<p>持有以太坊 ETF 现在可以让你像持有债券一样定期获得利息支付？本月早些时候，Grayscale 宣布其 Grayscale Ethereum Staking ETF (ETHE) 已向现有股东分配了在 2025 年 10 月 6 日至 2025 年 12 月 31 日期间获得的质押奖励。这标志着美国首个现货加密资产交易产品首次向其持有者分配质押奖励。虽然这对 Web3 原生用户来说似乎是一种常规的链上实践，但在加密金融历史的背景下，这意味着以太坊的原生奖励首次被包装在传统金融的标准框架内，无疑是一个里程碑。更重要的是，这并不是一个孤立事件。在链上数据层面，以太坊的质押率持续上升，离开队列的验证者逐渐被吸收，进入队列的验证者又在重新积累——一系列变化正在同时发生。这些看似分散的信号共同指向一个更深层次的问题：以太坊是否正在逐渐从一个主要受价格波动驱动的资产演变为一个被长期资本接受并具备稳定回报属性的 “收益资产”？</p>
<p><img src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202601/12752-1768973362933.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202601/12752-1768973362933.png"/></p>
<h2><strong>I. ETF 利润分配：传统投资者的 “首次体验” 质押</strong></h2>
<p>客观而言，长期以来，以太坊质押更像是一种带有极客气息的技术实验，局限于 “链上世界”。</p>
<p>因为它不仅要求用户具备钱包和私钥等基本的加密知识，还需要理解验证者机制、共识规则、锁定期和惩罚逻辑。尽管以 Lido Finance 为代表的流动性质押（LSD）协议在很大程度上降低了进入门槛，但质押奖励本身仍主要停留在原生加密的语境中（stETH 和其他包装代币）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202601/12752-1768973362933.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202601/12752-1768973362933.png"/></p>
<h2>最终，对于大多数 Web2 投资者而言，这一系统既不直观也不易于接触，代表了一个显著的障碍。现在，这一障碍正通过 ETF 被弥合。根据 Grayscale 的分配计划，ETHE 持有者将每持有一股获得 0.083178 美元。这一金额反映了在相应期间内质押和出售股份的收益，分配将在 2026 年 1 月 6 日（分配日期）进行，目标是截至 2026 年 1 月 5 日（记录日期）持有 ETHE 股份的投资者。简而言之，收益并非来自商业运营，而是来自网络安全和共识参与本身。此前，这种收益几乎仅存在于加密行业，但现在它们被包装在熟悉的 ETF 财务外壳中。通过美国股票账户，传统的 401(k) 或共同基金投资者可以在不接触私钥的情况下获得由以太坊网络共识产生的原生收益（以美元计）。需要强调的是，这并不意味着以太坊质押已实现完全合规，也不意味着监管机构对 ETF 质押服务给出了统一的解释。然而，从经济角度来看，发生了一项关键变化：** 非加密原生用户首次间接获得由以太坊网络共识产生的原生收益，而无需理解节点、私钥或链上操作。** 从这个角度来看，ETF 收益并不是一个孤立事件，而是以太坊质押进入更广泛资本市场视野的第一步。</h2>
<p><img src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202601/12752-1768973404176.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202601/12752-1768973404176.png"/></p>
