BlackRock避免XRP ETF的真正原因：專家見解

XRP社區有疑問：為什麼BlackRock是金融界最大的名字，對推出XRP ETF的沉默？

The XRP community has been buzzing with questions about why BlackRock, a behemoth in the financial world, seems to be snubbing the burgeoning XRP ETF scene.

XRP社區一直在嗡嗡作響，因為為什麼貝萊德（BlackRock）是金融界的龐然大物，似乎正在呼籲新興的XRP ETF場景。

While other players like Grayscale and Bitwise have blitzed through with their filings, applying pressure on the SEC to approve the first-ever U.S. XRP ETF, BlackRock’s silence has been deafening.

雖然其他球員像Grayscale和Bitwise這樣的申請都閃閃發光，但對SEC施加壓力以批准有史以來第一個US XRP ETF，但BlackRock的沉默一直在震驚。

Is it a personal dislike for Ripple (XRP) that keeps the biggest dog in the yard at bay? Or is there a deeper strategy at play, one that could have massive implications for the future of Ripple price action and the entire crypto landscape?

是對Ripple（XRP）的個人不喜歡，它使院子裡最大的狗保持了？還是有更深層次的策略在起作用，這可能會對波紋價格行動的未來和整個加密貨幣景觀產生巨大影響？

A video from Cheeky Crypto titled “CAN SUI 20x FROM HERE? SUI NEWS AND PRICE PREDICTION” took a short detour to break down the XRP situation too. As the host was sipping his morning coffee and scrolling through news, he noticed yet again another XRP ETF headline.

厚臉皮加密貨幣的視頻名為“ Sui 20倍可以從這裡？SUI新聞和價格預測”進行了短暫的繞行，也打破了XRP的情況。當主人正在喝早上的咖啡並瀏覽新聞時，他再次注意到另一個XRP ETF標題。

It was probably the 15th one this year alone. Grayscale filed. Bitwise filed. Even lesser-known groups like Canary Capital threw their hats in the ring. But BlackRock? Still nothing.

僅今年就可能是第15位。灰度提交。鑽頭提起。甚至像Canary Capital這樣的鮮為人知的團體都將帽子扔到了戒指上。但是貝萊德呢？仍然什麼都沒有。

Why BlackRock Is Still Missing in Action on XRP ETFs

為什麼在XRP ETF上仍缺少黑石

Cheeky Crypto’s investigation uncovered something interesting. BlackRock has already tasted huge success with its Bitcoin and Ethereum products. Their Bitcoin ETF now boasts over $30 billion in assets under management, while their Ethereum fund smashed through $1 billion in just two months.

Cheeky Crypto的調查發現了一些有趣的東西。貝萊德（Blackrock）的比特幣和以太坊產品已經取得了巨大的成功。現在，他們的比特幣ETF擁有超過300億美元的管理資產，而他們的以太坊基金在短短兩個月內就達到了10億美元。

As the analyst put it, “When you’re winning every hand at the poker table, you don’t leave for the slot machines.” Ripple price and XRP enthusiasm may be rising, but from BlackRock’s view, there’s no need to gamble when Bitcoin and Ethereum are bringing home easy wins.

正如分析師所說，“當您在撲克桌上贏得每一隻手時，您不會離開老虎機。”波紋價格和XRP的熱情可能正在上升，但是從貝萊德的角度來看，當比特幣和以太坊帶來輕鬆勝利時，無需賭博。

Regulatory concerns are also a major factor. Even though Ripple largely beat the SEC, there’s no final judgment yet. Conservative giants like BlackRock rely on internal scorecards, and XRP still hasn’t ticked every box for liquidity, demand, and fully clear legal status. Bitcoin and Ethereum have that clarity. XRP is close but not close enough yet.

監管問題也是一個主要因素。即使Ripple在很大程度上擊敗了SEC，但尚無最終判斷。像貝萊德這樣的保守派巨頭依靠內部記分卡，XRP仍然沒有為流動性，需求和完全清晰的法律地位打勾。比特幣和以太坊具有這種清晰度。 XRP很近，但還不夠近。

Strategically, BlackRock is letting firms like Grayscale and Franklin Templeton go first. If the SEC rejects their applications, BlackRock loses nothing. If the SEC approves them, BlackRock can swoop in later and dominate, just like they did with the Bitcoin ETF launch.

