以太坊 ETF 獲得批准

人們對最近推出九隻美國證券交易委員會 (SEC) 批准的以太坊交易所交易基金 (ETF) 的預期一直很高

The recent launch of nine U.S. Securities Exchange Commission (SEC) approved Ethereum Exchange-Traded Funds (ETF) has sparked a wave of anticipation among investors eager to gain exposure to the world’s second-largest digital asset within their traditional investment portfolios.

最近推出的九隻美國證券交易委員會 (SEC) 批准的以太坊交易所交易基金 (ETF) 引發了渴望在其傳統投資組合中投資全球第二大數位資產的投資者的一波期待。

The SEC decision carries significant implications for Ethereum, impacting its market dynamics and driving its broader adoption as an asset class. A total of eight asset managers, including VanEck, Grayscale (2 funds), Bitwise, iShares, Invesco, Fidelity, 21Shares, and Franklin Templeton, had submitted applications to the regulatory body from Q4 2023 to earlier this year.

SEC 的決定對以太坊產生了重大影響，影響其市場動態並推動其作為資產類別的更廣泛採用。從 2023 年第四季到今年早些時候，共有 VanEck、Grayscale（2 支基金）、Bitwise、iShares、Invesco、Fidelity、21Shares 和 Franklin Templeton 等 8 家資產管理公司向監管機構提交了申請。

The approval marks a pivotal moment in the integration of digital assets within the mainstream financial lexicon and investing conversations. As the iShares Ethereum Trust ETF (ETHA) commences trading on Nasdaq, the offering is expected to follow in the footsteps of the company’s recently released Bitcoin ETF, which boasted the fastest growth of an ETF launch in the history of ETFs.

此次批准標誌著數位資產融入主流金融詞彙和投資對話的關鍵時刻。隨著 iShares 以太坊信託 ETF (ETHA) 開始在納斯達克交易，此次發行預計將追隨該公司最近發布的比特幣 ETF 的腳步，該 ETF 號稱是 ETF 歷史上推出增長最快的 ETF。

“The launch of ETHA follows the iShares Bitcoin Trust, whose historic ascent to more than $20 billion in assets under management in its first six months reflects the substantial demand from investors to be able to access this asset class within the convenience of an exchange-traded product,” said Robert Mitchnick, head of digital assets at BlackRock.

「ETHA 的推出緊隨iShares 比特幣信託基金之後，其管理的資產在前六個月內歷史性地增長至超過200 億美元，這反映了投資者對能夠在交易所交易的便利條件下獲得此類資產的巨大需求。

Several analysts from across crypto and traditional finance, including Paul Barron, Samara Cohen and Jonathan Burton, have echoed this view and noted that these ETFs could attract billions of dollars in inflows within months of their listing, driving ETH's spot price along the way.

來自加密貨幣和傳統金融領域的幾位分析師，包括Paul Barron、Samara Cohen 和Jonathan Burton，都同意這一觀點，並指出這些ETF 可能會在上市後幾個月吸引數十億美元的資金流入，從而推動ETH 的現貨價格。

According to Tom Ngo, ceo of Ethereum Layer 2 roll-up platform Metis, the approval of Ethereum ETFs represents a pivotal moment for the entire blockchain ecosystem.

以太坊 Layer 2 匯總平台 Metis 執行長 Tom Ngo 表示，以太坊 ETF 的批准代表整個區塊鏈生態系統的關鍵時刻。

“The development not only increases Ethereum's accessibility to institutional investors but also validates its role as the backbone of the burgeoning decentralized finance (DeFi) economy and the real world asset tokenization (RWA) market,” said Ngo.

Ngo 表示：「這項發展不僅增加了以太坊對機構投資者的吸引力，也驗證了其作為蓬勃發展的去中心化金融（DeFi）經濟和現實世界資產代幣化（RWA）市場支柱的作用。

Meanwhile, Zac Cheah, ceo and co-founder of Pundi X, a retail platform featuring a blockchain-based POS solution, sees the ETFs potentially bridging the gap between two disparate worlds and allowing investors from across the board to enter the realm of crypto with utmost confidence.

同時，Pundi X（一個以區塊鏈為基礎的POS 解決方案零售平台）的執行長兼聯合創始人Zac Cheah 認為ETF 有可能彌合兩個不同世界之間的差距，並允許所有投資者進入加密貨幣領域最大的信心。

“This could be the catalyst that propels Ethereum into mainstream financial conversations and investment portfolios," said Cheah.

