以太坊ETF和SEC批准：加密的新時代？

Grayscale的Ethereum ETF開發項目和Morgan Stanley的加密貨幣擁抱信號是成熟的數字資產景觀。 SEC批准是最後一件嗎？

Hold on to your hats, crypto enthusiasts! The world of Ethereum ETFs is heating up, and the SEC is right in the middle of the action. Are we finally seeing mainstream acceptance of digital assets? Let's dive in.

抓住您的帽子，加密愛好者！以太坊ETF的世界正在加熱，而SEC正處於動作的中間。我們終於看到了對數字資產的主流接受嗎？讓我們潛水。

Grayscale's Ethereum ETF Push: A Game Changer?

Grayscale的以太坊ETF推動：改變遊戲規則的人？

Grayscale Investments isn't sitting still. They've filed fresh S-1 registration statements with the SEC for Polkadot (DOT) and Cardano (ADA) ETFs, following up on their 19b-4 forms. Think of it as formalizing the spot product structures, mirroring the steps taken before Bitcoin and Ethereum ETFs got the green light. This move, particularly the updated filing, has significantly boosted the perceived probability of SEC approval for a Cardano ETF, jumping to a whopping 87% according to Polymarket data.

灰度投資並沒有靜止。他們已向SEC提交了新鮮的S-1註冊聲明（DOT）和Cardano（ADA）ETF，以跟進其19b-4表格。將其視為正式化現貨產品結構，反映了比特幣和以太坊ETF獲得綠燈之前採取的步驟。這一舉動，尤其是更新的文件，顯著提高了Cardano ETF批准的SEC批准概率，根據PolyMarket數據，它躍升至87％。

Back in September 2025 (time flies in crypto!), the SEC approved a generic listing standard for Grayscale Ethereum ETFs. This means Ethereum-based ETFs can now be listed under more standardized requirements, potentially speeding up the approval process for new products. No more case-by-case approvals! This simplifies market access, especially for those big institutional investors who prefer regulated ETFs over holding actual tokens.

早在2025年9月（在加密貨幣中飛行！），SEC批准了灰度以太坊ETF的通用清單標準。這意味著現在可以在更標準化的要求下列出以太坊的ETF，從而有可能加快新產品的批准過程。不再逐案批准！這簡化了市場的訪問，尤其是對於那些偏愛受監管的ETF而不是持有實際代幣的大型機構投資者。

Institutional Interest is Surging

機構興趣激增

The numbers don't lie. Spot Ethereum ETFs have seen a surge in trading activity since launch. Market volume has jumped from a mere 3% of all spot market volume in November 2024 to approximately 15%. That's a massive increase, showing growing interest from both institutional and retail users. People want controlled exposure to Ethereum, and ETFs offer just that – ease of operation, security, and a familiar, regulated investment vehicle.

數字不撒謊。自推出以來，現場以太坊ETF的交易活動激增。市場量從2024年11月的所有現貨市場銷量的3％躍升至大約15％。這是一個巨大的增長，表明機構和零售用戶都不斷提高興趣。人們希望受控對以太坊的接觸，而ETF則提供了易於操作，安全性和熟悉的受監管投資工具。

Morgan Stanley Joins the Party

摩根士丹利加入了聚會

Wall Street giant Morgan Stanley is getting serious about crypto. They're teaming up with Zerohash to allow E*Trade customers to trade Bitcoin, Ethereum, and Solana. This isn't just a toe in the water; they're planning to offer wallet services and potentially expand to other digital assets. Crypto trading services are expected to launch in the first half of 2026. As Jed Finn, Morgan Stanley’s head of wealth management, said, "Clients should have access to digitized assets, traditional assets, and cryptocurrencies, all in the same ecosystem that they’re used to.”

華爾街巨頭摩根士丹利（Morgan Stanley）對加密貨幣（Crypto）感到認真。他們正在與Zerohash合作，以允許E*交易客戶交易比特幣，以太坊和Solana。這不僅僅是水中的腳趾。他們計劃提供錢包服務，並有可能擴展到其他數字資產。加密貨幣交易服務預計將在2026年上半年推出。正如摩根士丹利財富管理主管傑德·芬恩（Jed Finn）表示：“客戶應該可以使用數字化資產，傳統資產和加密貨幣，所有這些資產都處於與他們相同的生態系統中。”

The Regulatory Landscape: Still a Hurdle?

監管景觀：還是一個障礙？

While the SEC's approval of Bitcoin and Ethereum futures ETFs set a precedent, uncertainty remains. The SEC traditionally treads cautiously, prioritizing investor protection. The fate of the 21Shares Dogecoin ETF (TDOG), for example, hangs in the balance, highlighting the challenges faced by altcoins and meme coins seeking regulatory approval.

SEC對比特幣和以太坊期貨ETF的認可樹立了先例，但不確定性仍然存在。 SEC傳統上謹慎行事，優先考慮投資者的保護。例如，21shares dogecoin ETF（TDOG）的命運懸而未決，突出了尋求監管批准的Altcoins和Meme Coins所面臨的挑戰。

What Does It All Mean?

這是什麼意思？

The Ethereum ETF landscape is evolving rapidly. Grayscale's proactive filings, coupled with increasing institutional interest and Morgan Stanley's crypto embrace, point towards a maturing digital asset market. While SEC approval remains a critical hurdle, the momentum is undeniable. The generic listing approval, the increased trading volumes, and the entry of major financial players all suggest a bright future for Ethereum ETFs.

以太坊ETF景觀正在迅速發展。 Grayscale的積極申請，再加上越來越多的機構興趣，Morgan Stanley的加密貨幣擁抱指向了成熟的數字資產市場。儘管SEC批准仍然是一個關鍵的障礙，但勢頭是不可否認的。通用上市批准，交易量增加以及主要財務參與者的進入都表明了以太坊ETF的光明未來。

If you are wondering about Dogecoin ETF listed on the DTCC, while it's a major step, SEC approval is the ultimate gatekeeper. Don't hold your breath just yet.

如果您想知道DTCC上列出的Dogecoin ETF，而這是一個重要的一步，那麼SEC批准是最終的守門人。暫時不要屏住呼吸。

Final Thoughts

最後的想法

So, will the SEC continue to play ball? Will we see a flood of new Ethereum ETFs hitting the market? Only time will tell. But one thing's for sure: the crypto world is never boring. Buckle up, folks, because the ride is just getting started!

那麼，SEC會繼續打球嗎？我們會看到新的以太坊ETF氾濫成災嗎？只有時間會證明。但是可以肯定的是：加密世界永遠不會無聊。伙計們，搭扣，因為旅程才剛剛開始！