貝萊德將其以太（ETH）交換基金（ETF）描述為“巨大成功”，但承認一個關鍵限制

貝萊德（Blackrock）的數字資產負責人羅比·米奇尼克（Robbie Mitchnick）將該公司的以太（ETH）交易所資金（ETF）描述為“巨大的成功”，但承認關鍵的限制。

BlackRock's (NYSE:BLK) head of digital assets Robbie Mitchnick described the firm's Ether (ETH) exchange-traded funds (ETFs) as a “tremendous success” but acknowledged a key limitation.

貝萊德（NYSE：BLK）數字資產負責人羅比·米奇尼克（Robbie Mitchnick）將公司的以太（ETH）交易所交易資金（ETF）描述為“巨大的成功”，但承認是一個關鍵的限制。

Speaking at the Digital Asset Summit on March 20, Mitchnick noted that the ETF is "less perfect" without staking, highlighting a crucial feature absent from the current offering.

米奇尼克（Mitchnick）在3月20日的數字資產峰會上發表講話時指出，ETF在沒有靜止狀態的情況下“不那麼完美”，突出了當前產品中沒有關鍵的特徵。

"A staking yield is a meaningful part of how you can generate investment return in this space. And all the [Ether] ETFs, of course, at launch did not have staking. So, if that is able to get resolved..."

“積分產量是您如何在此領域產生投資回報的有意義的一部分。當然，所有[以太] ETF都沒有積分。因此，如果能夠解決……”

However, adding staking to Ether ETFs is no simple task.

但是，在Ether ETF中添加Staging並不是簡單的任務。

"It's not as simple as a new administration just green-lighting something, and then boom, we're all good, off to the races. There's a lot of fairly complex challenges that have to be figured out, but if that can get figured out, then I think it's gonna be sort of a step change upward in terms of what we see the activity around those products is."

“這並不像新的政府那樣簡單，而只是綠燈，然後繁榮，我們都很好，參加了比賽。有很多相當複雜的挑戰必須弄清楚，但是如果可以弄清楚那是一步，那麼我認為這會在我們看到這些產品的活動上向上變化。”

Panel at Digital Asset Summit 2025 with Joseph Lubin (middle) and Robbie Mitchnick (right). Source: YouTube

與約瑟夫·盧賓（Middle）和羅比·米奇尼克（Robbie Mitchnick（Robbie Mitchnick）（右））在數字資產峰會2025年的小組面板。來源：YouTube

ETH staking was first introduced in December 2020 as part of the Ethereum network's move from a proof-of-work consensus mechanism to proof-of-stake.

ETH Staking於2020年12月首次引入，這是以太坊網絡從工作證明共識機制轉變為股份證明的一部分。

By February 2024, Ether staking deposits reached $85 billion, accounting for 25% of the circulating supply of the cryptocurrency.

到2024年2月，以太存放存款達到850億美元，佔加密貨幣循環供應的25％。

The current yield rate for staked Ether is between 2% and 7% annually. However, staking ETH comes with risks, including the possibility of slashing if a validator engages in misconduct. This potential penalty could deter traditional investors, as it introduces an additional layer of risk to their investments.

固定以太的當前收益率每年在2％至7％之間。但是，Staking Eth具有風險，包括如果驗證者從事不當行為，可能會削減。這種潛在的懲罰可能會阻止傳統投資者，因為它為其投資帶來了額外的風險。

Related: Ether ETFs poised to surge in 2025, analysts say

相關：分析師說，Ether ETF有望在2025年激增。

Joseph Lubin weighs in on Ethereum narratives

約瑟夫·盧賓（Joseph Lubin）在以太坊敘事中稱重

Narratives surrounding Ethereum have, at times, been negative during this bull run, especially because the price of Ether has lagged behind other crypto tokens.

以太坊周圍的敘事有時在這次公牛跑期間是負面的，尤其是因為以太的價格落後於其他加密代幣。

Also speaking at the Digital Asset Summit, Ethereum co-founder Joseph Lubin said the narrative about Ethereum to institutional investors is “too big to describe.”

以太坊聯合創始人約瑟夫·盧賓（Joseph Lubin）也在數字資產峰會上發表講話說，關於以太坊對機構投資者的敘述“太大了，無法描述”。

“It’s like trying to describe the internet protocols and the web protocols,” Lubin said, adding:

盧賓說：“這就像試圖描述Internet協議和Web協議一樣。”

According to Lubin, the Ethereum narrative should target applications that matter to users and businesses rather than broad theoretical discussions.

根據盧賓的說法，以太坊的敘述應針對對用戶和企業重要的應用，而不是廣泛的理論討論。

“We are at our broadband moment, and we will see applications like social graphs, decentralized ID, attestations, reputation, things that you can use inside of different applications.”

“我們正處於寬帶時刻，我們將看到諸如社交圖，分散的ID，證明，聲譽以及您可以在不同應用程序內使用的事物之類的應用程序。”

BlackRock's ETH pitch to investors

貝萊德對投資者的ETH宣傳

Mitchnick noted that when talking to institutional investors, Ethereum is easier to describe at a second-grade level than a 10th-grade level.

米奇尼克（Mitchnick）指出，在與機構投資者交談時，以太坊在二年級的水平上比10年級更容易描述。

Robbie Mitchnick at Digital Asset Summit 2025. Source: YouTube

羅比·米奇尼克（Robbie Mitchnick）在數字資產峰會2025年。資料來源：YouTube

“Second-grade level, it’s a technology innovation story. Once you start to get beyond that, it does get a little more vast, a little more complicated. It’s about being a bet on blockchain adoption and innovation. That’s part of the thesis as we communicate it to clients. And then when they want to get down to a little more tangible level, we can talk about some of the more specific use cases that it unlocks.”

“二年級水平，這是一個技術創新的故事。一旦您開始超越了這一點，它確實會變得更加廣泛，更複雜。這是一個賭注，這是一個押注區塊鏈採用和創新。這是我們與客戶交流的一部分。然後，我們與客戶交流。

BlackRock has advertised Ethereum to investors as a bet on tokenization, stablecoin adoption and decentralized finance, according to Mitchnick.

米奇尼克（Mitchnick）表示，貝萊德（Blackrock）已向投資者宣傳以太坊，以押注令牌化，穩定的採用和分散的財務。

Data from SoSoValue shows ETH ETFs hold a total value of $7 billion as of March 20, with a cumulative inflow of $2.5 billion. However, the ETFs have seen a cumulative outflow of $358 million in the past 11 days as the cryptocurrency market has largely struggled.

Sosovalue的數據顯示，截至3月20日，ETH ETF的總價值為70億美元，累計流入為25億美元。但是，由於加密貨幣市場在很大程度上掙扎，ETF在過去11天中的累計流出額為3.58億美元。