貝萊德的以太坊 ETF：比特幣主導地位中的未來不確定

儘管成功推出了現貨比特幣 ETF，但貝萊德對現貨以太坊 ETF 的追求仍面臨挑戰，因為與比特幣相比，客戶需求有限。貝萊德數位資產負責人羅伯特·米奇尼克承認，對以太坊的需求“非常非常少”，這引發了對該公司未來在這一領域的努力的質疑。

BlackRock's Ethereum ETF Application: Uncertain Future Amidst Client Preference for Bitcoin

貝萊德的以太坊 ETF 申請：客戶對比特幣的偏好中未來不確定

In the wake of its successful launch of the spot Bitcoin exchange-traded fund (ETF) in January 2024, BlackRock, the world's largest asset manager, has been actively pursuing an application for a spot Ethereum ETF. However, the firm's recent statements suggest that it may reconsider its efforts due to "little" demand for Ethereum among its clients compared to Bitcoin.

繼2024年1月成功推出現貨比特幣交易所交易基金（ETF）後，全球最大的資產管理公司貝萊德一直在積極尋求現貨以太坊ETF的申請。然而，該公司最近的聲明表明，由於與比特幣相比，其客戶對以太坊的需求“很少”，因此它可能會重新考慮其努力。

During a fireside chat at the Friday Bitcoin Investor Day conference in New York, Robert Mitchnick, BlackRock's head of digital assets, highlighted that the firm's client base is primarily focused on Bitcoin. "I can say that for our client base, bitcoin is overwhelmingly the number one focus and a little bit Ethereum," he noted. He further stated that the demand for all other crypto assets is "very, very little."

週五在紐約舉行的比特幣投資者日會議上的爐邊談話中，貝萊德數位資產主管羅伯特·米奇尼克強調，該公司的客戶群主要集中在比特幣上。 「我可以說，對於我們的客戶群來說，比特幣絕對是第一個關注點，還有一點以太坊，」他指出。他進一步表示，對所有其他加密資產的需求「非常非常少」。

Notably, Mitchnick did not provide any definitive comments on whether BlackRock will continue to pursue Ethereum ETF approval. Last week, BlackRock appointed Matt Kunk, Digital Assets Product Strategist, to lead the company's efforts on iShares digital assets ETFs.

值得注意的是，米奇尼克並未就貝萊德是否會繼續尋求以太坊 ETF 批准提供任何明確評論。上週，貝萊德任命數位資產產品策略師 Matt Kunk 領導該公司在 iShares 數位資產 ETF 的工作。

Industry observers have expressed contrasting opinions on BlackRock's position. Some speculate that the company may be downplaying the demand for Ethereum because it does not yet have an ETH ETF product to offer. Others argue that the low demand for Ethereum at present could indicate significant potential for growth.

產業觀察家對貝萊德的立場表達了不同的看法。有些人猜測該公司可能會淡化對以太坊的需求，因為它尚未提供 ETH ETF 產品。其他人則認為，目前對以太坊的低需求可能表明其巨大的成長潛力。

Despite the uncertainty surrounding BlackRock's Ethereum ETF application, the US Securities and Exchange Commission (SEC) has postponed its decision to May 2024. Meanwhile, there have been ongoing discussions that BlackRock may pursue ETFs for other digital assets. However, Mitchnick clarified that the company's primary focus is not on offering a wide range of such products.

儘管貝萊德的以太坊ETF 申請存在不確定性，但美國證券交易委員會(SEC) 已將其決定推遲到2024 年5 月。與此同時，有關貝萊德可能尋求其他數位資產ETF 的討論仍在繼續。然而，米奇尼克澄清說，公司的主要重點不是提供廣泛的此類產品。

Meanwhile, BlackRock continues to explore the digital asset industry. The asset manager recently announced the launch of its BUIDL stablecoin on the Ethereum blockchain as part of its tokenization efforts.

與此同時，貝萊德繼續探索數位資產產業。該資產管理公司最近宣佈在以太坊區塊鏈上推出 BUIDL 穩定幣，作為其代幣化工作的一部分。

Speculation of Security Tag for Ethereum Raises Concerns

以太坊安全標籤的猜測引發擔憂

Amidst these developments, there have been rumors within the industry that the US SEC may consider classifying Ethereum as a security, similar to its treatment of XRP. This could further reduce the chances of an Ethereum ETF being approved by the securities regulator.

在這些事態發展中，業內有傳言稱，美國 SEC 可能會考慮將以太坊歸類為證券，類似於對待 XRP 的方式。這可能會進一步降低以太坊 ETF 獲得證券監管機構批准的機會。

Alex Thorn, head of firmwide research at Galaxy Digital, suggests that if the SEC is investigating crypto firms' interactions with the Ethereum Foundation, it could indicate scrutiny into whether the original Ethereum initial coin offering (ICO) in 2014 was an unregistered securities offering. However, Thorn also notes that taking enforcement action against the Ethereum Foundation nearly a decade later would be "highly unusual."

Galaxy Digital 全公司研究主管Alex Thorn 表示，如果SEC 正在調查加密公司與以太坊基金會的互動，這可能表明正在審查2014 年最初的以太坊首次代幣發行(ICO) 是否是未經註冊的證券發行。然而，索恩也指出，近十年後對以太坊基金會採取執法行動將是「極不尋常的」。

Notwithstanding these concerns, crypto industry players such as Coinbase have expressed support for Ethereum, arguing that the CFTC and SEC cannot hold different views on the asset class.

儘管有這些擔憂，Coinbase 等加密產業參與者仍表達了對以太坊的支持，認為 CFTC 和 SEC 不能對該資產類別持有不同的看法。

The future of BlackRock's Ethereum ETF application remains uncertain, contingent on factors such as client demand, regulatory decisions, and the industry's overall sentiment towards Ethereum.

貝萊德以太坊 ETF 申請的未來仍不確定，這取決於客戶需求、監管決策以及產業對以太坊的整體情緒等因素。