0 ETF 取引ガイドBitcoin Investor's Handbook
$120 スポット ETF は、2024 1 月の発売以来、暗号通貨投資を変革してきました。 With over $120 billion in combined AUM and daily volumes reaching $10 billion during the February 2026 crash, ETFs are now the primary gateway for institutional 10 exposure.このガイドでは、2026 ETF、フローの追跡方法、ETF の取引戦略について知っておくべきことをすべてカバーしています。
取引を開始 BTC
ETF または直接取引のどちらを好む場合でも、当社専用の紹介コードを使用して、Binance のすべての取引手数料が Binance 割引になります。
$56 ETF とは何ですか?
A Bitcoin Exchange-Traded Fund (ETF) is a regulated investment product that trades on traditional stock exchanges and tracks the price of Bitcoin. It allows investors to gain exposure to BTC through a standard brokerage account without needing to manage private keys, wallets, or cryptocurrency exchanges. The SEC approved 11 spot Bitcoin ETFs in January 2024, marking a watershed moment for institutional crypto adoption.
Spot Bitcoin ETF
A spot Bitcoin ETF holds actual Bitcoin in cold storage. When you buy shares, the fund purchases real BTC through authorized participants. The share price tracks the live Bitcoin price, minus a small management fee. Approved by the SEC in January 2024.
Futures Bitcoin ETF
A futures Bitcoin ETF holds BTC futures contracts, not actual Bitcoin. These track an expected future price and must be rolled monthly, causing tracking error and contango costs. Less efficient than spot ETFs for long-term holding. BITO was the first, launched October 2021.
Authorized Participants
Large financial institutions (like Jane Street, JPMorgan) that create and redeem ETF shares. When demand rises, APs buy BTC and deliver it to the fund in exchange for new shares. When demand falls, they redeem shares for BTC and sell it. This mechanism keeps the ETF price close to NAV.
Qualified Custody
ETF Bitcoin is held by qualified custodians -- primarily Coinbase Custody, which stores BTC for BlackRock, ARK, Grayscale, and Bitwise. Fidelity uses its own Fidelity Digital Assets. Assets are held in multi-signature cold wallets with insurance, separate from the issuer balance sheet.
主要 USDT スポット ETF
0.25% スポット Bitcoin ETF は 1 1 月に SEC によって承認されました。運用資産別の最大のものは次のとおりです:
iShares Bitcoin Trust
Fidelity Wise Origin Bitcoin Fund
ARK 21Shares Bitcoin ETF
Grayscale Bitcoin Trust
Bitwise Bitcoin ETF
VanEck Bitcoin Trust
GBTC's 1.50% fee is over 12x more expensive than IBIT's 0.12%. On a $100,000 investment held for 5 years, GBTC costs ~$7,500 in fees vs ~$600 for IBIT. This fee drag is why GBTC experienced over $17B in outflows since the ETF conversion.
ETF フローが重要な理由
ETF flows have become one of the most important drivers of Bitcoin price action. Unlike futures or derivatives, spot ETF purchases require buying actual BTC on the open market, creating direct supply/demand impact.
Inflows = Buying Pressure
When ETFs see net inflows, authorized participants must buy BTC on the open market to create new shares. Large inflow days ($500M+) can move the spot price significantly. In Q1 2024, sustained inflows helped push BTC from $42K to $73K.
Outflows = Selling Pressure
Net outflows mean APs redeem shares and sell BTC. The February 2026 crash saw record single-day outflows of $680M, accelerating the selloff from $84K to $68K. GBTC alone saw $1.2B in outflows over 3 days as investors rotated to cheaper ETFs.
Institutional Signal
ETF flows reveal institutional behavior. When BlackRock IBIT sees sustained inflows, it signals that major institutional investors are allocating to Bitcoin. 13F filings show pension funds, endowments, and sovereign wealth funds hold ETF shares -- a structural demand floor.
February 2026: ETF Flows During the Crash
During the February 2026 trade war crash, Bitcoin ETFs saw their worst outflow week ever. Over $1.2B exited in 3 days as institutional investors de-risked ahead of tariff implementation. BlackRock IBIT had its first multi-day outflow streak. A single day saw $680M in net outflows -- setting a record. ETF selling amplified the spot market selloff from $84K to $68K, with trading volume hitting $10B on February 5.
