Fu Peng: BTC perpetual contracts usher in the era of 'rental assets,' commodity ETF logic also applies to Bitcoin

Deep Tide TechFlow reports that on April 25, Fu Peng, Chief Economist of New Fire Group, posted on the X platform stating that the essence of commodity ETFs is to package the business model of 'holding commodities long-term while continuously generating rental income' into a compliant product. What fund companies value is not the market prospects of the commodity itself, but its asset attribute of continuously generating 'rent.' Since May 13, 2016, when BitMEX launched the world's first BTC perpetual contract and introduced the funding rate mechanism, long-term BTC holders have been able to earn rental income through hedging operations. BTC has thus transformed from a pure speculative faith-based asset into a 'rental asset' with a stable positive cash flow logic. The costs paid by retail investors participating in derivative exchanges form the basis for large position holders to earn risk-free hedged rental income. This income is further packaged into ETF-like products and sold to LPs, with the funds raised then used to purchase Bitcoin, creating a positive cycle that reduces volatility and strengthens the income-generating attributes of the asset.