BlackRock避免XRP ETF的真正原因：专家见解

XRP社区有疑问：为什么BlackRock是金融界最大的名字，对推出XRP ETF的沉默？

The XRP community has been buzzing with questions about why BlackRock, a behemoth in the financial world, seems to be snubbing the burgeoning XRP ETF scene.

XRP社区一直在嗡嗡作响，因为为什么贝莱德（BlackRock）是金融界的庞然大物，似乎正在呼吁新兴的XRP ETF场景。

While other players like Grayscale and Bitwise have blitzed through with their filings, applying pressure on the SEC to approve the first-ever U.S. XRP ETF, BlackRock’s silence has been deafening.

虽然其他球员像Grayscale和Bitwise这样的申请都闪闪发光，但对SEC施加压力以批准有史以来第一个US XRP ETF，但BlackRock的沉默一直在震惊。

Is it a personal dislike for Ripple (XRP) that keeps the biggest dog in the yard at bay? Or is there a deeper strategy at play, one that could have massive implications for the future of Ripple price action and the entire crypto landscape?

是对Ripple（XRP）的个人不喜欢，它使院子里最大的狗保持了？还是有更深层次的策略在起作用，这可能会对波纹价格行动的未来和整个加密货币景观产生巨大影响？

A video from Cheeky Crypto titled “CAN SUI 20x FROM HERE? SUI NEWS AND PRICE PREDICTION” took a short detour to break down the XRP situation too. As the host was sipping his morning coffee and scrolling through news, he noticed yet again another XRP ETF headline.

厚脸皮加密货币的视频名为“ Sui 20倍可以从这里？SUI新闻和价格预测”进行了短暂的绕行，也打破了XRP的情况。当主人正在喝早上的咖啡并浏览新闻时，他再次注意到另一个XRP ETF标题。

It was probably the 15th one this year alone. Grayscale filed. Bitwise filed. Even lesser-known groups like Canary Capital threw their hats in the ring. But BlackRock? Still nothing.

仅今年就可能是第15位。灰度提交。钻头提起。甚至像Canary Capital这样的鲜为人知的团体都将帽子扔到了戒指上。但是贝莱德呢？仍然什么都没有。

Why BlackRock Is Still Missing in Action on XRP ETFs

为什么在XRP ETF上仍缺少黑石

Cheeky Crypto’s investigation uncovered something interesting. BlackRock has already tasted huge success with its Bitcoin and Ethereum products. Their Bitcoin ETF now boasts over $30 billion in assets under management, while their Ethereum fund smashed through $1 billion in just two months.

Cheeky Crypto的调查发现了一些有趣的东西。贝莱德（Blackrock）的比特币和以太坊产品已经取得了巨大的成功。现在，他们的比特币ETF拥有超过300亿美元的管理资产，而他们的以太坊基金在短短两个月内就达到了10亿美元。

As the analyst put it, “When you’re winning every hand at the poker table, you don’t leave for the slot machines.” Ripple price and XRP enthusiasm may be rising, but from BlackRock’s view, there’s no need to gamble when Bitcoin and Ethereum are bringing home easy wins.

正如分析师所说，“当您在扑克桌上赢得每一只手时，您不会离开老虎机。”波纹价格和XRP的热情可能正在上升，但是从贝莱德的角度来看，当比特币和以太坊带来轻松胜利时，无需赌博。

Regulatory concerns are also a major factor. Even though Ripple largely beat the SEC, there’s no final judgment yet. Conservative giants like BlackRock rely on internal scorecards, and XRP still hasn’t ticked every box for liquidity, demand, and fully clear legal status. Bitcoin and Ethereum have that clarity. XRP is close but not close enough yet.

监管问题也是一个主要因素。即使Ripple在很大程度上击败了SEC，但尚无最终判断。像贝莱德这样的保守派巨头依靠内部记分卡，XRP仍然没有为流动性，需求和完全清晰的法律地位打勾。比特币和以太坊具有这种清晰度。 XRP很近，但还不够近。

Strategically, BlackRock is letting firms like Grayscale and Franklin Templeton go first. If the SEC rejects their applications, BlackRock loses nothing. If the SEC approves them, BlackRock can swoop in later and dominate, just like they did with the Bitcoin ETF launch.

