Wall Street investment bank Bernstein said in a report released yesterday that the Ethereum spot ETF may soon launch a staking function, by which time the full potential of Ethereum will be seen by traditional financial markets. In this regard, if judging by the market capitalization of the cryptocurrency, the net inflows into the Ethereum spot ETF may double. (Preliminary summary: Be prepared for danger in times of peace: Reviewing the crash moments in Bitcoin history) (Background supplement: Is ETH going to fly? The net inflow of the US Ethereum spot ETF in a single day hit a record high of US$295 million) In July this year, the US Securities and Exchange Commission approved Ethereum The spot ETF was listed for trading, but its performance after listing was not as good as expected. The market believes that there are two main reasons why Ethereum is not favored by traditional institutions: "Not familiar with Ethereum" and "No open staking function." The author believes that the former requires time to cultivate investors' understanding of blockchain, while the latter requires the relaxation of encryption regulations. In this regard, Wall Street investment bank Bernstein released a report predicting that the pledge function of the U.S. Ethereum spot ETF may soon arrive. Report: Ethereum spot ETF may soon launch a staking function. According to The Block, Bernstein Research stated in a report released on December 2 that so far this year, the price of Ethereum has been relatively lagging, about 120% higher than that of Bitcoin and Solana. Compared with the increase of 57%, Ethereum’s increase of 57% seems somewhat inferior. Not only that, in terms of Ethereum’s functional disadvantages, Bernstein analysts gave the following argument: Compared with Bitcoin, Ethereum performs poorly as a store of value and faces challenges from faster Layer 1 blockchains (such as Solana, Sui and Aptos). Additionally, Ethereum’s reliance on Layer 2 solutions has fragmented the user experience, prompting retail users to move to faster blockchains or specific Layer 2s (such as Base), which may limit Ethereum’s fee growth. and user retention. However, the report stated that there are still four factors driving the price of Ethereum, among which the ETH spot ETF is expected to open up staking benefits: We believe that under the new Trump 2.0 cryptocurrency-friendly SEC, ETH ( Spot ETF) pledge yield may be approved. The report added that in an environment of falling interest rates, Ethereum’s current 3% yield may rise to 4-5% as blockchain activity increases, making it more attractive to investors. . Will opening up staking attract Bitcoin ETF funding? On the other hand, under the strict supervision of the SEC during the Gary Gensler era, the Ethereum spot ETF was almost forced to abandon the pledge income function before it could be listed. Of course, this also greatly reduced investors' interest in buying. However, after Trump takes office, the Ethereum spot ETF is expected to lift the pledge restrictions and attract more investors to participate. The author even believes that compared to Bitcoin spot ETFs, in this bull market, Ethereum, which has not reached a new high, may be more attractive due to the dual support of price and pledge income. In addition, according to SosoValue data, the ETH spot ETF has recently shown six consecutive days of net inflows, with the single-day net inflow amount exceeding US$300 million for the first time on November 29. Not only that, the net inflow of the Bitcoin spot ETF on the same day was only US$320 million. Judging from the recent net inflow amount, the Ethereum spot ETF appears to be somewhat strong, and the possibility of attracting Bitcoin spot ETF funds cannot be ruled out. As for the opening of staking income, will the Bitcoin spot ETF fund flow flow into the Ethereum spot ETF, and what will be the inflow ratio? From the perspective of market value, Ethereum's current market value is 23% of Bitcoin. On the other hand, the total net assets of Ethereum spot ETF are only 10.8% of Bitcoin spot ETF. Assuming that the potential of the ETH spot ETF is fully unleashed (staking is open), looking at the total net asset ratio compared to the market value, the Ethereum spot ETF still has a growth potential of 12.2%, which means that the total net assets have more than doubled. Among them, the capital flow of the Bitcoin spot ETF will be attracted to the Ethereum spot ETF to some extent. As for the proportion attracted and how much the price of Ethereum will increase as a result, more professional models still need to be evaluated. Related reports Ethereum Foundation researcher: Solana’s golden age is over! The two major advantages will be surpassed by ETH L2. Bitcoin is holding on to $95,000, Ethereum is temporarily stalled, and five major data suggest that $90,000 may be the bottom of the BTC stage. Viewpoint) Why might ZK allow Ethereum to return to the PoW proof-of-work era? "Bernstein: Ethereum spot ETF pledge may soon be approved! ETH capital inflow is expected to double." This article was first published in BlockTempo (Dong District Dongzhu - the most influential blockchain news media).

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