以太坊 ETF 获得批准

人们对最近推出九只美国证券交易委员会 (SEC) 批准的以太坊交易所交易基金 (ETF) 的预期一直很高

The recent launch of nine U.S. Securities Exchange Commission (SEC) approved Ethereum Exchange-Traded Funds (ETF) has sparked a wave of anticipation among investors eager to gain exposure to the world’s second-largest digital asset within their traditional investment portfolios.

最近推出的九只美国证券交易委员会 (SEC) 批准的以太坊交易所交易基金 (ETF) 引发了渴望在其传统投资组合中投资全球第二大数字资产的投资者的一波期待。

The SEC decision carries significant implications for Ethereum, impacting its market dynamics and driving its broader adoption as an asset class. A total of eight asset managers, including VanEck, Grayscale (2 funds), Bitwise, iShares, Invesco, Fidelity, 21Shares, and Franklin Templeton, had submitted applications to the regulatory body from Q4 2023 to earlier this year.

SEC 的决定对以太坊产生了重大影响，影响其市场动态并推动其作为资产类别得到更广泛的采用。从 2023 年第四季度到今年早些时候，共有 VanEck、Grayscale（2 支基金）、Bitwise、iShares、Invesco、Fidelity、21Shares 和 Franklin Templeton 等 8 家资产管理公司向监管机构提交了申请。

The approval marks a pivotal moment in the integration of digital assets within the mainstream financial lexicon and investing conversations. As the iShares Ethereum Trust ETF (ETHA) commences trading on Nasdaq, the offering is expected to follow in the footsteps of the company’s recently released Bitcoin ETF, which boasted the fastest growth of an ETF launch in the history of ETFs.

此次批准标志着数字资产融入主流金融词汇和投资对话的关键时刻。随着 iShares 以太坊信托 ETF (ETHA) 开始在纳斯达克交易，此次发行预计将追随该公司最近发布的比特币 ETF 的脚步，该 ETF 号称是 ETF 历史上增长最快的 ETF。

“The launch of ETHA follows the iShares Bitcoin Trust, whose historic ascent to more than $20 billion in assets under management in its first six months reflects the substantial demand from investors to be able to access this asset class within the convenience of an exchange-traded product,” said Robert Mitchnick, head of digital assets at BlackRock.

“ETHA 的推出紧随 iShares 比特币信托基金之后，其管理的资产在前六个月内历史性地增长至超过 200 亿美元，这反映了投资者对能够在交易所交易的便利条件下获得此类资产的巨大需求。产品，”贝莱德数字资产主管罗伯特·米奇尼克说。

Several analysts from across crypto and traditional finance, including Paul Barron, Samara Cohen and Jonathan Burton, have echoed this view and noted that these ETFs could attract billions of dollars in inflows within months of their listing, driving ETH's spot price along the way.

来自加密货币和传统金融领域的几位分析师，包括 Paul Barron、Samara Cohen 和 Jonathan Burton，都赞同这一观点，并指出这些 ETF 可能会在上市后几个月内吸引数十亿美元的资金流入，从而推动 ETH 的现货价格。

According to Tom Ngo, ceo of Ethereum Layer 2 roll-up platform Metis, the approval of Ethereum ETFs represents a pivotal moment for the entire blockchain ecosystem.

以太坊 Layer 2 汇总平台 Metis 首席执行官 Tom Ngo 表示，以太坊 ETF 的批准代表着整个区块链生态系统的关键时刻。

“The development not only increases Ethereum's accessibility to institutional investors but also validates its role as the backbone of the burgeoning decentralized finance (DeFi) economy and the real world asset tokenization (RWA) market,” said Ngo.

Ngo 表示：“这一发展不仅增加了以太坊对机构投资者的吸引力，还验证了其作为蓬勃发展的去中心化金融（DeFi）经济和现实世界资产代币化（RWA）市场支柱的作用。”

Meanwhile, Zac Cheah, ceo and co-founder of Pundi X, a retail platform featuring a blockchain-based POS solution, sees the ETFs potentially bridging the gap between two disparate worlds and allowing investors from across the board to enter the realm of crypto with utmost confidence.

与此同时，Pundi X（一个以区块链为基础的 POS 解决方案零售平台）的首席执行官兼联合创始人 Zac Cheah 认为 ETF 有可能弥合两个不同世界之间的差距，并允许所有投资者进入加密货币领域最大的信心。

“This could be the catalyst that propels Ethereum into mainstream financial conversations and investment portfolios," said Cheah.

