由于机构需求和网络活动，以太坊 (ETH) 可能突破 5000 美元（7800 澳元）：CryptoQuant

CryptoQuant 发布了一份报告，指出由于机构需求和网络活动，以太坊的 ETH 价格可能会超过 5000 美元（7800 澳元）。

CryptoQuant has released a report stating that institutional demand and network activity could propel Ethereum’s (CRYPTO: ETH) price to over $5,000 this year.

CryptoQuant 发布了一份报告，指出机构需求和网络活动可能会推动以太坊 (CRYPTO: ETH) 的价格今年突破 5,000 美元。

According to the firm, inflows into spot Ethereum exchange-traded funds (ETFs) have “broken records” with over $1.9 billion being poured into the funds in the last 13 days, bringing total net assets to $13.18 billion, as per data from SoSo Value.

据该公司称，根据 SoSo Value 的数据，流入现货以太坊交易所交易基金 (ETF) 的资金“打破了记录”，过去 13 天内流入基金的资金超过 19 亿美元，使总净资产达到 131.8 亿美元。

What Happened: Ethereum has also seen increased activity, with total daily transactions averaging between 6.5 and 7.5 million for most of this year, compared to an average of around 5 million per day in 2023.

发生了什么：以太坊的活动也有所增加，今年大部分时间平均每日交易总量在 6.5 至 750 万笔之间，而 2023 年平均每日交易总量约为 500 万笔。

“This activity level is a key driver of ETH's scarcity and could contribute to price appreciation,” the report said.

报告称：“这种活动水平是 ETH 稀缺性的关键驱动因素，并可能导致价格上涨。”

Institutions have been flocking to Ethereum ETFs, with Microsoft (NASDAQ:MSFT) also being open to investing in the funds, according to a report by Blockworks.

根据 Blockworks 的一份报告，机构纷纷涌向以太坊 ETF，微软（纳斯达克股票代码：MSFT）也对投资这些基金持开放态度。

This的消息 comes as a blow to Bitcoin (CRYPTO: BTC) maximalists like Michael Saylor, who have been advocating for apex crypto to be included in these funds.

这一消息对像迈克尔·塞勒这样的比特币（加密货币：BTC）极端主义者来说是一个打击，他们一直主张将顶级加密货币纳入这些基金。

The speculation started after Matthew Sigel, VanEck's head of digital assets research, said on X post that Microsoft might consider investing in an Ethereum ETF if it includes staking features.

VanEck 数字资产研究主管 Matthew Sigel 在 X post 上表示，如果以太坊 ETF 包含质押功能，微软可能会考虑投资以太坊 ETF，之后引发了这一猜测。

This possibility was suggested following comments by Microsoft CFO Amy Hood during the company's annual shareholder meeting, where the Bitcoin proposal was overwhelmingly rejected (less than one percent of shareholders voted in favor).

微软首席财务官艾米·胡德 (Amy Hood) 在公司年度股东大会上发表评论后提出了这种可能性，会上比特币提案遭到压倒性否决（不到 1% 的股东投了赞成票）。

Sounds to me like $MSFT is open to an #ETH ETF as long as they can collect staking income 🤷‍♂️ pic.twitter.com/qtZ2InSZhV

在我看来，$MSFT 对 #ETH ETF 开放，只要他们能够收取质押收入🤷‍♂️ pic.twitter.com/qtZ2InSZhV

Hood said that Microsoft has been accepting cryptocurrency payments since 2014 and considers crypto an asset class, but its investment priorities are centered on liquidity, capital preservation and income generation.

胡德表示，微软自 2014 年以来一直接受加密货币支付，并将加密货币视为一种资产类别，但其投资重点集中在流动性、资本保值和创收上。

“We have been accepting cryptocurrency as a payment method since 2014. Crypto is an asset class that we follow, but our investment priorities are centered on liquidity, capital preservation and income generation,” Hood said.

“自 2014 年以来，我们一直接受加密货币作为支付方式。加密货币是我们遵循的一种资产类别，但我们的投资重点是流动性、资本保值和创收，”胡德说。

Staking, Ethereum ETFs' Missing Piece: While this sounds promising, it may be more complicated.

质押，以太坊 ETF 的缺失部分：虽然这听起来很有希望，但它可能会更加复杂。

The Securities and Exchange Commission (SEC) has demanded that Ethereum ETFs exclude staking features due to regulatory and compliance concerns.

出于监管和合规方面的考虑，美国证券交易委员会 (SEC) 要求以太坊 ETF 排除质押功能。

Specifically, the SEC views staking services as constituting unregistered securities offerings.

具体来说，美国证券交易委员会将质押服务视为构成未经注册的证券发行。

This view could change under a new SEC administration, but it would still be complicated for the SEC to allow staking services without a new regulatory framework.

在新的 SEC 管理下，这种观点可能会改变，但对于 SEC 来说，在没有新监管框架的情况下允许质押服务仍然会很复杂。

Moreover, current spot Ethereum ETFs process redemptions in 24 hours, while staking often involves lock-up periods.

此外，目前的现货以太坊 ETF 会在 24 小时内处理赎回，而质押通常会涉及锁定期。

Integrating staking services into Ethereum ETFs would be a massive advantage.

将质押服务集成到以太坊 ETF 中将是一个巨大的优势。

Analysts say it could significantly lower management fees, making them more attractive to investors by combining income generation with minimal costs.

分析师表示，这可以显着降低管理费，通过将创收与最低成本结合起来，对投资者更具吸引力。

This move would also enhance Ethereum ETFs’ competitiveness against Bitcoin ETFs, which currently dominate the market.

此举还将增强以太坊 ETF 相对于目前主导市场的比特币 ETF 的竞争力。

For instance, Nate Geraci, president of the ETF Store, said that he believes Ethereum ETFs with staking capabilities are a question of “when, not if.”

例如，ETF Store 总裁 Nate Geraci 表示，他认为具有质押功能的以太坊 ETF 只是“何时出现，而不是是否出现”的问题。