Ethereum ETFs Will Trade 'Well Ahead Of November,' Says JPMorgan: 'Debate Around Staking Seems To Persist'
Ethereum ETFs Will Trade 'Well Ahead Of November,' Says JPMorgan: 'Debate Around Staking Seems To Persist'
Worthington noted that Galaxy analysts anticipate that trading might begin by July or August 2024. JPMorgan expects trading of the spot ETH ETF to begin "well-ahead of November," and will become "an increasingly political issue ahead of the 2024 U.S. presidential election."On Thursday, the SEC approved applications to list eight U.S. Ethereum (CRYPTO: ETH) spot ETFs, marking a pivotal moment in the cryptocurrency markets.
周四，美国证券交易委员会批准了上市八只美国以太坊（加密货币：ETH）现货ETF的申请，这标志着加密货币市场的关键时刻。
However, the issuers' registration statements are still under review, and the exact timeline for trading remains uncertain.
但是，发行人的注册声明仍在审查中，交易的确切时间表仍不确定。
According to JPMorgan analyst Kenneth B. Worthington, these approvals come amid a notable shift in regulatory sentiment, with the SEC reengaging with stakeholders after months of stalled conversations.
摩根大通分析师肯尼思·沃辛顿表示，这些批准是在监管情绪发生显著转变之际获得的，在对话停滞数月之后，美国证券交易委员会重新与利益相关者进行了接触。
Worthington noted that Galaxy analysts anticipate that trading might begin by July or August 2024. JPMorgan expects trading of the spot ETH ETF to begin "well-ahead of November," and will become "an increasingly political issue ahead of the 2024 U.S. presidential election."
沃辛顿指出，银河分析师预计交易可能在2024年7月或8月开始。摩根大通预计，现货以太坊ETF的交易将 “在11月之前开始”，并将成为 “在2024年美国总统大选之前越来越政治化的问题”。
Also Read: Ethereum Set For 60% Rally Following ETF Approval, Says Expert: 'The Market Is Expecting Fireworks'
另请阅读：专家表示，ETF批准后，以太坊将上涨60％：“市场期待烟花”
'Debate Around Staking Seems To Persist'
“围绕质押的争论似乎仍在继续”
Worthington also highlighted a significant unresolved issue: whether staking ETH on behalf of ETF shareholders constitutes an investment contract under the Howey test.
沃辛顿还强调了一个悬而未决的重大问题：根据豪伊测试，代表ETF股东质押ETH是否构成投资合同。
Current applications have been amended to exclude references to staking rewards, asserting that such rewards will not be passed to investors. This change is believed to have influenced the recent regulatory approval. However, "the debate around staking seems to persist as we now understand the focus is on whether these issuers will/can retain such staking rewards for themselves," said Worthington.
目前的申请已经过修改，不提及质押奖励，声称此类奖励不会传递给投资者。据信这一变化影响了最近的监管批准。但是，沃辛顿说：“围绕质押的争论似乎仍在继续，因为我们现在知道重点是这些发行人是否会/可以为自己保留这样的质押奖励。”
Keep An Eye On Crypto ETFs
密切关注加密 ETF
Ethereum-tracking funds such as ProShares Ether Strategy ETF (NYSE:EETH), the Valkyrie Bitcoin and Ether Strategy ETF (NYSE:BTF), the Bitwise Ethereum Strategy ETF (NYSE:AETH), the Bitwise Bitcoin and Ether Equal Weight Strategy ETF (NYSE:BTOP), the ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (NYSE:BETH), and the ProShares Bitcoin & Ether Equal Weight Strategy ETF (NYSE:BETE), could see sunnier days ahead.
以太坊追踪基金，例如ProShares以太币策略ETF（纽约证券交易所代码：EETH）、瓦尔基里比特币和以太币策略ETF（纽约证券交易所代码：BTF）、Bitwise以太坊策略ETF（纽约证券交易所代码：AETH）、Bitwise比特币和以太币等权重策略ETF（纽约证券交易所代码：BTOP）、ProShares比特币和以太币市值权重策略ETF（纽约证券交易所代码：BETH）以及ProShares比特币和以太币等权重策略ETF（纽约证券交易所代码：BTH）策略ETF（纽约证券交易所代码：BETE）未来可能会有更晴朗的日子。
Popular Bitcoin ETFs such as the Grayscale Bitcoin Trust (NYSE:GBTC), the iShares Bitcoin Trust (NYSE:IBIT) and the Fidelity Wise Origin Bitcoin Fund (NYSE:FBTC) may also see increased attention in the coming days.
灰度比特币信托基金（纽约证券交易所代码：GBTC）、iShares比特币信托基金（纽约证券交易所代码：IBIT）和富达Wise Origin比特币基金（纽约证券交易所代码：FBTC）等受欢迎的比特币ETF也可能在未来几天受到更多关注。
Photo: Shutterstock
照片：Shutterstock
