I-Ether (ETH) inenkinga yesithombe, okungenani uma kuziwa kubatshalizimali abajwayelekile.

Wonke amehlo abheke ekugunyazweni okungaba khona kwezimali ezihweba nge-spot ether exchange-traded (ETFs) e-US - kulandela ukwethulwa okumangalisayo kwendawo bitcoin ETFs - kodwa abahlaziyi nochwepheshe embonini ye-ETF abalindele ukuthi i-ether intshontshe ukuduma kwe-bitcoin.

"Kuzofana negolide nesiliva," kusho u-Townsend Lansing, inhloko yomkhiqizo kumphathi wokutshala izimali we-digital asset CoinShares. “Umkhiqizo ohweba ngokuhwebelana ngegolide (ETP) wawunesithakazelo esikhulu e-United States futhi isiliva lalifana nomfowabo omncane.”

Eight izinkampani - ezihlanganisa i-BlackRock, i-Fidelity, ne-VanEck - zilwela ukugunyazwa yi-US Securities and Exchange Commission (SEC) ukuze ziqalise ama-ETF e-ether. Ezimbili zalezo zinkampani - i-Ark/21Shares kanye noFranklin Templeton - banazo basayine inhloso yabo yokukhulisa ukusebenza kahle kwe-Ethereum blockchain ukuze benze imali eyengeziwe kulesi sikhwama, besebenzisa umehluko oyinhloko phakathi kwe-Ethereum ne-Bitcoin.

Funda kabanzi: I-BlackRock's Spot Bitcoin ETF IBIT Eshesha Kunazo Zonke Ifinyelela Ku-$10 Biliyoni Ezimpahleni

I-Bitcoin isebenzisa indlela yokuvumelana enamandla, eyaziwa ngokuthi ubufakazi bomsebenzi, ukuze kuqinisekiswe ukuthengiselana. Abavukuzi be-Bitcoin bayaqhudelana ukuze baxazulule izinselele eziyinkimbinkimbi ze-cryptographic ukuze kuvikelwe inethiwekhi futhi ngokubuyisela bathole i-bitcoin njengomvuzo. Izimayini ze-Bitcoin seziye zaba yinkimbinkimbi eminyakeni yamuva nje futhi zibandakanya imishini yekhompyutha ekhethekile.

Ngakolunye uhlangothi, i-ether, imali yendabuko ye-Ethereum blockchain, isetshenziselwa ukuqinisekisa ukuthengiselana ku-Ethereum ngokusebenzisa indlela yokuvumelana eyaziwa ngokuthi ubufakazi bokuthi isigxobo. Iziqinisekiso zinikeza i-ether njengesibambiso sethubeni lokuqinisekisa inethiwekhi futhi uzuze i-ether eningi njengomklomelo. Abantu bangakhetha ukungena kwi-ether esigxotsheni ngamasevisi esiteki asebenzisa iziqinisekisi njengembuyiselo yesabelo semiklomelo ebalulekile.

Ama-ETF e-ether asalindile, alandelela intengo ye-spot ether, ngokombono kufanele akwazi ukubamba iqhaza ekubambeni ngokuvala i-ether evalelwe futhi azuze imali eyengeziwe kubatshalizimali ngendlela bitcoin ETFs engakwazi ngayo.

Ngenkathi ukukhiqizwa kwe-staking kungaba yindawo eqinile yokuthengisa kubatshalizimali be-crypto, nokho, akunakwenzeka ukuba kube njalo kubatshalizimali abajwayelekile.

“Angicabangi ukuthi [ukubamba iqhaza] kuyisimangaliso esikhulu lapho sikhuluma ngomtshalizimali wakho ojwayelekile odayisayo,” kusho u-Roxanna Islam, inhloko yocwaningo lwemboni nomkhakha kwa-VettaFi, inkundla ye-ETF eqhutshwa idatha kanye nezibalo. "Ikakhulukazi uma umtshali-zimali ojwayelekile engathola leyo mali endaweni engeyona ingozi kakhulu kunalokhu."

Esithunzini seBitcoin

Ngaphandle kwe-US, imikhiqizo eminingi yokuhwebelana nge-ether isivele ihlanganise i-staking eminikelweni yabo futhi noma kunjalo, i-ether isahlala emthunzini we-bitcoin.

