以太坊ETF为更广泛的机构采用铺平了道路，但仍然不完整

这种缺乏可能会限制他们对直接投资策略的竞争力，这使他们质疑他们满足专业投资者期望的能力。

The Ethereum ETFs, launched in August 2024, represent a promising initiative for wider institutional adoption of crypto assets. However, these ETFs still lack a crucial aspect: staking.

2024年8月启动的以太坊ETF代表了一项有前途的倡议，用于更广泛地采用加密资产。但是，这些ETF仍然缺乏关键方面：占用。

According to Robbie Mitchnick from BlackRock, at the Digital Asset Summit 2025 in New York City on March 18 to 20, 2025, this omission could limit the competitiveness of the ETFs.

据BlackRock的Robbie Mitchnick称，在2025年3月18日至205日在纽约市的数字资产峰会2025年，这种遗漏可能会限制ETF的竞争力。

The Ethereum ETF from BlackRock, tracking the price of the cryptocurrency in the United States, quickly sparked enthusiasm among investors.

贝莱德（Blackrock）的以太坊ETF追踪了美国加密货币的价格，很快就引起了投资者的热情。

The first ETF, launched by Shapeshift in July 2025, reached 2.5 billion dollars in net inflows in the first few months, attesting to the growing interest of professional investors in this asset class.

Shapeshift于2025年7月推出的第一款ETF在头几个月中达到了25亿美元的净流入，这证明了专业投资者在此资产类别中日益增长的兴趣。

However, this positive momentum has stalled, with 11 days of net outflows totaling 358 million dollars, beginning on March 1. This trend coincides with a more uncertain market climate and Ethereum’s underperformance compared to Bitcoin.

但是，这种积极的势头已经停滞不前，从3月1日开始，净流出总计为3.58亿美元。与比特币相比，这种趋势与更不确定的市场环境和以太坊的表现不佳相吻合。

According to Mitchnick, a staking yield is an essential component of return on investment in this space.

根据米奇尼克（Mitchnick）的说法，积分产量是该领域投资回报率的重要组成部分。

Currently, the Ethereum ETFs do not allow investors to benefit from these passive incomes, which could hinder their competitiveness against available alternatives in the market.

目前，以太坊ETF不允许投资者从这些被动收入中受益，这可能会阻碍他们对市场上可用替代方案的竞争力。

Institutional investors see several limitations in the current structure of Ethereum ETFs:

机构投资者看到以太坊ETF的当前结构有几个局限性：

Thus, the future of Ethereum ETFs will depend on their ability to evolve towards a more competitive structure and remain compliant with current regulations.

因此，以太坊ETF的未来将取决于它们发展到更具竞争性结构并遵守当前法规的能力。

Integrating staking into an Ethereum ETF is not just a simple administrative decision. As Mitchnick pointed out, several regulatory and technical obstacles make this option complex to implement.

将Staking整合到以太坊ETF中不仅是一个简单的管理决定。正如米奇尼克（Mitchnick）指出的那样，几个监管和技术障碍使该选项变得复杂。

“It’s not as simple as a green light from regulation,” Mitchnick said, adding that there are structural and compliance challenges to resolve before being able to integrate this functionality.

米奇尼克说：“这不像监管中的绿灯那样简单。”他补充说，在能够整合此功能之前，存在结构性和合规性挑战。

Staking, introduced in December 2020 with Ethereum’s transition to Proof-of-Stake, represents a colossal market, with 85 billion dollars in deposits, or 25% of the circulating supply. The yield generated by this activity ranges from 2% to 7% per year, a major financial asset for crypto investors.

Straking于2020年12月推出，以太坊过渡到股份证明，代表了一个巨大的市场，其中有850亿美元的存款，占循环供应的25％。这项活动产生的收益率为每年2％至7％，这是加密投资者的主要金融资产。

However, this strategy also carries specific risks, notably slashing, a penalty applied to validators who do not comply with network rules. This uncertainty could deter some institutional investors, who are reluctant to expose themselves to a model where their funds could be penalized in case of mismanagement of validator nodes.

但是，该策略还具有特定的风险，尤其是削减了对不遵守网络规则的验证者的罚款。这种不确定性可能会阻止一些机构投资者，他们不愿意将自己暴露于一个模式下，如果验证者节点管理不善，则可能会受到惩罚。

According to Joseph Lubin, co-founder of Ethereum, the answer could lie in a narrative tailored to institutional investors.

以太坊联合创始人约瑟夫·卢宾（Joseph Lubin）表示，答案可能在于针对机构投资者量身定制的叙述。

Instead of focusing discussions on technology and the complexity of the network, Lubin advocates for an approach centered on concrete use cases, such as asset tokenization, decentralized identities, and decentralized finance.

Lubin提倡采用以混凝土用例（例如资产令牌化，分散身份和分散的财务）为中心的方法，而不是将讨论集中在技术和网络的复杂性上。

If BlackRock and other market players wish to enhance the attractiveness of Ethereum ETFs, they will have to find a way to integrate staking without compromising the security and compliance of the product.

如果贝莱德和其他市场参与者希望增强以太坊ETF的吸引力，他们将不得不找到一种在不损害产品的安全性和合规性的情况下整合积分的方法。

The question is even more strategic as institutional investors are increasingly sensitive to yield opportunities, and the lack of staking could limit the long-term interest in crypto ETFs.

问题更具战略意义，因为机构投资者对收益机会越来越敏感，并且缺乏积分可能会限制对加密ETF的长期兴趣。