$NWC has just been made available to store and manage on Coinbase Prime for crypto-forward institutions. This means that institutions and business accounts can now invest in $NWC easier. https://twitter.com/CoinbaseAs...

$NWC刚刚提供给加密转发机构，用于在Coinbase Prime上存储和管理。这意味着，机构和商业账户现在可以更轻松地投资于美元NWC。https://twitter.com/CoinbaseAs...

That's literally all the man does. Teaching about crypto 🤷‍♂️
Is this educational platform of his also a 10?
Check it out. No strings attached 😉
Start here ⬇️
https://app.newscrypto.io/ https://t.co/WUAFtr7gJK

这就是男人所做的一切。密码教学🤷‍♂️
他的这个教育平台也是一个10？
过来看。没有附加任何字符串😉
从这里开始⬇️
https://app.newscrypto.io/ https://t.co/WUAFtr7gJK

@WatcherGuru GM👀

@WatcherGuru总经理👀

We've started a NEW BLOG Trilogy Series about Crypto Fundamental Analysis 📊
The 1st part is about Financial Metrics. Which are the most important metrics to consider before making any #crypto investments?
Start reading here 👇
https://blog.newscrypto.io/cry... https://t.co/EXfvIbHErx

我们已经开始了一个关于密码基础分析的新博客三部曲系列📊
第一部分是财务指标。在进行任何加密投资之前，需要考虑哪些最重要的指标？
从这里开始阅读👇
https://blog.newscrypto.io/cry... https://t.co/EXfvIbHErx

TL; DR cont.
By switching to a spot ETF, investors will no longer need to worry about high management fees, lock-up periods, or their investment de-pegging from its true value.

TL；DR cont。
通过转向现货ETF，投资者将不再需要担心高昂的管理费、锁定期或他们的投资脱离其真实价值。

TL; DR
Grayscale's Bitcoin Trust (GBTC) is aiming to be the first spot ETF in the United States. With future regulatory framework stemming from this situation, many are watching closely.

TL；博士
Grayscale的比特币信托基金（GBTC）旨在成为美国第一只spot ETF。由于未来的监管框架源自这种情况，许多人正在密切关注。

15 | Some alternative options that could take place would be a lawsuit by investors against Grayscale. As it stands now, investors cannot redeem shares for NAV, but rather have to currently sell shares at the market rate which is discounted.

15 |可能出现的一些替代方案将是投资者对灰度的诉讼。目前，投资者不能将股票赎回为资产净值，而是必须以贴现的市场利率出售股票。

16 | If successful, current investors would stand to be rewarded with a 28% gain, as they no longer have to worry about GBTC share price in the markets, but rather the true value of the Bitcoin held.

16 |如果成功，当前投资者将获得28%的收益，因为他们不再担心GBTC在市场上的股价，而是担心所持比特币的真实价值。

14 | With a lawsuit on the horizon, many are watching from the sidelines on how the courts will rule. If approved, Grayscale assets across all investment products would increase by approximately $6 billion, regardless of digital asset price action.

14 |随着一场诉讼即将到来，许多人在一旁观望法院将如何裁决。如果获得批准，所有投资产品的灰度资产将增加约60亿美元，而不考虑数字资产价格的变化。

13 | With the SEC rejection that was expected by most there are multiple ways the scenario can play out. According to CEO of Grayscale @Sonnenshein and @BarrySilbert, the CEO of Grayscale parent company Digital Currency Group, Grayscale immediately filed a lawsuit against the SEC https://t.co/FXl5Fyt8TD

13 |随着大多数人预期的SEC拒绝，该场景可以通过多种方式进行。Grayscale首席执行官Sonnenshein和Grayscale母公司数字货币集团首席执行官BarrySilbert表示，Grayscale立即向SEC提起诉讼https://t.co/FXl5Fyt8TD

12 | If demand is low, shares can get burned, if demand is high, more shares can be created. Trusts cannot do this! With a spot ETF, investors can buy BTC, and regardless of demand, the asset will track near NAV, getting rid of concerns about additional 30% discounts/losses

12 |如果需求低，股票可能会被烧掉，如果需求高，可以创造更多的股票。信托不能这样做！有了现货ETF，投资者可以购买BTC，无论需求如何，该资产都将接近资产净值，摆脱对额外30%折扣/损失的担忧

11 | The benefit of switching to a spot ETF would be wiping out the discount of GBTC, allowing it to track closer to NAV. The reason GBTC would track near NAV is a spot ETF would allow for the creation/destruction of shares based on demand, something it currently cannot do.

