由于监管不确定性，以太坊落后于比特币

按市值计算的第二大加密货币以太坊在 2023 年第一季度一直难以跟上其“老大哥”比特币的飙升步伐，与比特币 65% 的涨幅相比，以太坊仅上涨了 53%。以太币的价格仍比 2021 年 11 月的历史高点低 26%，专家将其表现不佳归因于其在非流行投资者中知名度较低，以及对其作为证券或商品的监管地位的持续争论。

Ethereum Trails Bitcoin, Hindered by Ambiguous Regulatory Environment

以太坊落后于比特币，受到模糊监管环境的阻碍

New York, April 11, 2023 - Ethereum, the second-largest cryptocurrency, has struggled to keep pace with the meteoric rise of its forerunner, Bitcoin. Despite a modest 53% gain in the first three months of the year, Ethereum's performance pales in comparison to Bitcoin's 65% surge.

纽约，2023 年 4 月 11 日 - 第二大加密货币以太坊一直难以跟上其先行者比特币的迅速崛起的步伐。尽管今年前三个月以太坊小幅上涨 53%，但与比特币 65% 的飙升相比，以太坊的表现显得相形见绌。

As of Monday, Ethereum traded around $3,612, marking a significant 26% decline from its November 2021 peak of $4,867.60. The lackluster performance can be attributed to several factors, including a relatively low level of name recognition among non-cryptocurrency enthusiasts and uncertainty surrounding its regulatory status.

截至周一，以太坊交易价格约为 3,612 美元，较 2021 年 11 月的峰值 4,867.60 美元大幅下跌 26%。表现不佳可归因于几个因素，包括非加密货币爱好者的知名度相对较低以及其监管状况的不确定性。

"Ethereum's persistent Achilles heel is its limited name recognition outside the crypto community," said Joseph Edwards, head of research at London-based crypto firm Enigma Securities. "While economic activity on Ethereum has surged since 2020, reaching all-time highs may take some time."

总部位于伦敦的加密货币公司 Enigma Securities 的研究主管 Joseph Edwards 表示：“以太坊持续存在的致命弱点是其在加密货币社区之外的知名度有限。” “虽然自 2020 年以来以太坊上的经济活动激增，但达到历史新高可能需要一些时间。”

The approval of spot-traded Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) has been a key driver of institutional demand for Bitcoin. Ethereum ETFs, however, remain in limbo, awaiting regulatory approval.

美国证券交易委员会（SEC）批准现货交易的比特币交易所交易基金（ETF）一直是机构对比特币需求的关键驱动力。然而，以太坊 ETF 仍处于悬而未决的状态，正在等待监管部门的批准。

VanEck's filing is first in line for a decision on May 23. Standard Chartered Bank anticipates the approval of spot Ether ETFs on that date, forecasting a surge in Ethereum's price to $8,000 by the end of 2024 and $14,000 by the end of 2025.

VanEck 的申请将首先在 5 月 23 日做出决定。渣打银行预计现货以太坊 ETF 将于该日获得批准，并预测以太坊的价格到 2024 年底将飙升至 8,000 美元，到 2025 年底将飙升至 14,000 美元。

Ambiguous Regulatory Status

监管状况不明确

Despite the optimism surrounding Ethereum ETFs, not everyone is convinced that the U.S. regulator will greenlight them. Legal experts and industry insiders have expressed concerns about Ether's ambiguous legal status and expect the SEC to proceed cautiously.

尽管人们对以太坊 ETF 持乐观态度，但并非所有人都相信美国监管机构会批准它们。法律专家和业内人士对以太币模糊的法律地位表示担忧，并期望 SEC 谨慎行事。

Unlike Bitcoin, which the SEC has classified as a commodity, Ether operates on a proof-of-stake blockchain, allowing users to earn yield by staking their tokens. This feature has led to speculation that Ether could be deemed a security, subjecting it to stricter disclosure rules that run counter to the cryptocurrency ethos of bypassing traditional gatekeepers like banks and exchanges.

与 SEC 归类为商品的比特币不同，以太币在权益证明区块链上运行，允许用户通过抵押其代币来赚取收益。这一特征引发了人们的猜测，即以太币可能被视为一种证券，使其受到更严格的披露规则的约束，这与绕过银行和交易所等传统看门人的加密货币精神背道而驰。

"Obtaining SEC approval for staked Ether ETFs will be an uphill battle and is highly unlikely at this juncture," said Anders Helset, head of research at digital assets analytics firm K33.

数字资产分析公司 K33 研究主管安德斯·赫尔塞特 (Anders Helset) 表示：“获得 SEC 对质押以太 ETF 的批准将是一场艰苦的战斗，而且目前不太可能实现。”

Muted Institutional Demand

机构需求疲软

Institutional demand for Ether has been dwarfed by that of Bitcoin. Digital asset funds tracking Ether experienced outflows of $46.4 million in the month leading up to March 23, according to data from CoinShares, compared to inflows of over $4 billion for Bitcoin products.

机构对以太币的需求与比特币相比相形见绌。 CoinShares 的数据显示，截至 3 月 23 日的一个月内，追踪以太币的数字资产基金流出了 4640 万美元，而比特币产品的流入超过 40 亿美元。

Some market participants, however, believe that the focus should be on Ethereum's underlying technology, which serves as the backbone of Web3 and supports applications such as decentralized finance and blockchain gaming.

不过，一些市场参与者认为，重点应该放在以太坊的底层技术上，该技术作为Web3的支柱，支持去中心化金融和区块链游戏等应用。

BlackRock's recent launch of its first tokenized fund on the Ethereum blockchain ignited discussions about the platform's broader role in tokenizing real-world assets. To date, over $2 billion worth of commodities and government securities, among other traditional assets, have been tokenized on various networks, with 80% residing on the Ethereum blockchain, according to Swiss cryptocurrency manager 21Shares.

贝莱德最近在以太坊区块链上推出了首个代币化基金，引发了有关该平台在现实世界资产代币化方面更广泛作用的讨论。据瑞士加密货币管理公司 21Shares 称，迄今为止，价值超过 20 亿美元的商品和政府证券以及其他传统资产已在各种网络上进行代币化，其中 80% 存储在以太坊区块链上。