<p>Grayscale 也不是一个孤立的案例。21Shares 的以太坊 ETF 也宣布将向现有股东分配从质押 ETH 中获得的收益。分配金额为每股 0.010378 美元，相关的除息和支付流程已同时披露。</p>
<p>这无疑是一个伟大的开端，尤其对于像 Grayscale 和 21Shares 这样的机构，它们在传统金融和 Web3 中都有影响力。它的示范效应远远超出了单一的分红支付；这无疑将推动以太坊质押和收益分配在机构层面的有效和广泛采用。这也意味着以太坊 ETF 不再仅仅是跟随价格波动的影子资产，而是真正的现金生成金融产品。从长远来看，随着这一模式的验证，像 BlackRock 和 Fidelity 这样的传统资产管理巨头可能会效仿，潜在地向以太坊注入数千亿美元的长期配置资金。 II. 史上最高的质押比例和 “退出队列” 的消失 如果 ETF 的回报更多是叙事上的突破，那么总质押比例和质押队列的变化更直接反映了资金本身的行为。首先，以太坊的质押比例达到了新的历史高点。根据 The Block 的数据，目前在以太坊 Beacon Chain 上质押的 ETH 超过 3600 万，占网络流通供应的近 30%，质押市场价值超过 1180 亿美元，创下新纪录。之前流通供应最高比例的纪录为 29.54%，发生在 2025 年 7 月。从供需角度来看，大量 ETH 被质押意味着它暂时退出了自由市场，表明流通中的 ETH 的一部分正在从高频交易资产转变为发挥功能的长期配置资产。换句话说，ETH 不再仅仅是燃料、交换媒介或投机工具，而是承担起 “生产资料” 的角色——通过质押参与网络的运作并持续产生回报。同时，验证者队列也发生了有趣的变化。截至目前，以太坊 PoS 质押退出队列几乎为空，而质押队列仍在增长（超过 273 万 ETH）。简而言之，大量 ETH 目前被锁定在系统中用于长期投资。与交易不同，质押是一种低流动性、长期配置的方法，强调稳定回报。资金愿意重新进入质押队列至少表明一件事：在这个阶段，越来越多的参与者愿意接受这种长期锁定的机会成本。如果我们将机构 ETF 回报的分布、创纪录的质押比例和质押结构的变化结合在一起，可以看出一个相对明确的趋势：以太坊质押正在从早期链上参与者激励演变为逐渐被传统金融系统接受并被长期资本重新评估的 TradFi 结构化收益层。单独来看，这些因素都不足以构成趋势判断，但结合在一起，它们勾勒出了以太坊质押经济的逐步成熟。 III. 质押市场加速成熟的未来 然而，这并不意味着质押使 ETH 成为 “无风险资产”。相反，随着参与者结构的变化，质押面临的风险类型正在转变。技术风险逐渐被吸收，而结构性风险、流动性风险和理解机制的成本变得更加重要。众所周知，在上一个监管周期，美国证券交易委员会（SEC）频繁挥动大棒，对多个与流动性质押相关的项目采取执法行动，包括对 MetaMask/Consensys、Lido/stETH 和 Rocket Pool/rETH 提起未注册证券指控。这也给以太坊 ETF 的长期发展带来了不确定性。从实际角度来看，ETF 是否以及如何参与质押，实质上更多是产品流程和合规结构设计的问题，而不是对以太坊网络本身的否定。随着越来越多的机构在实践中探索边界，市场正在用真实资金进行投票。例如，BitMine 已在以太坊 PoS 中质押超过 100 万 ETH，达到 103.2 万 ETH，价值约 32.15 亿美元，占其总 ETH 持有量（414.3 万 ETH）的四分之一。简而言之，以太坊质押已经超越了极客社区中的小众活动。当 ETF 开始分配稳定回报，当长期资金愿意等待 45 天进入共识层时，当 30% 的 ETH 被用作安全屏障时，我们见证了以太坊正式建立一个被全球资本市场接受的本土收益系统。理解这一变化本身或许与参与同样重要。</p>

