以太坊 ETF 与比特币 ETF：持续的挑战。在本文中，我们将分析加密货币市场中两种旗舰投资产品的资金流入和近期表现。

虽然比特币历来主导着加密货币市场，但以太坊正在逐渐成为去中心化应用程序的领先平台。

The cryptocurrency market has seen a new wave of interest in recent months, largely driven by the launch of exchange-traded funds (ETFs) that track the price of flagship digital assets like Bitcoin and Ethereum. While both ETFs have garnered attention from investors, there is a stark contrast in the investment flows they have attracted.

近几个月来，加密货币市场出现了新一波的兴趣，这主要是由于跟踪比特币和以太坊等旗舰数字资产价格的交易所交易基金（ETF）的推出所推动的。虽然这两款ETF都吸引了投资者的关注，但它们吸引的投资流却形成鲜明对比。

Bitcoin ETFs, which were first approved by financial regulators in 2021, have seen significant inflows, amounting to nearly $18.75 billion since they began trading in January. This robust demand is driven by the established nature of Bitcoin as a store of value, attracting both institutional and retail investors seeking long-term stability in their portfolios.

比特币 ETF 于 2021 年首次获得金融监管机构批准，自 1 月份开始交易以来，资金流入量已接近 187.5 亿美元。这种强劲的需求是由比特币作为价值储存手段的既定性质推动的，吸引了寻求投资组合长期稳定的机构和散户投资者。

In contrast, Ethereum ETFs, which were only introduced in the United States in July 2023, have faced challenges in attracting substantial investment. Despite the growing popularity of the Ethereum platform and its applications in decentralized finance (DeFi), smart contracts, and non-fungible tokens (NFTs), the ETFs tracking ether have recorded zero flows for the second time.

相比之下，2023年7月才在美国推出的以太坊ETF在吸引大量投资方面面临挑战。尽管以太坊平台及其在去中心化金融（DeFi）、智能合约和不可替代代币（NFT）中的应用越来越受欢迎，但追踪以太坊的 ETF 却第二次录得零流量。

This disparity in investment flows can be attributed to several factors, including the varying risk perceptions associated with Bitcoin and Ethereum among investors. Bitcoin is widely recognized as a digital store of value, often likened to digital gold, which makes it appealing for investors seeking a hedge against inflation and financial market volatility.

投资流的这种差异可归因于多种因素，包括投资者对比特币和以太坊相关风险认知的不同。比特币被广泛认为是一种数字价值储存手段，通常被比作数字黄金，这使得它对寻求对冲通胀和金融市场波动的投资者具有吸引力。

On the other hand, Ethereum's heavy integration with decentralized applications, NFTs, and smart contracts, while technologically advanced, also subjects it to higher perceived investment risk. This is especially true considering the network's ongoing scalability challenges, despite the recent upgrade to Ethereum 2.0.

另一方面，以太坊与去中心化应用程序、NFT 和智能合约的高度集成，虽然技术先进，但也使其面临更高的投资风险。尽管最近升级到了以太坊 2.0，但考虑到网络持续面临的可扩展性挑战，这一点尤其正确。

This risk perception is reflected in the investment flows, with a clear preference for Bitcoin ETFs, which have attracted substantial capital, while Ethereum ETFs have seen a deficit of around $500 million since their introduction in July 2023.

这种风险认知反映在投资流中，比特币 ETF 明显受到青睐，比特币 ETF 吸引了大量资金，而以太坊 ETF 自 2023 年 7 月推出以来已出现约 5 亿美元的赤字。

Furthermore, the differing regulatory attention paid to Bitcoin and Ethereum also contributes to the disparity in ETF flows. Financial regulatory authorities in the United States and elsewhere have been more receptive to financial products based on Bitcoin, with the first approval of a Bitcoin ETF dating back to 2021.

此外，监管机构对比特币和以太坊的不同关注也导致了 ETF 流量的差异。美国和其他地方的金融监管机构更容易接受基于比特币的金融产品，比特币 ETF 的首次批准可以追溯到 2021 年。

In contrast, Ethereum has only recently garnered significant attention from regulators, leading to the listing of ether ETFs in the United States for the first time in July 2023. This time difference has resulted in greater investor confidence in Bitcoin, which has had more time to demonstrate its viability as an institutional investment tool.

相比之下，以太坊最近才引起监管机构的高度关注，导致以太坊 ETF 于 2023 年 7 月首次在美国上市。这一时间差导致投资者对比特币信心增强，比特币有更多时间证明其作为机构投资工具的可行性。

Bitcoin ETFs are viewed as more mature and established compared to Ethereum ETFs, which are still in an early phase of adoption and development. Ultimately, the comparison of Ethereum ETFs versus Bitcoin ETFs highlights a clear difference in investment flows, largely influenced by risk perception and varying regulatory attention.

与以太坊 ETF 相比，比特币 ETF 被认为更加成熟和成熟，而以太坊 ETF 仍处于采用和开发的早期阶段。最终，以太坊 ETF 与比特币 ETF 的比较凸显了投资流的明显差异，这在很大程度上受到风险认知和不同监管关注的影响。

While Bitcoin ETFs have seen huge inflows, totaling nearly $18.75 billion, Ethereum ETFs have recorded zero flows for the second time, showcasing the disparities in investor interest and institutional adoption.

虽然比特币 ETF 出现了巨额资金流入，总计近 187.5 亿美元，但以太坊 ETF 却第二次录得零流量，显示了投资者兴趣和机构采用率的差异。