现货以太坊 ETF 超出预期

本周，现货以太坊 ETF（交易所交易基金）正式获得批准并推出，让加密货币社区对最新的行业里程碑感到兴奋。

The launch of spot Ethereum ETFs (Exchange-Traded Funds) this week has created a buzz within the crypto community. These ETH-based investment products had an impressive first day, reaching over $1 billion in volume. Following its second day live, some experts shared that the ETFs’ day two volume was higher than expected.

本周以太坊 ETF（交易所交易基金）现货的推出在加密货币社区引起了轰动。这些基于 ETH 的投资产品首日表现令人印象深刻，成交量超过 10 亿美元。上线第二天后，一些专家表示，ETF 第二天的成交量高于预期。

Spot Ethereum ETFs Surpass Expectations

现货以太坊 ETF 超出预期

The US Securities and Exchange Commission (SEC) finally gave the green light for spot Ethereum ETFs on Monday, setting the launch date to Tuesday, July 23. Before the launch, industry figures and experts discussed the expectations for the ETH ETFs in comparison to their Bitcoin (BTC) counterparts.

美国证券交易委员会 (SEC) 终于在周一为以太坊 ETF 现货开绿灯，将推出日期定为 7 月 23 日星期二。在推出之前，行业人士和专家讨论了对 ETH ETF 的预期，并与他们的市场进行了比较。比特币（BTC）的对应物。

Many considered that the Ethereum-based products would only do about 20%-30% of Bitcoin ETFs. Katherine Dowling, Bitwise’s CCO, highlighted that the highly anticipated ETFs were a “more nuance sell” than BTC’s. This opinion has been shared by others, including American entrepreneur Anthony Pompliano.

许多人认为基于以太坊的产品只能完成比特币 ETF 的 20%-30% 左右。 Bitwise 的 CCO 凯瑟琳·道林 (Katherine Dowling) 强调，与 BTC 相比，备受期待的 ETF 是“更细微的销售”。包括美国企业家安东尼·庞普里亚诺在内的其他人也同意这一观点。

The BTC bull recently stated that Ethereum’s story isn’t “as clear” as Bitcoin’s “digital gold” narrative. To Pompliano, this translated to a significant decrease in attention and interest from traditional investors and the media.

BTC 多头最近表示，以太坊的故事并不像比特币的“数字黄金”叙述“那么清晰”。对于 Pompliano 来说，这意味着传统投资者和媒体的关注度和兴趣显着下降。

After the launch, spot ETH ETFs met experts’ expectations. The second-crypto investment products made about $1.05 billion in volume on its first day, accounting for 24% of what spot BTC ETFs did on day one.

推出后，现货ETH ETF满足了专家的预期。第二种加密货币投资产品首日成交量约为 10.5 亿美元，占现货 BTC ETF 第一日成交量的 24%。

According to Bloomberg expert Eric Balchunas, the new eight ETH ETFs took in $590 million on its first day, representing 83% of what the nine new BTC ETFs did on its first day. This number was a “huge” start for the investment products and surpassed Balchunas expectations.

据彭博社专家 Eric Balchunas 称，这 8 只新 ETH ETF 首日收入为 5.9 亿美元，占 9 只新 BTC ETF 首日收入的 83%。这个数字对于投资产品来说是一个“巨大”的开始，超出了巴尔丘纳斯的预期。

Despite the massive $484 million outflows from Grayscale’s Ethereum Trust (ETHE), the ETH ETFs registered $107.8 million in inflows on its first day, led by Blackrock’s iShares Ethereum Trust (ETHA) and Bitwise Ethereum ETF (ETHW) respective inflows of $266.5 million and $204 million.

尽管 Grayscale 的以太坊信托 (ETHE) 流出了 4.84 亿美元的巨额资金，但 ETH ETF 在上市第一天就录得 1.078 亿美元的流入，其中贝莱德 (Blackrock) 的 iShares 以太坊信托 (ETHA) 和 Bitwise 以太坊 ETF (ETHW) 的流入分别为 2.665 亿美元和 204 美元。百万。

Second-Day Volume Surprises, But Outflows Steal The Show

第二天成交量令人惊讶，但资金流出抢尽风头

On its second day, Ethereum ETFs continued to surprise experts. Balchunas pointed out that some ETFs did “about as much or even a little more volume” than the first day. To the expert, this performance suggests a good sign since “a lot of times there’s a sizable dropoff after hyped-up Day One.”

以太坊 ETF 上市第二天继续让专家们感到惊讶。 Balchunas 指出，一些 ETF 的成交量与第一天“大致相同，甚至略多”。对于专家来说，这种表现表明了一个好兆头，因为“很多时候，在第一天的大肆宣传之后，价格会出现大幅下降。”

Bitwises’ president, Teddy Fusaro, shared on CNBC that by half the second trading day, the Ethereum ETFs had “traded about $852 million in value”.  In comparison, its Bitcoin counterparts had traded about $1.1 billion.

Bitwises 总裁 Teddy Fusaro 在 CNBC 上表示，到第二个交易日的一半时，以太坊 ETF“交易价值约为 8.52 亿美元”。 相比之下，比特币的交易额约为 11 亿美元。

Fusaro expressed surprise about the number. He stressed that “ETH ETFs are trading about 75% of the notional value of BTC ETFs today,” which was higher than expected. James Seyffart shared a similar opinion, stating that he was “Genuinely surprised by this.”

富萨罗对这个数字表示惊讶。他强调，“目前 ETH ETF 的交易量约为 BTC ETF 名义价值的 75%”，高于预期。詹姆斯·塞法特 (James Seyffart) 也持有类似观点，表示他“对此感到非常惊讶”。

Net flow, however, closed in the red on day two. According to provisional data from Farside Investors, ETH ETFs saw outflows worth around $133.3 million. ETHE registered $326.9 million in outflows, which weighted down the positive net flows from the rest of the Ethereum ETFs.

然而，净流量在第二天收盘时出现亏损。根据 Farside Investors 的临时数据，ETH ETF 的资金流出价值约为 1.333 亿美元。 ETHE 的资金流出量为 3.269 亿美元，这压低了其他以太坊 ETF 的正净流量。

Per the data, ETHA and ETHW saw significantly lower numbers on Wednesday, attracting only $17.4 million and $29.6 million in net inflows. However, Fidelity’s FETH, VanEck’s ETHV, and Grayscale’s Mini Trust increased their numbers on the second day, with $74.5 million, $19.8 million, and $45.9 million, respectively.

根据数据，周三 ETHA 和 ETHW 的资金流入量明显减少，仅吸引 1,740 万美元和 2,960 万美元的净流入。然而，Fidelity 的 FETH、VanEck 的 ETHV 和 Grayscale 的 Mini Trust 的数量在第二天有所增加，分别为 7450 万美元、1980 万美元和 4590 万美元。

Ultimately, experts consider that Ethereum ETFs’ launch was “very solid” despite registering a 5% volume drop on its second day. Compared to a standard ETF launch, the second crypto-based investment products have exceeded expectations, ranking among the top 10% ETF launches in the last year.

最终，专家认为以太坊 ETF 的推出“非常稳健”，尽管第二天交易量下降了 5%。与标准 ETF 发行相比，第二批基于加密货币的投资产品超出了预期，跻身去年 ETF 发行前 10% 之列。