Bitwise 無視市場疑慮，申請以太坊現貨 ETF

儘管現貨以太坊 ETF 的支援率不斷下降，專家預測 5 月已降至 30%，但資產管理公司 Bitwise 已向 SEC 提交申請，推出以太坊現貨 ETF。

Bitwise Files for Ethereum Spot ETF Despite Waning May Approval Odds

儘管批准幾率下降，Bitwise仍申請以太坊現貨ETF

In a move defying subdued market expectations, asset management firm Bitwise has submitted a registration statement with the Securities and Exchange Commission (SEC) for a physically-backed Ethereum (ETH) spot exchange-traded fund (ETF). The filing, Form S-1, was made public on March 28, 2024.

資產管理公司 Bitwise 向美國證券交易委員會 (SEC) 提交了一份實物支持的以太坊 (ETH) 現貨交易所交易基金 (ETF) 的註冊聲明，此舉違背了市場低迷的預期。該文件（表格 S-1）於 2024 年 3 月 28 日公開。

This development comes on the heels of recent, more pessimistic predictions regarding the likelihood of an Ethereum spot ETF approval in May 2024. Bitwise's Chief Investment Officer, Matt Hougan, had earlier suggested that the probability of approval stood at a mere 30%.

這項進展是在最近對以太坊現貨ETF 在2024 年5 月獲得批准的可能性做出更為悲觀的預測之後發生的。Bitwise 首席投資官Matt Hougan 早些時候曾表示，獲得批准的可能性僅為30%。

Similarly, industry experts have been tempering their initial optimism. Bloomberg senior ETF analyst Eric Balchunas initially predicted a 70% approval chance, which was later revised down to 35%. GSR Markets, an algorithmic market maker, assigned the probability a low 20%.

同樣，行業專家也一直在緩和最初的樂觀情緒。彭博社高級 ETF 分析師 Eric Balchunas 最初預測批准幾率為 70%，後來下調至 35%。演算法做市商 GSR Markets 將此機率定為 20%。

These diminished expectations stem from the SEC's pattern of delaying approvals for Ethereum spot ETF applications submitted by industry giants like BlackRock and Fidelity. Most recently, on March 20, 2024, the SEC launched a formal inquiry into the classification of Ethereum as a security, signaling a heightened level of scrutiny for Proof-of-Stake assets.

這些預期的下降源於美國證券交易委員會推遲批准貝萊德和富達等行業巨頭提交的以太坊現貨 ETF 申請的模式。最近，2024 年 3 月 20 日，美國證券交易委員會 (SEC) 對以太坊作為證券的分類發起了正式調查，這標誌著對權益證明資產的審查更加嚴格。

Even in the case of the recently approved Bitcoin spot ETF, the SEC maintained its non-committal stance on cryptocurrencies, deeming only Bitcoin a commodity while leaving the status of other coins in the gray area of possible securities.

即使在最近批准的比特幣現貨 ETF 中，美國證券交易委員會也維持了對加密貨幣的不置可否立場，僅將比特幣視為商品，而將其他貨幣置於可能證券的灰色地帶。

Legal scholars argue that applying the Howey Test—a framework the SEC employs to determine whether an investment contract qualifies as a security—to Ethereum yields an inconclusive result, undermining the assertion that Ethereum is a security.

法律學者認為，將豪伊測試（美國證券交易委員會用來確定投資合約是否符合證券資格的框架）應用於以太坊會產生不確定的結果，從而削弱了以太坊是證券的主張。

Currently, ETH is trading around $3,550, a decline of approximately $500 since the Shanghai upgrade. This market action reflects the ongoing uncertainty surrounding regulatory developments.

目前，ETH 交易價格約為 3,550 美元，自上海上調以來下跌約 500 美元。這一市場行為反映出圍繞著監管發展的持續不確定性。

Implications and Outlook

影響和展望

The Bitwise Ethereum Spot ETF filing sends a clear message that the asset management industry remains bullish on Ethereum, despite the regulatory headwinds. The company's decision to proceed with the application suggests a belief that the SEC's stance may soften in the future.

Bitwise 以太坊現貨 ETF 文件傳達了一個明確的訊息：儘管存在監管阻力，資產管理產業仍然看好以太坊。該公司決定繼續申請，表明人們相信美國證券交易委員會的立場未來可能會軟化。

However, the SEC's recent actions and statements indicate that the path to an Ethereum spot ETF approval is far from straightforward. The agency's focus on Ethereum's classification as a security raises concerns about its willingness to approve spot ETFs for other cryptocurrencies.

然而，美國證券交易委員會最近的行動和聲明表明，以太坊現貨 ETF 的批准之路遠非一帆風順。該機構對以太坊作為證券的分類的關注引發了人們對其是否願意批准其他加密貨幣的現貨 ETF 的擔憂。

Market participants should closely monitor the SEC's ongoing inquiry into Ethereum's status and any related developments. The agency's final determination will have significant implications for the growth and adoption of Ethereum and the broader digital asset ecosystem.

市場參與者應密切注意美國證券交易委員會對以太坊狀況和任何相關進展的持續調查。該機構的最終決定將對以太坊和更廣泛的數位資產生態系統的成長和採用產生重大影響。