以太币现货 ETF 首次亮相，成交量达 10 亿美元，但比特币仍是王者

经过一场备受瞩目的诉讼和数年时间，现货比特币 ETF 才最终获得批准。等待是值得的。

Spot ether ETFs started trading on July 23 and brought in over $1 billion in trading volume.

以太坊现货 ETF 于 7 月 23 日开始交易，交易量超过 10 亿美元。

Nine spot ether ETFs from eight different issuers were approved. They are the iShares Ethereum Trust (ETHA), the Fidelity Ethereum Fund (FETH), the 21Shares Core Ethereum ETF (CETH), the Bitwise Ethereum ETF (ETHW), the VanEck Ethereum ETF (ETHV), the Franklin Ethereum ETF (EZET), the Invesco Galaxy Ethereum ETF (QETH), the conversion of the Grayscale Ethereum Trust (ETHE), and its spinoff the Grayscale Ethereum Mini Trust (ETH).

来自八个不同发行人的九个现货以太坊 ETF 获得批准。它们是 iShares 以太坊信托 (ETHA)、富达以太坊基金 (FETH)、21Shares 核心以太坊 ETF (CETH)、Bitwise 以太坊 ETF (ETHW)、VanEck 以太坊 ETF (ETHV)、富兰克林以太坊 ETF (EZET) 、景顺银河以太坊 ETF (QETH)、灰度以太坊信托 (ETHE) 的转换及其衍生品灰度以太坊迷你信托 (ETH)。

Most of these products have fee waivers for either the first six to 12 months or a certain amount of assets (anywhere from $500 million to $10 billion). The post-waiver fee of spot ether ETFs matches the fee of each issuer’s spot bitcoin ETF. Excluding Grayscale, these fees range from 0.19% to 0.25%. ETHE has a fee of 2.5% while its spinoff, ETH has the lowest fee of the group, at 0.15%.

大多数此类产品在前 6 至 12 个月或一定数量的资产（从 5 亿美元到 100 亿美元）均可享受费用减免。现货以太坊 ETF 的豁免后费用与每个发行人的现货比特币 ETF 的费用相匹配。不包括灰度，这些费用范围为 0.19% 至 0.25%。 ETHE 的费用为 2.5%，而其衍生品 ETH 的费用是该组中最低的，为 0.15%。

These fees are relatively low. That’s especially so when considering that many spot crypto ETFs in other regions have fees in the 1%-2.5% range. It seems issuers are sacrificing margins to stay competitive and potentially become a trusted name in the crypto ETF world.

这些费用相对较低。考虑到其他地区的许多现货加密 ETF 的费用在 1%-2.5% 范围内，情况尤其如此。发行人似乎正在牺牲利润来保持竞争力，并有可能成为加密 ETF 领域值得信赖的品牌。

After the first trading day, these nine ETFs had over $1 billion in trading volume. (As of the time this note was written, there is not any flow data available … but there likely will be by the time you read this). But if we assume most of the volume in ETHE (Grayscale’s original Ethereum trust) is outflows and the rest of the ETFs have mostly inflows, there would be between $100M to $200M net inflows.

第一个交易日后，这 9 只 ETF 的交易量超过 10 亿美元。 （截至撰写本说明时，还没有任何可用的流量数据……但在您阅读本文时可能会有）。但如果我们假设 ETHE（Grayscale 最初的以太坊信托基金）的大部分交易量为流出，而其余 ETF 大部分为流入，则净流入量将在 1 亿至 2 亿美元之间。

To compare, spot bitcoin ETFs traded over $4.5 billion in volume on their first day in January. So first day-spot ether ETF volume is between one-fourth to one-fifth of spot bitcoin volume. This isn’t unexpected.

相比之下，现货比特币 ETF 在 1 月份第一天的交易量超过 45 亿美元。因此，以太坊 ETF 首日现货交易量约为比特币现货交易量的四分之一到五分之一。这并不意外。

Bitcoin is much more popular than ether, with 54% market dominance versus 17% (according to CoinMarketCap). For many investors, bitcoin has become almost synonymous with crypto and can easily be thought of as digital gold. Ether has arguably more use cases than bitcoin for blockchain technology and digital innovation (see previous research note here). But the story can be harder to sell and requires more education.

比特币比以太币更受欢迎，市场主导地位为 54%，而以太币为 17%（根据 CoinMarketCap 的数据）。对于许多投资者来说，比特币几乎已经成为加密货币的代名词，并且很容易被视为数字黄金。在区块链技术和数字创新方面，以太币可以说比比特币有更多的用例（请参阅此处之前的研究报告）。但这个故事可能更难推销，需要更多的教育。