BroadChain learned that on April 25 at 20:02, Huobi Group Chief Economist Fu Peng posted on Platform X, pointing out that the essence of commodity ETFs is to package the business model of "long-term holding of commodities and continuously obtaining leasing income" into compliant financial products. The core focus of fund managers is not the trend of the commodity market, but the asset's ability to generate stable "rental income."
Since BitMEX launched the world's first BTC perpetual contract and introduced the funding rate mechanism on May 13, 2016, long-term holders can earn leasing income through hedging strategies. As a result, BTC has transformed from a purely faith-based speculative asset into a "leasing asset" with a stable positive cash flow logic. The costs paid by retail investors in derivatives trading form the basis for the risk-free hedging leasing income of large position holders.
This income is further packaged into ETF-like products, sold to liquidity providers (LPs), and the raised funds are used to purchase Bitcoin, creating a positive cycle that reduces volatility and strengthens BTC's income attributes.