贝莱德优先考虑搁置比特币、以太坊 ETF 申请

BlackRock's Crypto Calculus: Bitcoin First, Ethereum Second?

贝莱德的加密演算：比特币第一，以太坊第二？

As the world's largest asset manager, BlackRock has the heft to shape the trajectory of the digital asset landscape. Their recent musings on an Ethereum ETF application have sent ripples through the cryptosphere. So, what's the deal?

作为全球最大的资产管理公司，贝莱德有能力塑造数字资产格局的发展轨迹。他们最近对以太坊 ETF 申请的思考在加密领域引起了轩然大波。那么，到底是怎么回事呢？

Bitcoin Over Ethereum?

比特币优于以太坊？

Robert Mitchnick, BlackRock's head honcho for digital assets, dropped a bombshell at the Bitcoin Investor Day conference: Bitcoin is king for their clients. While Ethereum gets some love, it's a distant second. This preference could drive BlackRock to prioritize Bitcoin offerings in their digital asset playbook.

贝莱德数字资产业务负责人罗伯特·米奇尼克在比特币投资者日会议上投下重磅炸弹：比特币对于他们的客户来说是王者。虽然以太坊受到了一些人的喜爱，但距离第二还很遥远。这种偏好可能会促使贝莱德在其数字资产策略中优先考虑比特币产品。

Ethereum ETF on Hold?

以太坊 ETF 被搁置？

BlackRock hasn't pulled the plug on the Ethereum ETF yet, but the SEC's decision to delay their review until May 2024 has cast a shadow over its prospects. The firm's commitment to digital assets remains intact, though, as evidenced by their recent hire of Matt Kunk as Digital Assets Product Strategist.

贝莱德尚未终止以太坊 ETF，但 SEC 将审查推迟至 2024 年 5 月的决定为其前景蒙上了阴影。不过，该公司对数字资产的承诺仍然完好无损，最近聘请 Matt Kunk 担任数字资产产品策略师就证明了这一点。

Regulatory Quandaries

监管困境

Ethereum's regulatory status is a Gordian knot that BlackRock is grappling with. If the SEC labels it a security like XRP, the path to an ETF approval becomes a treacherous one.

以太坊的监管地位是贝莱德正在努力解决的一个棘手问题。如果 SEC 将其标记为像 XRP 这样的证券，那么 ETF 批准的道路就会变得危险。

Industry United Behind Ethereum

以太坊背后的行业联合

Despite these headwinds, the crypto industry stands behind Ethereum. Coinbase and other heavyweights are lobbying against a divergent classification between the SEC and the CFTC. This unified front reflects the industry's unwavering belief in Ethereum's worth, regulatory hurdles notwithstanding.

尽管存在这些阻力，加密行业仍然支持以太坊。 Coinbase 和其他重量级人物正在游说反对 SEC 和 CFTC 之间的不同分类。尽管存在监管障碍，这一统一战线反映了该行业对以太坊价值的坚定信念。

BlackRock's Broader Play

贝莱德的更广泛业务

Even if BlackRock puts the Ethereum ETF on ice, it doesn't diminish Ethereum's importance in the digital ecosystem. BlackRock's forays extend beyond the ETF realm, as exemplified by their launch of the BUIDL stablecoin on the Ethereum blockchain.

即使贝莱德将以太坊 ETF 冻结，也不会削弱以太坊在数字生态系统中的重要性。贝莱德的涉足范围超出了 ETF 领域，他们在以太坊区块链上推出的 BUIDL 稳定币就是例证。

Cautious Approach, Calculated Strategy

谨慎行事，深思熟虑的策略

BlackRock's circumspection regarding the Ethereum ETF highlights the complex regulatory and client-driven landscape of digital assets. Their cautious approach doesn't negate their long-term commitment to the sector, as evidenced by their continued exploration of blockchain technology and digital assets beyond Ethereum.

贝莱德对以太坊 ETF 的谨慎态度凸显了数字资产复杂的监管和客户驱动的格局。他们的谨慎态度并没有否定他们对该行业的长期承诺，他们对以太坊之外的区块链技术和数字资产的持续探索就证明了这一点。

Missed Opportunities?

错过机会？

While BlackRock prioritizes Bitcoin, there's a silent demand for Ethereum ETFs that their current client base may not fully capture. Their focus on Bitcoin ETFs could potentially blind them to the growth potential of the Ethereum ecosystem.

尽管贝莱德优先考虑比特币，但对以太坊 ETF 的需求却悄无声息，而他们当前的客户群可能无法完全满足这一需求。他们对比特币 ETF 的关注可能会让他们忽视以太坊生态系统的增长潜力。

Long-Term Optimism

长期乐观

Despite BlackRock's reservations, the industry's unwavering support for Ethereum suggests its enduring potential. As the market matures, institutions like BlackRock will likely adapt their strategies to evolving regulations and client preferences. Their ongoing exploration of blockchain technology and digital assets beyond Ethereum signals a long-term commitment to the sector, promising continued innovation and investment.

尽管贝莱德持保留态度，但该行业对以太坊的坚定支持表明了其持久的潜力。随着市场的成熟，贝莱德等机构可能会根据不断变化的法规和客户偏好调整其策略。他们对以太坊之外的区块链技术和数字资产的持续探索标志着对该行业的长期承诺，承诺持续创新和投资。

On-Chain Data Tells a Tale

链上数据讲述故事

While the SEC grapples with Ethereum's classification, on-chain data reveals that long-term holders remain steadfast in their belief. This unwavering conviction amidst regulatory uncertainty bodes well for Ethereum's long-term prospects.

尽管美国证券交易委员会正在努力解决以太坊的分类问题，但链上数据显示，长期持有者仍然坚信自己的信念。在监管不确定性中这种坚定不移的信念对以太坊的长期前景来说是个好兆头。

SEC Reignites Ethereum Debate

美国证券交易委员会（SEC）重新引发以太坊争论

The SEC's contemplation of classifying Ethereum as a security has reignited the debate about its status and potential impact on the crypto market. This ongoing discussion underscores the complex regulatory landscape that digital assets navigate.

美国证券交易委员会将以太坊归类为证券的考虑重新引发了有关其地位及其对加密市场潜在影响的争论。这一持续的讨论凸显了数字资产所面临的复杂监管环境。