以太幣 ETF 與比特幣 ETF：持續的挑戰。在本文中，我們將分析加密貨幣市場中兩種旗艦投資產品的資金流入和近期表現。

雖然比特幣歷來主導加密貨幣市場，但以太坊正逐漸成為去中心化應用程式的領先平台。

The cryptocurrency market has seen a new wave of interest in recent months, largely driven by the launch of exchange-traded funds (ETFs) that track the price of flagship digital assets like Bitcoin and Ethereum. While both ETFs have garnered attention from investors, there is a stark contrast in the investment flows they have attracted.

近幾個月來，加密貨幣市場出現了新一波的興趣，這主要是由於追蹤比特幣和以太坊等旗艦數位資產價格的交易所交易基金（ETF）的推出所推動的。雖然這兩款ETF都吸引了投資人的關注，但它們吸引的投資流卻形成鮮明對比。

Bitcoin ETFs, which were first approved by financial regulators in 2021, have seen significant inflows, amounting to nearly $18.75 billion since they began trading in January. This robust demand is driven by the established nature of Bitcoin as a store of value, attracting both institutional and retail investors seeking long-term stability in their portfolios.

比特幣 ETF 於 2021 年首次獲得金融監管機構批准，自 1 月開始交易以來，資金流入量已接近 187.5 億美元。這種強勁的需求是由比特幣作為價值儲存手段的既定性質所推動的，吸引了尋求投資組合長期穩定的機構和散戶投資者。

In contrast, Ethereum ETFs, which were only introduced in the United States in July 2023, have faced challenges in attracting substantial investment. Despite the growing popularity of the Ethereum platform and its applications in decentralized finance (DeFi), smart contracts, and non-fungible tokens (NFTs), the ETFs tracking ether have recorded zero flows for the second time.

相較之下，2023年7月才在美國推出的以太坊ETF在吸引大量投資方面面臨挑戰。儘管以太坊平台及其在去中心化金融（DeFi）、智能合約和不可替代代幣（NFT）中的應用越來越受歡迎，但追蹤以太坊的 ETF 卻第二次錄得零流量。

This disparity in investment flows can be attributed to several factors, including the varying risk perceptions associated with Bitcoin and Ethereum among investors. Bitcoin is widely recognized as a digital store of value, often likened to digital gold, which makes it appealing for investors seeking a hedge against inflation and financial market volatility.

投資流的這種差異可歸因於多種因素，包括投資者對比特幣和以太坊相關風險認知的差異。比特幣被廣泛認為是一種數位價值儲存手段，通常被比作數位黃金，這使得它對尋求對沖通膨和金融市場波動的投資者俱有吸引力。

On the other hand, Ethereum's heavy integration with decentralized applications, NFTs, and smart contracts, while technologically advanced, also subjects it to higher perceived investment risk. This is especially true considering the network's ongoing scalability challenges, despite the recent upgrade to Ethereum 2.0.

另一方面，以太坊與去中心化應用程式、NFT 和智慧合約的高度集成，雖然技術先進，但也使其面臨更高的投資風險。儘管最近升級到了以太坊 2.0，但考慮到網路持續面臨的可擴展性挑戰，這一點尤其正確。

This risk perception is reflected in the investment flows, with a clear preference for Bitcoin ETFs, which have attracted substantial capital, while Ethereum ETFs have seen a deficit of around $500 million since their introduction in July 2023.

這種風險認知反映在投資流中，比特幣 ETF 明顯受到青睞，比特幣 ETF 吸引了大量資金，而以太坊 ETF 自 2023 年 7 月推出以來已出現約 5 億美元的赤字。

Furthermore, the differing regulatory attention paid to Bitcoin and Ethereum also contributes to the disparity in ETF flows. Financial regulatory authorities in the United States and elsewhere have been more receptive to financial products based on Bitcoin, with the first approval of a Bitcoin ETF dating back to 2021.

此外，監管機構對比特幣和以太坊的不同關注也導致了 ETF 流量的差異。美國和其他地方的金融監管機構更容易接受基於比特幣的金融產品，比特幣 ETF 的首次批准可以追溯到 2021 年。

In contrast, Ethereum has only recently garnered significant attention from regulators, leading to the listing of ether ETFs in the United States for the first time in July 2023. This time difference has resulted in greater investor confidence in Bitcoin, which has had more time to demonstrate its viability as an institutional investment tool.

相比之下，以太坊最近才引起監管機構的高度關注，導致以太坊 ETF 於 2023 年 7 月首次在美國上市。作為機構投資工具的可行性。

Bitcoin ETFs are viewed as more mature and established compared to Ethereum ETFs, which are still in an early phase of adoption and development. Ultimately, the comparison of Ethereum ETFs versus Bitcoin ETFs highlights a clear difference in investment flows, largely influenced by risk perception and varying regulatory attention.

與以太坊 ETF 相比，比特幣 ETF 被認為更加成熟和成熟，而以太坊 ETF 仍處於採用和開發的早期階段。最終，以太坊 ETF 與比特幣 ETF 的比較凸顯了投資流的明顯差異，這在很大程度上受到風險認知和不同監管關注的影響。

While Bitcoin ETFs have seen huge inflows, totaling nearly $18.75 billion, Ethereum ETFs have recorded zero flows for the second time, showcasing the disparities in investor interest and institutional adoption.

雖然比特幣 ETF 出現了巨額資金流入，總計近 187.5 億美元，但以太坊 ETF 卻第二次錄得零流量，顯示了投資者興趣和機構採用率的差異。