華爾街為今年夏天推出以太坊 ETF 做好準備

今年已有多份以太幣現貨交易所交易基金（ETF）申請，反映出人們對全球第二大加密貨幣新投資工具的興趣日益濃厚。

Multiple applications have been filed for spot ether exchange-traded funds (ETFs) this year, reflecting growing interest in the new investment vehicles for the world's second-largest cryptocurrency.

今年已有多份以太幣現貨交易所交易基金（ETF）申請，反映出人們對全球第二大加密貨幣新投資工具的興趣日益濃厚。

The U.S. Securities and Exchange Commission (SEC) is expected to give full approval for ether ETFs this summer, allowing the new investment products to begin trading on Wall Street imminently, according to experts.

專家表示，美國證券交易委員會 (SEC) 預計將在今年夏天全面批准以太坊 ETF，從而允許新的投資產品立即在華爾街開始交易。

Companies looking to launch a spot ether ETF this summer include BlackRock, Fidelity, VanEck, Franklin Templeton, 21Shares, and Grayscale.

計劃在今年夏天推出現貨以太坊 ETF 的公司包括貝萊德 (BlackRock)、富達 (Fidelity)、VanEck、富蘭克林鄧普頓 (Franklin Templeton)、21Shares 和 Grayscale。

Grayscale, for example, plans to convert its existing ether trust into a spot ether ETF. The company, however, forecasts that the new investment vehicles might only draw up to a third of the interest that bitcoin ETFs have.

例如，Grayscale 計劃將其現有的以太坊信託轉換為現貨以太坊 ETF。然而，該公司預測，新的投資工具可能只會吸引比特幣 ETF 利息的三分之一。

Already, bitcoin ETFs have attracted approximately $38 billion, Morningstar Direct data shows. Ether ETFs are unlikely to garner the same level of market exuberance.

Morningstar Direct 數據顯示，比特幣 ETF 已經吸引了約 380 億美元的資金。以太坊 ETF 不太可能獲得同樣程度的市場繁榮。

Given the relatively limited availability of ether in circulation, however, any significant inflows into ETFs could possibly wield a more pronounced impact on its price compared to bitcoin. In fact, the tighter supply of ether may amplify the effect of increased demand from ETF investments on the token's value.

然而，鑑於流通中的以太幣相對有限，與比特幣相比，任何大量資金流入 ETF 都可能對其價格產生更明顯的影響。事實上，以太坊供應緊張可能會放大 ETF 投資需求增加對代幣價值的影響。

"Ethereum has roughly half the level of spot liquidity [compared to bitcoin]," Thomas Perfumo, head of strategy at crypto exchange Kraken, recently told Reuters. "Half the amount of liquidity means that you need less amount of absolute dollars coming into the market to make the same price impact on Ethereum."

「以太坊的現貨流動性水準大約是比特幣的一半，」加密貨幣交易所 Kraken 策略主管 Thomas Perfumo 最近告訴路透社。 “流動性減半意味著你需要更少的絕對美元進入市場才能對以太坊產生相同的價格影響。”

In the crypto industry, there is also ongoing hope that investors won't have to wait much longer for ether ETFs to begin trading after final SEC approvals. "[I] will be shocked if spot ETFs [are] not trading [within the] next 2 weeks," Nate Geraci, co-founder of The ETF Institute, told media. "Later next week [is] a possibility, but think [the] week of July 15th [is] more likely. Interestingly, [the] price of [ether is down] 20%+ since the ‘surprise’ 19b-4 approvals in late May," he said.

在加密產業，人們一直希望投資者不必等待太久，以太坊 ETF 在獲得 SEC 最終批准後即可開始交易。 ETF Institute 聯合創始人 Nate Geraci 向媒體表示：“如果現貨 ETF 在未來兩週內沒有交易，我會感到震驚。” 「下週晚些時候是可能的，但我認為7 月15 日這一周的可能性更大。有趣的是，自從19b-4 獲得『意外』批准以來，[以太] 的價格下跌了20% 以上。