以太坊強烈反彈，ETF承諾期望推動信心恢復

最近幾天，以太坊提出了一條很大的積極路線，這極大地提高了“埃警衛”的士氣，市場的看漲情緒迅速升溫。

Author: Nancy, PANews

作者：Nancy，Panews

In recent days, Ethereum has pulled out a big positive line, which has greatly boosted the morale of the "E Guards" and the market's bullish sentiment has rapidly heated up. This wave of strong pull-ups has not only brought about a comprehensive recovery in the Ethereum ecosystem, but also further heated up the market's expectations for the staking function of Ethereum spot ETFs, especially related staking projects have become a hot spot for capital chasing.

最近幾天，以太坊提出了一條很大的積極路線，這極大地提高了“埃警衛”的士氣，市場的看漲情緒迅速升溫。強勁的上拉浪潮不僅在以太坊生態系統中取得了全面的恢復，而且還進一步加劇了市場對以太坊斑點ETF的佔有功能的期望，尤其是相關的既定項目已成為資本追逐的熱點。

Ethereum rebounds strongly, and ETF pledge expectations drive confidence to recover

以太坊強烈反彈，ETF承諾期望推動信心恢復

Recently, Ethereum has experienced a strong rebound for several consecutive days, and its total market value has surpassed Alibaba, ranking 39th in the world in terms of asset market value. The related surge topic even topped the Douyin hot list and became the focus of market discussion.

最近，以太坊連續幾天經歷了強勁的反彈，其總市場價值超過了阿里巴巴，在資產市場價值方面，世界上排名第39位。相關的激增主題甚至排名douyin熱門列表，並成為市場討論的重點。

According to Coingecko data, as of May 12, the price of Ethereum rose to $2,521, a two-month high, with a 40.4% increase in the past seven days alone, and a market value surge of more than $87.58 billion in a single week. At the same time, Coinglass data shows that as of press time, Ethereum's monthly return rate in May has reached 39.53%, not only setting the strongest monthly increase since 2025, but also significantly surpassing the median increase (18.43%) and average increase (31.15%) in May of previous years. This round of strong rebound not only ended Ethereum's three-month downward trend, but also became a phased turning point for the significant recovery of market sentiment, showing a simultaneous recovery of capital and investment confidence.

根據Coingecko Data的數據，截至5月12日，以太坊的價格上漲至2,521美元，兩個月高，僅在過去的7天中增長了40.4％，一周內的市場價值漲幅超過875.8億美元。同時，Coinglass數據表明，截至發稿時，以太坊在5月的每月回報率達到了39.53％，不僅設定了自2025年以來的每月增加，而且還顯著超過了前幾年5月的中位數增加（18.43％）和平均增加（31.15％）。這一輪強勁的反彈不僅結束了以太坊的三個月下降趨勢，而且也成為了大量恢復市場情緒的分階段轉折點，表明資本和投資信心的同時恢復。

The on-chain fund movement further verifies this trend. Artemis data shows that in the past 7 days, the Ethereum ecosystem has attracted an inflow of up to $1.2 billion, ranking first among all blockchains. Among them, the net inflow of funds exceeded $490 million, far ahead of other mainstream public chains.

鏈上的基金運動進一步驗證了這一趨勢。 Artemis的數據顯示，在過去的7天中，以太坊生態系統吸引了多達12億美元的流入，在所有區塊鏈中排名第一。其中，資金的淨流入超過4.9億美元，領先於其他主流公共連鎖店。

The rebound is believed to be caused by the resonance of multiple factors, including marginal improvements in macroeconomic policies, price repair of previous excessive bearish sentiment, the upcoming Ethereum Pectra upgrade, the continued expansion of the reality narrative, and positive expectations for Ethereum spot ETF staking.

反彈被認為是由多種因素的共振引起的，包括宏觀經濟政策的邊緣改善，先前過度看跌感情的價格修復，即將到來的以太坊pectra升級，現實敘事的持續擴展以及對以太坊的積極期望的持續擴展。

Among them, the ETF pledge function is expected to become one of the important catalysts. In the past few months, many institutions have actively sought approval from the SEC to introduce a mechanism in crypto ETF products. Although the SEC has recently postponed the approval of applications from Fidelity, Grayscale and other institutions, related discussions are accelerating.

