当现货 ETF 有望获得批准时，ETF 价格飙升

如果现货以太 ETF 获得批准，包括富达投资 (Fidelity Investments) 和方舟投资管理 (Ark Investment Management) 在内的现货以太 ETF 发行人将取消以太质押。

Issuers of ether spot ETFs, including Fidelity Investments and Ark Investment Management, will notably exclude the mechanism when their funds launch. Staking, a jargon in the industry, involves locking a certain amount of cryptocurrency in a wallet of a blockchain project for a specific duration to help validate transactions and secure the network in return for rewards.

以太坊现货 ETF 的发行人，包括富达投资 (Fidelity Investments) 和方舟投资管理 (Ark Investment Management)，在其基金推出时将明确排除该机制。质押是行业术语，涉及在特定时间内将一定数量的加密货币锁定在区块链项目的钱包中，以帮助验证交易并保护网络安全，以换取奖励。

Staking has been a hot-button issue for ether as it allows the coin’s holders to earn a yield, which has brought into question whether the token should be classified as a security by U.S. regulators. Some traders believe that if ether ETFs do not allow for the token to be staked, it could make the funds less appealing than buying the ETF in the crypto market itself, where investors are free to stake the token themselves.

质押一直是以太坊的一个热门问题，因为它允许代币持有者赚取收益，这引发了美国监管机构是否应将代币归类为证券的疑问。一些交易员认为，如果以太坊 ETF 不允许对代币进行质押，那么这些基金的吸引力可能会低于在加密市场本身购买 ETF，因为投资者可以自己自由质押代币。

“There will be an immediate opportunity cost in buying ether via a U.S. ETF because of the yield that is foregone from not having the ether staked,” said Brian Rudick, a senior strategist at digital-asset company GSR.

数字资产公司 GSR 的高级策略师布莱恩·鲁迪克 (Brian Rudick) 表示：“通过美国 ETF 购买以太币会立即产生机会成本，因为如果不抵押以太币，就会放弃收益。”

Ether rose about 20% over the last three days amid increasing optimism that the SEC will approve at least one spot ETF application before Thursday—the deadline for the regulator to decide on VanEck's filing.

以太币在过去三天上涨了约 20%，人们越来越乐观地认为 SEC 将在周四（监管机构对 VanEck 申请做出决定的最后期限）之前批准至少一份现货 ETF 申请。

ETFs surge on optimism over approval of spot ETFs

由于对现货 ETF 获批的乐观情绪，ETF 激增

The exclusion of staking by prospective issuers of the ETFs is unlikely to surprise many in the industry, given that the practice is treated by regulators with the same importance as crypto lending. Kraken, a cryptocurrency exchange, agreed to pay $30 million to settle SEC allegations that the company broke rules by offering staking services.

鉴于监管机构对这种做法的重视程度与加密贷款同等重要，因此 ETF 的潜在发行人排除质押不太可能令业内许多人感到惊讶。加密货币交易所 Kraken 同意支付 3000 万美元，以和解 SEC 指控该公司提供质押服务违反规则的指控。

“At the moment, staking is less about earning a yield and more about participating in helping to secure the network, a key aspect of crypto that is otherwise overlooked by regulators,” said Ayesha Kiani, managing director at crypto hedge fund MNNC Group. She added that having ether without staking the coin means the holder isn’s really participating in securing the blockchain.

加密货币对冲基金 MNNC Group 董事总经理 Ayesha Kiani 表示：“目前，质押更多的是参与帮助保护网络安全，而这是加密货币的一个关键方面，否则就会被监管机构忽视。”她补充说，拥有以太币而不抵押代币意味着持有者真正参与了区块链的保护。

On the other hand, several proponents of the industry view the exclusion of staking in the lineup of services by ETF issuers as a net positive for the sector, which aims to create a decentralized financial system rather than one that is heavily reliant on a few intermediaries.

另一方面，该行业的一些支持者认为 ETF 发行人将质押排除在服务阵容中对该行业来说是一个净积极因素，该行业旨在创建一个去中心化的金融体系，而不是严重依赖少数中介机构的金融体系。

“A huge amount of bitcoin is currently sitting at Coinbase thanks to the ETF,” said Leo Mizuhara, founder of Hashnote, a decentralized finance asset management firm. “The same could happen with ether.”

去中心化金融资产管理公司 Hashnote 的创始人 Leo Mizuhara 表示：“由于 ETF，目前 Coinbase 中存放着大量比特币。” “同样的情况也可能发生在以太币上。”

Moreover, he added, “Having a large chunk of the token in protocols like Ethereum could also create problems down the line if something were to happen. I think not staking the ETF would be a net benefit and create more stability.”

此外，他补充道，“如果发生什么事，在以太坊等协议中拥有大量代币也可能会带来问题。我认为不质押 ETF 将带来净收益并创造更多稳定性。”

The fact that ETF issuers will not be staking ether could actually align with the goals of Ethereum, according to GSR's Rudick.

GSR 的 Rudick 表示，ETF 发行人不会质押以太币的事实实际上可能与以太坊的目标一致。

Some have raised concerns that if ether ETFs are approved and become a smash hit, like the bitcoin ETFs (which have attracted about $13 billion to date), it will lead to the issuers accumulating an alarmingly large amount of ether. If the funds don’t stake the ether, that could make the Ethereum network more vulnerable to attack. About 27% of all ether is currently staked, according to blockchain data firm Nansen.

一些人担心，如果以太坊 ETF 获得批准并成为热门产品，就像比特币 ETF（迄今为止已吸引约 130 亿美元）一样，这将导致发行人积累大量惊人的以太坊。如果这些资金不抵押以太币，则可能会使以太坊网络更容易受到攻击。根据区块链数据公司 Nansen 的数据，目前约有 27% 的以太币已被质押。

“It’s clear that with only 27% of ether staked, we can all have our cake and eat it too without needing to stake the ETF,” said MNNC's Kiani.

MNNC 的 Kiani 表示：“很明显，只需质押 27% 的以太币，我们就可以鱼与熊掌兼得，而无需质押 ETF。”

Some, however, expect ETF issuers to eventually get the regulatory greenlight to offer a way to own ether that earns a yield.

然而，一些人预计 ETF 发行人最终将获得监管批准，从而提供一种拥有以太币并赚取收益的方式。

“I don’t expect this to be a permanent state of affairs,” said Ryan Watkins, co-founder of Syncracy Capital. “With more regulatory clarity in the coming years, these ETFs will eventually offer staking.”

Syncracy Capital 联合创始人瑞安·沃特金斯 (Ryan Watkins) 表示：“我不认为这种情况会持续下去。” “随着未来几年监管更加明确，这些 ETF 最终将提供质押服务。”

Bloomberg

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