Analysts Question Strategy Behind High Fees Of Grayscale Ethereum Spot ETF: They Seem Focused On 'Maximizing Short-Term Revenue Vs Playing Long Game'
Analysts Question Strategy Behind High Fees Of Grayscale Ethereum Spot ETF: They Seem Focused On 'Maximizing Short-Term Revenue Vs Playing Long Game'
Eric Balchunas, a renowned financial analyst, recently expressed skepticism about the potential success of Grayscale's Ethereum (CRYPTO: ETH) spot ETF due to its high fee structure.
著名的金融分析師Eric Balchunas最近對灰度以太坊（加密貨幣：ETH）現貨ETF的潛在成功表示懷疑，主要是由於其高昂的費用結構。
What Happened: Grayscale submitted updated S-1 filings with the SEC Wednesday, revealing the all-important information about the fund management fee. The digital asset management giant will charge 2.5% for its Grayscale Ethereum Trust, significantly higher than its competitors. A miniature version of the fund, Grayscale Ethereum Mini Trust, will however charge 0.25%.
發生了什麼：灰度向SEC提交了更新的S-1文件，在週三披露了有關基金管理費的重要信息。數字資產管理巨頭將爲其Grayscale以太坊信託收取2.5%的費用，高於其競爭對手。基金的微型版本，灰度以太坊迷你信託，將收取0.25%的費用。
Balchunas questioned these moves, asking whether the 0.25% fee would be low enough to attract sufficient organic flows to offset what he referred to as "The Big Unlock".
Balchunas對此提出了質疑，問0.25%的費用是否足夠低以吸引足夠的有機流入資金來抵消他所稱的“大解鎖”。他進一步推測市場上的新進入者的能力，以抵消旗艦版本高昂的費用，並與比特幣（加密貨幣：BTC）進行平行。"無論如何，簡短的故事是2.5%的費用讓達到良好淨流入數的路徑有些困難，"Balchunas擔心。
He further speculated on the ability of new entrants to the market to counterbalance the predicted outflows due to the flagship version's high fees, drawing a parallel with Bitcoin (CRYPTO: BTC). "Anyway short story is the 2.5% fee made path to a decent net flow number a little harder," Balchunas feared.
他進一步推測市場上的新進入者的能力，以抵消旗艦版本高昂的費用，並與比特幣（加密貨幣：BTC）進行平行。"無論如何，簡短的故事是2.5%的費用讓達到良好淨流入數的路徑有些困難，"Balchunas擔心。
Cheap but not sure cheap enough to move the needle (as most are cheaper and brand name BlackRock is same fee) to attract organic flows to offset The Big Unlock. And do these newborns have enough strength to offset those outflows a la btc. Anyway short story is the 2.5% fee made...
— Eric Balchunas (@EricBalchunas) July 17, 2024
便宜但不確定是否足夠移動指針（大多數爲更便宜且品牌名稱爲BlackRock的同一費用），以吸引有機流量抵消大解鎖的影響。而這些新生兒是否有足夠的實力來抵消BTC的那些流出。無論如何，簡短的故事是2.5%的費用讓...
金融分析師Eric Balchunas（@EricBalchunas）於2024年7月17日
Another well-known ETF expert, Nate Geraci, called this a "huge miss" by Grayscale, indicating that the mini trust should have been priced much lower. "Entire pricing strategy around both spot BTC & ETH ETFs seems focused on maximizing short-term revenue vs playing long game," Geraci stated.
另一位著名的ETF專家Nate Geraci稱這是灰度的“巨大失誤”，並表示迷你信託的價格應該要低得多。“圍繞現貨BTC和ETH ETF的整個定價策略似乎都集中在最大化短期收益而非長遠發展上，”Geraci表示。
Btw, think this is *huge* miss by Grayscale...
— Nate Geraci (@NateGeraci) July 17, 2024
If you're gonna charge *2.5%* on ETHE, need to undercut market w/ mini trust.
Disappointing.
Entire pricing strategy around both spot btc & eth ETFs seems focused on maximizing short-term revenue vs playing long game.
順便說一下，我認爲這是灰度的“巨大失誤”……
Nate Geraci（@NateGeraci）於2024年7月17日表示：
如果你要收取2.5%的ETH，就需要通過迷你信託來打破市場阻力。
令人失望。
圍繞現貨BTC和eth ETF的整個定價策略似乎都集中在最大化短期收益而非長遠發展上。
Why It Matters: These criticisms come even as other funds, including the one by BlackRock, are priced much lower. The ishares Ethereum Trust will charge 0.25%, and so will the ETFs by Fidelity and Invesco.
爲什麼很重要：即使其他基金（包括黑石集團推出的基金）的定價要便宜得多，這些批評也在進行中。 iShares以太坊信託將收取0.25％的費用，Fidelity和Invesco的ETF也將收取0.25％的費用。
Grayscale, which already operates the Grayscale Bitcoin Trust (NYSE:GBTC), faced significant outflows pressure after launch due to its 1.5% fees, highest among all spot Bitcoin ETFs. Since launch, it has recorded net outflows of $18.69 billion as of this writing, according to SoSo Value.
灰度已經運營灰度比特幣信託（NYSE：GBTC）之後，由於其1.5％的費用是所有現貨比特幣ETF中最高的，因此面臨着顯着的流出壓力。自推出以來，根據SoSo Value的數據，它已經錄得淨流出186.9億美元。
Grayscale's flagship Ethereum Trust, along with the mini Trust, are expected to go live for trading by July 23.
灰度的旗艦以太坊信託以及迷你信託預計將於7月23日開始交易。
Price Action: At the time of writing, Ethereum was exchanging hands at $3,423.79, down 1.55% in the last 24 hours, according to data from Benzinga Pro.
價格行動：截至撰寫本文時，以太坊的交易價格爲3423.79美元，較過去24小時下跌1.55％，根據Benzinga Pro的數據。
Illustration via Shutterstock.
插圖via shutterstock。
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