XRP ETF炒作可能使華爾街受益更多，而不是零售：van dell

在圍繞潛在XRP交易所交易基金（ETF）的越來越多的猜測中，黑天鵝資本家的聯合創始人范·戴爾（Van Dell）警告投資者不要太快加入慶祝活動。

Amidst the swirling rumors of a potential XRP exchange-traded fund (ETF), one crypto insider is urging investors to hold up on joining the celebrations just yet.

在潛在的XRP交易所基金（ETF）的漩渦謠言中，一位加密貨幣內部人士敦促投資者堅持參加慶祝活動。

While the possibility of BlackRock launching an ETF to provide institutional exposure to XRP seems like a momentous step toward mainstream crypto adoption, it may ultimately serve Wall Street’s interests more than those of everyday investors, according to Van Dell, co-founder of Black Swan Capitalists.

黑天鵝資本家範·戴爾（Van Dell）表示，雖然貝萊德（BlackRock）推出ETF以提供機構接觸XRP的可能性似乎是邁向主流加密貨幣採用的重要一步，但最終，它最終可能比日常投資者的利益更多地服務於華爾街的利益。

“People are discussing the idea of an XRP ETF, especially if it’s backed by BlackRock, but the question is—who benefits most from it?”

“人們正在討論XRP ETF的想法，尤其是如果它得到了貝萊德的支持，但是問題是 - 誰從中受益最大？”

suggest investors consider both sides of the story before joining the conversation.

建議投資者在加入對話之前考慮故事的雙方。

A Calculated Move by Wall Street

華爾街計算出的舉動

As the world’s largest asset manager with over $10 trillion in assets under management, BlackRock’s moves have a huge impact on global finance. Dell argues that their push for an XRP ETF isn’t about democratizing access to digital assets, but rather about controlling and profiting from them.

作為全球最大的資產經理，管理資產超過100萬億美元，貝萊德的舉動對全球金融產生了巨大影響。戴爾（Dell）認為，他們推動XRP ETF的推動並不是要民主化獲得數字資產的訪問權，而是要控制和從中獲利。

“It’s about taking this disruptive technology like XRP and putting it in a suit and tie that Wall Street understands and dominates,”

“這是關於採用XRP這樣的破壞性技術，並將其置於華爾街理解和統治的西裝和領帶中，”

He highlighted that while an ETF would make XRP more accessible to traditional investors who prefer not to deal with wallets, private keys, or exchanges, it strips away the token’s actual utility. ETF holders wouldn’t own the asset itself, which means missing out on the advantages of participating in the XRP network directly.

他強調，儘管ETF會使不願處理錢包，私鑰或交流的傳統投資者更容易獲得XRP，但它會剝奪令牌的實際效用。 ETF持有人不會擁有資產本身，這意味著錯過了直接參與XRP網絡的優勢。

“It’s about taking this disruptive technology like XRP and putting it in a suit and tie that Wall Street understands and dominates,”

“這是關於採用XRP這樣的破壞性技術，並將其置於華爾街理解和統治的西裝和領帶中，”

He highlighted that while an ETF would make XRP more accessible to traditional investors who prefer not to deal with wallets, private keys, or exchanges, it strips away the token’s actual utility. ETF holders wouldn’t own the asset itself, which means missing out on the advantages of participating in the XRP network directly.

他強調，儘管ETF會使不願處理錢包，私鑰或交流的傳統投資者更容易獲得XRP，但它會剝奪令牌的實際效用。 ETF持有人不會擁有資產本身，這意味著錯過了直接參與XRP網絡的優勢。

Ownership Without Ownership

沒有所有權的所有權

According to Dell, owning an XRP ETF doesn’t equate to owning XRP. “An ETF offers price exposure, not true ownership,” He noted. “You can’t send your ETF to another wallet, use it for transactions, or tap into the protocol’s full potential.”

根據戴爾的說法，擁有XRP ETF並不等於擁有XRP。他指出：“ ETF提供價格敞口，而不是真正的所有權。” “您無法將ETF發送到另一個錢包，將其用於交易，也無法利用協議的全部潛力。”

According to him, that comes from holding the actual digital asset, not a financial product that tracks its value, which is more closely aligned with how institutions prefer to engage with crypto.

據他說，這來自持有實際的數字資產，而不是追踪其價值的金融產品，這與機構更喜歡與加密貨幣互動更加一致。

ETFs Favor Institutions, Not Retail Investors

ETF偏愛機構，而不是散戶投資者

Dell highlighted several reasons why BlackRock and similar firms would prefer an ETF model over promoting direct XRP ownership:

戴爾強調了貝萊德和類似公司更喜歡ETF模型而不是促進直接XRP所有權的幾個原因：

According to reports, BlackRock’s Bitcoin ETF saw daily inflows of over $356 million as of May 2025. Dell argues that such firms use insider knowledge and media timing to spark price surges and dips, profiting from market volatility while retail investors react emotionally to headlines.

據報導，截至2025年5月，貝萊德的比特幣ETF每天的流入超過3.56億美元。戴爾認為，這樣的公司使用內部知識和媒體時間來激發價格飆升和下降，從市場波動中獲利，而報廢投資者在情感上對頭條新聞的反應。

A Broader Perspective

更廣泛的觀點

While acknowledging the convenience ETFs offer to traditional investors, Dell warned of their limitations and long-term consequences. “It’s business as usual for them—more control, more profit, and less operational hassle,” he said. “But for retail investors, it means less ownership, less utility, and more exposure to market manipulation.”

戴爾（Dell）承認ETF提供的便利性ETF提出了限制和長期後果。他說：“對他們來說，這是往常的事 - 更多的控制權，更多的利潤和更少的運營麻煩。” “但是對於散戶投資者而言，這意味著所有權，效用較少，更多的市場操縱風險。”

He concluded by urging investors to critically examine both sides of the ETF debate. “Don’t get swept up in the hype,” he said. “Understand the macro picture—and remember that true crypto ownership still lies in holding the native token.”

他敦促投資者批判性地研究ETF辯論的雙方。他說：“不要被炒作。” “了解宏觀圖片，並請記住，真正的加密所有權仍然在於擁有本地令牌。”