以太坊 ETF 表现不佳的四个原因

ETH ETF 并未获得与 BTC ETF 相同的吸引力，甚至本周出现了净流出。汤姆·卡雷拉斯调查了原因。

Four Reasons Ether ETFs Have Underperformed

以太坊 ETF 表现不佳的四个原因

output: ETH ETFs haven't gained the same traction as BTC ETFs, even seeing net outflows this week. Tom Carreras investigates why.

产出：ETH ETF 并未获得与 BTC ETF 相同的吸引力，甚至本周出现净流出。汤姆·卡雷拉斯调查了原因。

Many investors have been disappointed by the performance of spot ether (ETH) exchange-traded funds (ETFs).

许多投资者对现货以太坊（ETH）交易所交易基金（ETF）的表现感到失望。

While spot bitcoin (BTC) ETFs processed nearly $19 billion in inflows over 10 months, ether ETFs, which began trading in July, have failed to generate the same level of interest.

虽然现货比特币 (BTC) ETF 在 10 个月内处理了近 190 亿美元的资金流入，但 7 月开始交易的以太坊 ETF 却未能产生同等水平的兴趣。

To make matters worse, Grayscale's ETHE, which existed as an ether trust prior to its conversion into an ETF, has suffered massive redemptions, and demand for other ether funds has failed to offset them.

更糟糕的是，Grayscale 的 ETHE 在转换为 ETF 之前以以太信托形式存在，现已遭受大规模赎回，而对其他以太基金的需求未能抵消这些赎回。

That means ether ETFs have, to date, experienced $556 million in net outflows since their launch. Just this week, the products have bled out a net $8 million, according to Farside data.

这意味着以太坊 ETF 自推出以来迄今已经历 5.56 亿美元的净流出。据 Farside 数据显示，仅在本周，这些产品就净损失了 800 万美元。

So why are ether ETFs performing so differently? There are a few possible reasons.

那么为什么以太坊 ETF 的表现如此不同呢？有几个可能的原因。

Putting inflows into context

将资金流入纳入背景

First off, it's important to note that ether ETFs only look bad in comparison to bitcoin ETFs. The bitcoin products have broken so many records that they're arguably the most successful ETFs of all time.

首先，需要注意的是，与比特币 ETF 相比，以太 ETF 看起来很糟糕。比特币产品打破了如此多的记录，可以说是有史以来最成功的 ETF。

For instance, the ETFs issued by BlackRock and Fidelity, IBIT and FBTC, collected $4.2 billion and $3.5 billion each in their first 30 days, smashing the previous record, which was held by BlackRock's Climate Conscious fund, that had garnered $2.2 billion in its first month (August 2023).

例如，贝莱德和富达发行的ETF、IBIT和FBTC在上市后30天内分别募集42亿美元和35亿美元，打破了贝莱德气候意识基金保持的纪录，该基金在上市后30天内募集了22亿美元。月（2023 年 8 月）。

While ether ETFs failed to replicate these kinds of earth-shattering results, three of the funds are still among the top 25 best performing ETFs of the year, according to ETF Store President Nate Geraci.

ETF Store 总裁 Nate Geraci 表示，虽然以太坊 ETF 未能复制这些惊天动地的结果，但其中三只基金仍跻身今年表现最佳的 25 只 ETF 之列。

BlackRock's ETHE, Fidelity's FBTC and Bitwise's ETHW have vacuumed up nearly $1 billion, $367 million and $239 million in assets, respectively – not bad at all for two-and-a-half-month-old funds.

贝莱德 (BlackRock) 的 ETHE、富达 (Fidelity) 的 FBTC 和 Bitwise 的 ETHW 分别吸纳了近 10 亿美元、3.67 亿美元和 2.39 亿美元的资产——对于成立两个半月的基金来说，这根本不差。

“Spot ether ETFs were never going to challenge spot bitcoin ETFs in terms of inflows,” Geraci told CoinDesk. “If you look at the underlying spot markets, ether is about one-fourth the market cap of bitcoin. That should be a reasonable proxy of where spot ether ETF demand ends up longer-term relative to spot bitcoin ETFs.”