從策略上講，貝萊德讓灰刻級和富蘭克林·鄧普頓（Franklin Templeton）等公司首先。如果SEC拒絕他們的申請，貝萊德卻一無所獲。如果SEC批准了它們，那麼BlackRock可以稍後湧入並占主導地位，就像它們在比特幣ETF發佈時一樣。

Adding even more hesitation, Cheeky Crypto reminded viewers of the fake XRP ETF filing incident from November 2023. A bogus filing claiming to be from BlackRock went viral, forcing them to publicly deny it and leaving a bad taste internally. After such a PR mess, BlackRock is extra cautious about anything related to Ripple.

更加猶豫，厚臉皮的加密貨幣使觀眾想起了2023年11月的假XRP ETF備案事件。聲稱來自貝萊德的虛假申請迅速傳播開來，迫使他們公開否認它並在內部留下不良的味道。經過這樣的公關混亂，貝萊德對與Ripple有關的任何事情都非常謹慎。

Institutional Insights: XRP Is Close But Not There Yet

機構見解：XRP很近，但還沒有

The thread by analyst All Things XRP (@XRP_investing) on X expanded this picture even more clearly.

X上的Analyst Analyst所有內容XRP（@xrp_investing）的線程更加清楚地擴展了這張圖片。

They pointed out that BlackRock is currently milking their Bitcoin and Ethereum success stories. With $30 billion in their Bitcoin ETF and $1 billion in their Ethereum fund in just 60 days, they simply don’t have an incentive to rush into something riskier.

他們指出，貝萊德目前正在擠奶他們的比特幣和以太坊成功案例。他們的比特幣ETF擁有300億美元，在60天內獲得了10億美元的以太坊基金，他們根本沒有動機來急於風險。

Point 1: BlackRock has no reason to diversify wildly yet. Their iShares Bitcoin Trust hit $30B AUM. The ETH ETF crossed $1B in 60 days. When you’re dominating the two most proven assets, why add risk?

點1：黑石沒有理由使人們瘋狂多樣化。他們的iShares比特幣信託基金達到30B美元。 ETH ETF在60天內越過$ 1B。當您統治兩個最驗證的資產時，為什麼要增加風險？

And despite the legal win for crypto broadly and the huge implications of the potential first-ever XRP ETF from Grayscale and Bitwise, there are still regulatory scars that linger more heavily for conservative giants like BlackRock. As All Things XRP noted, in the eyes of big institutions, the “security” label doesn’t fade easily.

儘管加密貨幣廣泛地贏得了法律上的勝利，以及從灰度和位置上潛在的XRP ETF的巨大含義，但仍有監管疤痕對像貝萊德這樣的保守派巨頭更為嚴重。正如XRP所指出的所有內容，在大型機構的眼中，“安全”標籤並不容易褪色。

Point 2: From a legal standpoint, BTC and ETH tick every box for BlackRock. They have liquidity, they have legal clarity (or at least enough to meet internal thresholds), and they have client demand. XRP is getting closer but isn’t there yet. It’s a close call, but for optimal risk calculus, they'll wait for the final verdict before making a move.

點2：從法律的角度來看，BTC和ETH勾選了貝萊德的每個盒子。他們有流動性，具有法律清晰度（或至少足以滿足內部門檻），並且有客戶的需求。 XRP越來越近，但還沒有。這是一個密切的電話，但是對於最佳風險演算，他們將等待最終判決，然後再採取行動。

Moreover, BlackRock’s style has always been clear. They don’t chase headlines. They wait for strategic leverage. Launching a fund isn’t about being first. It’s about winning big once the timing is perfect. As seen with their Bitcoin ETF (iShares IBIT), they prefer to let competitors test the waters and then strike when the risk is priced in.

而且，貝萊德的風格一直很清楚。他們沒有追逐頭條新聞。他們等待戰略槓桿作用。推出基金並非首先。一旦時間安排完美，這是關於贏得大量的。正如他們的比特幣ETF（iShares ibit）所看到的那樣，他們更喜歡讓競爭對手測試水域，然後在價格定價時進行罷工。

Past events also haunt them. The 2023 fake XRP ETF filing went viral, forcing BlackRock to publicly deny it and leaving a bad taste internally. They prefer avoiding anything whiff of controversy until regulatory and market clarity is evident.

過去的事件也困擾著他們。 2023年的假XRP ETF申請傳播開來，迫使貝萊德公開否認它並在內部留下不良的味道。他們更喜歡避免任何有爭議的爭議，直到顯而易見的監管和市場清晰度。

Another big factor is XRP’s current market share. Bitcoin and Ethereum still dominate around 70% of the total crypto market cap combined. XRP, although growing, still

另一個重要因素是XRP當前的市場份額。比特幣和以太坊仍然佔總加密市值總數的70％。 XRP雖然增長，但仍在