以太坊质押收益率可能超过美国利率

预计以太坊质押回报将在来年超过美国利率，为投资者创造新的机会。

Ethereum (CRYPTO: ETH) staking yields are expected to outpace U.S. interest rates in the coming year, presenting new opportunities for investors. This shift could bolster Ethereum’s price as the network becomes more attractive for staking.

以太坊（CRYPTO：ETH）的质押收益率预计将在未来一年超过美国利率，为投资者带来新的机会。随着网络对质押变得更具吸引力，这种转变可能会提振以太坊的价格。

Currently, the spread between Ethereum’s Composite Staking Rate and the U.S. Federal Funds Rate is negative. But crypto trading firm FalconX predicts that two key factors will push this spread into positive territory by mid-2025.

目前，以太坊的综合质押利率与美国联邦基金利率之间的利差为负。但加密货币交易公司 FalconX 预测，到 2025 年中期，两个关键因素将推动这一利差进入正值区域。

The first factor is a decline in U.S. rates. Futures markets show an 85% chance that the federal funds rate will fall below 3.75% by March 2025 and a 90% chance of it dropping to 3.5% by June. Meanwhile, Ethereum staking yields are around 3.2%.

第一个因素是美国利率下降。期货市场显示，到 2025 年 3 月，联邦基金利率将降至 3.75% 以下的可能性为 85%，到 6 月，联邦基金利率将降至 3.5% 的可能性为 90%。与此同时，以太坊质押收益率约为 3.2%。

The second factor is rising Ethereum transaction fees. According to FalconX, these fees recently spiked to their highest levels in two months, averaging $0.80 per transaction. Higher fees mean higher rewards for stakers, making Ethereum more attractive compared to traditional assets like U.S. Treasury bonds.

第二个因素是以太坊交易费用上涨。据 FalconX 称，这些费用最近飙升至两个月来的最高水平，平均每笔交易 0.80 美元。更高的费用意味着质押者获得更高的回报，这使得以太坊比美国国债等传统资产更具吸引力。

A positive yield spread could make Ethereum staking increasingly appealing to institutional investors. But while Ethereum’s shift to proof-of-stake in 2022 has allowed holders to deposit funds with the network to earn rewards, staking through U.S.-based ETF products is still not available.

正的收益率差可能会使以太坊质押对机构投资者越来越有吸引力。但是，尽管以太坊在 2022 年转向权益证明，允许持有人将资金存入网络以获得奖励，但仍然无法通过美国 ETF 产品进行质押。

The Securities and Exchange Commission (SEC) has approved several spot Ethereum ETF applications, but references to staking have been removed from these products, limiting their appeal for yield-seeking investors.

美国证券交易委员会 (SEC) 已批准了几项以太坊 ETF 现货申请，但这些产品中已删除了对质押的提及，限制了它们对寻求收益的投资者的吸引力。

While sophisticated asset managers may invest directly in staking, institutional demand for direct exposure could develop more slowly. Until the SEC approves staking-related ETF offerings, this aspect of Ethereum’s market potential may remain underutilized.

虽然经验丰富的资产管理公司可能会直接投资于质押，但机构对直接风险敞口的需求可能会发展得更慢。在美国证券交易委员会批准与质押相关的 ETF 产品之前，以太坊的这方面市场潜力可能仍未得到充分利用。