Bitwise 无视市场疑虑，申请以太坊现货 ETF

尽管现货以太坊 ETF 的支持率不断下降，专家预测 5 月份已降至 30%，但资产管理公司 Bitwise 已向 SEC 提交申请，推出以太坊现货 ETF。

Bitwise Files for Ethereum Spot ETF Despite Waning May Approval Odds

尽管批准几率下降，Bitwise仍申请以太坊现货ETF

In a move defying subdued market expectations, asset management firm Bitwise has submitted a registration statement with the Securities and Exchange Commission (SEC) for a physically-backed Ethereum (ETH) spot exchange-traded fund (ETF). The filing, Form S-1, was made public on March 28, 2024.

资产管理公司 Bitwise 向美国证券交易委员会 (SEC) 提交了一份实物支持的以太坊 (ETH) 现货交易所交易基金 (ETF) 的注册声明，此举违背了市场低迷的预期。该文件（表格 S-1）于 2024 年 3 月 28 日公开。

This development comes on the heels of recent, more pessimistic predictions regarding the likelihood of an Ethereum spot ETF approval in May 2024. Bitwise's Chief Investment Officer, Matt Hougan, had earlier suggested that the probability of approval stood at a mere 30%.

这一进展是在最近对以太坊现货 ETF 在 2024 年 5 月获得批准的可能性做出更为悲观的预测之后发生的。Bitwise 首席投资官 Matt Hougan 早些时候曾表示，获得批准的可能性仅为 30%。

Similarly, industry experts have been tempering their initial optimism. Bloomberg senior ETF analyst Eric Balchunas initially predicted a 70% approval chance, which was later revised down to 35%. GSR Markets, an algorithmic market maker, assigned the probability a low 20%.

同样，行业专家也一直在缓和最初的乐观情绪。彭博社高级 ETF 分析师埃里克·巴尔丘纳斯 (Eric Balchunas) 最初预测批准几率为 70%，后来下调至 35%。算法做市商 GSR Markets 将这一概率定为 20%。

These diminished expectations stem from the SEC's pattern of delaying approvals for Ethereum spot ETF applications submitted by industry giants like BlackRock and Fidelity. Most recently, on March 20, 2024, the SEC launched a formal inquiry into the classification of Ethereum as a security, signaling a heightened level of scrutiny for Proof-of-Stake assets.

这些预期的下降源于美国证券交易委员会推迟批准贝莱德和富达等行业巨头提交的以太坊现货 ETF 申请的模式。最近，2024 年 3 月 20 日，美国证券交易委员会 (SEC) 对以太坊作为证券的分类发起了正式调查，这标志着对权益证明资产的审查更加严格。

Even in the case of the recently approved Bitcoin spot ETF, the SEC maintained its non-committal stance on cryptocurrencies, deeming only Bitcoin a commodity while leaving the status of other coins in the gray area of possible securities.

即使在最近批准的比特币现货 ETF 中，美国证券交易委员会也维持了对加密货币的不置可否立场，仅将比特币视为商品，而将其他货币置于可能证券的灰色地带。

Legal scholars argue that applying the Howey Test—a framework the SEC employs to determine whether an investment contract qualifies as a security—to Ethereum yields an inconclusive result, undermining the assertion that Ethereum is a security.

法律学者认为，将豪伊测试（美国证券交易委员会用来确定投资合同是否符合证券资格的框架）应用于以太坊会产生不确定的结果，从而削弱了以太坊是证券的主张。

Currently, ETH is trading around $3,550, a decline of approximately $500 since the Shanghai upgrade. This market action reflects the ongoing uncertainty surrounding regulatory developments.

目前，ETH 交易价格约为 3,550 美元，自上海上调以来下跌约 500 美元。这一市场行为反映出围绕监管发展的持续不确定性。

Implications and Outlook

影响和展望

The Bitwise Ethereum Spot ETF filing sends a clear message that the asset management industry remains bullish on Ethereum, despite the regulatory headwinds. The company's decision to proceed with the application suggests a belief that the SEC's stance may soften in the future.

Bitwise 以太坊现货 ETF 文件传达了一个明确的信息：尽管存在监管阻力，资产管理行业仍然看好以太坊。该公司决定继续申请，表明人们相信美国证券交易委员会的立场未来可能会软化。

However, the SEC's recent actions and statements indicate that the path to an Ethereum spot ETF approval is far from straightforward. The agency's focus on Ethereum's classification as a security raises concerns about its willingness to approve spot ETFs for other cryptocurrencies.

然而，美国证券交易委员会最近的行动和声明表明，以太坊现货 ETF 的批准之路远非一帆风顺。该机构对以太坊作为证券的分类的关注引发了人们对其是否愿意批准其他加密货币的现货 ETF 的担忧。

Market participants should closely monitor the SEC's ongoing inquiry into Ethereum's status and any related developments. The agency's final determination will have significant implications for the growth and adoption of Ethereum and the broader digital asset ecosystem.

市场参与者应密切关注美国证券交易委员会对以太坊状况和任何相关进展的持续调查。该机构的最终决定将对以太坊和更广泛的数字资产生态系统的增长和采用产生重大影响。