11 |转换为现货ETF的好处将消除GBTC的折扣，使其跟踪更接近NAV。GBTC将在NAV附近跟踪的原因是，现货ETF将允许根据需求创建/销毁股票，这是它目前无法做到的。

10 | So why does Grayscale want a spot ETF? As things stand now, they collect 2% in management fees per year which is over $200 million a year in revenue. If GBTC is converted to a spot ETF, the management fee would be significantly lower as ETF fees are usually under 1%

10 |那么为什么Grayscale需要现货ETF？目前，他们每年收取2%的管理费，每年的收入超过2亿美元。如果GBTC转换为现货ETF，管理费将显著降低，因为ETF费用通常低于1%

9 | With investors being able to buy elsewhere, GBTC premium went down, eventually flipping to a discount. With a current discount of 28%, GBTC investors who bought at a premium experienced at least an additional 28% loss on top of the overall BTC price decline in the bear market

9 |随着投资者能够在其他地方购买，GBTC溢价下降，最终转为折价。在目前28%的折扣率下，在熊市中BTC整体价格下跌的基础上，溢价买入的GBTC投资者至少额外损失了28%

8 | Investment vehicles like GBTC were attractive to these types of investors, but for a long period of time, it was the only/main option. As more options for BTC exposure came to exist, investors sought exposure through other investment vehicles.

8 | GBTC等投资工具对这类投资者具有吸引力，但在很长一段时间内，它是唯一/主要的选择。随着BTC风险敞口的更多选择出现，投资者通过其他投资工具寻求风险敞口。

7 | When BTC trades at a premium, the NAV could be $18/share but the GBTC stock price could be $20/share. For many investors, they don't want to set up accounts on exchanges, deal with custody of digital assets, or may not be able to buy physical BTC for regulatory reasons.

7 |当BTC溢价交易时，资产净值可能为18美元/股，但GBTC股价可能为20美元/股。对于许多投资者来说，他们不想在交易所设立账户，不想处理数字资产的托管问题，或者出于监管原因，可能无法购买实体BTC。

6 | GBTC usually trades at a premium or a discount. When trading at a premium, it indicates investors are willing to pay more than the Net Asset Value (NAV, aka the true value of the bitcoins held in the trust) because they want BTC exposure and may not have other ways to get it https://t.co/8H23DnIAEQ

6 | GBTC通常溢价或折价交易。当以溢价交易时，这表明投资者愿意支付高于资产净值（NAV，也称为信托中持有的比特币的真实价值）的费用，因为他们想要BTC敞口，并且可能没有其他方式获得它https://t.co/8H23DnIAEQ

5 | With a total of $12.9 billion worth of BTC and 692 million shares, each share should be worth $18.62. However, shares currently trade at around $13.32. This means the $12.9 billion of BTC are being valued at around $9.2 billion. So why the discrepancy? https://t.co/fmTsc2MuQ8

5 | BTC总价值129亿美元，6.92亿股，每股价值18.62美元。然而，目前股价约为13.32美元。这意味着BTC的129亿美元估值约为92亿美元。那么为什么会出现差异呢？https://t.co/fmTsc2MuQ8

4 | Institutional and accredited investors would be able to contribute $ to the trust to buy BTC. Grayscale would then give these investors an equivalent amount of shares that were required to be locked up for 6 months. Shares were given at NAV price. (more on this later)

4 |机构投资者和合格投资者将能够向信托基金出资美元购买BTC。然后，灰度将为这些投资者提供等量的股票，这些股票需要被锁定6个月。股票以资产净值价格发行。（稍后详细介绍）

2 | Grayscale is the largest digital asset fund manager, owning a wide range of products for institutional investors. Its most popular product is its Bitcoin Trust (GBTC). The Bitcoin trust currently owns around 640k Bitcoins per their last 10-Q https://t.co/TTDsKpm3Aw

2 | Grayscale是最大的数字资产基金管理公司，为机构投资者提供广泛的产品。其最受欢迎的产品是比特币信托（GBTC）。比特币信托基金目前每10季度拥有约64万比特币https://t.co/TTDsKpm3Aw