由於監管不確定性，以太坊落後於比特幣

以市值計算的第二大加密貨幣以太坊在 2023 年第一季一直難以跟上其「老大哥」比特幣的飆升步伐，與比特幣 65% 的漲幅相比，以太坊僅上漲了 53%。以太幣的價格仍比2021 年11 月的歷史高點低26%，專家將其表現不佳歸因於其在非流行投資者中知名度較低，以及對其作為證券或商品的監管地位的持續爭論。

Ethereum Trails Bitcoin, Hindered by Ambiguous Regulatory Environment

以太坊落後於比特幣，受到模糊監管環境的阻礙

New York, April 11, 2023 - Ethereum, the second-largest cryptocurrency, has struggled to keep pace with the meteoric rise of its forerunner, Bitcoin. Despite a modest 53% gain in the first three months of the year, Ethereum's performance pales in comparison to Bitcoin's 65% surge.

紐約，2023 年 4 月 11 日 - 第二大加密貨幣以太坊一直難以跟上其先行者比特幣的迅速崛起的步伐。儘管今年前三個月以太坊小幅上漲 53%，但與比特幣 65% 的飆升相比，以太坊的表現顯得相形見絀。

As of Monday, Ethereum traded around $3,612, marking a significant 26% decline from its November 2021 peak of $4,867.60. The lackluster performance can be attributed to several factors, including a relatively low level of name recognition among non-cryptocurrency enthusiasts and uncertainty surrounding its regulatory status.

截至週一，以太坊交易價格約為 3,612 美元，較 2021 年 11 月的峰值 4,867.60 美元大幅下跌 26%。表現不佳可歸因於幾個因素，包括非加密貨幣愛好者的知名度相對較低以及其監管狀況的不確定性。

"Ethereum's persistent Achilles heel is its limited name recognition outside the crypto community," said Joseph Edwards, head of research at London-based crypto firm Enigma Securities. "While economic activity on Ethereum has surged since 2020, reaching all-time highs may take some time."

總部位於倫敦的加密貨幣公司 Enigma Securities 的研究主管 Joseph Edwards 表示：“以太坊持續存在的致命弱點是其在加密貨幣社區之外的知名度有限。” “雖然自 2020 年以來以太坊上的經濟活動激增，但達到歷史新高可能需要一些時間。”

The approval of spot-traded Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) has been a key driver of institutional demand for Bitcoin. Ethereum ETFs, however, remain in limbo, awaiting regulatory approval.

美國證券交易委員會（SEC）批准現貨交易的比特幣交易所交易基金（ETF）一直是機構對比特幣需求的關鍵驅動力。然而，以太坊 ETF 仍處於懸而未決的狀態，正在等待監管部門的批准。

VanEck's filing is first in line for a decision on May 23. Standard Chartered Bank anticipates the approval of spot Ether ETFs on that date, forecasting a surge in Ethereum's price to $8,000 by the end of 2024 and $14,000 by the end of 2025.

VanEck 的申請將首先在5 月23 日做出決定。渣打銀行預計現貨以太坊ETF 將於該日獲得批准，並預測以太坊的價格到2024 年底將飆升至8,000 美元，到2025 年底將飆升至14,000美元。

Ambiguous Regulatory Status

監管狀況不明確

Despite the optimism surrounding Ethereum ETFs, not everyone is convinced that the U.S. regulator will greenlight them. Legal experts and industry insiders have expressed concerns about Ether's ambiguous legal status and expect the SEC to proceed cautiously.

儘管人們對以太坊 ETF 持樂觀態度，但並非所有人都相信美國監管機構會批准它們。法律專家和業內人士對以太幣模糊的法律地位表示擔憂，並期望 SEC 謹慎行事。

Unlike Bitcoin, which the SEC has classified as a commodity, Ether operates on a proof-of-stake blockchain, allowing users to earn yield by staking their tokens. This feature has led to speculation that Ether could be deemed a security, subjecting it to stricter disclosure rules that run counter to the cryptocurrency ethos of bypassing traditional gatekeepers like banks and exchanges.

與 SEC 歸類為商品的比特幣不同，以太幣在權益證明區塊鏈上運行，允許用戶透過抵押其代幣來賺取收益。這一特徵引發了人們的猜測，即以太幣可能被視為一種證券，使其受到更嚴格的披露規則的約束，這與繞過銀行和交易所等傳統看門人的加密貨幣精神背道而馳。

"Obtaining SEC approval for staked Ether ETFs will be an uphill battle and is highly unlikely at this juncture," said Anders Helset, head of research at digital assets analytics firm K33.

數位資產分析公司 K33 研究主管 Anders Helset 表示：“獲得 SEC 對質押以太 ETF 的批准將是一場艱苦的戰鬥，而且目前不太可能實現。”

Muted Institutional Demand

機構需求疲軟

Institutional demand for Ether has been dwarfed by that of Bitcoin. Digital asset funds tracking Ether experienced outflows of $46.4 million in the month leading up to March 23, according to data from CoinShares, compared to inflows of over $4 billion for Bitcoin products.

機構對以太幣的需求與比特幣相比相形見絀。 CoinShares 的數據顯示，截至 3 月 23 日的一個月內，追蹤以太幣的數位資產基金流出了 4,640 萬美元，而比特幣產品的流入超過 40 億美元。

Some market participants, however, believe that the focus should be on Ethereum's underlying technology, which serves as the backbone of Web3 and supports applications such as decentralized finance and blockchain gaming.

不過，一些市場參與者認為，重點應該放在以太坊的底層技術上，該技術作為Web3的支柱，支持去中心化金融和區塊鏈遊戲等應用。

BlackRock's recent launch of its first tokenized fund on the Ethereum blockchain ignited discussions about the platform's broader role in tokenizing real-world assets. To date, over $2 billion worth of commodities and government securities, among other traditional assets, have been tokenized on various networks, with 80% residing on the Ethereum blockchain, according to Swiss cryptocurrency manager 21Shares.

貝萊德最近在以太坊區塊鏈上推出了首個代幣化基金，引發了有關該平台在現實世界資產代幣化方面更廣泛作用的討論。據瑞士加密貨幣管理公司 21Shares 稱，迄今為止，價值超過 20 億美元的商品和政府證券以及其他傳統資產已在各種網路上進行代幣化，其中 80% 儲存在以太坊區塊鏈上。