以太坊ETF為更廣泛的機構採用鋪平了道路，但仍然不完整

這種缺乏可能會限制他們對直接投資策略的競爭力，這使他們質疑他們滿足專業投資者期望的能力。

The Ethereum ETFs, launched in August 2024, represent a promising initiative for wider institutional adoption of crypto assets. However, these ETFs still lack a crucial aspect: staking.

2024年8月啟動的以太坊ETF代表了一項有前途的倡議，用於更廣泛地採用加密資產。但是，這些ETF仍然缺乏關鍵方面：佔用。

According to Robbie Mitchnick from BlackRock, at the Digital Asset Summit 2025 in New York City on March 18 to 20, 2025, this omission could limit the competitiveness of the ETFs.

據BlackRock的Robbie Mitchnick稱，在2025年3月18日至205日在紐約市的數字資產峰會2025年，這種遺漏可能會限制ETF的競爭力。

The Ethereum ETF from BlackRock, tracking the price of the cryptocurrency in the United States, quickly sparked enthusiasm among investors.

貝萊德（Blackrock）的以太坊ETF追踪了美國加密貨幣的價格，很快就引起了投資者的熱情。

The first ETF, launched by Shapeshift in July 2025, reached 2.5 billion dollars in net inflows in the first few months, attesting to the growing interest of professional investors in this asset class.

Shapeshift於2025年7月推出的第一款ETF在頭幾個月中達到了25億美元的淨流入，這證明了專業投資者在此資產類別中日益增長的興趣。

However, this positive momentum has stalled, with 11 days of net outflows totaling 358 million dollars, beginning on March 1. This trend coincides with a more uncertain market climate and Ethereum’s underperformance compared to Bitcoin.

但是，這種積極的勢頭已經停滯不前，從3月1日開始，淨流出總計為3.58億美元。與比特幣相比，這種趨勢與更不確定的市場環境和以太坊的表現不佳相吻合。

According to Mitchnick, a staking yield is an essential component of return on investment in this space.

根據米奇尼克（Mitchnick）的說法，積分產量是該領域投資回報率的重要組成部分。

Currently, the Ethereum ETFs do not allow investors to benefit from these passive incomes, which could hinder their competitiveness against available alternatives in the market.

目前，以太坊ETF不允許投資者從這些被動收入中受益，這可能會阻礙他們對市場上可用替代方案的競爭力。

Institutional investors see several limitations in the current structure of Ethereum ETFs:

機構投資者看到以太坊ETF的當前結構有幾個局限性：

Thus, the future of Ethereum ETFs will depend on their ability to evolve towards a more competitive structure and remain compliant with current regulations.

因此，以太坊ETF的未來將取決於它們發展到更具競爭性結構並遵守當前法規的能力。

Integrating staking into an Ethereum ETF is not just a simple administrative decision. As Mitchnick pointed out, several regulatory and technical obstacles make this option complex to implement.

將Staking整合到以太坊ETF中不僅是一個簡單的管理決定。正如米奇尼克（Mitchnick）指出的那樣，幾個監管和技術障礙使該選項變得複雜。

“It’s not as simple as a green light from regulation,” Mitchnick said, adding that there are structural and compliance challenges to resolve before being able to integrate this functionality.

米奇尼克說：“這不像監管中的綠燈那樣簡單。”他補充說，在能夠整合此功能之前，存在結構性和合規性挑戰。

Staking, introduced in December 2020 with Ethereum’s transition to Proof-of-Stake, represents a colossal market, with 85 billion dollars in deposits, or 25% of the circulating supply. The yield generated by this activity ranges from 2% to 7% per year, a major financial asset for crypto investors.

Straking於2020年12月推出，以太坊過渡到股份證明，代表了一個巨大的市場，其中有850億美元的存款，佔循環供應的25％。這項活動產生的收益率為每年2％至7％，這是加密投資者的主要金融資產。

However, this strategy also carries specific risks, notably slashing, a penalty applied to validators who do not comply with network rules. This uncertainty could deter some institutional investors, who are reluctant to expose themselves to a model where their funds could be penalized in case of mismanagement of validator nodes.

但是，該策略還具有特定的風險，尤其是削減了對不遵守網絡規則的驗證者的罰款。這種不確定性可能會阻止一些機構投資者，他們不願意將自己暴露於一個模式下，如果驗證者節點管理不善，則可能會受到懲罰。

According to Joseph Lubin, co-founder of Ethereum, the answer could lie in a narrative tailored to institutional investors.

以太坊聯合創始人約瑟夫·盧賓（Joseph Lubin）表示，答案可能在於針對機構投資者量身定制的敘述。

Instead of focusing discussions on technology and the complexity of the network, Lubin advocates for an approach centered on concrete use cases, such as asset tokenization, decentralized identities, and decentralized finance.

Lubin提倡採用以混凝土用例（例如資產令牌化，分散身份和分散的財務）為中心的方法，而不是將討論集中在技術和網絡的複雜性上。

If BlackRock and other market players wish to enhance the attractiveness of Ethereum ETFs, they will have to find a way to integrate staking without compromising the security and compliance of the product.

如果貝萊德和其他市場參與者希望增強以太坊ETF的吸引力，他們將不得不找到一種在不損害產品的安全性和合規性的情況下整合積分的方法。

The question is even more strategic as institutional investors are increasingly sensitive to yield opportunities, and the lack of staking could limit the long-term interest in crypto ETFs.

問題更具戰略意義，因為機構投資者對收益機會越來越敏感，並且缺乏積分可能會限制對加密ETF的長期興趣。