u903c\u7a7a\u884c\u60c5\u4e00\u89e6\u5373\u53d1\uff1f\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/08\/5-1724286313119.jpg\" alt=\"\u6bd4\u7279\u5e01\u671f\u8d27\u906d\u9047\u6fc0\u8fdb\u505a\u7a7a\uff0cETF \u8d44\u91d1\u5374\u6d41\u5165\u52a0\u901f\uff0c\u903c\u7a7a\u884c\u60c5\u4e00\u89e6\u5373\u53d1\uff1f\" \/><\/figure>\n<\/div>\n<p>\u76ee\u524d\uff0c\u7f8e\u56fd\u73b0\u8d27\u6bd4\u7279\u5e01 ETF \u5728\u8fc7\u53bb\u5341\u4e2a\u8fde\u7eed\u4ea4\u6613\u65e5\u4e2d\u7684\u516b\u5929\u90fd\u4fdd\u6301\u4e86\u6b63\u6d41\u5165\u30028 \u6708 20 \u65e5\uff0cETF \u7684\u603b\u6d41\u5165\u91cf\u4e3a 8800 \u4e07\u7f8e\u5143\uff0c\u4e3a\u4e24\u5468\u4ee5\u6765\u7684\u6700\u9ad8\u503c\u3002<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/08\/5-1724286318646.jpg\" alt=\"\u6bd4\u7279\u5e01\u671f\u8d27\u906d\u9047\u6fc0\u8fdb\u505a\u7a7a\uff0cETF \u8d44\u91d1\u5374\u6d41\u5165\u52a0\u901f\uff0c\u903c\u7a7a\u884c\u60c5\u4e00\u89e6\u5373\u53d1\uff1f\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/08\/5-1724286318646.jpg\" alt=\"\u6bd4\u7279\u5e01\u671f\u8d27\u906d\u9047\u6fc0\u8fdb\u505a\u7a7a\uff0cETF \u8d44\u91d1\u5374\u6d41\u5165\u52a0\u901f\uff0c\u903c\u7a7a\u884c\u60c5\u4e00\u89e6\u5373\u53d1\uff1f\" \/><\/figure>\n<\/div>\n<p>\u8d1d\u83b1\u5fb7\u81ea\u4eca\u5e74 1 \u6708\u63a8\u51fa\u73b0\u8d27\u6bd4\u7279\u5e01 ETF IBIT \u4ee5\u6765\uff0c\u9664\u4e86 5 \u6708 1 \u65e5\u4e4b\u5916\uff0c\u8fd8\u6ca1\u6709\u4e00\u5929\u7684\u51c0\u6d41\u51fa\u8bb0\u5f55\u3002<\/p>\n<p>\u6839\u636e\u6295\u8d44\u516c\u53f8 River \u7684\u7814\u7a76\u5458 Sam Baker \u7684\u8bf4\u6cd5\uff0c\u7f8e\u56fd\u6700\u5927\u7684 60% \u5bf9\u51b2\u57fa\u91d1\u90fd\u6301\u6709\u6bd4\u7279\u5e01 ETF \u7684\u655e\u53e3\u3002<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/08\/5-1724286326752.jpg\" alt=\"\u6bd4\u7279\u5e01\u671f\u8d27\u906d\u9047\u6fc0\u8fdb\u505a\u7a7a\uff0cETF \u8d44\u91d1\u5374\u6d41\u5165\u52a0\u901f\uff0c\u903c\u7a7a\u884c\u60c5\u4e00\u89e6\u5373\u53d1\uff1f\" \/><img decoding=\"async\" class=\"j-lazy\" src=\"https:\/\/www.web3sj.com\/wp-content\/themes\/justnews\/themer\/assets\/images\/lazy.png\" data-original=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/08\/5-1724286326752.jpg\" alt=\"\u6bd4\u7279\u5e01\u671f\u8d27\u906d\u9047\u6fc0\u8fdb\u505a\u7a7a\uff0cETF \u8d44\u91d1\u5374\u6d41\u5165\u52a0\u901f\uff0c\u903c\u7a7a\u884c\u60c5\u4e00\u89e6\u5373\u53d1\uff1f\" \/><\/figure>\n<\/div>\n<p>\u6700\u540e\uff0c\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u81ea\u73b0\u8d27\u6bd4\u7279\u5e01 ETF \u63a8\u51fa\u4ee5\u6765\uff0c\u6bd4\u7279\u5e01\u65e5\u5185\u4ea4\u6613\u51fa\u73b0\u4e86\u660e\u663e\u7684\u6a21\u5f0f\uff1a\u4f3c\u4e4e\u6c38\u4e45\u671f\u8d27\u5e02\u573a\u4e3b\u5bfc\u4e86\u7f8e\u56fd\u4ea4\u6613\u65f6\u6bb5\u7684\u4e0b\u884c\uff0c\u7136\u540e ETF \u5728\u968f\u540e\u7684\u4e9a\u6d32\u548c\u6b27\u6d32\u4ea4\u6613\u65f6\u6bb5\u4ee5\u8f83\u4f4e\u7684\u4ef7\u683c\u4e70\u5165\u3002<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><img decoding=\"async\" src=\"https:\/\/www.web3sj.com\/wp-content\/uploads\/2024\/08\/5-1724286336253.png\" alt=\"\u6bd4\u7279\u5e01\u671f\u8d27\u906d\u9047\u6fc0\u8fdb\u505a\u7a7a\uff0cETF 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