以太坊的ETF流入點燃看漲情緒：一個新時代？

儘管存在鏈活動問題，但以太坊最近的激增引起了ETF流入和機構的興趣，但仍引發了看漲的情緒。這是ETH的新時代的開始嗎？

Ethereum, ETF inflows, and bullish sentiment – these three are currently dominating the crypto conversation. Ethereum (ETH) has been on a tear, and the reasons behind it are multifaceted, hinting at a potential paradigm shift in how the market views the second-largest cryptocurrency.

以太坊，ETF流入和看漲情緒 - 這三個目前正在主導加密對話。以太坊（ETH）一直流淚，其背後的原因是多方面的，暗示了市場如何看待市場如何看待第二大加密貨幣。

ETF Inflows: A Game Changer

ETF流入：改變遊戲規則的人

July saw Ether closing with its strongest monthly performance in nearly three years, a staggering 56% surge. This impressive rally is closely linked to significant inflows into spot Ether ETFs. In fact, a 19-day net inflow streak saw over $5.37 billion pour into these ETFs. BlackRock’s iShares Ethereum ETF even became the third-fastest ETF to reach $10 billion in assets under management. Notably, Ether ETF inflows even surpassed Bitcoin ETF inflows for six consecutive days, an unusual trend that underscores a shifting dynamic within the crypto ETF landscape.

7月，以太以近三年來最強的每月表現結束，速度驚人的56％。這種令人印象深刻的集會與大量流入與點醚ETF緊密相關。實際上，一場為期19天的淨流入紀錄是在這些ETF中湧入了超過53.7億美元。貝萊德（BlackRock）的iShares以太坊ETF甚至成為第三快的ETF，該ETF達到了100億美元的管理資產。值得注意的是，Ether ETF的流入甚至連續六天超過了比特幣ETF的流入，這是一種不尋常的趨勢，突顯了加密ETF景觀內的動態變化。

The '90s Tech Stock Comparison

90年代的科技股比較

Bloomberg’s Eric Balchunas has likened Ether’s performance to the high-growth tech stocks of the 1990s, citing accelerating adoption and network growth. This analogy highlights Ether’s potential for broader utility within the blockchain ecosystem, contrasting it with Bitcoin, which is often viewed as “digital gold.”

彭博社的埃里克·巴爾庫納斯（Eric Balchunas）將Ether的表現比作1990年代的高增長技術股票，理由是加速了採用和網絡增長。這種類比強調了以太在區塊鏈生態系統中更廣泛的實用性的潛力，將其與比特幣形成鮮明對比，比特幣通常被視為“數字黃金”。

A Word of Caution: On-Chain Activity

注意：鏈活動

However, not everyone is convinced that Ether’s fundamentals fully support this bullish momentum. Markus Thielen, CEO of 10x Research, points out that while the price of Ether has surged, on-chain activity and revenue growth on the Ethereum network remain somewhat muted. He notes that a significant portion of the price action originated from the Asian time zone, suggesting regional speculative trends rather than widespread adoption.

但是，並非所有人都相信Ether的基本面完全支持了這種看漲的勢頭。 10倍研究的首席執行官馬庫斯·泰倫（Markus Thielen）指出，儘管以太幣的價格飆升，但以太坊網絡上的鏈活動和收入增長仍然有些沉重。他指出，價格行動的很大一部分起源於亞洲時區，表明區域投機趨勢而不是廣泛採用。

Institutional Interest and the Future

機構利益和未來

Despite concerns about on-chain metrics, institutional interest in Ethereum is undeniably growing. Companies are accumulating Ethereum, and the potential inclusion of ETH in a national crypto stockpile is being discussed. BlackRock’s Ethereum spot ETF staking application has further fueled speculation about increased inflows and a potential push toward $5,000. FG Nexus Inc, backed by crypto heavyweights like Galaxy Digital and Kraken, recently raised $200 million to help companies and investors manage their Ethereum holdings, further highlighting growing institutional confidence.

儘管擔心鏈度指標，但無疑對以太坊的機構興趣仍在增長。公司正在積累以太坊，正在討論ETH的潛在包含在國家加密貨幣中。貝萊德（BlackRock）的以太坊斑點ETF Staking應用程序進一步推動了人們對流入量增加以及潛在推向5,000美元的猜測。 FG Nexus Inc在像Galaxy Digital和Kraken這樣的加密重量級人物的支持下，最近籌集了2億美元，以幫助公司和投資者管理其以太坊持有量，進一步凸顯了機構的信心日益增強。

My Take: Cautiously Optimistic

我的看法：謹慎樂觀

While the '90s tech stock comparison might be a bit of a stretch right now, the ETF inflows and increasing institutional adoption are undeniably positive signs for Ethereum. The key will be whether Ethereum can continue to innovate and demonstrate real-world utility to justify its current valuation. It's like a flashy new car – looks great, but can it handle the road?

雖然目前90年代的科技股比較可能有些累積，但ETF流入和機構採用的增加無疑是以太坊的積極跡象。關鍵將是以太坊是否可以繼續創新並證明現實世界中的實用程序以證明其當前估值是合理的。這就像一輛華麗的新車 - 看起來很棒，但是可以處理道路嗎？

Looking Ahead

展望未來

The cryptocurrency market remains in a state of anticipation as the Federal Reserve prepares for a key decision on interest rates. Amid this uncertainty, Ethereum (ETH) has drawn significant attention from analysts and institutional investors, with some forecasting a potential price surge, even as macroeconomic concerns persist. The market’s focus remains on both the Fed’s policy direction and Ethereum’s ability to maintain critical support levels.

由於美聯儲為利率做出關鍵決定，加密貨幣市場仍處於預期狀態。在這種不確定性的情況下，以太坊（ETH）引起了分析師和機構投資者的極大關注，有些人預測了潛在的價格上漲，即使宏觀經濟的關注仍然存在。市場的重點仍然放在美聯儲的政策方向和以太坊維持關鍵支持水平的能力上。

So, is this a new era for Ethereum? Only time will tell. But one thing is for sure: the crypto world is watching closely, popcorn in hand, ready for the next act.

那麼，這是以太坊的新時代嗎？只有時間會證明。但是可以肯定的是：加密世界正在密切觀看，手裡爆米花，為下一個行為做好準備。