以太坊强烈反弹，ETF承诺期望推动信心恢复

最近几天，以太坊提出了一条很大的积极路线，这极大地提高了“埃警卫”的士气，市场的看涨情绪迅速升温。

Author: Nancy, PANews

作者：Nancy，Panews

In recent days, Ethereum has pulled out a big positive line, which has greatly boosted the morale of the "E Guards" and the market's bullish sentiment has rapidly heated up. This wave of strong pull-ups has not only brought about a comprehensive recovery in the Ethereum ecosystem, but also further heated up the market's expectations for the staking function of Ethereum spot ETFs, especially related staking projects have become a hot spot for capital chasing.

最近几天，以太坊提出了一条很大的积极路线，这极大地提高了“埃警卫”的士气，市场的看涨情绪迅速升温。强劲的上拉浪潮不仅在以太坊生态系统中取得了全面的恢复，而且还进一步加剧了市场对以太坊斑点ETF的占有功能的期望，尤其是相关的既定项目已成为资本追逐的热点。

Ethereum rebounds strongly, and ETF pledge expectations drive confidence to recover

以太坊强烈反弹，ETF承诺期望推动信心恢复

Recently, Ethereum has experienced a strong rebound for several consecutive days, and its total market value has surpassed Alibaba, ranking 39th in the world in terms of asset market value. The related surge topic even topped the Douyin hot list and became the focus of market discussion.

最近，以太坊连续几天经历了强劲的反弹，其总市场价值超过了阿里巴巴，在资产市场价值方面，世界上排名第39位。相关的激增主题甚至排名douyin热门列表，并成为市场讨论的重点。

According to Coingecko data, as of May 12, the price of Ethereum rose to $2,521, a two-month high, with a 40.4% increase in the past seven days alone, and a market value surge of more than $87.58 billion in a single week. At the same time, Coinglass data shows that as of press time, Ethereum's monthly return rate in May has reached 39.53%, not only setting the strongest monthly increase since 2025, but also significantly surpassing the median increase (18.43%) and average increase (31.15%) in May of previous years. This round of strong rebound not only ended Ethereum's three-month downward trend, but also became a phased turning point for the significant recovery of market sentiment, showing a simultaneous recovery of capital and investment confidence.

根据Coingecko Data的数据，截至5月12日，以太坊的价格上涨至2,521美元，两个月高，仅在过去的7天中增长了40.4％，一周内的市场价值涨幅超过875.8亿美元。同时，Coinglass数据表明，截至发稿时，以太坊在5月的每月回报率达到了39.53％，不仅设定了自2025年以来的每月增加，而且还显着超过了前几年5月的中位数增加（18.43％）和平均增加（31.15％）。这一轮强劲的反弹不仅结束了以太坊的三个月下降趋势，而且也成为了大量恢复市场情绪的分阶段转折点，表明资本和投资信心的同时恢复。

The on-chain fund movement further verifies this trend. Artemis data shows that in the past 7 days, the Ethereum ecosystem has attracted an inflow of up to $1.2 billion, ranking first among all blockchains. Among them, the net inflow of funds exceeded $490 million, far ahead of other mainstream public chains.

链上的基金运动进一步验证了这一趋势。 Artemis的数据显示，在过去的7天中，以太坊生态系统吸引了多达12亿美元的流入，在所有区块链中排名第一。其中，资金的净流入超过4.9亿美元，领先于其他主流公共连锁店。

The rebound is believed to be caused by the resonance of multiple factors, including marginal improvements in macroeconomic policies, price repair of previous excessive bearish sentiment, the upcoming Ethereum Pectra upgrade, the continued expansion of the reality narrative, and positive expectations for Ethereum spot ETF staking.

反弹被认为是由多种因素的共振引起的，包括宏观经济政策的边缘改善，先前过度看跌感情的价格修复，即将到来的以太坊pectra升级，现实叙事的持续扩展以及对以太坊的积极期望的持续扩展。

Among them, the ETF pledge function is expected to become one of the important catalysts. In the past few months, many institutions have actively sought approval from the SEC to introduce a mechanism in crypto ETF products. Although the SEC has recently postponed the approval of applications from Fidelity, Grayscale and other institutions, related discussions are accelerating.

