为什么这位 ETF 专家看好以太坊并表示华盛顿的加密货币立场被误解

Bitwise 的 Matt Hougan 表示，如果副总统卡马拉·哈里斯 (Kamala Harris) 在美国总统选举中击败唐纳德·特朗普 (Donald Trump)，这可能对以太坊有利，尽管加密货币无论如何都处于良好状态。

Bitwise Asset Management is having a great 2024.

Bitwise 资产管理公司 2024 年表现出色。

The firm, which specializes in developing crypto investment products, launched two of the most successful exchange-traded funds (ETFs) of all time. Its spot bitcoin ETF has amassed more than $1.2 billion in the span of nine months, while its spot ether ETF has raked in over $250 million in 84 days.

该公司专门开发加密货币投资产品，推出了有史以来最成功的两只交易所交易基金（ETF）。其现货比特币 ETF 在 9 个月内已积累了超过 12 亿美元，而其现货以太坊 ETF 在 84 天内已积累了超过 2.5 亿美元。

“We’re holding our own against BlackRock and Fidelity,” Bitwise Chief Investment Officer Matt Hougan told CoinDesk, referring to two giants of traditional finance that have vastly larger operations than Bitwise. “There are people who want a crypto-native asset manager to survive.”

Bitwise 首席投资官 Matt Hougan 告诉 CoinDesk：“我们正在与 BlackRock 和 Fidelity 抗衡。”这两家传统金融巨头的业务规模远超 Bitwise。 “有些人希望加密原生资产管理公司能够生存。”

But that’s not all. The company grew its assets under management from roughly $1 billion to $5 billion, Hougan said, and Bitwise’s acquisition of ETC Group – Europe’s largest bitcoin exchange-traded product (ETP) issuer – means the firm now has a solid footing on the old continent.

但这还不是全部。 Hougan 表示，该公司管理的资产从大约 10 亿美元增加到 50 亿美元，Bitwise 收购了欧洲最大的比特币交易所交易产品 (ETP) 发行商 ETC Group，这意味着该公司现在在旧大陆上站稳了脚跟。

If you listen to Hougan, they’re just getting started.

如果你听 Hougan 的话，你会发现他们才刚刚开始。

“We’ve entered the ETF era of crypto,” he said. That means crypto is going to be normalized in people’s portfolios, and a growing cohort of investors will want access to a wide array of crypto investment vehicles, be it single-asset (like the spot bitcoin ETFs) or multi-asset products (which could combine bitcoin and ether, for example).

“我们已经进入了加密货币的 ETF 时代，”他说。这意味着加密货币将在人们的投资组合中正常化，越来越多的投资者将希望获得各种加密货币投资工具，无论是单一资产（如现货比特币 ETF）还是多资产产品（可能例如，结合比特币和以太币）。

Case in point, on Oct. 7 Bitwise filed to convert three of its crypto futures ETFs into strategy-based trend-following funds, which rotate out of the market when it loses momentum, with the goal of providing exposure to volatility to investors while minimizing downside risk.

典型的例子是，10 月 7 日，Bitwise 申请将其三只加密货币期货 ETF 转换为基于策略的趋势跟踪基金，这些基金在市场失去动力时退出市场，目的是为投资者提供波动性风险，同时最大限度地减少波动性。下行风险。

Bitwise’s ascent is happening in a context of quick technological innovation in crypto, with settlement times and transaction fees getting ever lower – which means crypto applications can now become mainstream much faster than people think, according to Hougan. And shifting political tides in Washington could indicate that, as far as regulatory roadblocks go, the worst is behind us.

Hougan 表示，Bitwise 的崛起是在加密技术快速创新的背景下发生的，结算时间和交易费用越来越低，这意味着加密应用程序现在可以比人们想象的更快地成为主流。华盛顿政治潮流的转变可能表明，就监管障碍而言，最糟糕的时期已经过去。

“It won’t be all sunshine and roses, it will still be imperfect. I just think it will be better than in the past,” Hougan said.

“它不会都是阳光和玫瑰，它仍然是不完美的。我只是认为它会比过去更好，”霍根说。

Chart: Bitwise crypto ETF flows are lagging behind projections

图表：Bitwise 加密 ETF 流量落后于预测

If the tremendous success of bitcoin ETFs is the story of the year, the comparatively disappointing ether ETF flows has turned sentiment – at least on Crypto Twitter – against the second-largest cryptocurrency by market capitalization.

