美国证券交易委员会终于批准了第一只现货比特币和以太坊组合交易所交易基金

这一巨大的进步是数字资产和传统金融市场主流化过程中最引人注目的里程碑。

The U.S. Securities and Exchange Commission (SEC) has finally approved the first spot bitcoin and Ethereum combination exchange-traded funds (ETFs) from Hashdex and Franklin Templeton, in a highly anticipated move that marks a major step for both the investment and cryptocurrency industries.

美国证券交易委员会 (SEC) 最终批准了 Hashdex 和富兰克林邓普顿的首支现货比特币和以太坊组合交易所交易基金 (ETF)，这是备受期待的举措，标志着投资和加密货币行业迈出了重要一步。

This giant step also heralds the most remarkable milestone yet in the mainstream adaptation of digital assets and traditional financial markets, as part of a broader convergence between the two domains.

这一巨大的进步也预示着数字资产和传统金融市场主流适应方面迄今为止最显着的里程碑，作为两个领域之间更广泛融合的一部分。

The Approval Details

审批详情

While many voices have been raised in the long-standing debate advocating for having regulated investment vehicles on cryptocurrency exposure, the SEC has been sitting on many applications for approval. However, this latest approval will give investors direct exposure to bitcoin and Ethereum, the two largest market capitalization cryptocurrencies, without having to buy or hold the underlying assets directly.

尽管在主张对加密货币投资工具进行监管的长期辩论中提出了许多声音，但美国证券交易委员会一直在等待许多批准申请。然而，这一最新批准将使投资者直接接触比特币和以太坊这两种市值最大的加密货币，而无需直接购买或持有基础资产。

“To help investors achieve a more balanced exposure to both cryptocurrencies (while dynamically adjusting allocations depending on market conditions), Hashdex has introduced the ‘Bitcoin-Ethereum Strategy ETF',” the firm said in a statement. Meanwhile, Franklin Templeton's “Digital Core ETF will also incorporate an appropriate mix of bitcoin and Ethereum and drive that mix toward growth over time through further diversification and reduced volatility.”

该公司在一份声明中表示：“为了帮助投资者实现对两种加密货币更加平衡的投资（同时根据市场状况动态调整配置），Hashdex 推出了‘比特币-以太坊策略 ETF’。”与此同时，富兰克林邓普顿的“数字核心 ETF 还将纳入比特币和以太坊的适当组合，并通过进一步多元化和降低波动性来推动该组合随着时间的推移而增长。”

Market Impact

市场影响

The approval has wide-ranging repercussions, stretching far and wide into the cryptocurrency market. Spot bitcoin ETF approvals have historically signaled great regulatory green lights, and such approvals often end up increasing investor confidence and institutional wealth inflow. While these ETFs offer an option that diversifies into two, they also appeal to more than a narrower set of investors by bringing Ethereum into the mix.

该批准产生了广泛的影响，广泛影响到加密货币市场。现货比特币 ETF 的批准历来都标志着监管部门的批准，而此类批准往往最终会增强投资者的信心和机构财富的流入。虽然这些 ETF 提供了两种多元化的选择，但它们通过将以太坊纳入其中，吸引的不仅仅是一小部分投资者。

The Response of the Industry

业界反应

The cryptocurrency industry has generally celebrated the SEC's decision as a watershed moment in the relationship between digital and traditional finance. “We are happy to bring this innovative product to market, offering investors a regulated and efficient way to exposure to the two leading virtual currencies,” said Hashdex's CEO, Paulo Passoni.

加密货币行业普遍认为美国证券交易委员会的决定是数字金融与传统金融之间关系的分水岭。 Hashdex 首席执行官 Paulo Passoni 表示：“我们很高兴将这一创新产品推向市场，为投资者提供一种受监管且有效的方式来接触两种领先的虚拟货币。”

On the other hand, Franklin Templeton also had something to say about the approval. “Our Digital Core ETF reflects our commitment to providing investors with cutting-edge solutions that meet their evolving needs,” said Sarah Bennett, Franklin Templeton's head of ETF product strategy.

另一方面，富兰克林邓普顿对于此次批准也有话要说。富兰克林邓普顿 ETF 产品策略主管 Sarah Bennett 表示：“我们的数字核心 ETF 体现了我们致力于为投资者提供尖端解决方案，满足他们不断变化的需求的承诺。”

Wider Implications

更广泛的影响

The approval of these ETFs is also likely to extend beyond the cryptocurrency sector into other areas of financial markets. The move, analysts speculate, may open the door for more traditional asset managers to look into blockchain technology and digital assets, speeding up the convergence of conventional finance with decentralized finance (DeFi).

这些 ETF 的批准也可能会从加密货币领域扩展到金融市场的其他领域。分析师推测，此举可能为更多传统资产管理公司研究区块链技术和数字资产打开大门，加速传统金融与去中心化金融（DeFi）的融合。

The action by the SEC also very much indicates an open opportunity for innovation in the financial sector while guarding investors. However, it implicates further questions concerning other pending approvals for cryptocurrency ETFs, which include those considering the DeFi tokens or other blockchain-based assets.

SEC 的行动也非常表明金融领域在保护投资者的同时提供了开放的创新机会。然而，它还涉及到其他待批准的加密货币 ETF 的进一步问题，其中包括那些考虑 DeFi 代币或其他基于区块链的资产的问题。

What Happens Next?

接下来会发生什么？

Now, as the dates close in for ETF launches later in the year, market participants turn their gaze toward how these products will perform and shape the broader investment landscape. The combination of bitcoin and Ethereum in one fund provides a new way to diversify risk, paving the way for even more complex products for crypto investment in the future.

现在，随着今年晚些时候 ETF 推出的日期临近，市场参与者将目光转向这些产品将如何表现并塑造更广泛的投资格局。比特币和以太坊在一只基金中的结合提供了一种分散风险的新方式，为未来更复杂的加密投资产品铺平了道路。