首只以太坊现货ETF的推出：挑战与机遇

2024 年 7 月 24 日推出首只以太坊现货 ETF，标志着加密货币以太坊和整个加密市场迈出了重要一步。此次发布受到了很高的期望，因为它将成为机构和散户投资者对以太坊未来采用和兴趣的晴雨表。第一天交易的细节和数据揭示了与推出此类金融产品相关的挑战和机遇。

The launch of the first Ethereum Spot ETF on July 24, 2024 marks a significant step for the cryptocurrency Ethereum and the entire crypto market. This launch came with high expectations as it would serve as a barometer for future adoption and interest in Ethereum from institutional and retail investors. The details and figures that characterized this first day of trading shed light on the challenges and opportunities associated with the launch of such a financial product.

2024 年 7 月 24 日推出首只以太坊现货 ETF，标志着加密货币以太坊和整个加密市场迈出了重要一步。此次发布受到了很高的期望，因为它将成为机构和散户投资者对以太坊未来采用和兴趣的晴雨表。第一天交易的细节和数据揭示了与推出此类金融产品相关的挑战和机遇。

The first day of the Ethereum Spot ETF

以太坊现货ETF首日

On July 24, 2024, the first Ethereum Spot ETF was launched, a significant step for the cryptocurrency Ethereum and the entire crypto market. This first day of trading came with great expectations as it would serve as an indicator of future adoption and interest in Ethereum from institutional and retail investors.

2024年7月24日，首只以太坊现货ETF推出，这对于加密货币以太坊乃至整个加密市场来说都是重要的一步。第一天的交易充满了期待，因为它将成为机构和散户投资者未来对以太坊采用和兴趣的指标。

The ETF saw a net inflow of around USD 106 million on the first day. This figure may seem small compared to the Bitcoin ETF, which achieved a trading volume of over one billion US dollars on its first day. Nevertheless, this inflow is seen as a success, as analysts had speculated that a volume in the range of 20-30% of the Bitcoin ETF could be seen as a positive indicator for the Ethereum ETF.

该ETF首日净流入约1.06亿美元。与首日交易额超过 10 亿美元的比特币 ETF 相比，这个数字似乎很小。尽管如此，这种资金流入被认为是成功的，因为分析师推测，比特币 ETF 的 20-30% 的交易量可以被视为以太坊 ETF 的积极指标。

A closer look at trading volumes shows that the Ethereum ETF’s first day of trading actually reached over one billion US dollars in trading volume. However, this impressive figure was impacted by significant outflows from Greyscale, which saw $625 million in outflows alone. Greyscale’s fee structure, which stands at 2.5%, is seen as the main reason for these outflows. Many investors preferred to shift their money to other ETF providers such as Blackrock, Fidelity and Bitwise, which saw tens of millions of dollars in total inflows.

仔细观察交易量发现，以太坊ETF首日交易量实际上就达到了10亿美元以上。然而，这一令人印象深刻的数字受到了 Greyscale 大量资金外流的影响，仅 Greyscale 的资金外流就达到了 6.25 亿美元。 Greyscale 的费用结构为 2.5%，被视为资金外流的主要原因。许多投资者更愿意将资金转移到其他 ETF 提供商，例如贝莱德 (Blackrock)、富达 (Fidelity) 和 Bitwise，这些公司的总流入量达数千万美元。

Another interesting aspect is that the Ethereum ETF saw a net inflow of USD 106 million despite the outflows from Greyscale and the generally positive market development. This shows that interest in Ethereum and confidence in the ETF is high, despite the market experiencing some turbulence on the day.

另一个有趣的方面是，尽管灰度资金流出且市场发展总体积极，但以太坊 ETF 仍净流入 1.06 亿美元。这表明尽管当天市场经历了一些动荡，但人们对以太坊的兴趣和对该 ETF 的信心很高。

This turbulence was partly caused by the arrival of the first Mt Gox Bitcoin withdrawals on the crypto exchange Kraken. These events led to a slight correction in the crypto market, with the Bitcoin price falling by around 4% to $65,000. Such market reactions are not uncommon, as the launch of new financial products and the release of large amounts of Bitcoin can often lead to short-term uncertainty.

