BTC和ETH ETF以驚人的速度虧損

上週，保羅·阿特金斯（Paul Atkins）宣誓就任美國證券交易委員會（SEC）的第34董事，繼承了最重的加密貨幣相關工作量

Last week, Paul Atkins was sworn in as the 34th Chairman of the U.S. Securities and Exchange Commission (SEC), inheriting the heaviest cryptocurrency-related workload in the SEC’s history: more than 70 cryptocurrency exchange-traded fund (ETF) applications awaiting review.

上週，保羅·阿特金斯（Paul Atkins）宣誓就職，擔任美國證券交易委員會（SEC）的第34董事，繼承了SEC歷史上與加密貨幣相關的最重的工作量：超過70多個加密貨幣交易所基金（ETF）的應用程序等待審查。

Just three days into his tenure, Atkins faced his first few major cryptocurrency decisions. He delayed rulings on multiple ETF proposals until June.

他的任期僅三天了，阿特金斯就面對了他的前幾個重大加密貨幣決定。他將多個ETF提案的裁決推遲到6月。

The delays are not unexpected. However, they highlight the difficult task facing the new chairman.

延遲並不意外。但是，他們強調了新主席面臨的艱鉅任務。

Interestingly, as the altcoin ETF craze takes off, funds tracking the second-largest cryptocurrency — Ethereum — are seeing outflows at an alarming rate.

有趣的是，隨著Altcoin ETF熱潮的起步，資金追踪第二大加密貨幣（以太坊）的資金以驚人的速度看到流出。

Despite this, fund companies are still applying for various ETFs. From mature altcoins like Solana and XRP to meme coins like Dog, Penguin, and even Trumpcoin, Atkins' work faces many challenges.

儘管如此，基金公司仍在申請各種ETF。從Solana和XRP等成熟的Altcoins到Dog，Penguin甚至Trumpcoin等模因硬幣，Atkins的工作都面臨許多挑戰。

This contrast begs the question: Given that Ethereum’s experience provides such a troubling precedent, why are altcoins still rushing to apply for ETFs?

這種對比引出了一個問題：鑑於以太坊的經驗提供瞭如此令人不安的先例，為什麼山寨幣仍在急於申請ETF？

Asset managers have filed ETF applications for at least 15 cryptocurrencies other than bitcoin and ethereum.

資產經理已提交了除比特幣和以太坊以外的至少15個加密貨幣的ETF申請。

Grayscale alone has applied for funds tracking Solana, Cardano, XRP, Dogecoin, Litecoin, and Avalanche. Bitwise is aiming to get ETFs approved based on Dogecoin and Aptos, while Canary Capital has been particularly aggressive, submitting applications for Hedera, Penguin, Sui, and most recently, a staking TRX product that even includes yield generation capabilities.

僅灰度就申請了追踪Solana，Cardano，XRP，Dogecoin，Litecoin和Avalanche的資金。 Bitwise的目標是根據Dogecoin和Aptos獲得ETF的批准，而Canary Capital卻特別具有侵略性，並提交了Hedera，Penguin，Sui，以及最近的Staging TRX產品，甚至包括產量產生能力。

First, a basic question: Why apply for an ETF?

首先，一個基本問題：為什麼要申請ETF？

Bloomberg ETF analyst Eric Balciunas recently posted: “ETF-ing your cryptocurrency is like a band adding its songs to all music streaming services. It doesn’t guarantee anyone will listen, but it gets your music in front of the vast majority of listeners.”

彭博ETF分析師Eric Balciunas最近發布：“您的加密貨幣就像一支樂隊，將其歌曲添加到所有音樂流媒體服務中。它不能保證任何人都會聽，但它會讓您的音樂在絕大多數聽眾面前。”

In simple terms, this means better accessibility for investors and broader adoption through fund houses.

簡而言之，這意味著通過基金房屋對投資者和更廣泛的收養更好。

The implications of this issue extend beyond the cryptocurrency space to the complexities of politics. And we are talking about complexities involving President Donald Trump.

這個問題的含義超出了加密貨幣空間對政治的複雜性。我們正在談論涉及唐納德·特朗普總統的複雜性。

Trump’s media and technology group recently announced plans to invest up to $250 million in cryptocurrency-related ETFs.

特朗普的媒體和技術集團最近宣布了計劃在與加密貨幣相關的ETF上投資高達2.5億美元的計劃。

The timing of these applications is particularly interesting because they come at a time when Ethereum ETFs are experiencing a crisis of investor confidence.

這些應用程序的時機特別有趣，因為它們是在以太坊ETF遇到投資者信心危機的時候。

Ethereum ETFs have seen outflows for seven consecutive weeks, totaling more than $1.1 billion, as of April 18. As of April 11, assets under management plummeted to $5.24 billion, a record low since these products were launched in July 2024.

