最近围绕现货比特币交易所交易基金（ETF）的热度有所降温，发行方和投资者仍在等待美国监管机构批准这一投资工具，以太坊期货ETF备案如雨后春笋般涌现。
The heat has recently cooled around the spot Bitcoin Exchange Trading Fund (ETF), and issuers and investors are still waiting for approval of the investment instrument by the United States regulatory agencies, and the futures ETFs are now being filed in Taiwan as a springfall.
以太坊期货ETF是一种交易所交易基金，包含以太坊或与其价格挂钩的资产。与在专门的加密货币交易所交易的加密货币不同，以太坊期货ETF在传统交易所进行交易，就像购买股票一样。
The ETA Futures ETF is an exchange transaction fund that includes assets that are tied to or linked to their prices. Unlike encrypted currencies that are traded in a specialized crypto-currency exchange, ETFs are traded on a traditional exchange, as is the case with stock purchases.
以太坊期货ETF的优点是投资者无需担心与持有加密货币相关的私钥、存储或安全性，使投资者能够接触加密货币市场，而无需购买和持有实际加密资产的复杂性。
The advantage of ETA Futures ETF is that investors do not have to worry about the private key, storage or security associated with the holding of encrypted currency, allowing investors to access the market for encrypted money without the complexity of purchasing and holding actual encrypted assets.
过去7天内，SEC共收到11份与以太坊相关的ETF申请，全部为期货ETF。尽管以太坊在潮流变化中面临看跌风暴，但通过其ETF涌入的新交易者可能会改变其方向。
In the last seven days, the SEC has received 11 ETA-related ETF applications, all of them of a duration. Although the ETA is facing a storm in the tide, the new traders that have come in through ETF may change their direction.
以太坊期货ETF申请量的增加，是由Volatility Shares于7月28日申请以太坊策略ETF掀起的。随后，Bitwise、Roundhill、VanEck、Proshares、Grayscale等多家公司于8月1日也开始递交以太坊期货ETF申请。
The increase in the number of ETA futures ETF applications was initiated on July 28 by Volatility Shares, who applied for ETF as an ETF strategy. Subsequently, several companies, such as Bitwise, Roundhill, Van Eck, Proshares, Grayscale and others, started submitting ETA futures ETF applications on August 1.
最新的申请于8月3日提交，ProShares提出了一只包含同等权重的比特币和以太坊的ETF。根据该申请，该基金将“跟踪持有最近到期的每月比特币和以太坊期货合约多头头寸的表现”。
The latest application was submitted on 3 August, when ProShares submitted a Bitcoin and Etheria ETF, with the same weight. According to the application, the Fund would “track the performance of holding multiple positions in the recently expired monthly Bitcoin and Etheria futures contracts”.
尽管以太坊期货ETF申请有所增加，但值得注意的是，美国证券交易委员会（SEC）尚未批准此类ETF。2021年10月，SEC批准了持有在芝加哥商业交易所 (CME) 交易的比特币期货合约的ETF。
Although there has been an increase in ETF applications, it is worth noting that the United States Securities and Exchange Commission (SEC) has not yet approved such ETFs. In October 2021, SEC approved ETFs with a Bitcoin futures contract for transactions at the Chicago Business Exchange (CME).
ProShares比特币策略ETF(BITO)是该批准下推出的第一只基金，在管理资产方面远远领先于竞争对手，规模约为10亿美元。如果SEC不拒绝任何申请，以太坊期货ETF将在相应申请日期后75天推出。
ProSharesbitco’s strategy ETF (BITO), the first fund to be launched under the approval, is far ahead of its competitors in managing assets, amounting to about US$ 1 billion. If SEC does not reject any application, ETF will be launched 75 days after the corresponding application date.
由于有如此多的感兴趣的申请，美国证券交易委员会现在面临着越来越大的压力，需要批准第一个以太坊期货ETF在该国进行交易。据知情人士透露，距离第一只ETF获准交易可能不会太久。
With so many applications of interest, the US Securities and Exchange Commission is now under increasing pressure to approve the first ETF to deal in the country. According to informed sources, it may not be long before the first ETF is allowed to do so.
The ETF Store总裁Nate Geraci指出，过去几个月，围绕加密货币相关ETF的情绪确实变得更加积极。风向似乎正在转向有利于与加密货币相关的ETF，发行人现在正争夺市场地盘，试图资本化。
The ETF Store’s CEO, Nate Geraci, noted that the sentiment surrounding encryption currency-related ETFs has indeed become more active in the past few months. The wind seems to be shifting toward an ETF that is conducive to encryption currency, and the issuer is now competing for market space and trying to capitalize.
Geraci表示：“美国SEC允许ETF持有CME交易的比特币期货，不允许ETF持有CME交易的以太坊期货，这似乎不合逻辑。不过鉴于加密ETF相关的申请历史，很难推测SEC将如何回应”。VanEck基金数字资产研究主管Matthew Sigel也表示：“SEC对加密ETF的政策一直是很随意的。”
According to Geraci, “it would seem illogical for the United States SEC to allow ETF to hold bitcoin futures traded in CME, and ETF to hold Ether futures traded in CME. However, given the history of applications related to encryption ETF, it is difficult to guess how SEC will respond.” Matthew Sigel, Director of Digital Assets Research at VanEck, also said that “SEC's policy towards encryption ETF has been arbitrary.”
彭博分析师Henry Jim表示：“从产品角度来看，所有ETF发行人可能都认为，万一以太坊ETF起飞，即使以期货形式，也值得付出申请成本”。
Henry Jim, a Bloomberg analyst, said: “From a product point of view, all ETF issuers may agree that in the event of an ETF taking off in the Taiku, even in the form of goods, it would be worth the cost of the application”.
彭博分析师Eric Balchunas称，目前，我们认为比特币现货ETF在年底前获得批准的几率为65%，而以太坊期货ETF获批的几率为75%，不过我认为以太坊期货ETF通过的几率高达95%。
Eric Balchunas, a Bloomberg analyst, claims that, at present, we believe that the spot ETF in Bitcoin was approved at 65 per cent by the end of the year, while the ETF in Taipan was approved at 75 per cent, although I believe that the pass rate in ETF in Taipan is as high as 95 per cent.
ETC集团首席战略官Bradley Duke在一份声明中表示，美国SEC中似乎越来越多人地接受加密货币是“美国投资领域不可避免的一部分”。
In a statement, Bradley Duke, Chief Strategic Officer of the ETC Group, stated that there appeared to be an increasing acceptance in the United States SEC of encrypted currency as “an inevitable part of the United States investment area”.
总结
Summary
总的来说，以太坊期货ETF的兴起反映了市场对于加密货币的兴趣和需求的增长。如果这类产品获得批准并上市交易，将为更多投资者提供参与加密货币市场的机会，并进一步推动加密市场的发展。
In general, the rise of ETF’s in the Taiwan futures reflects an increase in market interest in and demand for encrypted currency. If such products are approved and traded on the market, they will provide more investors with the opportunity to participate in the market for encrypted money and further facilitate the development of the market for encryption.
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