<p>Grayscale 的以太坊质押 ETF (ETHE) 已开始向股东分配质押奖励，这标志着加密金融的一个重要里程碑。这使得传统投资者能够在无需理解复杂加密机制的情况下，从以太坊质押中获得回报。以太坊的质押比例已达到创纪录的高点，超过 3600 万 ETH 被质押，这表明以太坊正逐渐转变为一种有息资产。这一发展可能会导致以太坊质押在传统金融中的更广泛采用，可能吸引主要资产管理公司进行大量长期投资</p>

<p>Holding an Ethereum ETF now allows you to receive regular interest payments, much like holding bonds? Earlier this month, Grayscale announced that its Grayscale Ethereum Staking ETF (ETHE) had distributed staking rewards earned between October 6, 2025, and December 31, 2025, to existing shareholders. This marks the first time a U.S. spot crypto asset trading product has distributed staking rewards to its holders. While this may seem like a routine on-chain practice to Web3 Native users, in the context of crypto finance history, it signifies that Ethereum's native rewards have been packaged within the standard framework of traditional finance for the first time, undoubtedly a milestone. More importantly, this is not an isolated event. At the on-chain data level, the Ethereum staking rate continues to climb, validators leaving the queue are gradually being absorbed, and those entering the queue are accumulating again—a series of changes are happening simultaneously. These seemingly scattered signals are collectively pointing to a deeper question: Is Ethereum gradually evolving from an asset primarily driven by price fluctuations into an &#34;interest-bearing asset&#34; accepted by long-term capital and possessing stable return attributes?</p>
<div class="lb-trans"><p>持有以太坊 ETF 现在可以让你像持有债券一样定期获得利息支付？本月早些时候，Grayscale 宣布其 Grayscale Ethereum Staking ETF (ETHE) 已向现有股东分配了在 2025 年 10 月 6 日至 2025 年 12 月 31 日期间获得的质押奖励。这标志着美国首个现货加密资产交易产品首次向其持有者分配质押奖励。虽然这对 Web3 原生用户来说似乎是一种常规的链上实践，但在加密金融历史的背景下，这意味着以太坊的原生奖励首次被包装在传统金融的标准框架内，无疑是一个里程碑。更重要的是，这并不是一个孤立事件。在链上数据层面，以太坊的质押率持续上升，离开队列的验证者逐渐被吸收，进入队列的验证者又在重新积累——一系列变化正在同时发生。这些看似分散的信号共同指向一个更深层次的问题：以太坊是否正在逐渐从一个主要受价格波动驱动的资产演变为一个被长期资本接受并具备稳定回报属性的 “收益资产”？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202601/12752-1768973362933.png" alt="" original-src="https://img.foresightnews.pro/202601/12752-1768973362933.png?x-oss-process=style/scale70"/></p>
<h2><strong>I. ETF Profit Distribution: Traditional Investors' &#34;First Experience&#34; with Staking</strong></h2>
<div class="lb-trans"><h2><strong>I. ETF 利润分配：传统投资者的 “首次体验” 质押</strong></h2>
</div><p>Objectively speaking, for a long time, Ethereum staking was more like a technical experiment with a geeky vibe, limited to the &#34;on-chain world.&#34;</p>
<div class="lb-trans"><p>客观而言，长期以来，以太坊质押更像是一种带有极客气息的技术实验，局限于 “链上世界”。</p>
</div><p>Because it not only requires users to have basic cryptographic knowledge such as wallets and private keys, but also to understand the validator mechanism, consensus rules, lock-up period, and penalty logic. Although Liquidity Staking (LSD) protocols, represented by Lido Finance, have lowered the barrier to entry to a considerable extent, the staking rewards themselves still mainly remain in the native crypto context (stETH and other wrapped tokens).</p>
<div class="lb-trans"><p>因为它不仅要求用户具备钱包和私钥等基本的加密知识，还需要理解验证者机制、共识规则、锁定期和惩罚逻辑。尽管以 Lido Finance 为代表的流动性质押（LSD）协议在很大程度上降低了进入门槛，但质押奖励本身仍主要停留在原生加密的语境中（stETH 和其他包装代币）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202601/12752-1768973362933.png" alt="" original-src="https://img.foresightnews.pro/202601/12752-1768973362933.png?x-oss-process=style/scale70"/></p>
