以太坊 ETF 獲得美國批准，為第二大加密貨幣交易鋪路

監管機構批准第一個直接投資全球第二大加密貨幣以太幣的美國交易所交易基金

The US Securities and Exchange Commission has approved the first exchange-traded funds (ETFs) that will directly invest in Ether, according to filings and statements from asset managers on Monday.

根據資產管理公司週一提交的文件和聲明，美國證券交易委員會已批准第一批直接投資以太坊的交易所交易基金（ETF）。

The SEC didn’t immediately return requests for comment.

美國證券交易委員會沒有立即回覆置評請求。

The development comes as the US regulatory climate appears to be softening for the digital-asset sector. Republican presidential nominee Donald Trump, currently leading in the polls, has also adopted a pro-crypto stance ahead of November’s election.

這項進展發生之際，美國對數位資產產業的監管環境似乎正在軟化。目前在民調中領先的共和黨總統候選人唐納德·川普也在 11 月大選前採取了支持加密貨幣的立場。

“Our clients are increasingly interested in gaining exposure to digital assets through exchange-traded products (ETFs) which provide convenient access, liquidity and transparency,” Jay Jacobs, US head of thematic and active ETFs at BlackRock, said in a statement.

貝萊德美國主題和主動ETF 主管傑伊·雅各布斯(Jay Jacobs) 在一份聲明中表示：「我們的客戶越來越有興趣透過交易所交易產品(ETF) 獲得數位資產，這些產品提供便捷的取得方式、流動性和透明度。

The SEC in May surprisingly pivoted toward approval of spot-Ether ETFs after grudgingly allowing Bitcoin funds in the wake of a court reversal in 2023. Ether is the coin of the Ethereum blockchain, the most important network for crypto-based financial services.

在2023 年法院推翻了比特幣基金後，美國證券交易委員會(SEC) 於5 月出人意料地轉向批准現貨以太ETF。的金融服務最重要的網絡。

Several issuers, including BlackRock and Fidelity, are partially or wholly waiving fees on Ether ETFs temporarily to woo assets.

包括貝萊德（BlackRock）和富達（Fidelity）在內的多家發行人暫時部分或全部免除以太坊 ETF 費用，以吸引資產。

The Bitcoin ETFs took Wall Street by storm and have attracted net inflows of about $17 billion since going live in January. Commentators now expect far more modest subscriptions for the Ether funds.

比特幣 ETF 席捲了華爾街，自 1 月上線以來已吸引約 170 億美元的淨流入。評論家現在預計以太坊基金的認購量會小得多。

For instance, digital-asset market maker Wintermute Trading Ltd. said typical analyst projections translate into anticipated annualized inflows of about $4.8 billion to $6.4 billion for the Ether products in the first year.

例如，數位資產做市商 Wintermute Trading Ltd. 表示，分析師的典型預測是，以太坊產品第一年的年化流入額約為 48 億至 64 億美元。

“Our view is the actual demand may be lower, potentially ranging between $3.2 billion and $4 billion,” the company wrote in a report.

該公司在一份報告中寫道：“我們的觀點是，實際需求可能會更低，可能在 32 億美元到 40 億美元之間。”

The Bitcoin ETFs benefited from a controversial narrative that pitches the market-leading 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.

比特幣 ETF 受益於一種有爭議的說法，該說法將市場領先的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。

While Bitcoin is viewed as a commodity, the SEC argues most other tokens are unregistered securities that should be subject to its oversight. Staking is a key issue because it raises questions about whether Ether should be treated as a security. SEC Chair Gary Gensler has been ambiguous on Ether’s classification.

雖然比特幣被視為一種商品，但美國證券交易委員會認為，大多數其他代幣都是未經註冊的證券，應受到其監管。質押是一個關鍵問題，因為它引發了關於以太幣是否應該被視為證券的問題。 SEC 主席加里·根斯勒 (Gary Gensler) 對以太幣的分類一直含糊其辭。

Bitcoin rose 132% over the past year and hit a record high of almost $74,000 in March. Ether climbed 88% over the past 12 months. Both were little changed on Tuesday, trading at $67,530 and $3,475 respectively as of 11:45 a.m. in Singapore.

比特幣在過去一年中上漲了 132%，並在 3 月創下近 74,000 美元的歷史新高。過去 12 個月，以太幣上漲了 88%。週二，兩者變化不大，截至新加坡上午 11:45，交易價格分別為 67,530 美元和 3,475 美元。

In late June, VanEck and 21Shares submitted filings for a product investing in Solana, the fifth-biggest cryptocurrency by market value, in another attempt by ETF issuers to ride demand for digital assets.

6 月下旬，VanEck 和 21Shares 提交了一項投資 Solana（以市值計算第五大加密貨幣）產品的文件，這是 ETF 發行人抓住數位資產需求的另一個嘗試。