現在的問題不是機構的利益：這是他們何時以及如何做

機構基金目前通過交易所交易資金（ETF）持有約330萬以太（ETH），約佔循環供應的3％。

Despite the recent buzz around a potential U.S. approval for spot ether (ETH) exchange-traded funds (ETFs), a broader question looms large: How will institutional participation in ether staking shape up?

儘管最近對美國對現貨以太（ETH）交易所交易基金（ETF）的批准產生了嗡嗡聲，但更廣泛的問題迫在眉睫。

Currently, institutional funds hold around 3.3 million ether, roughly 3% of the circulating supply, through ETFs.

目前，機構基金通過ETF持有約330萬以太，約佔循環供應的3％。

With 27% of ETH already staked and these ETF holdings alone increasing the amount of total staked ETH by over 10%. And that’s without factoring in additional inflows from investors drawn to the promise of earning staking yield inside an ETF wrapper.

由於ETH的27％已經固定，僅這些ETF持有量將總固定ETH的數量增加了10％以上。而且，這是不考慮從投資者吸引的額外流入到賺取ETF包裝器內部產量的額外流入的。

The question now isn’t can institutions stake: it’s when and how they’ll do it.

現在的問題不是機構的利益：這是他們何時以及如何做到這一點。

That “how” matters, however: if ETH ETF staking is approved, issuers may default to third-party operators or route staking through a handful of custodians. This could result in validator power concentrating quickly, especially considering current custody providers, creating centralized entities.

但是，“如何”很重要：如果獲得ETH ETF的批准，發行人可能會違約給第三方運營商，或者路線通過少數託管人劃分。這可能會導致驗證功率迅速集中，尤其是考慮到當前的監護提供者，創建集中實體。

Lido still leads with over 30% of staked ETH, but under the hood there are more than 500 operators with the inception of Community Staking Module last year. But if a wave of institutional ETH money flows into just a few trusted intermediaries, Ethereum risks drifting toward a validator oligopoly on centralized operators.

Lido仍然以超過30％的固定ETH領先，但是在引擎蓋下，有500多家運營商去年，社區樁模塊成立。但是，如果一波機構貨幣僅流向一些值得信賴的中介機構，以太坊有可能向集中運營商的驗證者寡頭壟斷地漂移。

This chart shows the total ETH held by ETFs in purple, which would be the second largest staker as a category, and in orange the top three ETFs holding ETH. TVL= total value locked.

該圖表顯示了ETF在紫色中持有的總ETH，這將是第二大Staker作為類別，在Orange中，持有ETH的前三名ETF。 TVL =總價值鎖定。

On the flip side, there’s a rare opportunity for ETF issuers to go direct, running their own nodes.

另一方面，ETF發行人可以直接運行自己的節點，這是一個難得的機會。

Vertical integration into staking infrastructure allows issuers to both decentralize the network and unlock economic upside. The standard validator fee — typically 5–15% of staking rewards — is currently captured by operators and the liquid staking protocol managing the staking pools, such as Lido, RocketPool and even the centralized wallet exchanges pools.

垂直整合到堆棧基礎設施中，使發行人可以分散網絡並解鎖經濟上行空間。標準驗證者費用（通常為5-15％的放入獎勵）目前由運營商捕獲，液體放入協議管理堆疊池，例如Lido，Rocketpool，甚至是集中的錢包交換池。

However, if ETF managers run their own nodes or partner with independent providers, they can reclaim that margin and boost fund performance. In an industry competing on basis points, that edge matters. We’re already seeing an M&A trend underway. Bitwise’s acquisition of a staking operator is no coincidence: it’s a signal that smart asset managers are positioning for a future where staking isn’t just a back-end service but a core part of the fund’s value chain.

但是，如果ETF經理運行自己的節點或與獨立提供者的合作夥伴，他們可以恢復利潤並提高基金績效。在一個在基礎上競爭的行業中，這一優勢很重要。我們已經看到併購趨勢正在進行中。 Bitwise對Statiking Operator的收購併不是巧合：這表明Smart Asset Manager正在定位未來，在這種情況下，Staking不僅是後端服務，而且是基金價值鏈的核心部分。

This development represents Ethereum’s fork in the road, in which institutions can either treat staking as a plug-and-play checkbox, reinforcing centralization and systemic risk, or they can help build a more credibly neutral protocol by distributing operations across validators.

這一發展代表了道路上的以太坊叉子，在該道路上，機構可以將Staging視為插件的複選框，增強集中化和系統性的風險，或者它們可以通過在驗證者之間分發操作來幫助建立更可靠的中性協議。

With a short queue, an expanding set of validators and billions of ETH sitting idle, the timing couldn’t be better. So as the institutionalization of staking looks increasingly likely, let’s make sure it’s done right, reinforcing the foundations of what blockchain is all about.

憑藉簡短的隊列，一組不斷擴大的驗證者和數十億個ETH坐著的閒置，時間安排再好不過了。因此，隨著樁的製度化看起來越來越有可能，讓我們確保它做得正確，從而加強了區塊鏈的全部基礎。