首隻以太坊現貨ETF的推出：挑戰與機遇

2024 年 7 月 24 日推出首支以太幣現貨 ETF，標誌著加密貨幣以太幣和整個加密市場邁出了重要一步。此次發布受到了很高的期望，因為它將成為機構和散戶投資者對以太坊未來採用和興趣的晴雨表。第一天交易的細節和數據揭示了與推出此類金融產品相關的挑戰和機會。

The launch of the first Ethereum Spot ETF on July 24, 2024 marks a significant step for the cryptocurrency Ethereum and the entire crypto market. This launch came with high expectations as it would serve as a barometer for future adoption and interest in Ethereum from institutional and retail investors. The details and figures that characterized this first day of trading shed light on the challenges and opportunities associated with the launch of such a financial product.

2024 年 7 月 24 日推出首支以太幣現貨 ETF，標誌著加密貨幣以太幣和整個加密市場邁出了重要一步。此次發布受到了很高的期望，因為它將成為機構和散戶投資者對以太坊未來採用和興趣的晴雨表。第一天交易的細節和數據揭示了與推出此類金融產品相關的挑戰和機會。

The first day of the Ethereum Spot ETF

以太幣現貨ETF首日

On July 24, 2024, the first Ethereum Spot ETF was launched, a significant step for the cryptocurrency Ethereum and the entire crypto market. This first day of trading came with great expectations as it would serve as an indicator of future adoption and interest in Ethereum from institutional and retail investors.

2024年7月24日，首隻以太幣現貨ETF推出，這對加密貨幣以太幣乃至整個加密市場來說都是重要的一步。第一天的交易充滿了期待，因為它將成為機構和散戶投資者未來對以太坊採用和興趣的指標。

The ETF saw a net inflow of around USD 106 million on the first day. This figure may seem small compared to the Bitcoin ETF, which achieved a trading volume of over one billion US dollars on its first day. Nevertheless, this inflow is seen as a success, as analysts had speculated that a volume in the range of 20-30% of the Bitcoin ETF could be seen as a positive indicator for the Ethereum ETF.

該ETF首日淨流入約1.06億美元。與首日交易額超過 10 億美元的比特幣 ETF 相比，這個數字似乎很小。儘管如此，這種資金流入被認為是成功的，因為分析師推測，比特幣 ETF 的 20-30% 的交易量可以被視為以太坊 ETF 的積極指標。

A closer look at trading volumes shows that the Ethereum ETF’s first day of trading actually reached over one billion US dollars in trading volume. However, this impressive figure was impacted by significant outflows from Greyscale, which saw $625 million in outflows alone. Greyscale’s fee structure, which stands at 2.5%, is seen as the main reason for these outflows. Many investors preferred to shift their money to other ETF providers such as Blackrock, Fidelity and Bitwise, which saw tens of millions of dollars in total inflows.

仔細觀察交易量發現，以太坊ETF首日交易量其實達到了10億美元以上。然而，這令人印象深刻的數字受到了 Greyscale 大量資金外流的影響，光是 Greyscale 的資金外流就達到了 6.25 億美元。 Greyscale 的費用結構為 2.5%，被視為資金外流的主要原因。許多投資者更願意將資金轉移到其他 ETF 供應商，例如貝萊德 (Blackrock)、富達 (Fidelity) 和 Bitwise，這些公司的總流入量達數千萬美元。

Another interesting aspect is that the Ethereum ETF saw a net inflow of USD 106 million despite the outflows from Greyscale and the generally positive market development. This shows that interest in Ethereum and confidence in the ETF is high, despite the market experiencing some turbulence on the day.

另一個有趣的方面是，儘管灰階資金流出且市場發展總體積極，但以太坊 ETF 仍淨流入 1.06 億美元。這表明儘管當天市場經歷了一些動盪，但人們對以太坊的興趣和對該 ETF 的信心很高。

This turbulence was partly caused by the arrival of the first Mt Gox Bitcoin withdrawals on the crypto exchange Kraken. These events led to a slight correction in the crypto market, with the Bitcoin price falling by around 4% to $65,000. Such market reactions are not uncommon, as the launch of new financial products and the release of large amounts of Bitcoin can often lead to short-term uncertainty.

