Why is ETH Price Holding Back Despite Ethereum ETF Approval?

尽管以太坊 ETF 获得批准，为何 ETH 价格仍受阻？

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.

美国证券交易委员会 (SEC) 最近批准了包括贝莱德 (BlackRock) 和富达 (Fidelity) 在内的八家以太坊 ETF 发行人的 19b-4 表格，这在加密货币市场引起了兴奋和谨慎。虽然这一发展代表着重大进展，但几个关键因素仍然阻碍着以太坊的全部潜力。

Key Factors Blocking the ETH Rally

阻碍 ETH 反弹的关键因素

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 的批准仅限于表格 19b-4，而不是更实质性的 S-1 注册声明。这意味着虽然已经向前迈出了一步，但关键的最终批准仍在等待中。投资者已意识到这一点，并在 S-1 获得批准之前保持谨慎。

"Delegated Authority" and Uncertainty

“授权”与不确定性

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.

与比特币现货 ETF 的批准不同，以太坊 ETF 的批准是由交易和市场部门使用“授权”进行授权的。这意味着专员仍然可以在 10 天内对批准提出质疑。这给市场带来了不确定性和担忧，因为批准可能不是最终的，并且可能面临政治障碍。

Political Pressure and More Approvals

政治压力和更多认可

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.

虽然以太坊 ETF 的批准是一个积极的进展，但这并不能保证价格飙升。 SEC 只允许 ETH 上市，不允许购买。在允许交易之前不太可能进行大型机构投资，这将引发牛市。然而，额外的批准和政治因素仍在发挥作用，导致投资者在更广泛的监管和经济不确定性中保持谨慎。

Market Reaction and What's Next

市场反应和下一步行动

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 克服了多项技术障碍，其低廉的网络费用可能会刺激活动。然而，达到 4,000 美元以上的合理价格可能需要时间。

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.

历史表明，ETF 批准的直接影响可能不会像预期的那样巨大。例如，在今年早些时候现货比特币 ETF 获得批准后，比特币的价格下跌，大约一个月后才出现显着上涨。

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 认为以太坊被低估，并且才刚刚开始考虑 ETF 的批准。然而，市场正在采取谨慎态度。以太坊本月表现良好，但 ETF 的批准可能需要更长的时间才能产生重大影响。比特币短暂下跌 1.2%，然后回升，而 Pepe 等其他加密货币在消息传出后上涨 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.

总之，VanEck 已向 SEC 提交了修订后的 S-1，分析师预计将在数周或数月内获得批准。加密货币分析师 Zach Rynes 预测，一旦交易开始，ETF 流入将推动以太币价格上涨。