如果说比特币 ETF 的巨大成功是今年的焦点，那么相对令人失望的以太坊 ETF 流量则已经将市场情绪（至少在 Crypto Twitter 上）转向了对市值第二大加密货币的看法。

“Inside crypto, many people look at Ethereum as old tech and would rather talk about Solana or Sui or Monad or Aptos or whatever,” Hougan said.

“在加密货币领域，许多人将以太坊视为旧技术，而更愿意谈论 Solana、Sui、Monad、Aptos 等，”Hougan 说。

But for him, they’re missing the bigger picture.

但对他来说，他们错过了更大的图景。

The bulk of the $170 billion stablecoin market is issued on Ethereum, Hougan pointed out, and the majority of tokenization projects – like BlackRock’s BUIDL fund or DeFi protocol Ondo – are being built on it, too. Same with the most popular crypto apps, like Uniswap or Aave.

Hougan 指出，价值 1700 亿美元的稳定币市场大部分是在以太坊上发行的，大多数代币化项目——比如贝莱德的 BUIDL 基金或 DeFi 协议 Ondo——也都建立在以太坊上。与最流行的加密应用程序相同，例如 Uniswap 或 Aave。

“It’s the Microsoft of blockchains, because Microsoft is like this really boring old tech company from the ’70s and it’s still the third-largest company in the world,” Hougan said. “If you work at a large bank and you’re trying to tokenize an asset, you’re not going to get fired for putting it on Ethereum.”

“它是区块链领域的微软，因为微软就像这家 70 年代非常无聊的老科技公司，但它仍然是世界第三大公司，”Hougan 说。 “如果你在一家大型银行工作，并且你正在尝试将一项资产代币化，那么你不会因为将其放在以太坊上而被解雇。”

In that sense, Ethereum is the platform for killer crypto applications. So, the network is being sold to investors because it has utility – the fact that it also produces cash flow doesn’t hurt at all.

从这个意义上说，以太坊是杀手级加密应用程序的平台。因此，该网络之所以被出售给投资者，是因为它具有实用性——事实上，它还能产生现金流，这一点也没有什么坏处。

In fact, Hougan said that among clients, interest for bitcoin (BTC) and Ethereum’s ether (ETH) is neatly divided in half. Those with concerns about the monetary situation and the fate of the U.S. dollar will naturally gravitate toward bitcoin, while the rest tend to be much more excited about everything being built on top of Ethereum.

事实上，Hougan 表示，在客户中，对比特币 (BTC) 和以太坊 (ETH) 的兴趣正好分成两半。那些担心货币状况和美元命运的人自然会倾向于比特币，而其他人往往对建立在以太坊之上的一切感到更加兴奋。

“One thing that I’m really confident about is that 2025 flows in ether ETFs will exceed 2024 flows. And I bet 2026 flows will exceed 2025 flows,” Hougan said. “I just think Ethereum takes somewhat more education than bitcoin, but that education is happening.”

“我真正有信心的一件事是，2025 年以太坊 ETF 的流量将超过 2024 年的流量。我打赌 2026 年的流量将超过 2025 年的流量，”Hougan 说。 “我只是认为以太坊比比特币需要更多的教育，但这种教育正在发生。”

Another major development this year? The feeling that in Washington, crypto isn’t taboo anymore.

今年的另一个重大发展？在华盛顿，加密货币不再是禁忌。

The White House took an adversarial stance towards crypto through most of U.S. President Joe Biden’s term – for example, going out of its way to veto a controversial accounting measure, SAB 121, which makes it hard for banks to custody crypto.

在美国总统乔·拜登的大部分任期内，白宫对加密货币采取了敌对立场，例如，不遗余力否决一项有争议的会计措施 SAB 121，这使得银行很难托管加密货币。

But things started to change when former President Donald Trump said in May that he’d champion the industry. He then doubled down by vowing to constitute a strategic bitcoin reserve, to free Silk Road creator Ross Ulbricht from prison and to help the bitcoin mining industry

但当前总统唐纳德·特朗普五月份表示他将支持该行业时，情况开始发生变化。然后，他加倍努力，誓言建立比特币战略储备，将丝绸之路创始人罗斯·乌布利希从监狱中释放出来，并帮助比特币采矿业