以太坊 (ETH) 质押收益率预计将在 2025 年超过利率，专家表示这一转变可能会推高 ETH 的价值

截至今天，过去 11 个月有效联邦基金利率与以太坊综合质押利率之间的利差一直为负

Institutions might prefer Ethereum ETFs over DeFi staking, analyst says

分析师表示，与 DeFi 质押相比，机构可能更喜欢以太坊 ETF

A shift in the interest rate environment and rising network fees on Ethereum (CRYPTO: ETH) could boost the value of the cryptocurrency in 2025, making crypto investments more attractive than traditional investments, according to a recent report by institutional brokerage firm FalconX.

根据机构经纪公司 FalconX 最近的一份报告，利率环境的转变和以太坊（加密货币：ETH）网络费用的上涨可能会在 2025 年提升加密货币的价值，使加密货币投资比传统投资更具吸引力。

The spread between the Effective Fed Funds Rate and the Ethereum Composite Staking Rate has been negative for the past 11 months, making traditional investments a safe haven for investors. However, as the Federal Reserve is expected to continue cutting rates in 2025, this spread could narrow, according to the report.

过去 11 个月，有效联邦基金利率和以太坊综合质押利率之间的利差一直为负，这使得传统投资成为投资者的避风港。然而，报告称，由于预计美联储将在 2025 年继续降息，这一利差可能会缩小。

Data from the CME FedWatch tool shows that 85% of traders believe the Fed funds rate will drop to 3.75% in Q1 of next year and then 3.5% by the end of the second quarter.

CME FedWatch工具的数据显示，85%的交易者认为联邦基金利率将在明年第一季度降至3.75%，然后在第二季度末降至3.5%。

Lower interest rates will lead to reduced yields on conventional assets such as Treasury bonds, prompting investors to explore other investments, the report said. The Ethereum DeFi sector could witness massive adoption if staking rates outpace interest rates in 2025, according to David Lawant, Head of Research at FalconX. Currently, staking rates hover around 3.17% per data from Stakingrewards.com.

报告称，较低的利率将导致国债等传统资产的收益率下降，从而促使投资者探索其他投资。 FalconX 研究主管 David Lawant 表示，如果 2025 年质押率超过利率，以太坊 DeFi 领域可能会得到大规模采用。根据 Stakerewards.com 的数据，目前质押率徘徊在 3.17% 左右。

Moreover, Lawant expects network/transaction fees on Ethereum to start rising in October due to increased blockchain activity as crypto users prepare for the historical bull period (October to March). If fees increase, validators’ revenue will grow, thus boosting yields for stakers.

此外，Lavant 预计，随着加密货币用户为历史牛市时期（10 月至 3 月）做准备，区块链活动增加，以太坊的网络/交易费用将从 10 月开始上涨。如果费用增加，验证者的收入将会增加，从而提高质押者的收益。

On the other hand, CryptoSlate recently reported, citing data from Glassnode, that Ethereum realized losses have hit a 14-month high as the cryptocurrency continues to trade below key resistance levels.

另一方面，CryptoSlate 最近援引 Glassnode 的数据报道称，随着加密货币继续低于关键阻力位，以太坊实现的损失已达到 14 个月高点。

Investors Will Opt for Ethereum ETFs, Analyst Claims: In the meantime, investors may opt to invest in recently approved Ethereum spot ETFs rather than staking on DeFi protocols, according to crypto expert Jamie Coutts.

分析师称，投资者将选择以太坊 ETF：加密货币专家 Jamie Coutts 表示，与此同时，投资者可能会选择投资最近批准的以太坊现货 ETF，而不是投资 DeFi 协议。

He argues that most traditional investors will likely prefer injecting funds into regulated products in this bull run. Earlier this year, the US Securities and Exchange Commission gave the green to eight Ethereum spot ETFs, allowing American investors to get exposure to ETH without holding or staking the token.

他认为，在这次牛市中，大多数传统投资者可能更愿意将资金注入受监管的产品。今年早些时候，美国证券交易委员会批准了 8 只以太坊现货 ETF，允许美国投资者在不持有或质押该代币的情况下获得 ETH 投资。