以太坊創下比特幣初始交易量的 50%

新推出的基於以太坊的 ETF 公佈了令人印象深刻的數字，前 15 分鐘內的總交易量達到 1.12 億美元。

The first-ever spot Ethereum exchange-traded funds (ETFs) commenced trading in the U.S. on Tuesday morning at 9:30 a.m. EST.

有史以來第一個以太坊現貨交易所交易基金 (ETF) 於美國東部時間週二上午 9:30 開始交易。

A total of seven physical bitcoin ETFs began trading on the New York Stock Exchange Arca on Monday, marking a significant milestone in the cryptocurrency’s mainstream integration. The ETFs, launched by asset managers including ProShares, VanEck, and First Trust, opened trading at a rapid pace, generating a combined trading volume of $330 billion by the end of the first day.

週一，共有七隻實體比特幣 ETF 在紐約證券交易所 Arca 開始交易，標誌著加密貨幣主流整合的一個重要里程碑。由 ProShares、VanEck 和 First Trust 等資產管理公司推出的 ETF 開盤速度很快，首日收盤時總交易量達到 3,300 億美元。

In comparison, the group of newly launched Ethereum-based ETFs posted a total trading volume of $112 million within the first 15 minutes. This volume is notable, representing over half of what Bitcoin ETFs achieved on their first day, yet it surpasses many expectations for a typical ETF launch.

相較之下，新推出的基於以太坊的 ETF 在前 15 分鐘內的總交易量為 1.12 億美元。這一成交量引人注目，佔比特幣 ETF 第一天成交量的一半以上，但它超出了許多對典型 ETF 推出的預期。

Prominent analyst Eric Balchunas highlighted that this volume is substantial compared to other ETF launches but still trails behind the explosive debut of Bitcoin ETFs. Grayscale, specifically, has outperformed early in the trading session, indicating a strong investor interest in ETH ETF market.

著名分析師 Eric Balchunas 強調，與其他 ETF 發行相比，這筆交易量相當可觀，但仍落後於比特幣 ETF 的爆炸性首發。具體來說，Grayscale 在交易時段早期表現優於大盤，顯示投資者對 ETH ETF 市場有濃厚的興趣。

"ETH ETFs are trading at a high volume, ranking around 15th overall (e.g., TLT, EEM), putting them in the top 1% of traded ETFs. In contrast to typical ETF launches that might see $1 mln in volume on their first day, each ETF here is trading at 50x that," noted Eric, further emphasizing the significance of these numbers.

「ETH ETF 的交易量很高，整體排名約為15 位（例如TLT、EEM），使它們躋身交易ETF 的前1%。與典型的ETF 相比，典型的ETF 發行首日交易量可能達到100萬美元，這裡每隻 ETF 的交易價格都是這個數字的 50 倍，」Eric 指出，並進一步強調了這些數字的重要性。

As the trading session progresses, a closer examination reveals that each of the seven Ethereum spot ETFs is trading above $100 million in volume, while the largest ETF, $PETH, has already crossed the $200 million mark.

隨著交易時段的進行，仔細檢查後發現，七隻以太坊現貨 ETF 的交易量均超過 1 億美元，而最大的 ETF $PETH 的交易量已突破 2 億美元大關。

In stark contrast to typical ETF launches, which rarely see volumes exceeding $1 million on their first day, each ETF in this group has significantly exceeded that benchmark.

典型的 ETF 發行首日交易量很少超過 100 萬美元，與此形成鮮明對比的是，該組中的每隻 ETF 都顯著超過了這一基準。

However, the rising bearish threat to ETH price cannot be overlooked. The launch of spot Ethereum ETFs may also present a temporary setback, as outflows from the Grayscale Ether Trust could weaken market sentiment.

然而，ETH 價格不斷上升的看跌威脅不容忽視。現貨以太坊 ETF 的推出也可能帶來暫時的挫折，因為灰階以太信託基金的資金流出可能會削弱市場情緒。

Similar to the experience with Bitcoin ETFs, investors might transfer their funds to options that offer lower fees. As a result, ETH price might head toward a crash.

與比特幣 ETF 的經驗類似，投資者可能會將資金轉移到費用較低的選擇權。因此，ETH 價格可能會崩潰。

The Grayscale Ethereum Trust ETF (ETHE) evolved from the original Grayscale Ethereum Trust and currently manages about $9 billion in ether. Another challenge that could plunge demand for spot Ethereum ETFs is the lack of staking rewards. Directly holding ether offers the significant benefit of staking, which enables investors to earn rewards, enhancing its appeal.

灰階以太坊信託 ETF (ETHE) 由最初的灰階以太坊信託演變而來，目前管理著約 90 億美元的以太幣。另一個可能導致以太坊 ETF 現貨需求下降的挑戰是缺乏質押獎勵。直接持有以太幣具有質押的顯著優勢，可以讓投資者獲得獎勵，增強其吸引力。

Also read: Ethereum Foundation Dumps ETH Ahead of ETF Launch: Shady Strategy in Action?

另請閱讀：以太坊基金會在 ETF 推出前拋售 ETH：幕後策略在行動嗎？

ETFs offer a regulated and convenient way for institutional investors to access Ethereum, but retail investors and those seeking higher returns may choose to hold Ethereum directly to capitalize on staking rewards.

ETF 為機構投資者提供了一種受監管且便捷的方式來訪問以太坊，但散戶投資者和尋求更高回報的投資者可能會選擇直接持有以太坊以獲取質押獎勵。

Investors interested in staking are typically more familiar with cryptocurrencies and comfortable managing their own custody. For those who prefer not to handle Ethereum directly, these ETFs provide an ideal means to benefit from asset appreciation, even in the absence of staking yields.

對質押有興趣的投資者通常更熟悉加密貨幣，並且能夠輕鬆管理自己的託管。對於不想直接處理以太坊的人來說，這些 ETF 提供了一種從資產升值中受益的理想方式，即使在沒有質押收益的情況下也是如此。