隨著代幣化趨勢的發展勢頭強勁，以太坊預計在 2025 年復甦

Bitwise 資產管理公司的高級投資策略師 Juan Leon 認為，以太坊已做好在 2025 年大幅復甦的準備。

Investment strategist Juan Leon of Bitwise Asset Management believes that a significant resurgence is on the horizon for Ethereum in 2025. In a blog post on Dec. 17, Leon argues that despite being overshadowed in 2024, Ethereum is poised to gain massively from the $100 trillion market for real-world assets.

Bitwise Asset Management 的投資策略師Juan Leon 認為，以太坊即將在2025 年大幅復甦。中獲得巨大收益現實世界資產的市場。

While Bitcoin and Solana dominated headlines this year, Leon points out that Ethereum remained largely overlooked. Bitcoin surged on the back of spot Bitcoin ETFs and historic capital inflows, posting a 130% year-to-date return. Solana, buoyed by retail-driven meme coin speculation, delivered a 106% gain. In comparison, Ethereum's 66% year-to-date return seemed lackluster.

儘管比特幣和 Solana 佔據了今年的頭條新聞，但 Leon 指出，以太坊在很大程度上仍然被忽視。在現貨比特幣 ETF 和歷史性資本流入的推動下，比特幣飆升，今年迄今的回報率為 130%。 Solana 受到散戶驅動的迷因幣投機的推動，上漲了 106%。相比之下，以太坊今年迄今 66% 的回報率顯得黯淡無光。

However, a pivotal shift has occurred in recent weeks, according to Leon. Over the past 10 days, spot Ethereum ETFs attracted $2 billion in net inflows, in stark contrast to the $250 million recorded over the preceding four months. This, says Leon, indicates renewed investor confidence in Ethereum.

然而，萊昂表示，最近幾週發生了關鍵的轉變。過去 10 天，現貨以太坊 ETF 吸引了 20 億美元的淨流入，與前四個月記錄的 2.5 億美元形成鮮明對比。萊昂表示，這顯示投資者對以太坊重新充滿信心。

According to Leon, a driving factor behind Ethereum's comeback is its role as the dominant platform for tokenizing real-world assets. He believes that tokenization, the process of digitizing traditional financial assets like Treasury bills and real estate, presents a massive opportunity. By enabling faster, cheaper and more efficient transactions on blockchain networks, Leon suggests that tokenization could transform global financial markets.

萊昂表示，以太坊捲土重來的一個驅動因素是其作為現實世界資產代幣化的主導平台的作用。他認為，代幣化，即國庫券和房地產等傳統金融資產的數位化過程，提供了巨大的機會。 Leon 認為，透過在區塊鏈網路上實現更快、更便宜、更有效率的交易，代幣化可以改變全球金融市場。

This is not a distant concept but an active trend gaining steam today, Leon emphasizes. Major financial institutions like BlackRock and UBS are already bringing tokenized real-world assets on-chain, spanning government securities, commodities, real estate and private equity. For instance, BlackRock operates a $578 million tokenized Treasury fund, and Leon predicts that tokenized fund assets will triple in 2025, with Ethereum at the center of this expansion.

萊昂強調，這並不是一個遙遠的概念，而是當今正在蓬勃發展的活躍趨勢。貝萊德和瑞銀等主要金融機構已經將代幣化的現實世界資產引入鏈上，涵蓋政府證券、大宗商品、房地產和私募股權。例如，貝萊德經營一支價值 5.78 億美元的代幣化國債基金，Leon 預測代幣化基金資產將在 2025 年增加兩倍，而以太坊將成為這一擴張的中心。

Leon credits Ethereum's dominance in this space to its unmatched security, decentralization and track record. Since launching in 2015, Ethereum has established itself as the most trusted platform for decentralized applications and smart contracts, he argues. Moreover, Ethereum holds 81% of the market share in tokenized assets, making it the platform of choice for most asset managers.

Leon 將以太坊在這一領域的主導地位歸功於其無與倫比的安全性、去中心化和追蹤記錄。他認為，自 2015 年推出以來，以太坊已成為最值得信賴的去中心化應用程式和智慧合約平台。此外，以太坊佔據了代幣化資產81%的市場份額，使其成為大多數資產管理者的首選平台。

Due to its proven infrastructure and expansive validator network, Ethereum serves as a safe and reliable choice for developers and institutions, adds Leon. This stability, he suggests, instills confidence for those seeking to shift real-world assets onto blockchain rails.

Leon 補充道，由於其經過驗證的基礎設施和廣泛的驗證器網絡，以太坊成為開發人員和機構的安全可靠的選擇。他表示，這種穩定性為那些尋求將現實世界資產轉移到區塊鏈軌道上的人注入了信心。

Leon highlights the vast size of the real-world asset market, which is pegged at $100 trillion globally. While shifting these assets to blockchain platforms will take time, he predicts that fees generated from tokenized real-world assets could eventually cross $100 billion annually. This amount is over 40 times Ethereum's current year-to-date fees of $2.4 billion.

Leon 強調了現實世界資產市場的巨大規模，全球規模達 100 兆美元。雖然將這些資產轉移到區塊鏈平台需要時間，但他預測代幣化現實世界資產產生的費用最終每年可能會超過 1,000 億美元。這筆金額是以太坊今年迄今 24 億美元費用的 40 倍以上。

A U.S. Securities and Exchange Commission that supports pro-crypto policies and provides greater regulatory clarity could accelerate this shift, adds Leon. Favorable regulations, he believes, would make Ethereum an attractive investment opportunity with the potential for substantial gains.

萊昂補充道，支持加密貨幣政策並提供更大監管透明度的美國證券交易委員會可能會加速這一轉變。他認為，有利的監管將使以太坊成為一個有吸引力的投資機會，並有可能帶來可觀的利益。

Leon identifies tokenization as one of the key drivers of Ethereum's resurgence. In conjunction with other growing trends, such as the increasing use of stablecoins and AI agents engaging in crypto transactions, Leon sees Ethereum's central role in tokenizing real-world assets as a major opportunity for growth in 2025.

萊昂將代幣化視為以太坊復興的關鍵驅動力之一。結合其他不斷增長的趨勢，例如越來越多地使用穩定幣和參與加密交易的人工智慧代理，Leon 認為以太坊在現實世界資產代幣化方面的核心作用是 2025 年的主要成長機會。