贝莱德将其以太（ETH）交换基金（ETF）描述为“巨大成功”，但承认一个关键限制

贝莱德（Blackrock）的数字资产负责人罗比·米奇尼克（Robbie Mitchnick）将该公司的以太（ETH）交易所资金（ETF）描述为“巨大的成功”，但承认关键的限制。

BlackRock's (NYSE:BLK) head of digital assets Robbie Mitchnick described the firm's Ether (ETH) exchange-traded funds (ETFs) as a “tremendous success” but acknowledged a key limitation.

贝莱德（NYSE：BLK）数字资产负责人罗比·米奇尼克（Robbie Mitchnick）将公司的以太（ETH）交易所交易资金（ETF）描述为“巨大的成功”，但承认是一个关键的限制。

Speaking at the Digital Asset Summit on March 20, Mitchnick noted that the ETF is "less perfect" without staking, highlighting a crucial feature absent from the current offering.

米奇尼克（Mitchnick）在3月20日的数字资产峰会上发表讲话时指出，ETF在没有静止状态的情况下“不那么完美”，突出了当前产品中没有关键的特征。

"A staking yield is a meaningful part of how you can generate investment return in this space. And all the [Ether] ETFs, of course, at launch did not have staking. So, if that is able to get resolved..."

“积分产量是您如何在此领域产生投资回报的有意义的一部分。当然，所有[以太] ETF都没有积分。因此，如果能够解决……”

However, adding staking to Ether ETFs is no simple task.

但是，在Ether ETF中添加Staging并不是简单的任务。

"It's not as simple as a new administration just green-lighting something, and then boom, we're all good, off to the races. There's a lot of fairly complex challenges that have to be figured out, but if that can get figured out, then I think it's gonna be sort of a step change upward in terms of what we see the activity around those products is."

“这并不像新的政府那样简单，而只是绿灯，然后繁荣，我们都很好，参加了比赛。有很多相当复杂的挑战必须弄清楚，但是如果可以弄清楚那是一步，那么我认为这会在我们看到这些产品的活动上向上变化。”

Panel at Digital Asset Summit 2025 with Joseph Lubin (middle) and Robbie Mitchnick (right). Source: YouTube

与约瑟夫·卢宾（Middle）和罗比·米奇尼克（Robbie Mitchnick（Robbie Mitchnick）（右））在数字资产峰会2025年的小组面板。来源：YouTube

ETH staking was first introduced in December 2020 as part of the Ethereum network's move from a proof-of-work consensus mechanism to proof-of-stake.

ETH Staking于2020年12月首次引入，这是以太坊网络从工作证明共识机制转变为股份证明的一部分。

By February 2024, Ether staking deposits reached $85 billion, accounting for 25% of the circulating supply of the cryptocurrency.

到2024年2月，以太存放存款达到850亿美元，占加密货币循环供应的25％。

The current yield rate for staked Ether is between 2% and 7% annually. However, staking ETH comes with risks, including the possibility of slashing if a validator engages in misconduct. This potential penalty could deter traditional investors, as it introduces an additional layer of risk to their investments.

固定以太的当前收益率每年在2％至7％之间。但是，Staking Eth具有风险，包括如果验证者从事不当行为，可能会削减。这种潜在的惩罚可能会阻止传统投资者，因为它为其投资带来了额外的风险。

Related: Ether ETFs poised to surge in 2025, analysts say

相关：分析师说，Ether ETF有望在2025年激增。

Joseph Lubin weighs in on Ethereum narratives

约瑟夫·卢宾（Joseph Lubin）在以太坊叙事中称重

Narratives surrounding Ethereum have, at times, been negative during this bull run, especially because the price of Ether has lagged behind other crypto tokens.

以太坊周围的叙事有时在这次公牛跑期间是负面的，尤其是因为以太的价格落后于其他加密代币。

Also speaking at the Digital Asset Summit, Ethereum co-founder Joseph Lubin said the narrative about Ethereum to institutional investors is “too big to describe.”

以太坊联合创始人约瑟夫·卢宾（Joseph Lubin）也在数字资产峰会上发表讲话说，关于以太坊对机构投资者的叙述“太大了，无法描述”。

“It’s like trying to describe the internet protocols and the web protocols,” Lubin said, adding:

卢宾说：“这就像试图描述Internet协议和Web协议一样。”

According to Lubin, the Ethereum narrative should target applications that matter to users and businesses rather than broad theoretical discussions.

根据卢宾的说法，以太坊的叙述应针对对用户和企业重要的应用，而不是广泛的理论讨论。

“We are at our broadband moment, and we will see applications like social graphs, decentralized ID, attestations, reputation, things that you can use inside of different applications.”

“我们正处于宽带时刻，我们将看到诸如社交图，分散的ID，证明，声誉以及您可以在不同应用程序内使用的事物之类的应用程序。”

BlackRock's ETH pitch to investors

贝莱德对投资者的ETH宣传

Mitchnick noted that when talking to institutional investors, Ethereum is easier to describe at a second-grade level than a 10th-grade level.

米奇尼克（Mitchnick）指出，在与机构投资者交谈时，以太坊在二年级的水平上比10年级更容易描述。

Robbie Mitchnick at Digital Asset Summit 2025. Source: YouTube

罗比·米奇尼克（Robbie Mitchnick）在数字资产峰会2025年。资料来源：YouTube

“Second-grade level, it’s a technology innovation story. Once you start to get beyond that, it does get a little more vast, a little more complicated. It’s about being a bet on blockchain adoption and innovation. That’s part of the thesis as we communicate it to clients. And then when they want to get down to a little more tangible level, we can talk about some of the more specific use cases that it unlocks.”

“二年级水平，这是一个技术创新的故事。一旦您开始超越了这一点，它确实会变得更加广泛，更复杂。这是一个赌注，这是一个押注区块链采用和创新。这是我们与客户交流的一部分。然后，我们与客户交流。

BlackRock has advertised Ethereum to investors as a bet on tokenization, stablecoin adoption and decentralized finance, according to Mitchnick.

米奇尼克（Mitchnick）表示，贝莱德（Blackrock）已向投资者宣传以太坊，以押注令牌化，稳定的采用和分散的财务。

Data from SoSoValue shows ETH ETFs hold a total value of $7 billion as of March 20, with a cumulative inflow of $2.5 billion. However, the ETFs have seen a cumulative outflow of $358 million in the past 11 days as the cryptocurrency market has largely struggled.

Sosovalue的数据显示，截至3月20日，ETH ETF的总价值为70亿美元，累计流入为25亿美元。但是，由于加密货币市场在很大程度上挣扎，ETF在过去11天中的累计流出额为3.58亿美元。