看不見的戰鬥：以太幣的神秘崛起能否取代比特幣 ETF？

12 月，以太坊 (ETH) 交易所交易基金 (ETF) 錄得淨流入超過 26 億美元，反映出人們對這些金融產品的興趣日益濃厚。

As 2024 drew to a close, Ether (ETH) exchange-traded funds (ETFs) saw a remarkable eight consecutive weeks of net inflows, amassing a staggering $2.6 billion, as revealed by Farside investors. This impressive performance was driven by surging interest in these financial products, tracking closely behind Bitcoin (BTC) ETFs, which boasted over $35 billion in net inflows throughout the year, according to the data.

據 Farside 投資者透露，隨著 2024 年接近尾聲，以太坊 (ETH) 交易所交易基金 (ETF) 連續八週出現驚人的淨流入，資金總額達到驚人的 26 億美元。數據顯示，這一令人印象深刻的表現是由於人們對這些金融產品的興趣高漲而推動的，緊隨比特幣 (BTC) ETF 的腳步，後者全年淨流入超過 350 億美元。

Moreover, Ether ETFs experienced a peak in the week of November 26, with a net inflow of $2.2 billion, as reported by CoinShares. These ETFs also saw a strong start to the year, boasting seven consecutive weeks of net inflows, as highlighted by Farside investors.

此外，根據 CoinShares 報導，以太坊 ETF 在 11 月 26 日當週經歷了峰值，淨流入達 22 億美元。正如 Farside 投資者所強調的那樣，這些 ETF 今年開局強勁，連續七週出現淨流入。

As the year progressed, Ether's spot price played a crucial role in boosting ETF returns, while regulatory changes also paved the way for these funds to earn yields from staking, presenting a potential scenario where Ether ETFs could dethrone Bitcoin ETFs in 2025.

隨著時間的推移，以太幣的現貨價格在提高ETF 回報方面發揮了至關重要的作用，而監管變化也為這些基金透過質押賺取收益鋪平了道路，這預示著以太幣ETF 可能會在2025 年取代比特幣ETF。

notably, BlackRock's iShares Ethereum Trust led the sector with over $3.5 billion in 2024 net inflows, followed closely by the Fidelity Ethereum Fund with $1.5 billion. However, these gains were partially offset by Grayscale Ethereum Trust's net outflows of over $3.6 billion.

值得注意的是，貝萊德(BlackRock) 的iShares 以太坊信託(iShares Ethereum Trust) 在2024 年的淨流入中以超過35 億美元的淨流入領先該行業，緊隨其後的是富達以太坊基金(Fidelity Ethereum Fund)，淨流入額為15 億美元。然而，這些收益被灰階以太坊信託超過 36 億美元的淨流出部分抵消。

This scenario mirrored the performance of Bitcoin ETFs, with BlackRock's iShares Bitcoin Trust capturing approximately $37 billion in net inflows, while the Grayscale Bitcoin Trust experienced outflows of over $20 billion.

這種情況反映了比特幣 ETF 的表現，貝萊德的 iShares 比特幣信託基金獲得了約 370 億美元的淨流入，而灰階比特幣信託基金則經歷了超過 200 億美元的資金流出。

Industry experts anticipate that Ether ETFs could outpace Bitcoin ETFs in 2025, considering Ether's outperformance over Bitcoin in both spot and derivatives markets since November. This trend, coupled with increasing network activity fueled by the integration of artificial intelligence agents on Ethereum, is poised to enhance Ether's competitive edge in the coming year.

考慮到自 11 月以來以太幣在現貨和衍生性商品市場上的表現均優於比特幣，產業專家預計 2025 年以太幣 ETF 的成長可能會超過比特幣 ETF。這一趨勢，加上以太坊上人工智慧代理的整合所推動的網路活動的增加，有望在來年增強以太坊的競爭優勢。

Asset manager VanEck projects Ether's spot price to reach $6,000 by late 2025, driven by its strong fundamentals and growing institutional adoption.

資產管理公司 VanEck 預計，在其強勁的基本面和不斷增長的機構採用率的推動下，到 2025 年末，以太幣的現貨價格將達到 6,000 美元。