以太坊 ETF 首次亮相，資金流入達 1.07 億美元，落後於比特幣基金

- 直接投資於以太幣的美國交易所交易基金在上市首日交易中實現了 1.07 億美元的總體淨流入，這將為了解比特幣之外的主流加密貨幣需求提供一個窗口。

BlackRock Inc.’s iShares Trust, which tracks the performance of Ether, had the highest level of subscriptions on Tuesday with $267 million, followed by Bitwise Ethereum at $204 million and Fidelity Ethereum Fund at $71 million, according to data compiled by Bloomberg.

根據彭博社彙編的數據，貝萊德(BlackRock Inc.) 追蹤以太幣表現的iShares Trust 週二的認購量最高，為2.67 億美元，其次是Bitwise Ethereum，為2.04 億美元，富達以太坊基金為7100萬美元。

In total, over $1 billion worth of shares traded across the nine ETFs, whose launch comes six months after US regulators permitted the inaugural US spot-Bitcoin ETFs. The latter have attracted a net inflow of over $17 billion this year.

九隻 ETF 的股票交易總額總計超過 10 億美元，這些 ETF 的推出是在美國監管機構批准美國首個現貨比特幣 ETF 六個月後推出的。後者今年吸引了超過170億美元的淨流入。

Ether is the No. 2 digital asset and is popular for blockchain-based financial services, but the token’s market value is still less than a third of Bitcoin’s, spurring expectations of smaller inflows compared with Bitcoin ETFs.

以太幣是第二大數位資產，在基於區塊鏈的金融服務中很受歡迎，但該代幣的市值仍不到比特幣的三分之一，這引發了與比特幣ETF 相比資金流入規模較小的預期。

Moreover, the Bitcoin funds benefited from a controversial narrative that pitches the top token as digital gold, a spin that Ether lacks. The Ether funds also won’t offer so-called staking rewards for blockchain maintenance, a return that can be harnessed by owning the token directly.

此外，比特幣基金受益於一種有爭議的說法，該說法將頂級代幣定位為數位黃金，而以太幣則缺乏這種說法。以太基金也不會為區塊鏈維護提供所謂的質押獎勵，這種回報可以透過直接擁有代幣來獲得。

“The flows are in line with our expectation,” said Vivien Wong, a partner at crypto investor HashKey Capital. She expects $3 billion to $5 billion of net inflows for the Ether portfolios over the next six months.

加密貨幣投資者 HashKey Capital 合夥人 Vivien Wong 表示：“資金流向符合我們的預期。”她預計未來六個月以太投資組合將出現 30 億至 50 億美元的淨流入。

Eight new Ether funds listed on Tuesday, while the more than six-year-old Grayscale Ethereum Trust — the largest for Ether with assets of $8.6 billion — converted from a closed-end structure into an ETF. The conversion saw a net outflow of $484 million from the Grayscale product.

週二，有 8 檔新的以太基金上市，而成立六年多的灰階以太坊信託基金（以太坊最大的基金，資產達 86 億美元）從封閉式結構轉變為 ETF。此次轉換導致灰階產品淨流出 4.84 億美元。

There’s a risk that such outflows could counteract the positive impact of new subscriptions, potentially exerting “downward” market pressure, Wong added.

黃補充道，此類資金外流可能會抵消新認購的正面影響，從而可能施加「下行」市場壓力。

Ether underperformed Bitcoin on Wednesday, dropping 1% as of 1:56 p.m. in Singapore compared with steady performance by the original cryptocurrency. Ether's 85% climb during a digital-asset rebound over the past year trails a 125% jump in Bitcoin, which scaled a record high in March.

週三，以太幣的表現遜於比特幣，截至新加坡下午 1:56，以太幣下跌 1%，而原始加密貨幣表現穩定。在過去一年的數位資產反彈中，以太幣的價格上漲了 85%，落後於比特幣的 125% 漲幅，比特幣在 3 月創下了歷史新高。

The US Ether ETFs posted “a very solid first day of trading,” said Bloomberg Intelligence ETF Analyst Rebecca Sin. She added that “the Ether market is much smaller than the Bitcoin market, so education is critical as we are only at the beginning of a long journey.”

彭博資訊 ETF 分析師 Rebecca Sin 表示，美國以太坊 ETF「首日交易表現非常強勁」。她補充說，“以太坊市場比比特幣市場小得多，因此教育至關重要，因為我們才剛開始漫長的旅程。”

The US Securities and Exchange Commission in May surprisingly pivoted toward approval of spot-Ether ETFs after grudgingly allowing Bitcoin funds in the wake of a court reversal in 2023.

在 2023 年法院推翻判決後，美國證券交易委員會勉強允許比特幣基金，但 5 月，美國證券交易委員會出人意料地轉向批准現貨以太 ETF。

The agency cracked down on the digital-asset industry following the collapse of the FTX exchange, but pro-crypto Donald Trump’s push to return to the White House had sparked speculation of a friendlier climate ahead.

FTX 交易所倒閉後，該機構對數位資產產業進行了打擊，但支持加密貨幣的唐納德·川普推動重返白宮引發了人們對未來氣候更加友好的猜測。