从策略上讲，贝莱德让灰刻级和富兰克林·邓普顿（Franklin Templeton）等公司首先。如果SEC拒绝他们的申请，贝莱德却一无所获。如果SEC批准了它们，那么BlackRock可以稍后涌入并占主导地位，就像它们在比特币ETF发布时一样。

Adding even more hesitation, Cheeky Crypto reminded viewers of the fake XRP ETF filing incident from November 2023. A bogus filing claiming to be from BlackRock went viral, forcing them to publicly deny it and leaving a bad taste internally. After such a PR mess, BlackRock is extra cautious about anything related to Ripple.

更加犹豫，厚脸皮的加密货币使观众想起了2023年11月的假XRP ETF备案事件。声称来自贝莱德的虚假申请迅速传播开来，迫使他们公开否认它并在内部留下不良的味道。经过这样的公关混乱，贝莱德对与Ripple有关的任何事情都非常谨慎。

Institutional Insights: XRP Is Close But Not There Yet

机构见解：XRP很近，但还没有

The thread by analyst All Things XRP (@XRP_investing) on X expanded this picture even more clearly.

X上的Analyst Analyst所有内容XRP（@xrp_investing）的线程更加清楚地扩展了这张图片。

They pointed out that BlackRock is currently milking their Bitcoin and Ethereum success stories. With $30 billion in their Bitcoin ETF and $1 billion in their Ethereum fund in just 60 days, they simply don’t have an incentive to rush into something riskier.

他们指出，贝莱德目前正在挤奶他们的比特币和以太坊成功案例。他们的比特币ETF拥有300亿美元，在60天内获得了10亿美元的以太坊基金，他们根本没有动机来急于风险。

Point 1: BlackRock has no reason to diversify wildly yet. Their iShares Bitcoin Trust hit $30B AUM. The ETH ETF crossed $1B in 60 days. When you’re dominating the two most proven assets, why add risk?

点1：黑石没有理由使人们疯狂多样化。他们的iShares比特币信托基金达到30B美元。 ETH ETF在60天内越过$ 1B。当您统治两个最验证的资产时，为什么要增加风险？

And despite the legal win for crypto broadly and the huge implications of the potential first-ever XRP ETF from Grayscale and Bitwise, there are still regulatory scars that linger more heavily for conservative giants like BlackRock. As All Things XRP noted, in the eyes of big institutions, the “security” label doesn’t fade easily.

尽管加密货币广泛地赢得了法律上的胜利，以及从灰度和位置上潜在的XRP ETF的巨大含义，但仍有监管疤痕对像贝莱德这样的保守派巨头更为严重。正如XRP所指出的所有内容，在大型机构的眼中，“安全”标签并不容易褪色。

Point 2: From a legal standpoint, BTC and ETH tick every box for BlackRock. They have liquidity, they have legal clarity (or at least enough to meet internal thresholds), and they have client demand. XRP is getting closer but isn’t there yet. It’s a close call, but for optimal risk calculus, they'll wait for the final verdict before making a move.

点2：从法律的角度来看，BTC和ETH勾选了贝莱德的每个盒子。他们有流动性，具有法律清晰度（或至少足以满足内部门槛），并且有客户的需求。 XRP越来越近，但还没有。这是一个密切的电话，但是对于最佳风险演算，他们将等待最终判决，然后再采取行动。

Moreover, BlackRock’s style has always been clear. They don’t chase headlines. They wait for strategic leverage. Launching a fund isn’t about being first. It’s about winning big once the timing is perfect. As seen with their Bitcoin ETF (iShares IBIT), they prefer to let competitors test the waters and then strike when the risk is priced in.

而且，贝莱德的风格一直很清楚。他们没有追逐头条新闻。他们等待战略杠杆作用。推出基金并非首先。一旦时间安排完美，这是关于赢得大量的。正如他们的比特币ETF（iShares ibit）所看到的那样，他们更喜欢让竞争对手测试水域，然后在价格定价时进行罢工。

Past events also haunt them. The 2023 fake XRP ETF filing went viral, forcing BlackRock to publicly deny it and leaving a bad taste internally. They prefer avoiding anything whiff of controversy until regulatory and market clarity is evident.

过去的事件也困扰着他们。 2023年的假XRP ETF申请传播开来，迫使贝莱德公开否认它并在内部留下不良的味道。他们更喜欢避免任何有争议的争议，直到显而易见的监管和市场清晰度。

Another big factor is XRP’s current market share. Bitcoin and Ethereum still dominate around 70% of the total crypto market cap combined. XRP, although growing, still

另一个重要因素是XRP当前的市场份额。比特币和以太坊仍然占总加密市值总数的70％。 XRP虽然增长，但仍在