以太坊 ETF 表現不佳的四個原因

ETH ETF 並未獲得與 BTC ETF 相同的吸引力，甚至本週出現了淨流出。湯姆·卡雷拉斯調查了原因。

Four Reasons Ether ETFs Have Underperformed

以太坊 ETF 表現不佳的四個原因

output: ETH ETFs haven't gained the same traction as BTC ETFs, even seeing net outflows this week. Tom Carreras investigates why.

產出：ETH ETF 並未獲得與 BTC ETF 相同的吸引力，甚至本週出現淨流出。湯姆·卡雷拉斯調查了原因。

Many investors have been disappointed by the performance of spot ether (ETH) exchange-traded funds (ETFs).

許多投資者對現貨以太坊（ETH）交易所交易基金（ETF）的表現感到失望。

While spot bitcoin (BTC) ETFs processed nearly $19 billion in inflows over 10 months, ether ETFs, which began trading in July, have failed to generate the same level of interest.

雖然現貨比特幣 (BTC) ETF 在 10 個月內處理了近 190 億美元的資金流入，但 7 月開始交易的以太坊 ETF 卻未能產生同等水平的興趣。

To make matters worse, Grayscale's ETHE, which existed as an ether trust prior to its conversion into an ETF, has suffered massive redemptions, and demand for other ether funds has failed to offset them.

更糟的是，Grayscale 的 ETHE 在轉換為 ETF 之前以以太信託形式存在，現在已遭受大規模贖回，而對其他以太基金的需求未能抵消這些贖回。

That means ether ETFs have, to date, experienced $556 million in net outflows since their launch. Just this week, the products have bled out a net $8 million, according to Farside data.

這意味著以太坊 ETF 自推出以來迄今已經歷 5.56 億美元的淨流出。據 Farside 數據顯示，光是本週，這些產品就淨損失了 800 萬美元。

So why are ether ETFs performing so differently? There are a few possible reasons.

那麼為什麼以太坊 ETF 的表現如此不同呢？有幾個可能的原因。

Putting inflows into context

將資金流入納入背景

First off, it's important to note that ether ETFs only look bad in comparison to bitcoin ETFs. The bitcoin products have broken so many records that they're arguably the most successful ETFs of all time.

首先，需要注意的是，與比特幣 ETF 相比，以太 ETF 看起來很糟糕。比特幣產品打破瞭如此多的記錄，可以說是有史以來最成功的 ETF。

For instance, the ETFs issued by BlackRock and Fidelity, IBIT and FBTC, collected $4.2 billion and $3.5 billion each in their first 30 days, smashing the previous record, which was held by BlackRock's Climate Conscious fund, that had garnered $2.2 billion in its first month (August 2023).

例如，貝萊德和富達發行的ETF、IBIT和FBTC在上市後30天內分別募集42億美元和35億美元，打破了貝萊德氣候意識基金保持的紀錄，該基金在上市後30天內募集了22億美元。

While ether ETFs failed to replicate these kinds of earth-shattering results, three of the funds are still among the top 25 best performing ETFs of the year, according to ETF Store President Nate Geraci.

ETF Store 總裁 Nate Geraci 表示，雖然以太坊 ETF 未能複製這些驚天動地的結果，但其中有三隻基金仍躋身今年表現最佳的 25 檔 ETF 之列。

BlackRock's ETHE, Fidelity's FBTC and Bitwise's ETHW have vacuumed up nearly $1 billion, $367 million and $239 million in assets, respectively – not bad at all for two-and-a-half-month-old funds.

貝萊德(BlackRock) 的ETHE、富達(Fidelity) 的FBTC 和Bitwise 的ETHW 分別吸收了近10 億美元、3.67 億美元和2.39 億美元的資產——對於成立兩個半月的基金來說，這根本不差。

“Spot ether ETFs were never going to challenge spot bitcoin ETFs in terms of inflows,” Geraci told CoinDesk. “If you look at the underlying spot markets, ether is about one-fourth the market cap of bitcoin. That should be a reasonable proxy of where spot ether ETF demand ends up longer-term relative to spot bitcoin ETFs.”

「在資金流入方面，現貨以太 ETF 永遠不會挑戰現貨比特幣 ETF，」Geraci 告訴 CoinDesk。 「如果你看看基礎現貨市場，以太幣的市值約為比特幣的四分之一。這應該是現貨以太 ETF 需求相對於現貨比特幣 ETF 的長期需求的合理指標。

The problem is that Grayscale's ETHE has drowned out these funds' performances with its large outflows.