"Ngokuvamile, uma ubheka emhlabeni wonke, imikhiqizo ye-Ethereum mincane kunozakwabo be-Bitcoin," kusho u-Ophelia Snyder, umsunguli kanye nomongameli kumhlinzeki we-crypto ETP 21Shares. “Kuyiqiniso lokho e-Europe. Lokho kuyiqiniso ezimakethe zesikhathi esizayo zaseMelika. "

E-Europe, i-21Shares inikeza ama-ETP amabili e-ether, omunye nge staking futhi eyodwa ngaphandle. Abanye abahlinzeki be-ether ETPs eYurophu bahlanganisa i-CoinShares, Wisdom Tree, ne-VanEck, phakathi kwabanye. E-Canada, umphathi wesikhwama sokutshalwa kwempahla yedijithali i-3iQ muva nje edidiyele ukungena ku-ether ETF yabo kanye nemikhiqizo yesikhwama esivaliwe, eyethulwe ngo-2021 nango-2020 ngokulandelanayo.

Funda kabanzi: Ingabe i-Ether Ibheke ku-$3,500? 

CoinShares edidiyele ingena ngoFebhuwari ku-ETP yayo ye-ether. I-CoinShare's Lansing ithe imivuzo emikhulu yenza i-ETP ithandeke kancane kubatshalizimali kodwa kwakungeyena umshayeli oyinhloko wesithakazelo.

Ngo-Okthoba wonyaka odlule, imikhiqizo ehwebelana ngokuhwebelana ngekusasa le-ether wathola ukugunyazwa kwe-SEC ukuqala ukuhweba e-US, kodwa ukusabela kwabatshalizimali kwathuliswa ngosuku lokwethulwa. Ama-ETF ayisishiyagalolunye wabona ivolumu yokuhweba ehlanganisiwe yezigidi ezimbili zamaRandi ngosuku lokuqala lokuhweba, elinciphayo uma liqhathaniswa ne I-1 billion yokuhweba ivolumu okwenziwa yi-ProShares bitcoin futures ETF (BITO) ezinsukwini ezimbili zokuqala zokuhweba.

"Imikhiqizo yesikhathi esizayo [ye-ether] ibonisa ngokucacile ukuthi iningi lenzalo lihlala lizungeze bitcoin e-United States," kusho uLansing.

Umkhiqizo wesikhathi esizayo we-ether wase-US wethulwe emakethe yebhere le-crypto, okuhambisana kokubili nokuqulwa kwecala lobugebengu lika-Sam Bankman-Fried, umsunguli ohlazekile we-crypto exchange FTX ephelelwe imali, kanye nomjaho wase-US bitcoin ETF, owawuqala ukushisa.

Ukuntuleka Kwesifiso Sotshalizimali?

I-Islam ye-VettaFi iphawula ukuthi ukwethulwa kwe-ETF ye-spot ether kungaletha injabulo eyengeziwe kunokwethulwa kwekusasa kodwa kusazoba “luphapheme uma kuqhathaniswa” nendawo lapho kwethulwa khona i-ETF bitcoin . Uthi lokhu kuntuleka kwesifiso sokudla kubatshalizimali abavamile abangaqondi umehluko oyinhloko phakathi kwe-bitcoin ne-ether, egcizelela ukuthi labo abaqonda umehluko kungenzeka babe abomdabu be-crypto futhi bathenge impahla ngokuqondile.

“Uma ubungabuza umtshali-zimali ojwayelekile ukuthi kungani efuna ukutshala imali ku-bitcoin, [yingoba] iyimpahla yedijithali entsha epholile, ibamba iqhaza kwezobuchwepheshe obuphazamisayo, inokuntengantenga kwentengo okujabulisayo,” kusho u-Islam. "Ungasho into efanayo nge-ether, kodwa uma sebenayo kakade nge-bitcoin, kungani babe nayo ne-ether?"

Nokho, i-21Shares' Snyder ikholelwa ukuthi abatshalizimali bomdabu be-crypto basazoba nentshisekelo yokwaba izimali ku-ether ETF. "Abantu abatshalwe kakhulu ku-crypto ecosystem [basafuna] ukwaba ingxenye ye-401K yabo," kusho uSnyder. “Ngeke bavele bahoxe kulokho babeke kuCoinbase bathenge i-ether bese beyigaxa. Akusebenzi ngaleyo ndlela kuma-akhawunti azuze intela.”

