Why is ETH Price Holding Back Despite Ethereum ETF Approval?

儘管以太坊 ETF 獲得批准，為何 ETH 價格仍受阻？

The SEC's recent approval of Form 19b-4 for eight Ethereum ETF issuers, including BlackRock and Fidelity, has generated both excitement and caution in the crypto market. While this development represents significant progress, several key factors are still hindering Ethereum's full potential.

美國證券交易委員會 (SEC) 最近批准了包括貝萊德 (BlackRock) 和富達 (Fidelity) 在內的八家以太坊 ETF 發行人的 19b-4 表格，這在加密貨幣市場引起了興奮和謹慎。雖然這項發展代表著重大進展，但幾個關鍵因素仍阻礙著以太坊的全部潛力。

Key Factors Blocking the ETH Rally

阻礙 ETH 反彈的關鍵因素

19b-4s Approved, Not S-1s

19b-4s 已批准，而非 S-1s

The SEC's approval is limited to Form 19b-4, not the more substantial S-1 registration statements. This means that while a step forward has been taken, the crucial final approvals are still pending. Investors are aware of this and are exercising caution until the S-1s receive the green light.

SEC 的批准僅限於表格 19b-4，而不是更實質的 S-1 註冊聲明。這意味著雖然已經向前邁出了一步，但關鍵的最終批准仍在等待中。投資者已意識到這一點，並在 S-1 獲得批准之前保持謹慎。

"Delegated Authority" and Uncertainty

「授權」與不確定性

Unlike Bitcoin Spot ETF approvals, the Ethereum ETF approval was authorized by the Division of Trading and Markets using "delegated authority." This means that a commissioner could still challenge the approval within 10 days. This creates uncertainty and apprehension in the market, as the approval may not be final and could face political hurdles.

與比特幣現貨 ETF 的批准不同，以太坊 ETF 的批准是由交易和市場部門使用「授權」進行授權的。這意味著專員仍然可以在 10 天內對批准提出質疑。這給市場帶來了不確定性和擔憂，因為批准可能不是最終的，並且可能面臨政治障礙。

Political Pressure and More Approvals

政治壓力和更多認可

While the Ethereum ETF approval is a positive development, it does not guarantee a surge in price. The SEC has only permitted ETH listing, not buying. Major institutional investments are unlikely until trading is allowed, which would trigger a bull run. However, additional approvals and political factors are still in play, causing investors to remain cautious amid broader regulatory and economic uncertainties.

雖然以太坊 ETF 的批准是一個積極的進展，但這並不能保證價格飆升。 SEC 只允許 ETH 上市，不允許購買。在允許交易之前不太可能進行大型機構投資，這將引發牛市。然而，額外的批准和政治因素仍在發揮作用，導致投資者在更廣泛的監管和經濟不確定性中保持謹慎。

Market Reaction and What's Next

市場反應與下一步行動

ETH has overcome several technical obstacles, and its low network fees may stimulate activity. However, reaching a fair price above the $4,000 threshold may take time.

ETH 克服了多項技術障礙，其低廉的網路費用可能會刺激活動。然而，達到 4,000 美元以上的合理價格可能需要時間。

History suggests that the immediate impact of ETF approval may not be as dramatic as anticipated. Bitcoin's price, for example, declined after the approval of spot Bitcoin ETFs earlier this year, taking about a month to show significant gains.

歷史表明，ETF 批准的直接影響可能不會像預期的那樣巨大。例如，在今年稍早現貨比特幣 ETF 獲得批准後，比特幣的價格下跌，大約一個月後才出現顯著上漲。

Ethereum educator Sassal believes Ethereum is undervalued and has only begun to factor in the ETF approval. However, the market is taking a cautious approach. Ethereum has performed well this month, but the ETF approval may take longer to have a significant impact. Bitcoin briefly dipped 1.2% before recovering, while other cryptocurrencies like Pepe rallied 5% after the news.

以太坊教育家 Sassal 認為以太坊被低估，才剛開始考慮 ETF 的批准。然而，市場正在採取謹慎態度。以太坊本月表現良好，但 ETF 的批准可能需要更長的時間才能產生重大影響。比特幣短暫下跌 1.2%，然後回升，而 Pepe 等其他加密貨幣在消息傳出後上漲 5%。

In summary, VanEck has filed a revised S-1 with the SEC, and analysts anticipate clearance within weeks or months. Crypto analyst Zach Rynes predicts that ETF inflows will drive Ether prices once trading commences.

總而言之，VanEck 已向 SEC 提交了修訂後的 S-1，分析師預計將在幾週或幾個月內獲得批准。加密貨幣分析師 Zach Rynes 預測，一旦交易開始，ETF 流入將推動以太幣價格上漲。