<h2>Ultimately, for most Web2 investors, this system is neither intuitive nor easily accessible, representing a significant hurdle. Now, this hurdle is being bridged by ETFs. According to Grayscale's distribution plan, ETHE holders will receive $0.083178 for each share they hold. This amount reflects the proceeds from staking and selling of shares during the corresponding period, and the distribution will take place on January 6, 2026 (the distribution date), targeting investors who held ETHE shares as of January 5, 2026 (the record date). In short, the returns don't come from business operations, but from network security and consensus participation itself. Previously, such returns existed almost exclusively within the crypto industry, but now they're being packaged in the familiar financial shell of ETFs. Through US stock accounts, traditional 401(k) or mutual fund investors can obtain native returns (in USD) generated by Ethereum network consensus without accessing their private keys. It's important to emphasize that this doesn't mean Ethereum staking has achieved full compliance, nor does it mean regulators have given a unified interpretation of ETF staking services. However, in economic terms, a key change has occurred: **non-crypto native users, for the first time, indirectly obtain native returns generated by Ethereum network consensus without needing to understand nodes, private keys, or on-chain operations.** From this perspective, ETF returns are not an isolated event, but rather the first step for Ethereum staking to enter the broader capital market's view.</h2>
<div class="lb-trans"><h2>最终，对于大多数 Web2 投资者而言，这一系统既不直观也不易于接触，代表了一个显著的障碍。现在，这一障碍正通过 ETF 被弥合。根据 Grayscale 的分配计划，ETHE 持有者将每持有一股获得 0.083178 美元。这一金额反映了在相应期间内质押和出售股份的收益，分配将在 2026 年 1 月 6 日（分配日期）进行，目标是截至 2026 年 1 月 5 日（记录日期）持有 ETHE 股份的投资者。简而言之，收益并非来自商业运营，而是来自网络安全和共识参与本身。此前，这种收益几乎仅存在于加密行业，但现在它们被包装在熟悉的 ETF 财务外壳中。通过美国股票账户，传统的 401(k) 或共同基金投资者可以在不接触私钥的情况下获得由以太坊网络共识产生的原生收益（以美元计）。需要强调的是，这并不意味着以太坊质押已实现完全合规，也不意味着监管机构对 ETF 质押服务给出了统一的解释。然而，从经济角度来看，发生了一项关键变化：** 非加密原生用户首次间接获得由以太坊网络共识产生的原生收益，而无需理解节点、私钥或链上操作。** 从这个角度来看，ETF 收益并不是一个孤立事件，而是以太坊质押进入更广泛资本市场视野的第一步。</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://img.foresightnews.pro/202601/12752-1768973404176.png" alt="" original-src="https://img.foresightnews.pro/202601/12752-1768973404176.png?x-oss-process=style/scale70"/></p>
<p>Grayscale is not an isolated case either. 21Shares' Ethereum ETF also announced that it will distribute the proceeds earned from staking ETH to existing shareholders. The distribution amount is $0.010378 per share, and the relevant ex-dividend and payment process has been disclosed simultaneously.</p>
<div class="lb-trans"><p>Grayscale 也不是一个孤立的案例。21Shares 的以太坊 ETF 也宣布将向现有股东分配从质押 ETH 中获得的收益。分配金额为每股 0.010378 美元，相关的除息和支付流程已同时披露。</p>