“在资金流入方面，现货以太 ETF 永远不会挑战现货比特币 ETF，”Geraci 告诉 CoinDesk。 “如果你看看基础现货市场，以太币的市值约为比特币的四分之一。这应该是现货以太坊 ETF 需求相对于现货比特币 ETF 的长期需求的合理指标。”

The problem is that Grayscale's ETHE has drowned out these funds' performances with its large outflows.

问题在于，灰度的 ETHE 以其大量资金流出淹没了这些基金的表现。

Spun up in 2017 as a trust, ETHE was originally designed, for regulatory reasons, in a way that didn't permit investors to redeem their ETF shares – the money was stuck in the product. That changed on July 23, when Grayscale won approval to convert its trust into a proper ETF.

ETHE 于 2017 年以信托形式成立，出于监管原因，最初设计时不允许投资者赎回其 ETF 份额——资金被困在产品中。这种情况在 7 月 23 日发生了变化，当时 Grayscale 获得了将其信托转换为适当 ETF 的批准。

At the time of conversion, ETHE had roughly $1 billion in assets, and while some of those assets were moved by Grayscale itself to another of its funds – the ether mini ETF – ETHE has suffered from nearly $3 billion in outflows.

在转换时，ETHE 拥有大约 10 亿美元的资产，虽然其中一些资产被 Grayscale 本身转移到其另一只基金——以太坊迷你 ETF，但 ETHE 却遭受了近 30 亿美元的资金外流。

It's worth noting that Grayscale experienced the same thing with its bitcoin ETF, GBTC, which has processed more than $20 billion in outflows since its conversion in January. However, the stellar performances of BlackRock and Fidelity's spot bitcoin ETFs have more than offset GBTC's bleedout.

值得注意的是，Grayscale 的比特币 ETF GBTC 也经历了同样的情况，自 1 月份转换以来，该基金已处理了超过 200 亿美元的资金流出。然而，贝莱德和富达现货比特币 ETF 的出色表现足以抵消 GBTC 的亏损。

Lack of staking yield

缺乏质押收益

One of the big differences between bitcoin and ether is that investors can stake ether – essentially locking it into the Ethereum network to earn a yield paid out in ether.

比特币和以太币之间的最大区别之一是投资者可以质押以太币——本质上是将其锁定在以太坊网络中以获得以以太币支付的收益。

But in their current form, ether ETFs don't allow investors to gain exposure to staking. So holding ether through an ETF means missing out on that yield (currently about 3.5%) – and paying a management fee to issuers that can range from 0.15% to 2.5%.

但以目前的形式，以太坊 ETF 不允许投资者获得质押风险。因此，通过 ETF 持有以太币意味着错过该收益率（目前约为 3.5%），并且需要向发行人支付 0.15% 至 2.5% 的管理费。

While some traditional investors won't mind giving up that yield in exchange for the convenience and safety of an ETF, it makes sense for crypto-natives to find alternative ways of holding ether.

虽然一些传统投资者不介意放弃收益来换取 ETF 的便利和安全，但对于加密货币本地人来说，寻找持有以太币的替代方式是有意义的。

“If you're a competent fund manager with even a basic understanding of the crypto market and you're managing someone’s money, why would you buy an ether ETF right now?” Adam Morgan McCarthy, an analyst at crypto data firm Kaiko Research, told CoinDesk.

“如果你是一位称职的基金经理，对加密货币市场有基本的了解，并且你正在管理某人的资金，那么你为什么现在要购买以太 ETF？”加密数据公司 Kaiko Research 的分析师 Adam Morgan McCarthy 告诉 CoinDesk。

“You pay to get exposure to ETH (and the underlying is custodied at Coinbase) or you buy the underlying yourself and stake it with the exact same provider in return for some yield,” McCarthy said.

麦卡锡说：“你需要付费才能接触 ETH（底层资产由 Coinbase 托管），或者你自己购买底层资产并将其抵押给同一家提供商，以换取一些收益。”

Marketing Ethereum to clients

向客户营销以太坊

Another hurdle for ether ETFs is that it can be difficult for some investors to understand the core use-case for Ethereum because it seeks to lead in several, diverse areas of crypto.

以太坊 ETF 的另一个障碍是，一些投资者可能很难理解以太坊的核心用例，因为它试图在多个不同的加密领域处于领先地位。

Bitcoin was created with a hard cap on supply: There will never be more than

比特币在创建时就设定了供应硬性上限：永远不会超过