看不见的战斗：以太币的神秘崛起能否取代比特币 ETF？

12 月，以太坊 (ETH) 交易所交易基金 (ETF) 录得净流入超过 26 亿美元，反映出人们对这些金融产品的兴趣日益浓厚。

As 2024 drew to a close, Ether (ETH) exchange-traded funds (ETFs) saw a remarkable eight consecutive weeks of net inflows, amassing a staggering $2.6 billion, as revealed by Farside investors. This impressive performance was driven by surging interest in these financial products, tracking closely behind Bitcoin (BTC) ETFs, which boasted over $35 billion in net inflows throughout the year, according to the data.

据 Farside 投资者透露，随着 2024 年接近尾声，以太坊 (ETH) 交易所交易基金 (ETF) 连续八周出现惊人的净流入，资金总额达到惊人的 26 亿美元。数据显示，这一令人印象深刻的表现是由于人们对这些金融产品的兴趣高涨而推动的，紧随比特币 (BTC) ETF 的脚步，后者全年净流入超过 350 亿美元。

Moreover, Ether ETFs experienced a peak in the week of November 26, with a net inflow of $2.2 billion, as reported by CoinShares. These ETFs also saw a strong start to the year, boasting seven consecutive weeks of net inflows, as highlighted by Farside investors.

此外，据 CoinShares 报道，以太坊 ETF 在 11 月 26 日当周经历了峰值，净流入达 22 亿美元。正如 Farside 投资者所强调的那样，这些 ETF 今年开局也表现强劲，连续七周出现净流入。

As the year progressed, Ether's spot price played a crucial role in boosting ETF returns, while regulatory changes also paved the way for these funds to earn yields from staking, presenting a potential scenario where Ether ETFs could dethrone Bitcoin ETFs in 2025.

随着时间的推移，以太币的现货价格在提高 ETF 回报方面发挥了至关重要的作用，而监管变化也为这些基金通过质押赚取收益铺平了道路，这预示着以太币 ETF 可能会在 2025 年取代比特币 ETF。

notably, BlackRock's iShares Ethereum Trust led the sector with over $3.5 billion in 2024 net inflows, followed closely by the Fidelity Ethereum Fund with $1.5 billion. However, these gains were partially offset by Grayscale Ethereum Trust's net outflows of over $3.6 billion.

值得注意的是，贝莱德 (BlackRock) 的 iShares 以太坊信托 (iShares Ethereum Trust) 在 2024 年的净流入中以超过 35 亿美元的净流入领先该行业，紧随其后的是富达以太坊基金 (Fidelity Ethereum Fund)，净流入额为 15 亿美元。然而，这些收益被灰度以太坊信托超过 36 亿美元的净流出部分抵消。

This scenario mirrored the performance of Bitcoin ETFs, with BlackRock's iShares Bitcoin Trust capturing approximately $37 billion in net inflows, while the Grayscale Bitcoin Trust experienced outflows of over $20 billion.

这种情况反映了比特币 ETF 的表现，贝莱德的 iShares 比特币信托基金获得了约 370 亿美元的净流入，而灰度比特币信托基金则经历了超过 200 亿美元的资金流出。

Industry experts anticipate that Ether ETFs could outpace Bitcoin ETFs in 2025, considering Ether's outperformance over Bitcoin in both spot and derivatives markets since November. This trend, coupled with increasing network activity fueled by the integration of artificial intelligence agents on Ethereum, is poised to enhance Ether's competitive edge in the coming year.

考虑到自 11 月以来以太币在现货和衍生品市场上的表现均优于比特币，行业专家预计 2025 年以太币 ETF 的增长可能会超过比特币 ETF。这一趋势，加上以太坊上人工智能代理的集成所推动的网络活动的增加，有望在来年增强以太坊的竞争优势。

Asset manager VanEck projects Ether's spot price to reach $6,000 by late 2025, driven by its strong fundamentals and growing institutional adoption.

资产管理公司 VanEck 预计，在其强劲的基本面和不断增长的机构采用率的推动下，到 2025 年末，以太币的现货价格将达到 6,000 美元。