以太坊ETF和SEC批准：加密的新时代？

Grayscale的Ethereum ETF开发项目和Morgan Stanley的加密货币拥抱信号是成熟的数字资产景观。 SEC批准是最后一件吗？

Hold on to your hats, crypto enthusiasts! The world of Ethereum ETFs is heating up, and the SEC is right in the middle of the action. Are we finally seeing mainstream acceptance of digital assets? Let's dive in.

抓住您的帽子，加密爱好者！以太坊ETF的世界正在加热，而SEC正处于动作的中间。我们终于看到了对数字资产的主流接受吗？让我们潜水。

Grayscale's Ethereum ETF Push: A Game Changer?

Grayscale的以太坊ETF推动：改变游戏规则的人？

Grayscale Investments isn't sitting still. They've filed fresh S-1 registration statements with the SEC for Polkadot (DOT) and Cardano (ADA) ETFs, following up on their 19b-4 forms. Think of it as formalizing the spot product structures, mirroring the steps taken before Bitcoin and Ethereum ETFs got the green light. This move, particularly the updated filing, has significantly boosted the perceived probability of SEC approval for a Cardano ETF, jumping to a whopping 87% according to Polymarket data.

灰度投资并没有静止。他们已向SEC提交了新鲜的S-1注册声明（DOT）和Cardano（ADA）ETF，以跟进其19b-4表格。将其视为正式化现货产品结构，反映了比特币和以太坊ETF获得绿灯之前采取的步骤。这一举动，尤其是更新的文件，显着提高了Cardano ETF批准的SEC批准概率，根据PolyMarket数据，它跃升至87％。

Back in September 2025 (time flies in crypto!), the SEC approved a generic listing standard for Grayscale Ethereum ETFs. This means Ethereum-based ETFs can now be listed under more standardized requirements, potentially speeding up the approval process for new products. No more case-by-case approvals! This simplifies market access, especially for those big institutional investors who prefer regulated ETFs over holding actual tokens.

早在2025年9月（在加密货币中飞行！），SEC批准了灰度以太坊ETF的通用清单标准。这意味着现在可以在更标准化的要求下列出以太坊的ETF，从而有可能加快新产品的批准过程。不再逐案批准！这简化了市场的访问，尤其是对于那些偏爱受监管的ETF而不是持有实际代币的大型机构投资者。

Institutional Interest is Surging

机构兴趣激增

The numbers don't lie. Spot Ethereum ETFs have seen a surge in trading activity since launch. Market volume has jumped from a mere 3% of all spot market volume in November 2024 to approximately 15%. That's a massive increase, showing growing interest from both institutional and retail users. People want controlled exposure to Ethereum, and ETFs offer just that – ease of operation, security, and a familiar, regulated investment vehicle.

数字不撒谎。自推出以来，现场以太坊ETF的交易活动激增。市场量从2024年11月的所有现货市场销量的3％跃升至大约15％。这是一个巨大的增长，表明机构和零售用户都不断提高兴趣。人们希望受控对以太坊的接触，而ETF则提供了易于操作，安全性和熟悉的受监管投资工具。

Morgan Stanley Joins the Party

摩根士丹利加入了聚会

Wall Street giant Morgan Stanley is getting serious about crypto. They're teaming up with Zerohash to allow E*Trade customers to trade Bitcoin, Ethereum, and Solana. This isn't just a toe in the water; they're planning to offer wallet services and potentially expand to other digital assets. Crypto trading services are expected to launch in the first half of 2026. As Jed Finn, Morgan Stanley’s head of wealth management, said, "Clients should have access to digitized assets, traditional assets, and cryptocurrencies, all in the same ecosystem that they’re used to.”

华尔街巨头摩根士丹利（Morgan Stanley）对加密货币（Crypto）感到认真。他们正在与Zerohash合作，以允许E*交易客户交易比特币，以太坊和Solana。这不仅仅是水中的脚趾。他们计划提供钱包服务，并有可能扩展到其他数字资产。加密货币交易服务预计将在2026年上半年推出。正如摩根士丹利财富管理主管杰德·芬恩（Jed Finn）表示：“客户应该可以使用数字化资产，传统资产和加密货币，所有这些资产都处于与他们相同的生态系统中。”

The Regulatory Landscape: Still a Hurdle?

监管景观：还是一个障碍？

While the SEC's approval of Bitcoin and Ethereum futures ETFs set a precedent, uncertainty remains. The SEC traditionally treads cautiously, prioritizing investor protection. The fate of the 21Shares Dogecoin ETF (TDOG), for example, hangs in the balance, highlighting the challenges faced by altcoins and meme coins seeking regulatory approval.

SEC对比特币和以太坊期货ETF的认可树立了先例，但不确定性仍然存在。 SEC传统上谨慎行事，优先考虑投资者的保护。例如，21shares dogecoin ETF（TDOG）的命运悬而未决，突出了寻求监管批准的Altcoins和Meme Coins所面临的挑战。

What Does It All Mean?

这是什么意思？

The Ethereum ETF landscape is evolving rapidly. Grayscale's proactive filings, coupled with increasing institutional interest and Morgan Stanley's crypto embrace, point towards a maturing digital asset market. While SEC approval remains a critical hurdle, the momentum is undeniable. The generic listing approval, the increased trading volumes, and the entry of major financial players all suggest a bright future for Ethereum ETFs.

以太坊ETF景观正在迅速发展。 Grayscale的积极申请，再加上越来越多的机构兴趣，Morgan Stanley的加密货币拥抱指向了成熟的数字资产市场。尽管SEC批准仍然是一个关键的障碍，但势头是不可否认的。通用上市批准，交易量增加以及主要财务参与者的进入都表明了以太坊ETF的光明未来。

If you are wondering about Dogecoin ETF listed on the DTCC, while it's a major step, SEC approval is the ultimate gatekeeper. Don't hold your breath just yet.

如果您想知道DTCC上列出的Dogecoin ETF，而这是一个重要的一步，那么SEC批准是最终的守门人。暂时不要屏住呼吸。

Final Thoughts

最后的想法

So, will the SEC continue to play ball? Will we see a flood of new Ethereum ETFs hitting the market? Only time will tell. But one thing's for sure: the crypto world is never boring. Buckle up, folks, because the ride is just getting started!

那么，SEC会继续打球吗？我们会看到新的以太坊ETF泛滥成灾吗？只有时间会证明。但是可以肯定的是：加密世界永远不会无聊。伙计们，搭扣，因为旅程才刚刚开始！