这种动荡的部分原因是加密货币交易所 Kraken 首次提现 Mt Gox 比特币。这些事件导致加密货币市场出现小幅调整，比特币价格下跌约 4% 至 65,000 美元。这种市场反应并不罕见，因为新金融产品的推出和大量比特币的发行往往会导致短期的不确定性。

The impact of Mt. Gox Bitcoin withdrawals

Mt. Gox 比特币提现的影响

The history of Mt. Gox is one of the most infamous in the cryptocurrency space. Originally the world’s largest Bitcoin exchange, Mt. Gox filed for bankruptcy in 2014 after falling victim to a massive hacking attack in which around 850,000 Bitcoins were stolen. Years later, in 2024, the first repayments to affected users were initiated, an event that could have a significant impact on the crypto market.

Mt. Gox 的历史是加密货币领域最臭名昭著的历史之一。 Mt. Gox 最初是世界上最大的比特币交易所，在遭受大规模黑客攻击并导致约 85 万比特币被盗后，于 2014 年申请破产。几年后，即 2024 年，向受影响用户发起了第一笔还款，这一事件可能会对加密货币市场产生重大影响。

These refunds total around 90,000 bitcoins, which will be distributed to the former customers of Mt. Gox. The first of these bitcoins recently reached the crypto exchange Kraken. This payout led to a noticeable reaction on the market: the Bitcoin price fell by around 4% to 65,000 US dollars. This price drop is mainly due to the fear that the recipients of the refunded Bitcoins could sell them immediately, which could lead to additional selling pressure and further price drops.

这些退款总计约 90,000 个比特币，将分发给 Mt. Gox 的前客户。第一批比特币最近到达了加密货币交易所 Kraken。此次支付引起了市场的明显反应：比特币价格下跌约 4% 至 65,000 美元。价格下跌的主要原因是担心退款的比特币接收者可能会立即出售它们，这可能会导致额外的抛售压力和进一步的价格下跌。

A significant portion of the total 90,000 Bitcoins have already been distributed, but the full effect of these payouts is not expected to be seen for several weeks.

总共 90,000 个比特币中的很大一部分已经分发，但预计这些支出的全部效果要在几周内才能看到。

Market participants are concerned that the continued inflow of these large amounts of Bitcoin could lead to further price declines. This uncertainty has increased the volatility of the Bitcoin market and could also affect the prices of other cryptocurrencies.

市场参与者担心，大量比特币的持续流入可能会导致价格进一步下跌。这种不确定性增加了比特币市场的波动性，也可能影响其他加密货币的价格。

Relevant article: Bitcoin crashes after Mt. Gox whale transfers

相关文章：Mt. Gox 鲸鱼转账后比特币崩溃

In addition to the short-term selling pressure, there are also long-term considerations. The question of whether the recipients of the Mt Gox Bitcoins will hold or sell them remains open. Some analysts speculate that many recipients may hold on to their Bitcoins as they see the potential of Bitcoin’s long-term growth. However, others may seek to recoup their losses or realize gains, which could lead to further selling pressure.

除了短期抛售压力外，还有长期考虑。 Mt Gox 比特币的接收者是否会持有或出售它们的问题仍然悬而未决。一些分析师推测，许多接收者可能会持有比特币，因为他们看到了比特币长期增长的潜力。然而，其他人可能会寻求弥补损失或实现收益，这可能会导致进一步的抛售压力。

It seems like have started… #MtGox kraken wallet starts selling #BTC This is just beginning pic.twitter.com/wLouzhNsTP

似乎已经开始...... #MtGox kraken 钱包开始销售 #BTC 这才刚刚开始 pic.twitter.com/wLouzhNsTP

There is also speculation about how redemptions will affect overall confidence in the crypto market. The fact that, after many years, it has been possible to partially compensate the affected users could strengthen confidence in the market and in the security of cryptocurrencies. At the same time, the volatility caused by the selling pressure could affect confidence in the short term.

还有人猜测赎回将如何影响加密市场的整体信心。多年后，我们已经可以对受影响的用户进行部分补偿，这一事实可以增强人们对市场和加密货币安全性的信心。与此同时，抛售压力造成的波动可能会影响短期信心。

Another important factor is the role of exchanges in processing these redemptions. Exchanges such as Kraken

另一个重要因素是交易所在处理这些赎回中的作用。 Kraken等交易所