其中，ETF承诺功能有望成为重要的催化剂之一。在过去的几个月中，许多机构已积极寻求SEC的批准，以引入加密ETF产品中的机制。尽管SEC最近推迟了Fidelity，Grayscale和其他机构的申请的批准，但相关的讨论正在加速。

At the end of April this year, Grayscale met with the US SEC Crypto Working Group in Washington, DC to discuss changes in the pledge regulation of Ethereum ETP, stating that the total assets managed by the US Ethereum ETP reached US$8.1 billion, but due to the inability to participate in pledge, it has lost about US$61 million in revenue from its launch to February 2025. The agency pointed out that the introduction of a pledge mechanism will help improve the security of the Ethereum network while bringing additional returns to shareholders.

今年4月底，灰度与华盛顿特区的美国SEC Crypto工作组会面，讨论了以太坊ETP的承诺规定的变化，指出，美国以太坊ETP管理的总资产总资产达到81亿美元，但由于该公司的启动率是6100万美元，因此该公司的启动不足，这是一家205年的竞选活动，这是一家竞赛中的205年票房，这是一家竞赛的销售。机制将有助于提高以太坊网络的安全性，同时将额外的回报带给股东。

Another asset management giant, BlackRock, also met with the SEC Crypto Working Group recently, covering topics such as crypto asset regulation, ETF pledge and options products. The document shows that the meeting discussed "considerations for promoting ETPs with pledge functions", and discussed the parameters for determining crypto ETF option positions and exercise limits, as well as specific standards for approving crypto ETFs. Among them, Robert Mitchnick, head of BlackRock's digital assets, who attended the meeting, said in March that if the Ethereum spot ETF can add a pledge function, although there are some "complex challenges" that need to be solved, pledge income is an important way to obtain investment returns in this field, which may become "a leap forward turning point" for Ethereum.

另一个资产管理巨头贝莱德（Blackrock）最近也与SEC加密工作组会面，涵盖了加密资产调节，ETF承诺和期权产品等主题。该文件表明，会议讨论了“以质疑功能促进ETP的考虑”，并讨论了确定加密ETF期权位置和运动限制的参数，以及批准加密ETF的特定标准。参加会议的贝莱德数字资产负责人罗伯特·米奇尼克（Robert Mitchnick）在三月份表示，如果以太坊现场ETF可以添加承诺功能，尽管需要解决一些“复杂的挑战”，誓言收入是获得该领域的投资回报的重要方法，这可能会成为以太元素的飞跃转折点”。

It is worth noting that Hong Kong regulators have taken a step ahead on the issue of crypto ETF pledge. In April of this year, the Hong Kong Securities and Futures Commission (SFC) issued new guidelines to allow licensed virtual asset trading platforms (VATPs) to provide pledge services to customers. At the same time, virtual asset funds (such as Ethereum spot ETFs) can participate in on-chain pledge activities under the prudent regulatory framework, and subsequently approved two Ethereum spot ETF products with pledge functions.

值得注意的是，香港监管机构已经在加密ETF承诺的问题上迈出了一步。今年4月，香港证券和期货委员会（SFC）发布了新的准则，以允许有执照的虚拟资产交易平台（VATPS）为客户提供承诺服务。同时，虚拟资产基金（例如以太坊现货ETF）可以参与PRUDENT监管框架下的链质认捐活动，随后批准了具有承诺功能的两种以太坊ETF产品。

The positive progress of these ETF staking has effectively boosted market expectations for Ethereum and further accelerated the process of confidence restoration.

这些ETF积分的积极进步有效地提高了市场对以太坊的期望，并进一步加速了恢复信心的过程。

The staking track has heated up significantly, and the TVL and coin prices of leading projects have soared

Staking Track的升温大大增加了，领先项目的TVL和硬币价格也飙升

The Ethereum staking track has also become one of the key areas of focus for funds and narratives. DeFiLlama data shows that as of May 12, the TVL of the Ethereum staking track has rebounded to 34.11 billion US dollars, a

以太坊的饲养轨迹也已成为资金和叙事的关注点的关键领域之一。 Defillama数据显示，截至5月12日，以太坊堆放轨道的TVL反弹至3411亿美元，这是一个