</div><p>This is undoubtedly a great start, especially for institutions like Grayscale and 21Shares, which have influence in both TradFi and Web3. Its demonstration effect goes far beyond a single dividend payout; it will undoubtedly drive the effective and widespread adoption of Ethereum staking and yield distribution at the institutional level. It also signifies that the Ethereum ETF is no longer just a shadow asset following price fluctuations, but a truly cash-generating financial product. Looking at the longer term, as this model is validated, it's possible that traditional asset management giants like BlackRock and Fidelity will follow suit, potentially injecting hundreds of billions of dollars of long-term allocation funds into Ethereum. II. Record-High Staking Ratios and the Disappearance of the &#34;Exit Queue&#34; If ETF returns are more of a narrative breakthrough, then changes in the total staking ratio and the staking queue more directly reflect the behavior of funds themselves. First, the Ethereum staking ratio has reached a new all-time high. According to data from The Block, more than 36 million ETH are currently staked on the Ethereum Beacon Chain, accounting for nearly 30% of the network's circulating supply, with a staked market value exceeding $118 billion, setting a new record. The previous record for the highest percentage of circulating supply was 29.54%, which occurred in July 2025. From a supply and demand perspective, the large amount of ETH being staked means that it has temporarily withdrawn from the free market, indicating that a significant portion of the circulating ETH is shifting from a high-frequency trading asset to a long-term allocation asset playing a functional role. In other words, ETH is no longer just gas, a medium of exchange, or a speculative tool, but is assuming the role of a &#34;means of production&#34;—it participates in the network's operation through staking and continuously generates returns. Meanwhile, intriguing changes have also occurred in the validator queue. As of this writing, the Ethereum PoS staking exit queue is nearly empty, while the staking queue continues to grow (over 2.73 million ETH). In short, a large amount of ETH is currently being locked up in the system for the long term. Unlike trading, staking is a low-liquidity, long-term allocation method that emphasizes stable returns. The fact that funds are willing to re-enter the staking queue indicates at least one thing: at this stage, more and more participants are willing to accept the opportunity cost of this long-term lock-up. If we consider the distribution of institutional ETF returns, record-high staking ratios, and changes in the staking structure together, a relatively clear trend emerges: Ethereum staking is evolving from an early-stage on-chain participant incentive into a TradFi structured yield layer that is gradually being accepted by the traditional financial system and re-evaluated by long-term capital. Individually, none of these factors alone are sufficient to constitute a trend judgment, but together, they are outlining the gradual maturation of the Ethereum staking economy. III. The Future of Accelerated Maturation of the Staking Market However, this does not mean that staking has made ETH a &#34;risk-free asset.