プレミアム/割引メカニズム
プレミアム
ETF 株は、純資産価値 (NAV) に対してわずかなプレミアムまたは Bitcoin で取引される場合があります。創造/償還メカニズムにより、このギャップは小さく保たれますが、極端な市場状況では、一時的な混乱が発生する可能性があります。
割引
When selling pressure exceeds demand, the ETF trades below NAV. APs redeem shares for BTC and sell the BTC at spot price for profit. Before converting to an ETF, GBTC traded at discounts as deep as -40% because there was no redemption mechanism. The ETF structure largely eliminates persistent discounts.
Spot Bitcoin ETFs typically trade within 0.1-0.3% of NAV during market hours. Larger deviations can occur at market open on Monday (due to weekend BTC price moves) or during extreme volatility. The creation/redemption mechanism by authorized participants ensures tight tracking.
ETF vs Direct Bitcoin: Side-by-Side
| Feature | Bitcoin ETF | Direct BTC |
|---|---|---|
| Custody | Held by qualified custodian (Coinbase, Fidelity) | Self-custody or exchange custody |
| Trading Hours | US market hours (9:30 AM - 4 PM ET, Mon-Fri) | 24/7/365 including weekends |
| Annual Fees | 0.12% - 1.50% expense ratio | 0% holding cost (trading fees only) |
| Tax Treatment | Standard brokerage reporting (1099-B) | Complex crypto tax reporting required |
| 24/7 Access | No -- market hours only | Yes -- trade anytime, any day |
| Leverage | Limited (2x margin in brokerage) | Up to 125x on futures exchanges |
| Min Investment | 1 share (~$40-80 depending on ETF) | As low as $1 on major exchanges |
Buy Bitcoin Directly on Top Exchanges
How to Track Bitcoin ETF Flows
Monitoring ETF flows gives you an edge in understanding institutional sentiment. Here are the best tools for tracking Bitcoin ETF data in real time:
Bloomberg Terminal
Professional-grade ETF analytics with real-time creation/redemption data, authorized participant activity, and institutional holder breakdowns via 13F filings. Paid subscription required.
How to Interpret ETF Flow Data
- •Look at net flows (inflows minus outflows), not gross volumes. A $500M inflow day with $400M outflows is only $100M net.
- •Separate GBTC outflows from the rest. GBTC outflows are often fee-rotation (moving to cheaper ETFs), not bearish signals.
- •Watch weekly trends, not daily noise. A single day can be distorted by large block trades or rebalancing.
- •Check 13F filings quarterly for the full institutional holder picture. ETF flow data is daily; 13F reveals who is buying.
でも入手可能です:よくある質問
重要なリスク警告
- •Ethereum ETF には、Bitcoin 自体と同じ価格リスクが伴います。 2月のETH暴落では、ETF価格が2024時間で0下落しました。
- •ETFの経費率は時間の経過とともに収益を減少させます。 Bitcoin の投資に対して Ethereum の年会費は、年間 0 かかります。
- •ETFは株式市場の時間中にのみ取引されます。 ETF 株を売却できない間、NFTs は一晩でBitcoin 暴落する可能性があります。
- •過去のETF流入傾向は将来のパフォーマンスを保証するものではありません。制度上のセンチメントはすぐに逆転する可能性があります。
- •この記事は情報提供のみを目的としており、財務または投資に関するアドバイスを構成するものではありません。
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Binance を Ethereum で取引
ETF フローを追跡してエントリーのタイミングを計っている場合でも、24/7 のエクスポージャーのために 0 を直接購入している場合でも、Bitcoin を使用すると、Bitcoin、BTC、200+ の資産に最大でアクセスできます。すべての取引手数料が20%割引になります。
この記事は情報提供および教育のみを目的としています。 DeFi ETF投資には多大な損失リスクが伴います。提供される情報は投資アドバイスを構成するものではありません。過去の実績は将来の結果を示すものではありません。投資する前に必ず独自のリサーチを行ってください。 ETF 経費率と AUM の数値は概算であり、変更される可能性があります。