貝萊德優先考慮擱置比特幣、以太坊 ETF 申請

BlackRock's Crypto Calculus: Bitcoin First, Ethereum Second?

貝萊德的加密演算法：比特幣第一，以太幣第二？

As the world's largest asset manager, BlackRock has the heft to shape the trajectory of the digital asset landscape. Their recent musings on an Ethereum ETF application have sent ripples through the cryptosphere. So, what's the deal?

身為全球最大的資產管理公司，貝萊德有能力塑造數位資產格局的發展軌跡。他們最近對以太坊 ETF 申請的思考在加密領域引起了軒然大波。那麼，到底是怎麼一回事呢？

Bitcoin Over Ethereum?

比特幣優於以太坊？

Robert Mitchnick, BlackRock's head honcho for digital assets, dropped a bombshell at the Bitcoin Investor Day conference: Bitcoin is king for their clients. While Ethereum gets some love, it's a distant second. This preference could drive BlackRock to prioritize Bitcoin offerings in their digital asset playbook.

貝萊德數位資產業務負責人羅伯特·米奇尼克在比特幣投資者日會議上投下重磅炸彈：比特幣對他們的客戶來說是王者。雖然以太坊受到了一些人的喜愛，但距離第二還很遙遠。這種偏好可能會促使貝萊德在其數位資產策略中優先考慮比特幣產品。

Ethereum ETF on Hold?

以太坊 ETF 被擱置？

BlackRock hasn't pulled the plug on the Ethereum ETF yet, but the SEC's decision to delay their review until May 2024 has cast a shadow over its prospects. The firm's commitment to digital assets remains intact, though, as evidenced by their recent hire of Matt Kunk as Digital Assets Product Strategist.

貝萊德尚未終止以太坊 ETF，但 SEC 將審查推遲至 2024 年 5 月的決定為其前景蒙上了陰影。不過，該公司對數位資產的承諾仍然完好無損，最近聘請 Matt Kunk 擔任數位資產產品策略師就證明了這一點。

Regulatory Quandaries

監管困境

Ethereum's regulatory status is a Gordian knot that BlackRock is grappling with. If the SEC labels it a security like XRP, the path to an ETF approval becomes a treacherous one.

以太坊的監管地位是貝萊德正在努力解決的棘手問題。如果 SEC 將其標記為像 XRP 這樣的證券，那麼 ETF 批准的道路就會變得危險。

Industry United Behind Ethereum

以太坊背後的產業聯合

Despite these headwinds, the crypto industry stands behind Ethereum. Coinbase and other heavyweights are lobbying against a divergent classification between the SEC and the CFTC. This unified front reflects the industry's unwavering belief in Ethereum's worth, regulatory hurdles notwithstanding.

儘管存在這些阻力，加密產業仍然支持以太坊。 Coinbase 和其他重量級人物正在遊說反對 SEC 和 CFTC 之間的不同分類。儘管存在監管障礙，這條統一戰線反映了該行業對以太坊價值的堅定信念。

BlackRock's Broader Play

貝萊德更廣泛的業務

Even if BlackRock puts the Ethereum ETF on ice, it doesn't diminish Ethereum's importance in the digital ecosystem. BlackRock's forays extend beyond the ETF realm, as exemplified by their launch of the BUIDL stablecoin on the Ethereum blockchain.

即使貝萊德將以太坊 ETF 凍結，也不會削弱以太坊在數位生態系統中的重要性。貝萊德的涉足範圍超出了 ETF 領域，他們在以太坊區塊鏈上推出的 BUIDL 穩定幣就是例證。

Cautious Approach, Calculated Strategy

謹慎行事，深思熟慮的策略

BlackRock's circumspection regarding the Ethereum ETF highlights the complex regulatory and client-driven landscape of digital assets. Their cautious approach doesn't negate their long-term commitment to the sector, as evidenced by their continued exploration of blockchain technology and digital assets beyond Ethereum.

貝萊德對以太坊 ETF 的謹慎態度凸顯了數位資產複雜的監管和客戶驅動的格局。他們的謹慎態度並沒有否定他們對該行業的長期承諾，他們對以太坊以外的區塊鏈技術和數位資產的持續探索就證明了這一點。

Missed Opportunities?

錯過機會？

While BlackRock prioritizes Bitcoin, there's a silent demand for Ethereum ETFs that their current client base may not fully capture. Their focus on Bitcoin ETFs could potentially blind them to the growth potential of the Ethereum ecosystem.

儘管貝萊德優先考慮比特幣，但對以太坊 ETF 的需求卻悄無聲息，而他們目前的客戶群可能無法完全滿足這一需求。他們對比特幣 ETF 的關注可能會讓他們忽略以太坊生態系統的成長潛力。

Long-Term Optimism

長期樂觀

Despite BlackRock's reservations, the industry's unwavering support for Ethereum suggests its enduring potential. As the market matures, institutions like BlackRock will likely adapt their strategies to evolving regulations and client preferences. Their ongoing exploration of blockchain technology and digital assets beyond Ethereum signals a long-term commitment to the sector, promising continued innovation and investment.

儘管貝萊德持保留態度，但該行業對以太坊的堅定支持表明了其持久的潛力。隨著市場的成熟，貝萊德等機構可能會根據不斷變化的法規和客戶偏好調整其策略。他們對以太坊以外的區塊鏈技術和數位資產的持續探索標誌著對該行業的長期承諾，承諾持續創新和投資。

On-Chain Data Tells a Tale

鏈上數據說故事

While the SEC grapples with Ethereum's classification, on-chain data reveals that long-term holders remain steadfast in their belief. This unwavering conviction amidst regulatory uncertainty bodes well for Ethereum's long-term prospects.

儘管美國證券交易委員會正在努力解決以太坊的分類問題，但鏈上數據顯示，長期持有者仍然堅信自己的信念。在監管不確定性中這種堅定不移的信念對以太坊的長期前景來說是個好兆頭。

SEC Reignites Ethereum Debate

美國證券交易委員會（SEC）重新引發以太坊爭論

The SEC's contemplation of classifying Ethereum as a security has reignited the debate about its status and potential impact on the crypto market. This ongoing discussion underscores the complex regulatory landscape that digital assets navigate.

美國證券交易委員會將以太坊歸類為證券的考慮重新引發了有關其地位及其對加密市場潛在影響的爭論。這項持續的討論凸顯了數位資產所面臨的複雜監管環境。