其中，ETF承諾功能有望成為重要的催化劑之一。在過去的幾個月中，許多機構已積極尋求SEC的批准，以引入加密ETF產品中的機制。儘管SEC最近推遲了Fidelity，Grayscale和其他機構的申請的批准，但相關的討論正在加速。

At the end of April this year, Grayscale met with the US SEC Crypto Working Group in Washington, DC to discuss changes in the pledge regulation of Ethereum ETP, stating that the total assets managed by the US Ethereum ETP reached US$8.1 billion, but due to the inability to participate in pledge, it has lost about US$61 million in revenue from its launch to February 2025. The agency pointed out that the introduction of a pledge mechanism will help improve the security of the Ethereum network while bringing additional returns to shareholders.

今年4月底，灰度與華盛頓特區的美國SEC Crypto工作組會面，討論了以太坊ETP的承諾規定的變化，指出，美國以太坊ETP管理的總資產總資產達到81億美元，但由於該公司的啟動率是6100萬美元，因此該公司的啟動不足，這是一家205年的競選活動，這是一家競賽中的205年票房，這是一家競賽的銷售。機制將有助於提高以太坊網絡的安全性，同時將額外的回報帶給股東。

Another asset management giant, BlackRock, also met with the SEC Crypto Working Group recently, covering topics such as crypto asset regulation, ETF pledge and options products. The document shows that the meeting discussed "considerations for promoting ETPs with pledge functions", and discussed the parameters for determining crypto ETF option positions and exercise limits, as well as specific standards for approving crypto ETFs. Among them, Robert Mitchnick, head of BlackRock's digital assets, who attended the meeting, said in March that if the Ethereum spot ETF can add a pledge function, although there are some "complex challenges" that need to be solved, pledge income is an important way to obtain investment returns in this field, which may become "a leap forward turning point" for Ethereum.

另一個資產管理巨頭貝萊德（Blackrock）最近也與SEC加密工作組會面，涵蓋了加密資產調節，ETF承諾和期權產品等主題。該文件表明，會議討論了“以質疑功能促進ETP的考慮”，並討論了確定加密ETF期權位置和運動限制的參數，以及批准加密ETF的特定標準。參加會議的貝萊德數字資產負責人羅伯特·米奇尼克（Robert Mitchnick）在三月份表示，如果以太坊現場ETF可以添加承諾功能，儘管需要解決一些“複雜的挑戰”，誓言收入是獲得該領域的投資回報的重要方法，這可能會成為以太元素的飛躍轉折點”。

It is worth noting that Hong Kong regulators have taken a step ahead on the issue of crypto ETF pledge. In April of this year, the Hong Kong Securities and Futures Commission (SFC) issued new guidelines to allow licensed virtual asset trading platforms (VATPs) to provide pledge services to customers. At the same time, virtual asset funds (such as Ethereum spot ETFs) can participate in on-chain pledge activities under the prudent regulatory framework, and subsequently approved two Ethereum spot ETF products with pledge functions.

值得注意的是，香港監管機構已經在加密ETF承諾的問題上邁出了一步。今年4月，香港證券和期貨委員會（SFC）發布了新的準則，以允許有執照的虛擬資產交易平台（VATPS）為客戶提供承諾服務。同時，虛擬資產基金（例如以太坊現貨ETF）可以參與PRUDENT監管框架下的鏈質認捐活動，隨後批准了具有承諾功能的兩種以太坊ETF產品。

The positive progress of these ETF staking has effectively boosted market expectations for Ethereum and further accelerated the process of confidence restoration.

這些ETF積分的積極進步有效地提高了市場對以太坊的期望，並進一步加速了恢復信心的過程。

The staking track has heated up significantly, and the TVL and coin prices of leading projects have soared

Staking Track的升溫大大增加了，領先項目的TVL和硬幣價格也飆升

The Ethereum staking track has also become one of the key areas of focus for funds and narratives. DeFiLlama data shows that as of May 12, the TVL of the Ethereum staking track has rebounded to 34.11 billion US dollars, a

以太坊的飼養軌跡也已成為資金和敘事的關注點的關鍵領域之一。 Defillama數據顯示，截至5月12日，以太坊堆放軌道的TVL反彈至3411億美元，這是一個