XRP ETF炒作可能使华尔街受益更多，而不是零售：van dell

在围绕潜在XRP交易所交易基金（ETF）的越来越多的猜测中，黑天鹅资本家的联合创始人范·戴尔（Van Dell）警告投资者不要太快加入庆祝活动。

Amidst the swirling rumors of a potential XRP exchange-traded fund (ETF), one crypto insider is urging investors to hold up on joining the celebrations just yet.

在潜在的XRP交易所基金（ETF）的漩涡谣言中，一位加密货币内部人士敦促投资者坚持参加庆祝活动。

While the possibility of BlackRock launching an ETF to provide institutional exposure to XRP seems like a momentous step toward mainstream crypto adoption, it may ultimately serve Wall Street’s interests more than those of everyday investors, according to Van Dell, co-founder of Black Swan Capitalists.

黑天鹅资本家范·戴尔（Van Dell）表示，虽然贝莱德（BlackRock）推出ETF以提供机构接触XRP的可能性似乎是迈向主流加密货币采用的重要一步，但最终，它最终可能比日常投资者的利益更多地服务于华尔街的利益。

“People are discussing the idea of an XRP ETF, especially if it’s backed by BlackRock, but the question is—who benefits most from it?”

“人们正在讨论XRP ETF的想法，尤其是如果它得到了贝莱德的支持，但是问题是 - 谁从中受益最大？”

suggest investors consider both sides of the story before joining the conversation.

建议投资者在加入对话之前考虑故事的双方。

A Calculated Move by Wall Street

华尔街计算出的举动

As the world’s largest asset manager with over $10 trillion in assets under management, BlackRock’s moves have a huge impact on global finance. Dell argues that their push for an XRP ETF isn’t about democratizing access to digital assets, but rather about controlling and profiting from them.

作为全球最大的资产经理，管理资产超过100万亿美元，贝莱德的举动对全球金融产生了巨大影响。戴尔（Dell）认为，他们推动XRP ETF的推动并不是要民主化获得数字资产的访问权，而是要控制和从中获利。

“It’s about taking this disruptive technology like XRP and putting it in a suit and tie that Wall Street understands and dominates,”

“这是关于采用XRP这样的破坏性技术，并将其置于华尔街理解和统治的西装和领带中，”

He highlighted that while an ETF would make XRP more accessible to traditional investors who prefer not to deal with wallets, private keys, or exchanges, it strips away the token’s actual utility. ETF holders wouldn’t own the asset itself, which means missing out on the advantages of participating in the XRP network directly.

他强调，尽管ETF会使不愿处理钱包，私钥或交流的传统投资者更容易获得XRP，但它会剥夺令牌的实际效用。 ETF持有人不会拥有资产本身，这意味着错过了直接参与XRP网络的优势。

“It’s about taking this disruptive technology like XRP and putting it in a suit and tie that Wall Street understands and dominates,”

“这是关于采用XRP这样的破坏性技术，并将其置于华尔街理解和统治的西装和领带中，”

He highlighted that while an ETF would make XRP more accessible to traditional investors who prefer not to deal with wallets, private keys, or exchanges, it strips away the token’s actual utility. ETF holders wouldn’t own the asset itself, which means missing out on the advantages of participating in the XRP network directly.

他强调，尽管ETF会使不愿处理钱包，私钥或交流的传统投资者更容易获得XRP，但它会剥夺令牌的实际效用。 ETF持有人不会拥有资产本身，这意味着错过了直接参与XRP网络的优势。

Ownership Without Ownership

没有所有权的所有权

According to Dell, owning an XRP ETF doesn’t equate to owning XRP. “An ETF offers price exposure, not true ownership,” He noted. “You can’t send your ETF to another wallet, use it for transactions, or tap into the protocol’s full potential.”

根据戴尔的说法，拥有XRP ETF并不等于拥有XRP。他指出：“ ETF提供价格敞口，而不是真正的所有权。” “您无法将ETF发送到另一个钱包，将其用于交易，也无法利用协议的全部潜力。”

According to him, that comes from holding the actual digital asset, not a financial product that tracks its value, which is more closely aligned with how institutions prefer to engage with crypto.

据他说，这来自持有实际的数字资产，而不是追踪其价值的金融产品，这与机构更喜欢与加密货币互动更加一致。

ETFs Favor Institutions, Not Retail Investors

ETF偏爱机构，而不是散户投资者

Dell highlighted several reasons why BlackRock and similar firms would prefer an ETF model over promoting direct XRP ownership:

戴尔强调了贝莱德和类似公司更喜欢ETF模型而不是促进直接XRP所有权的几个原因：

According to reports, BlackRock’s Bitcoin ETF saw daily inflows of over $356 million as of May 2025. Dell argues that such firms use insider knowledge and media timing to spark price surges and dips, profiting from market volatility while retail investors react emotionally to headlines.

据报道，截至2025年5月，贝莱德的比特币ETF每天的流入超过3.56亿美元。戴尔认为，这样的公司使用内部知识和媒体时间来激发价格飙升和下降，从市场波动中获利，而报废投资者在情感上对头条新闻的反应。

A Broader Perspective

更广泛的观点

While acknowledging the convenience ETFs offer to traditional investors, Dell warned of their limitations and long-term consequences. “It’s business as usual for them—more control, more profit, and less operational hassle,” he said. “But for retail investors, it means less ownership, less utility, and more exposure to market manipulation.”

戴尔（Dell）承认ETF提供的便利性ETF提出了限制和长期后果。他说：“对他们来说，这是往常的事 - 更多的控制权，更多的利润和更少的运营麻烦。” “但是对于散户投资者而言，这意味着所有权，效用较少，更多的市场操纵风险。”

He concluded by urging investors to critically examine both sides of the ETF debate. “Don’t get swept up in the hype,” he said. “Understand the macro picture—and remember that true crypto ownership still lies in holding the native token.”

他敦促投资者批判性地研究ETF辩论的双方。他说：“不要被炒作。” “了解宏观图片，并请记住，真正的加密所有权仍然在于拥有本地令牌。”