Funda kabanzi: Izindlela ezi-5 Ezenza ama-ETF e-Bitcoin Aphihlize Konke Obekulindelwe

21Amasheya engamele i-ether ETP enkulu kunazo zonke eYurophu ngezimpahla ezingaphansi kwabaphathi, futhi u-Snyder ubona ukuthi i-ether ayaziwa kakhulu emibuthanweni yesikhungo. I-Bitcoin inomlando weminyaka engu-14 njengempahla, kuyilapho i-Ethereum yethulwa ngo-2015, okokuqala ngomshini wokuvumelana kobufakazi bomsebenzi yabe isishintshela ebufakazini besiteki ngo-2022.

Kuphinde kwaba nesidingo esikhulu se-pent-up sendawo bitcoin ETFs, kusho uSnyder. I-SEC yenqabe indawo yokuqala ye-bitcoin ETF isicelo ngo-2017, ekuqaleni kufakwe ngo-2013. A impi yomphakathi ende phakathi kwe-SEC kanye nabathandi be-crypto balandela, okwakhulisa ukuqwashisa ngomkhiqizo.

"Izimvume ze-bitcoin ETF ziwukwethulwa kwe-ETF okuyimpumelelo eyodwa emlandweni," kusho uSnyder. "Lokho akukhona okulindelekile nge-ETF entsha ... akuyona into abantu okufanele balindele ukuthi iphindwe."

Izithiyo Zokulawula

Ngisho nalapho ama-ETF e-bitcoin evunyiwe, i-SEC yabonisa ukungabaza kwayo ngomkhiqizo. Bona akavumanga abahlinzeki ukuze banikeze ukuhlengwa kwempahla, okuyindinganiso yomkhakha. Ngaphansi kwenqubo yokuhlenga impahla eyisisekelo ayidingi ukudayiswa ukuze kugcinwe inani le-ETF lihambisana ne-Net Asset Value (NAV). Kuma-ETF e-bitcoin, kufanele asebenzise ukheshi kuphela, okusho ukuthi okhiphayo kufanele asebenzise ukheshi ukuze athenge i-bitcoin bese edayisa i-bitcoin ukuze athole ukheshi uma ehlengwa.

I-Staking ingase ingene maqondana nokuthi yiziphi izicelo ezigunyazwayo nezingavunyelwa, kusho i-Islam yakwaVettaFi. Umhla zingama-23 kuNhlaba wusuku lokugcina okufanele ngalo i-SEC inikeze isinqumo ngezicelo ze-ETF ezivela kuVanEck kanye ne-Ark/21Shares. Laba kuzoba ngabaphathi bempahla bokuqala abafike ngaphambi komnqamulajuqu wokugcina. Umkhiphi ngamunye unezinsuku ezine zokugcina zesinqumo futhi i-SEC isivele ibambezele ezinye izinqumo njengoba abakhiphi besondela kumnqamulajuqu wokuqala.

Ibhange lokutshala imali iStandard Chartered ulindele ama-ETF azothola ukugunyazwa ngomhla ka-23 Meyi, kuyilapho abahlaziyi benkampani yocwaningo kanye ne-brokerage iBernstein ubeka ithuba lokugunyazwa ngoMeyi ku-50%.

"Izibuyekezo zokuqala zama-ETF e-ether, ngiyangabaza ukuthi zizoba nanoma yiluphi uhlobo lokusebenza olugxilile kuzo," kusho. UChristopher Matta, umongameli ku-3iQ US, ephawula ukuthi i-staking ingenye ungqimba oluyinkimbinkimbi ukuthi i-SEC kuzodingeka ikhululeke ngayo.

Nakuba i-3iQ ikwazile ukusebenza ngokukhathazeka nabalawuli, i-VettaFi's Islam iphawula ukuthi kunenqwaba yezingozi okumele i-SEC isebenze ngazo ezihlobene nokusuka ezinkingeni ze-liquidity kuya ekuqothulweni, okuyinqubo yokujezisa umgunyazi ngokuziphatha okubi. Uyangabaza ukuthi i-ejensi izovuleleka kangakanani ekubambeni ngokucabangela ukungabaza kwabo ngesigaba sempahla.

"Kungaba yindaba ehlukile uma bonke bekhuluma [ngokubekwa] futhi bekuyisimo esikhona," kusho u-Islam. “I-SEC iphinde yahlehlisa ukuthengwa kwempahla kanye nemali kuleyo ndawo bitcoin ETF, nakuba bekuyisimo samanje. Ngakho-ke ngicabanga ukuthi banesizathu esengeziwe sokuhlehla, ikakhulukazi uma ababili kuphela kulaba abakhuluma ngokusebenzisa i-staking. ”