现在的问题不是机构的利益：这是他们何时以及如何做

机构基金目前通过交易所交易资金（ETF）持有约330万以太（ETH），约占循环供应的3％。

Despite the recent buzz around a potential U.S. approval for spot ether (ETH) exchange-traded funds (ETFs), a broader question looms large: How will institutional participation in ether staking shape up?

尽管最近对美国对现货以太（ETH）交易所交易基金（ETF）的批准产生了嗡嗡声，但更广泛的问题迫在眉睫。

Currently, institutional funds hold around 3.3 million ether, roughly 3% of the circulating supply, through ETFs.

目前，机构基金通过ETF持有约330万以太，约占循环供应的3％。

With 27% of ETH already staked and these ETF holdings alone increasing the amount of total staked ETH by over 10%. And that’s without factoring in additional inflows from investors drawn to the promise of earning staking yield inside an ETF wrapper.

由于ETH的27％已经固定，仅这些ETF持有量将总固定ETH的数量增加了10％以上。而且，这是不考虑从投资者吸引的额外流入到赚取ETF包装器内部产量的额外流入的。

The question now isn’t can institutions stake: it’s when and how they’ll do it.

现在的问题不是机构的利益：这是他们何时以及如何做到这一点。

That “how” matters, however: if ETH ETF staking is approved, issuers may default to third-party operators or route staking through a handful of custodians. This could result in validator power concentrating quickly, especially considering current custody providers, creating centralized entities.

但是，“如何”很重要：如果获得ETH ETF的批准，发行人可能会违约给第三方运营商，或者路线通过少数托管人划分。这可能会导致验证功率迅速集中，尤其是考虑到当前的监护提供者，创建集中实体。

Lido still leads with over 30% of staked ETH, but under the hood there are more than 500 operators with the inception of Community Staking Module last year. But if a wave of institutional ETH money flows into just a few trusted intermediaries, Ethereum risks drifting toward a validator oligopoly on centralized operators.

Lido仍然以超过30％的固定ETH领先，但是在引擎盖下，有500多家运营商去年，社区桩模块成立。但是，如果一波机构货币仅流向一些值得信赖的中介机构，以太坊有可能向集中运营商的验证者寡头垄断地漂移。

This chart shows the total ETH held by ETFs in purple, which would be the second largest staker as a category, and in orange the top three ETFs holding ETH. TVL= total value locked.

该图表显示了ETF在紫色中持有的总ETH，这将是第二大Staker作为类别，在Orange中，持有ETH的前三名ETF。 TVL =总价值锁定。

On the flip side, there’s a rare opportunity for ETF issuers to go direct, running their own nodes.

另一方面，ETF发行人可以直接运行自己的节点，这是一个难得的机会。

Vertical integration into staking infrastructure allows issuers to both decentralize the network and unlock economic upside. The standard validator fee — typically 5–15% of staking rewards — is currently captured by operators and the liquid staking protocol managing the staking pools, such as Lido, RocketPool and even the centralized wallet exchanges pools.

垂直整合到堆栈基础设施中，使发行人可以分散网络并解锁经济上行空间。标准验证者费用（通常为5-15％的放入奖励）目前由运营商捕获，液体放入协议管理堆叠池，例如Lido，Rocketpool，甚至是集中的钱包交换池。

However, if ETF managers run their own nodes or partner with independent providers, they can reclaim that margin and boost fund performance. In an industry competing on basis points, that edge matters. We’re already seeing an M&A trend underway. Bitwise’s acquisition of a staking operator is no coincidence: it’s a signal that smart asset managers are positioning for a future where staking isn’t just a back-end service but a core part of the fund’s value chain.

但是，如果ETF经理运行自己的节点或与独立提供者的合作伙伴，他们可以恢复利润并提高基金绩效。在一个在基础上竞争的行业中，这一优势很重要。我们已经看到并购趋势正在进行中。 Bitwise对Statiking Operator的收购并不是巧合：这表明Smart Asset Manager正在定位未来，在这种情况下，Staking不仅是后端服务，而且是基金价值链的核心部分。

This development represents Ethereum’s fork in the road, in which institutions can either treat staking as a plug-and-play checkbox, reinforcing centralization and systemic risk, or they can help build a more credibly neutral protocol by distributing operations across validators.

这一发展代表了道路上的以太坊叉子，在该道路上，机构可以将Staging视为插件的复选框，增强集中化和系统性的风险，或者它们可以通过在验证者之间分发操作来帮助建立更可靠的中性协议。

With a short queue, an expanding set of validators and billions of ETH sitting idle, the timing couldn’t be better. So as the institutionalization of staking looks increasingly likely, let’s make sure it’s done right, reinforcing the foundations of what blockchain is all about.

凭借简短的队列，一组不断扩大的验证者和数十亿个ETH坐着的闲置，时间安排再好不过了。因此，随着桩的制度化看起来越来越有可能，让我们确保它做得正确，从而加强了区块链的全部基础。