這種動盪的部分原因是加密貨幣交易所 Kraken 首次提現 Mt Gox 比特幣。這些事件導致加密貨幣市場出現小幅調整，比特幣價格下跌約 4% 至 65,000 美元。這種市場反應並不罕見，因為新金融產品的推出和大量比特幣的發行往往會導致短期的不確定性。

The impact of Mt. Gox Bitcoin withdrawals

Mt. Gox 比特幣提領的影響

The history of Mt. Gox is one of the most infamous in the cryptocurrency space. Originally the world’s largest Bitcoin exchange, Mt. Gox filed for bankruptcy in 2014 after falling victim to a massive hacking attack in which around 850,000 Bitcoins were stolen. Years later, in 2024, the first repayments to affected users were initiated, an event that could have a significant impact on the crypto market.

Mt. Gox 的歷史是加密貨幣領域最臭名昭著的歷史之一。 Mt. Gox 最初是世界上最大的比特幣交易所，在遭受大規模駭客攻擊並導致約 85 萬比特幣被盜後，於 2014 年申請破產。幾年後，在 2024 年，向受影響用戶發起了第一筆還款，這一事件可能會對加密貨幣市場產生重大影響。

These refunds total around 90,000 bitcoins, which will be distributed to the former customers of Mt. Gox. The first of these bitcoins recently reached the crypto exchange Kraken. This payout led to a noticeable reaction on the market: the Bitcoin price fell by around 4% to 65,000 US dollars. This price drop is mainly due to the fear that the recipients of the refunded Bitcoins could sell them immediately, which could lead to additional selling pressure and further price drops.

這些退款總計約 90,000 個比特幣，將分發給 Mt. Gox 的前客戶。第一批比特幣最近到達了加密貨幣交易所 Kraken。這項支付引起了市場的明顯反應：比特幣價格下跌約 4% 至 65,000 美元。價格下跌的主要原因是擔心退款的比特幣接收者可能會立即出售它們，這可能會導致額外的拋售壓力和進一步的價格下跌。

A significant portion of the total 90,000 Bitcoins have already been distributed, but the full effect of these payouts is not expected to be seen for several weeks.

總共 90,000 個比特幣中的很大一部分已經分發，但預計這些支出的全部效果要在幾週內才能看到。

Market participants are concerned that the continued inflow of these large amounts of Bitcoin could lead to further price declines. This uncertainty has increased the volatility of the Bitcoin market and could also affect the prices of other cryptocurrencies.

市場參與者擔心，大量比特幣的持續流入可能會導致價格進一步下跌。這種不確定性增加了比特幣市場的波動性，也可能影響其他加密貨幣的價格。

Relevant article: Bitcoin crashes after Mt. Gox whale transfers

相關文章：Mt. Gox 鯨魚轉帳後比特幣崩潰

In addition to the short-term selling pressure, there are also long-term considerations. The question of whether the recipients of the Mt Gox Bitcoins will hold or sell them remains open. Some analysts speculate that many recipients may hold on to their Bitcoins as they see the potential of Bitcoin’s long-term growth. However, others may seek to recoup their losses or realize gains, which could lead to further selling pressure.

除了短期拋售壓力外，還有長期考量。 Mt Gox 比特幣的接收者是否會持有或出售它們的問題仍然懸而未決。一些分析師推測，許多接收者可能會持有比特幣，因為他們看到了比特幣長期成長的潛力。然而，其他人可能會尋求彌補損失或實現收益，這可能會導致進一步的拋售壓力。

It seems like have started… #MtGox kraken wallet starts selling #BTC This is just beginning pic.twitter.com/wLouzhNsTP

似乎已經開始... #MtGox kraken 錢包開始銷售 #BTC 這才剛開始 pic.twitter.com/wLouzhNsTP

There is also speculation about how redemptions will affect overall confidence in the crypto market. The fact that, after many years, it has been possible to partially compensate the affected users could strengthen confidence in the market and in the security of cryptocurrencies. At the same time, the volatility caused by the selling pressure could affect confidence in the short term.

也有人猜測贖回將如何影響加密市場的整體信心。多年後，我們已經可以對受影響的用戶進行部分補償，這一事實可以增強人們對市場和加密貨幣安全性的信心。同時，拋售壓力造成的波動可能會影響短期信心。

Another important factor is the role of exchanges in processing these redemptions. Exchanges such as Kraken

另一個重要因素是交易所在處理這些贖回中的作用。 Kraken等交易所