Cheah 表示：“这可能是推动以太坊进入主流金融对话和投资组合的催化剂。”

The price of ETH has risen by 42.6 percent over the past six months, although it has fallen five percent since the listings on July 23rd. Since the start of the year, the total number of staked ETH surged to near all-time highs, with over 33.3 million ETH, approximately 27.7 percent of the asset’s existing supply pool, currently staked.

ETH 的价格在过去 6 个月里上涨了 42.6%，尽管自 7 月 23 日上市以来已经下跌了 5%。自今年年初以来，质押的 ETH 总数飙升至接近历史最高水平，目前质押的 ETH 数量超过 3330 万枚，约占该资产现有供应池的 27.7%。

However, the SEC has banned funds from allowing investors who stake ETH. Notably, staking is the funding mechanism for DLT protocols that underpin Web3 and is in regulators line of fire. New transactions are added to DLT networks through Proof-of-take (‘PoS’) consensus mechanisms, enabling users who stake tokens that they buy to earn rewards in return.

然而，美国证券交易委员会 (SEC) 已禁止基金允许投资者持有 ETH。值得注意的是，质押是支撑 Web3 的 DLT 协议的融资机制，并且受到监管机构的关注。新交易通过采用证明（“PoS”）共识机制添加到 DLT 网络中，使用户能够通过购买所购买的代币来获得奖励。

“The introduction of Ethereum ETFs will likely catalyze a new phase of institutional adoption. We anticipate this will not only drive price appreciation but also foster innovation and development within the Ethereum network, solidifying its position as a cornerstone of the digital asset space,” said C.K. Zheng, chief investment officer at ZX Squared Capital.

“以太坊 ETF 的推出可能会推动机构采用进入新阶段。我们预计这不仅会推动价格升值，还会促进以太坊网络的创新和发展，巩固其作为数字资产领域基石的地位。”ZX Squared Capital 首席投资官 CK Cheng 表示。

As institutional interest in Ethereum continues to grow, the potential market impact of Ethereum ETFs is substantial. Analysts, including Bitwise chief information officer Matthew Hougan, project that ETH ETFs could attract up to $15 billion in net inflows by the end of 2025.

随着机构对以太坊的兴趣持续增长，以太坊 ETF 的潜在市场影响是巨大的。包括 Bitwise 首席信息官 Matthew Hougan 在内的分析师预计，到 2025 年底，ETH ETF 可能会吸引高达 150 亿美元的净流入。

Such a massive influx of capital, coupled with Ethereum's unique market characteristics, could lead to significant price appreciation not only for ETH but also for several projects built atop its associated network.

如此大量的资本涌入，加上以太坊独特的市场特征，不仅可能导致 ETH 价格大幅升值，也可能导致建立在其相关网络之上的多个项目价格大幅升值。

On the first day of the ETFs going live, the nine offerings cumulatively witnessed inflows amounting to $106.8 million, with the iShares Ethereum Trust ETF (ETHA) and the Bitwise Ethereum ETF (ETHW) netting $266.5 million and $204 million respectively.

ETF上线首日，九只产品累计流入资金达1.068亿美元，其中iShares以太坊信托ETF（ETHA）和Bitwise以太坊ETF（ETHW）分别净流入2.665亿美元和2.04亿美元。

The total ETH inflow was just 17 percent compared to the launch of Bitcoin ETFs, with trading volumes at $1.12 billion versus bitcoin's $4.5 billion with analysts pointing at the the larger-than-expected outflows from the Grayscale Ethereum Trust (ETHE). The Grayscale Bitcoin Trust (GBTC) has seen over $17 billion of outflows since the launch of the BTC ETFs from investors seeking other funds with lower charges.

与比特币 ETF 的推出相比，ETH 的总流入量仅为 17%，交易量为 11.2 亿美元，而比特币的交易量为 45 亿美元，分析师指出，灰度以太坊信托 (ETHE) 的资金流出量超出预期。自推出 BTC ETF 以来，寻求其他收费较低基金的投资者已从灰度比特币信托 (GBTC) 流出超过 170 亿美元。

On the continued success of A. Ethereum in the near to mid-term, Rafay Gadit, co-founder of Zignaly believes that the freshly released ETFs could be a game-changer for both retail and institutional investors.

关于 A.Ethereum 在近中期的持续成功，Zignaly 联合创始人 Rafay Gadit 认为，新发布的 ETF 可能会改变散户和机构投资者的游戏规则。

“It will provide

“它将提供