問題在於，灰階的 ETHE 以其大量資金流出淹沒了這些基金的表現。

Spun up in 2017 as a trust, ETHE was originally designed, for regulatory reasons, in a way that didn't permit investors to redeem their ETF shares – the money was stuck in the product. That changed on July 23, when Grayscale won approval to convert its trust into a proper ETF.

ETHE 於 2017 年以信託形式成立，出於監管原因，最初設計時不允許投資者贖回其 ETF 份額——資金被困在產品中。這種情況在 7 月 23 日發生了變化，當時 Grayscale 獲得了將其信託轉換為適當 ETF 的批准。

At the time of conversion, ETHE had roughly $1 billion in assets, and while some of those assets were moved by Grayscale itself to another of its funds – the ether mini ETF – ETHE has suffered from nearly $3 billion in outflows.

在轉換時，ETHE 擁有約 10 億美元的資產，雖然其中一些資產被 Grayscale 本身轉移到其另一隻基金——以太坊迷你 ETF，但 ETHE 卻遭受了近 30 億美元的資金外流。

It's worth noting that Grayscale experienced the same thing with its bitcoin ETF, GBTC, which has processed more than $20 billion in outflows since its conversion in January. However, the stellar performances of BlackRock and Fidelity's spot bitcoin ETFs have more than offset GBTC's bleedout.

值得注意的是，Grayscale 的比特幣 ETF GBTC 也經歷了同樣的情況，自 1 月轉換以來，該基金已處理了超過 200 億美元的資金流出。然而，貝萊德和富達現貨比特幣 ETF 的出色表現足以抵消 GBTC 的虧損。

Lack of staking yield

缺乏質押收益

One of the big differences between bitcoin and ether is that investors can stake ether – essentially locking it into the Ethereum network to earn a yield paid out in ether.

比特幣和以太幣之間的最大區別之一是投資者可以質押以太幣——本質上是將其鎖定在以太坊網路中以獲得以以太幣支付的收益。

But in their current form, ether ETFs don't allow investors to gain exposure to staking. So holding ether through an ETF means missing out on that yield (currently about 3.5%) – and paying a management fee to issuers that can range from 0.15% to 2.5%.

但以目前的形式，以太幣 ETF 不允許投資者獲得質押風險。因此，透過 ETF 持有以太幣意味著錯過該收益率（目前約為 3.5%），並且需要向發行人支付 0.15% 至 2.5% 的管理費。

While some traditional investors won't mind giving up that yield in exchange for the convenience and safety of an ETF, it makes sense for crypto-natives to find alternative ways of holding ether.

雖然一些傳統投資者不介意放棄收益來換取 ETF 的便利性和安全，但對於加密貨幣本地人來說，尋找持有以太幣的替代方式是有意義的。

“If you're a competent fund manager with even a basic understanding of the crypto market and you're managing someone’s money, why would you buy an ether ETF right now?” Adam Morgan McCarthy, an analyst at crypto data firm Kaiko Research, told CoinDesk.

“如果你是一位稱職的基金經理，對加密貨幣市場有基本的了解，並且你正在管理某人的資金，那麼你為什麼現在要購買以太 ETF？”加密數據公司 Kaiko Research 的分析師 Adam Morgan McCarthy 告訴 CoinDesk。

“You pay to get exposure to ETH (and the underlying is custodied at Coinbase) or you buy the underlying yourself and stake it with the exact same provider in return for some yield,” McCarthy said.

麥卡錫說：“你需要付費才能接觸 ETH（底層資產由 Coinbase 託管），或者你自己購買底層資產並將其抵押給同一家提供商，以換取一些收益。”

Marketing Ethereum to clients

向客戶行銷以太坊

Another hurdle for ether ETFs is that it can be difficult for some investors to understand the core use-case for Ethereum because it seeks to lead in several, diverse areas of crypto.

以太坊 ETF 的另一個障礙是，一些投資者可能很難理解以太坊的核心用例，因為它試圖在多個不同的加密領域中處於領先地位。

Bitcoin was created with a hard cap on supply: There will never be more than

比特幣在創建時就設定了供應硬性上限：永遠不會超過