{"id":3848,"date":"2025-07-25T06:00:13","date_gmt":"2025-07-25T06:00:13","guid":{"rendered":"https:\/\/www.coinspeaker.com\/fr\/?p=3848"},"modified":"2025-07-25T07:25:52","modified_gmt":"2025-07-25T07:25:52","slug":"etf-bitcoin-fin-modele-traditionnel","status":"publish","type":"post","link":"https:\/\/www.coinspeaker.com\/fr\/etf-bitcoin-fin-modele-traditionnel\/","title":{"rendered":"Les ETF Bitcoin changent de cap : fin du mod\u00e8le traditionnel"},"content":{"rendered":"<h2>Les g\u00e9ants des ETF Bitcoin poussent pour un mod\u00e8le de swap crypto plus propre<\/h2>\n<p>Fin juillet 2025, cinq grands fournisseurs de fonds n\u00e9goci\u00e9s en bourse, Ark 21Shares, Fidelity, Invesco Galaxy, VanEck et WisdomTree, ont soumis des amendements. Ces derniers \u00e9taient coordonn\u00e9s \u00e0 la <a rel=\"noopener noreferrer\" href=\"https:\/\/www.cbclaw.com.tr\/en\/bitcoin-etfs-to-launch-in-the-us-sec-concerned\" target=\"_blank\">SEC<\/a> et \u00e0 la <strong>bourse Cboe BZX<\/strong>.<\/p>\n<p>Les ETF Ethereum sont structur\u00e9s. Chaque entreprise cherche \u00e0 passer d&rsquo;un <strong>mod\u00e8le bas\u00e9 sur les esp\u00e8ces \u00e0 un m\u00e9canisme de cr\u00e9ation et de rachat en nature<\/strong>.<\/p>\n<p>Des avis officiels de <strong>modification des r\u00e8gles<\/strong> ont \u00e9t\u00e9 publi\u00e9s s\u00e9par\u00e9ment le 22 juillet, ouvrant une p\u00e9riode de consultation publique.<\/p>\n<p>Dans le cadre du mod\u00e8le actuel bas\u00e9 uniquement sur les esp\u00e8ces, introduit lorsque les <a rel=\"noopener noreferrer\" href=\"https:\/\/etfdb.com\/themes\/bitcoin-etfs\/\" target=\"_blank\">ETF Bitcoin<\/a> au comptant ont \u00e9t\u00e9 <strong>approuv\u00e9s pour la premi\u00e8re fois en janvier 2024<\/strong>. Ainsi, les \u00e9metteurs d&rsquo;ETF sont tenus de g\u00e9rer les transactions par le biais de conversions en monnaie fiduciaire.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"474\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">JUST IN: Fidelity filed amendment to its spot Bitcoin ETF to accept in kind redemptions and creations.<\/p>\n<p>This will allow institution to settle in Bitcoin instead of U.S. dollars.<\/p>\n<p>HUGE!<\/p>\n<p>&mdash; Bitcoin Archive (@BTC_Archive) <a rel=\"noopener noreferrer\" target=\"_blank\" rel=\"noopener nofollow sponsored\" href=\"https:\/\/twitter.com\/BTC_Archive\/status\/1948134667971895485?ref_src=twsrc%5Etfw\">July 23, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>L&rsquo;impact des co\u00fbts de transaction sur les ETF cryptographiques et l&rsquo;approche en nature<\/h2>\n<p>L&rsquo;approche actuelle a \u00e9t\u00e9 critiqu\u00e9e par les acteurs du march\u00e9 car elle augmente les co\u00fbts de transaction. C\u2019est le cas car cela cr\u00e9e un d\u00e9calage avec les <strong>prix au comptant sous-jacents<\/strong>.<\/p>\n<p>Le mod\u00e8le en nature, en revanche, <strong>permettrait aux participants autoris\u00e9s de transf\u00e9rer des actifs cryptographiques r\u00e9els<\/strong> vers ou hors du fonds en \u00e9change d&rsquo;actions ETF. Des structures similaires sont d\u00e9j\u00e0 utilis\u00e9es sur les march\u00e9s internationaux, notamment les produits n\u00e9goci\u00e9s en bourse sur <a href=\"https:\/\/www.coinspeaker.com\/fr\/bitcoin-ligne-de-mire-rapport-maison-blanche-30-juillet\/\">Bitcoin<\/a> \u00e0 Hong Kong.<\/p>\n<p>L&rsquo;approbation des modifications propos\u00e9es pourrait aligner davantage les ETF cryptographiques cot\u00e9s aux \u00c9tats-Unis sur les pratiques mondiales \u00e9tablies. Ce changement devrait <strong>am\u00e9liorer l&rsquo;efficacit\u00e9 des prix<\/strong> et la transparence op\u00e9rationnelle de ces produits.