以太坊質押收益率可能超過美國利率

預計以太坊質押回報將在來年超過美國利率，為投資者創造新的機會。

Ethereum (CRYPTO: ETH) staking yields are expected to outpace U.S. interest rates in the coming year, presenting new opportunities for investors. This shift could bolster Ethereum’s price as the network becomes more attractive for staking.

以太坊（CRYPTO：ETH）的質押收益率預計將在未來一年超過美國利率，為投資者帶來新的機會。隨著網路對質押變得更具吸引力，這種轉變可能會提振以太坊的價格。

Currently, the spread between Ethereum’s Composite Staking Rate and the U.S. Federal Funds Rate is negative. But crypto trading firm FalconX predicts that two key factors will push this spread into positive territory by mid-2025.

目前，以太坊的綜合質押利率與美國聯邦基金利率的利差為負。但加密貨幣交易公司 FalconX 預測，到 2025 年中期，兩個關鍵因素將推動這項利差進入正值區域。

The first factor is a decline in U.S. rates. Futures markets show an 85% chance that the federal funds rate will fall below 3.75% by March 2025 and a 90% chance of it dropping to 3.5% by June. Meanwhile, Ethereum staking yields are around 3.2%.

第一個因素是美國利率下降。期貨市場顯示，到 2025 年 3 月，聯邦基金利率將降至 3.75% 以下的可能性為 85%，到 6 月，聯邦基金利率將降至 3.5% 的可能性為 90%。同時，以太坊質押收益率約為 3.2%。

The second factor is rising Ethereum transaction fees. According to FalconX, these fees recently spiked to their highest levels in two months, averaging $0.80 per transaction. Higher fees mean higher rewards for stakers, making Ethereum more attractive compared to traditional assets like U.S. Treasury bonds.

第二個因素是以太坊交易費用上漲。據 FalconX 稱，這些費用最近飆升至兩個月來的最高水平，平均每筆交易 0.80 美元。更高的費用意味著質押者獲得更高的回報，這使得以太坊比美國國債等傳統資產更具吸引力。

A positive yield spread could make Ethereum staking increasingly appealing to institutional investors. But while Ethereum’s shift to proof-of-stake in 2022 has allowed holders to deposit funds with the network to earn rewards, staking through U.S.-based ETF products is still not available.

正的收益率差可能會使以太坊質押對機構投資者越來越有吸引力。但是，儘管以太坊在 2022 年轉向權益證明，允許持有人將資金存入網路以獲得獎勵，但仍無法透過美國 ETF 產品進行質押。

The Securities and Exchange Commission (SEC) has approved several spot Ethereum ETF applications, but references to staking have been removed from these products, limiting their appeal for yield-seeking investors.

美國證券交易委員會 (SEC) 已批准了幾項以太坊 ETF 現貨申請，但這些產品中已刪除了對質押的提及，限制了它們對尋求收益的投資者的吸引力。

While sophisticated asset managers may invest directly in staking, institutional demand for direct exposure could develop more slowly. Until the SEC approves staking-related ETF offerings, this aspect of Ethereum’s market potential may remain underutilized.

雖然經驗豐富的資產管理公司可能會直接投資於質押，但機構對直接風險敞口的需求可能會發展得更慢。在美國證券交易委員會批准與質押相關的 ETF 產品之前，以太坊的這方面市場潛力可能仍未充分利用。