美國證券交易委員會終於批准了第一隻現貨比特幣和以太坊組合交易所交易基金

這一巨大的進步是數位資產和傳統金融市場主流化過程中最引人注目的里程碑。

The U.S. Securities and Exchange Commission (SEC) has finally approved the first spot bitcoin and Ethereum combination exchange-traded funds (ETFs) from Hashdex and Franklin Templeton, in a highly anticipated move that marks a major step for both the investment and cryptocurrency industries.

美國證券交易委員會(SEC) 最終批准了Hashdex 和富蘭克林鄧普頓的首支現貨比特幣和以太坊組合交易所交易基金(ETF)，這是備受期待的舉措，標誌著投資和加密貨幣行業邁出了重要一步。

This giant step also heralds the most remarkable milestone yet in the mainstream adaptation of digital assets and traditional financial markets, as part of a broader convergence between the two domains.

這一巨大的進步也預示著數位資產和傳統金融市場主流適應方面迄今為止最顯著的里程碑，作為兩個領域之間更廣泛融合的一部分。

The Approval Details

審批詳情

While many voices have been raised in the long-standing debate advocating for having regulated investment vehicles on cryptocurrency exposure, the SEC has been sitting on many applications for approval. However, this latest approval will give investors direct exposure to bitcoin and Ethereum, the two largest market capitalization cryptocurrencies, without having to buy or hold the underlying assets directly.

儘管在主張對加密貨幣投資工具進行監管的長期辯論中提出了許多聲音，但美國證券交易委員會一直在等待許多批准申請。然而，這項最新批准將使投資者直接接觸比特幣和以太坊這兩種市值最大的加密貨幣，而無需直接購買或持有基礎資產。

“To help investors achieve a more balanced exposure to both cryptocurrencies (while dynamically adjusting allocations depending on market conditions), Hashdex has introduced the ‘Bitcoin-Ethereum Strategy ETF',” the firm said in a statement. Meanwhile, Franklin Templeton's “Digital Core ETF will also incorporate an appropriate mix of bitcoin and Ethereum and drive that mix toward growth over time through further diversification and reduced volatility.”

該公司在一份聲明中表示：“為了幫助投資者實現對兩種加密貨幣更加平衡的投資（同時根據市場狀況動態調整配置），Hashdex 推出了‘比特幣-以太坊策略 ETF’。”與此同時，富蘭克林鄧普頓的“數位核心 ETF 也將納入比特幣和以太坊的適當組合，並通過進一步多元化和降低波動性推動該組合隨著時間的推移而增長。”

Market Impact

市場影響

The approval has wide-ranging repercussions, stretching far and wide into the cryptocurrency market. Spot bitcoin ETF approvals have historically signaled great regulatory green lights, and such approvals often end up increasing investor confidence and institutional wealth inflow. While these ETFs offer an option that diversifies into two, they also appeal to more than a narrower set of investors by bringing Ethereum into the mix.

該批准產生了廣泛的影響，廣泛影響加密貨幣市場。現貨比特幣 ETF 的批准歷來都標誌著監管部門的批准，而此類批准往往最終會增強投資者的信心和機構財富的流入。雖然這些 ETF 提供了兩種多元化的選擇，但它們透過將以太坊納入其中，吸引的不僅僅是一小部分投資者。

The Response of the Industry

業界反應

The cryptocurrency industry has generally celebrated the SEC's decision as a watershed moment in the relationship between digital and traditional finance. “We are happy to bring this innovative product to market, offering investors a regulated and efficient way to exposure to the two leading virtual currencies,” said Hashdex's CEO, Paulo Passoni.

加密貨幣產業普遍認為美國證券交易委員會的決定是數位金融與傳統金融之間關係的分水嶺。 Hashdex 執行長 Paulo Passoni 表示：“我們很高興將這項創新產品推向市場，為投資者提供一種受監管且有效的方式來接觸兩種領先的虛擬貨幣。”

On the other hand, Franklin Templeton also had something to say about the approval. “Our Digital Core ETF reflects our commitment to providing investors with cutting-edge solutions that meet their evolving needs,” said Sarah Bennett, Franklin Templeton's head of ETF product strategy.

另一方面，富蘭克林鄧普頓對於此次批准也有話要說。富蘭克林鄧普頓 ETF 產品策略主管 Sarah Bennett 表示：“我們的數位核心 ETF 體現了我們致力於為投資者提供尖端解決方案，滿足他們不斷變化的需求的承諾。”

Wider Implications

更廣泛的影響

The approval of these ETFs is also likely to extend beyond the cryptocurrency sector into other areas of financial markets. The move, analysts speculate, may open the door for more traditional asset managers to look into blockchain technology and digital assets, speeding up the convergence of conventional finance with decentralized finance (DeFi).

這些 ETF 的批准也可能從加密貨幣領域擴展到金融市場的其他領域。分析師推測，此舉可能為更多傳統資產管理公司研究區塊鏈技術和數位資產打開大門，加速傳統金融與去中心化金融（DeFi）的整合。

The action by the SEC also very much indicates an open opportunity for innovation in the financial sector while guarding investors. However, it implicates further questions concerning other pending approvals for cryptocurrency ETFs, which include those considering the DeFi tokens or other blockchain-based assets.

SEC 的行動也非常表明金融領域在保護投資者的同時提供了開放的創新機會。然而，它還涉及其他待批准的加密貨幣 ETF 的進一步問題，其中包括那些考慮 DeFi 代幣或其他基於區塊鏈的資產的問題。

What Happens Next?

接下來會發生什麼事？

Now, as the dates close in for ETF launches later in the year, market participants turn their gaze toward how these products will perform and shape the broader investment landscape. The combination of bitcoin and Ethereum in one fund provides a new way to diversify risk, paving the way for even more complex products for crypto investment in the future.

現在，隨著今年稍後 ETF 推出的日期臨近，市場參與者將目光轉向這些產品將如何表現並塑造更廣泛的投資格局。比特幣和以太坊在一隻基金中的結合提供了一種分散風險的新方式，為未來更複雜的加密投資產品鋪平了道路。