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/OZBngqVIpWs?si=5k4ylrp4EeIq67Q8\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h2>Les d\u00e9fis persistants pour les ETF cryptographiques<\/h2>\n<p>Si ce changement marque une avanc\u00e9e, des d\u00e9fis subsistent. Les demandes de BlackRock, <strong>Bitwise et d&rsquo;autres sont toujours en attente<\/strong>. En fait, la SEC \u00e9valuant les protocoles de conservation et la conformit\u00e9 en mati\u00e8re de lutte contre le blanchiment d&rsquo;argent.<\/p>\n<p>Bryan Armour, de Morningstar, a soulign\u00e9 que la prudence dont fait preuve le r\u00e9gulateur refl\u00e8te son engagement \u00e0 prot\u00e9ger les investisseurs avant <strong>d&rsquo;autoriser les transferts directs de cryptomonnaies<\/strong>.<\/p>\n<p><a rel=\"noopener noreferrer\" href=\"https:\/\/www.deloitte.com\/hu\/en\/services\/consulting\/perspectives\/The-ETP-breakthrough--Crypto-s-regulatory-milestone.html?icid=mosaic-grid_etp-breakthrough--crypto-s-regulatory-milestone\" target=\"_blank\">Deloitte<\/a> a soulign\u00e9 que les pr\u00e9c\u00e9dentes propositions en nature avaient \u00e9t\u00e9 <strong>r\u00e9vis\u00e9es sous la pression des r\u00e9gulateurs<\/strong>. Donc, cela sugg\u00e8re que les nouvelles demandes pourraient indiquer que les objections ant\u00e9rieures ont \u00e9t\u00e9 prises en compte.<\/p>\n<h2>Un tournant pour les ETF cryptographiques am\u00e9ricains<\/h2>\n<p>L&rsquo;approbation de la cr\u00e9ation et du rachat en nature pourrait marquer un tournant pour les ETF cryptographiques am\u00e9ricains. De ce fait, cela comble le foss\u00e9 entre les march\u00e9s \u00e9mergents et la <strong>finance traditionnelle<\/strong>.<\/p>\n<p>En s&rsquo;alignant sur les normes mondiales, ces fonds pourraient <strong>am\u00e9liorer la transparence du march\u00e9<\/strong>, r\u00e9duire la volatilit\u00e9 et favoriser une participation institutionnelle plus large. Alors que le secteur et les r\u00e9gulateurs continuent d&rsquo;affiner le cadre r\u00e9glementaire.<\/p>\n<p>Donc, le succ\u00e8s de cette transition devrait d\u00e9terminer la trajectoire future de l&rsquo;<strong>int\u00e9gration des actifs cryptographiques dans les march\u00e9s financiers traditionnels<\/strong>.<\/p>\n<hr \/>\n<p>Source : <a rel=\"noopener noreferrer\" href=\"https:\/\/www.ainvest.com\/news\/bitcoin-news-today-bitcoin-etf-providers-push-kind-models-cut-costs-align-global-standards-2507\/\" target=\"_blank\">AInvest<\/a><\/p>\n<p>\u00c0 lire aussi :<\/p>\n<ul>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/bitcoin-detrone-lor\/\">Bitcoin d\u00e9tr\u00f4ne l\u2019or dans les portefeuilles des Am\u00e9ricains<\/a><\/li>\n<li><a href=\"https:\/\/www.coinspeaker.com\/fr\/chatgpt-altseason\/\">ChatGPT pr\u00e9dit les altcoins stars de la prochaine altseason<\/a><\/li>\n<\/ul>\n<a class=\"infinscroll_next_page_link\" style=\"display:none\" href=\"https:\/\/www.coinspeaker.com\/fr\/bitcoin-detrone-lor\/\" rel=\"prev\">next<\/a>","protected":false},"excerpt":{"rendered":"<p>Le paysage des ETF Bitcoin conna\u00eet actuellement une mutation structurelle importante.<\/p>\n<p>Les principaux acteurs du secteur poussent \u00e0 une transition des m\u00e9canismes exclusivement en esp\u00e8ces vers des mod\u00e8les de cr\u00e9ation et de rachat en nature.<\/p>\n","protected":false},"author":220,"featured_media":3849,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,33],"tags":[],"class_list":["post-3848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actu","category-bitcoin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Les ETF Bitcoin changent de cap : fin du mod\u00e8le 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