Cheah 表示：“這可能是推動以太坊進入主流金融對話和投資組合的催化劑。”

The price of ETH has risen by 42.6 percent over the past six months, although it has fallen five percent since the listings on July 23rd. Since the start of the year, the total number of staked ETH surged to near all-time highs, with over 33.3 million ETH, approximately 27.7 percent of the asset’s existing supply pool, currently staked.

ETH 的價格在過去 6 個月中上漲了 42.6%，儘管自 7 月 23 日上市以來已經下跌了 5%。自今年年初以來，質押的 ETH 總數飆升至接近歷史最高水平，目前質押的 ETH 數量超過 3,330 萬枚，約佔該資產現有供應池的 27.7%。

However, the SEC has banned funds from allowing investors who stake ETH. Notably, staking is the funding mechanism for DLT protocols that underpin Web3 and is in regulators line of fire. New transactions are added to DLT networks through Proof-of-take (‘PoS’) consensus mechanisms, enabling users who stake tokens that they buy to earn rewards in return.

然而，美國證券交易委員會 (SEC) 已禁止基金允許投資者持有 ETH。值得注意的是，質押是支撐 Web3 的 DLT 協議的融資機制，並且受到監管機構的關注。新交易透過採用證明（「PoS」）共識機制添加到 DLT 網路中，使用戶能夠透過購買所購買的代幣來獲得獎勵。

“The introduction of Ethereum ETFs will likely catalyze a new phase of institutional adoption. We anticipate this will not only drive price appreciation but also foster innovation and development within the Ethereum network, solidifying its position as a cornerstone of the digital asset space,” said C.K. Zheng, chief investment officer at ZX Squared Capital.

「以太坊 ETF 的推出可能會推動機構採用進入新階段。我們預計這不僅會推動價格升值，還會促進以太坊網路的創新和發展，鞏固其作為數位資產領域基石的地位。

As institutional interest in Ethereum continues to grow, the potential market impact of Ethereum ETFs is substantial. Analysts, including Bitwise chief information officer Matthew Hougan, project that ETH ETFs could attract up to $15 billion in net inflows by the end of 2025.

隨著機構對以太坊的興趣持續增長，以太坊 ETF 的潛在市場影響是巨大的。包括 Bitwise 資訊長 Matthew Hougan 在內的分析師預計，到 2025 年底，ETH ETF 可能會吸引高達 150 億美元的淨流入。

Such a massive influx of capital, coupled with Ethereum's unique market characteristics, could lead to significant price appreciation not only for ETH but also for several projects built atop its associated network.

如此大量的資本湧入，加上以太坊獨特的市場特徵，不僅可能導致 ETH 價格大幅升值，也可能導致建立在其相關網路之上的多個項目價格大幅升值。

On the first day of the ETFs going live, the nine offerings cumulatively witnessed inflows amounting to $106.8 million, with the iShares Ethereum Trust ETF (ETHA) and the Bitwise Ethereum ETF (ETHW) netting $266.5 million and $204 million respectively.

ETF上線首日，九隻產品累計流入資金達1.068億美元，其中iShares以太坊信託ETF（ETHA）和Bitwise以太坊ETF（ETHW）分別淨流入2.665億美元和2.04億美元。

The total ETH inflow was just 17 percent compared to the launch of Bitcoin ETFs, with trading volumes at $1.12 billion versus bitcoin's $4.5 billion with analysts pointing at the the larger-than-expected outflows from the Grayscale Ethereum Trust (ETHE). The Grayscale Bitcoin Trust (GBTC) has seen over $17 billion of outflows since the launch of the BTC ETFs from investors seeking other funds with lower charges.

與比特幣ETF 的推出相比，ETH 的總流入量僅為17%，交易量為11.2 億美元，而比特幣的交易量為45 億美元，分析師指出，灰度以太坊信託(ETHE) 的資金流出量超出預期。自推出 BTC ETF 以來，尋求其他收費較低基金的投資者已從灰階比特幣信託 (GBTC) 流出超過 170 億美元。

On the continued success of A. Ethereum in the near to mid-term, Rafay Gadit, co-founder of Zignaly believes that the freshly released ETFs could be a game-changer for both retail and institutional investors.

關於 A.Ethereum 在近中期的持續成功，Zignaly 聯合創始人 Rafay Gadit 認為，新發布的 ETF 可能會改變散戶和機構投資者的遊戲規則。

“It will provide

「它將提供