美国证券交易委员会批准现货以太坊 [ETH] ETF，但有一个问题

在围绕现货以太坊 [ETH] ETF 的批准进行了大量猜测后，美国证券交易委员会 (SEC) 几天前为这些金融产品开了绿灯。

The Securities and Exchange Commission (SEC) finally approved a few spot Ethereum (ETH) exchange-traded funds (ETFs) last week. However, what stood out here was the fact that they only approved the 19b-4 listing applications for ETH ETFs and not the crucial S-1 registration statements.

美国证券交易委员会（SEC）上周终于批准了一些现货以太坊（ETH）交易所交易基金（ETF）。然而，这里值得注意的是，他们只批准了 ETH ETF 的 19b-4 上市申请，而不是关键的 S-1 注册声明。

This split approval raised eyebrows, with some suggesting a possible political influence rather than a thorough review of the ETF proposals. Echoing a similar line of thought, Matt Hougan, CIO at Bitwise, during a recent episode of the ‘Bankless’ podcast said,

这种分歧批准引起了人们的关注，一些人认为可能存在政治影响，而不是对 ETF 提案进行彻底审查。 Bitwise 首席信息官 Matt Hougan 在最近一期“Bankless”播客中也表达了类似的想法：

“I haven’t seen an example of people having no expectation of approval and flipping to expecting approval so quickly on an effectively overnight basis. So, to the extent that this has never happened again, something was shocking at work here.”

“我还没有见过人们不期望获得批准，却在一夜之间如此迅速地期望获得批准的例子。因此，从某种程度上说，这种情况再也没有发生过，这里发生了一些令人震惊的事情。”

Highlighting the same, James Seyffart, Research Analyst at Bloomberg Intelligence, added,

彭博资讯 (Bloomberg Intelligence) 研究分析师 James Seyffart 也强调了这一点，他补充道：

When asked about the next steps in terms of an ETF, Hougan noted,

当被问及 ETF 的后续步骤时，Hougan 指出：

“The process between sort of where we are and these ETFs listing is: Issuers have to go back and forth with the division of investment management around exactly what’s in this document.”

“我们所处的位置和这些 ETF 上市之间的过程是：发行人必须围绕本文件中的内容反复进行投资管理划分。”

Here, he went on to say that while the SEC’s approval of the 19b-4s is a big step forward, the full launch of ETH ETFs now hinges on the S-1 document approval. This could take anywhere between weeks to months.

在这里，他接着说，虽然 SEC 对 19b-4s 的批准是向前迈出的一大步，但 ETH ETF 的全面推出现在取决于 S-1 文件的批准。这可能需要几周到几个月的时间。

Now, needless to say, these developments contributed to significant fluctuations in Ethereum’s market cap, initially leading to a decline on the charts. However, at press time, ETH had rebounded to $3,752, up 1.65% in the last 24 hours. The wider market sentiment, led by Bitcoin climbing past $69k, had turned bullish too.

现在，不用说，这些发展导致了以太坊市值的大幅波动，最初导致了图表上的下跌。然而，截至发稿，ETH 已反弹至 3752 美元，过去 24 小时内上涨 1.65%。在比特币突破 6.9 万美元的带动下，更广泛的市场情绪也变得看涨。

The Bitwise CIO also lent some insight into this matter by stating,

Bitwise CIO 也对此事发表了一些见解，他表示：

“There’s no new supply, net supply is effectively zero and what that means is that this new demand shock has to buy ethereum from people who don’t have to sell it and that’s just an extraordinarily bullish setup.”

“没有新的供应，净供应实际上为零，这意味着这种新的需求冲击必须从不需要出售以太坊的人那里购买以太坊，这只是一个非常看涨的设置。”

BTC inflows vs. ETH inflows

BTC 流入与 ETH 流入

As for spot Bitcoin (BTC) ETFs, ever since their debut on 11 January, the inflows have been substantial. In fact, recent data by Farside Investors revealed that on 24 May, Bitcoin ETFs saw total inflows of $251.9 million.

至于现货比特币（BTC）ETF，自1月11日推出以来，资金流入量一直很大。事实上，Farside Investors 的最新数据显示，5 月 24 日，比特币 ETF 的总流入量为 2.519 亿美元。

Will Ethereum see similar numbers though? According to Hougan, no. He went on to say,

以太坊会看到类似的数字吗？根据侯根的说法，没有。他接着说，

“I don’t think Ethereum ETFs will match Bitcoin ETFs but I do think it will be measured in terms of many billions of dollars.”

“我不认为以太坊 ETF 能够与比特币 ETF 相媲美，但我确实认为它将以数十亿美元来衡量。”

The exec expanded on this point by highlighting that Bitcoin’s simplicity as “digital gold” makes it easily understandable, while Ethereum’s role as a platform for decentralized applications is more complex.

这位高管进一步阐述了这一点，强调比特币作为“数字黄金”的简单性使其易于理解，而以太坊作为去中心化应用程序平台的角色则更为复杂。

Institutional investors, however, are likely to see the value of diversifying and jumping into both BTC and ETH ETFs.

然而，机构投资者可能会看到多元化投资和买入 BTC 和 ETH ETF 的价值。