I saw a question these two days: If US stock investors buy and sell BTC ETFs, will this be reflected in the on-chain data? If it is not recorded on the chain, will the reference value of the on-chain data be reduced?
In fact, many people may not understand the operation of #BTC spot ETFs. Now, whether it is Hong Kong (spot) or the United States (cash), the acceptance is responsible for acceptance by the acceptor. For example, basically 80% of transactions in the United States are on Coinbase, and Hong Kong seems to be on HashKey. All these transactions are on centralized exchanges, but the BTC after the transaction will be extracted to a special custody address. So the buying and selling process is indeed not on the chain, but the results after the buying and selling are fed back to the chain. The basic time difference is about a few hours. For example, the data feedback of GBTC is very fast, and that of Fidelity and BlackRock is very slow. So even the data of ETFs will eventually be fed back to the movement on the chain. Therefore, the on-chain data is of certain reference value. Especially URPD
Then there will definitely be questions here: According to the logic of A-shares, the buyer purchases BTC through a fund company, and the fund company exchanges the purchased BTC for an equal amount of ETFs and gives it to the buyer. The buyer can put the ETF on the secondary market of US stocks.
So suppose A purchases an ETF corresponding to 1 BTC through a fund company, A's purchase will be fed back to the chain. So if A puts this 1 BTC ETF on the secondary market, and B purchases the ETF from A, will the turnover between B and A be fed back to the chain?
But in fact, under the current situation: if the ETF is traded privately instead of through AP, then BTC itself will not be involved, and the on-chain data will not be involved, but if you are simply selling and interacting with AP, then you need to go on the chain. At present, I don’t know of any private transactions of ETFs in the United States, and it should not work, because BTC ETF cannot be used as collateral, so all interactions should be through AP.