以太坊ETF連續七個星期看到了流出，總計超過11億美元，截至4月18日，截至4月11日，管理資產下降到52.4億美元，自2024年7月推出以來，這是創紀錄的創紀錄的。

The struggle stands in stark contrast to bitcoin ETFs, which saw inflows of nearly $1 billion each on Thursday and Friday last week, helping bitcoin prices recover to $95,000 despite market volatility.

這場鬥爭與比特幣ETF形成鮮明對比，比特幣ETF在上週的星期四和周五的流入近10億美元，儘管市場波動，但比特幣的價格恢復到95,000美元。

For altcoin investors hoping to get in on the action, the Ethereum ETF’s experience raises a troubling question: If the second-largest cryptocurrency by market cap can’t sustain investor interest in an ETF wrapper, is there hope for less-established tokens?

對於希望採取行動的Altcoin投資者來說，以太坊ETF的經驗提出了一個令人不安的問題：如果市值第二大加密貨幣無法維持投資者對ETF包裝器的興趣，那麼對較不建立的代幣是否希望？

Lessons from Ethereum

以太坊的教訓

Beyond the raw numbers, the Ethereum ETF story raises some fundamental questions that altcoin ETF investors must seriously consider if they want to avoid the same fate.

除了原始數字之外，以太坊ETF的故事提出了一些基本問題，而altcoin ETF投資者必須認真考慮是否要避免同樣的命運。

The first is the fee structure. Grayscale's ETHE is a typical example. When competitors such as BlackRock offer similar investment opportunities at one-tenth the price, its 2.5% annual fee is obviously unsustainable.

首先是費用結構。灰度的Ethe是一個典型的例子。當貝萊德等競爭對手以十分之一的價格提供類似的投資機會時，其2.5％的年費顯然是不可持續的。

This fee differential creates a mathematical inevitability — over time, high-fee products will significantly underperform lower-fee products that track the same assets. This is crucial for investors who plan to hold onto their holdings for many years.

此費用差異會產生數學上的不可避免性 - 隨著時間的流逝，高效產品將顯著低於跟踪相同資產的低表現。這對於計劃持有多年股份的投資者至關重要。

The second is Ethereum’s increasingly complex value narrative. While Bitcoin benefits from its straightforward “digital gold” positioning, Ethereum’s value proposition covers a smart contract platform, a settlement layer for DeFi, an NFT market pillar, and a potential asset that generates income through staking — a feature that current Ethereum ETFs do not have.

第二個是以太坊日益複雜的敘述。儘管比特幣從其直接的“數字黃金”定位中受益，但以太坊的價值主張涵蓋了智能合約平台，Defi的沉降層，NFT市場支柱以及通過Stateking產生收入的潛在資產，這是當前以太坊ETF所沒有的功能。

This complexity creates a marketing challenge. When financial advisors can’t easily explain investment rationales to clients in a sentence or two, adoption suffers. Bitcoin's simplicity easily wins this battle.

這種複雜性帶來了營銷挑戰。當財務顧問無法輕鬆地向一兩個句子中的客戶解釋投資理由時，收養會受到損失。比特幣的簡單性很容易贏得這場戰鬥。

The third issue is the SEC’s cautious approach to staking. By prohibiting Ethereum ETFs from incorporating staking returns, the regulator has deprived them of a differentiating feature. This contrast became particularly stark when Canary Capital recently filed for a staking-based TRX ETF, suggesting that some issuers are already trying to overcome this limitation.

第三個問題是SEC謹慎的放電方法。通過禁止以太坊ETF納入堆積回報，監管機構剝奪了它們的不同特徵。當Canary Capital最近申請基於毒品的TRX ETF時，這種對比變得尤為明顯，這表明某些發行人已經在試圖克服這一限制。

Why still betting on ETFs?

為什麼仍在押注ETF？

Despite the worrying performance of the Ethereum ETF and the troubling implications it holds for altcoin ETFs, the rush of applicants has not slowed down. This apparent contradiction is driven by several powerful factors that overweigh the immediate concerns raised by Ethereum’s plight.

儘管以太坊ETF的表現令人擔憂及其對Altcoin ETF的令人不安的含義，但申請人的匆忙並沒有減慢。這種明顯的矛盾是由幾個有力因素驅動的，這些因素超過了以太坊的困境所引起的直接關注。

The most significant catalyst is the so-called “Atkins effect.”

最重要的催化劑是所謂的“阿特金斯效應”。

The appointment of Paul Atkins as chairman of the SEC marks a dramatic shift from Gary Gensler’s tenure

任命保羅·阿特金斯（Paul Atkins