&#34; On the contrary, with changes in the participant structure, the types of risks faced by staking are shifting. Technological risks are gradually being absorbed, while structural risks, liquidity risks, and the cost of understanding the mechanism are becoming more important. As is well known, in the last regulatory cycle, the U.S. Securities and Exchange Commission (SEC) frequently wielded its big stick, taking enforcement action against several liquidity staking-related projects, including filing unregistered securities charges against MetaMask/Consensys, Lido/stETH, and Rocket Pool/rETH. This also brought uncertainty to the long-term development of Ethereum ETFs. From a practical perspective, whether and how ETFs participate in staking is essentially more of a product process and compliance structure design issue than a denial of the Ethereum network itself. As more institutions explore the boundaries in practice, the market is voting with real funds. For example, BitMine has staked over 1 million ETH in Ethereum PoS, reaching 1.032 million ETH, worth approximately $3.215 billion, representing a quarter of its total ETH holdings (4.143 million ETH). In short, Ethereum staking has evolved beyond a niche activity within the geek community. When ETFs begin to distribute stable returns, when long-term funds are willing to wait 45 days to enter the consensus layer, and when 30% of ETH is used as a security barrier, we are witnessing Ethereum officially building a native yield system accepted by global capital markets. Understanding this change itself is perhaps just as important as participating.</p>
<div class="lb-trans"><p>这无疑是一个伟大的开端，尤其对于像 Grayscale 和 21Shares 这样的机构，它们在传统金融和 Web3 中都有影响力。它的示范效应远远超出了单一的分红支付；这无疑将推动以太坊质押和收益分配在机构层面的有效和广泛采用。这也意味着以太坊 ETF 不再仅仅是跟随价格波动的影子资产，而是真正的现金生成金融产品。从长远来看，随着这一模式的验证，像 BlackRock 和 Fidelity 这样的传统资产管理巨头可能会效仿，潜在地向以太坊注入数千亿美元的长期配置资金。 II. 史上最高的质押比例和 “退出队列” 的消失 如果 ETF 的回报更多是叙事上的突破，那么总质押比例和质押队列的变化更直接反映了资金本身的行为。首先，以太坊的质押比例达到了新的历史高点。根据 The Block 的数据，目前在以太坊 Beacon Chain 上质押的 ETH 超过 3600 万，占网络流通供应的近 30%，质押市场价值超过 1180 亿美元，创下新纪录。之前流通供应最高比例的纪录为 29.54%，发生在 2025 年 7 月。从供需角度来看，大量 ETH 被质押意味着它暂时退出了自由市场，表明流通中的 ETH 的一部分正在从高频交易资产转变为发挥功能的长期配置资产。换句话说，ETH 不再仅仅是燃料、交换媒介或投机工具，而是承担起 “生产资料” 的角色——通过质押参与网络的运作并持续产生回报。同时，验证者队列也发生了有趣的变化。截至目前，以太坊 PoS 质押退出队列几乎为空，而质押队列仍在增长（超过 273 万 ETH）。简而言之，大量 ETH 目前被锁定在系统中用于长期投资。与交易不同，质押是一种低流动性、长期配置的方法，强调稳定回报。资金愿意重新进入质押队列至少表明一件事：在这个阶段，越来越多的参与者愿意接受这种长期锁定的机会成本。如果我们将机构 ETF 回报的分布、创纪录的质押比例和质押结构的变化结合在一起，可以看出一个相对明确的趋势：以太坊质押正在从早期链上参与者激励演变为逐渐被传统金融系统接受并被长期资本重新评估的 TradFi 结构化收益层。单独来看，这些因素都不足以构成趋势判断，但结合在一起，它们勾勒出了以太坊质押经济的逐步成熟。 III. 质押市场加速成熟的未来 然而，这并不意味着质押使 ETH 成为 “无风险资产”。相反，随着参与者结构的变化，质押面临的风险类型正在转变。技术风险逐渐被吸收，而结构性风险、流动性风险和理解机制的成本变得更加重要。众所周知，在上一个监管周期，美国证券交易委员会（SEC）频繁挥动大棒，对多个与流动性质押相关的项目采取执法行动，包括对 MetaMask/Consensys、Lido/stETH 和 Rocket Pool/rETH 提起未注册证券指控。这也给以太坊 ETF 的长期发展带来了不确定性。从实际角度来看，ETF 是否以及如何参与质押，实质上更多是产品流程和合规结构设计的问题，而不是对以太坊网络本身的否定。随着越来越多的机构在实践中探索边界，市场正在用真实资金进行投票。例如，BitMine 已在以太坊 PoS 中质押超过 100 万 ETH，达到 103.2 万 ETH，价值约 32.15 亿美元，占其总 ETH 持有量（414.3 万 ETH）的四分之一。简而言之，以太坊质押已经超越了极客社区中的小众活动。当 ETF 开始分配稳定回报，当长期资金愿意等待 45 天进入共识层时，当 30% 的 ETH 被用作安全屏障时，我们见证了以太坊正式建立一个被全球资本市场接受的本土收益系统。理解这一变化本身或许与参与同样重要。</p>
</div>

When Ethereum pays interest to TradFi: Is ETH reaching a structural inflection point?

CoinLive

Grayscale Ethereum Mini Staking ETF

IShares Ethereum Trust ETF

Grayscale Ethereum Covered Call ETF

Franklin Ethereum ETF

Bitwise Ethereum ETF

2 倍做多加密货币行业 ETF - Direxion

Roundhill Ether Covered Cll Strat ETF

Proshares Ether Strategy ETF

Grayscale Ethereum Staking ETF

Fidelity Ethereum Fund

NEOS Ethereum High Income ETF

21Shares Ethereum ETF

Valkyrie Bitcoin and Ether Strategy ETF

VanEck Ethereum ETF

区块链 ETF - Amplify

2 倍做多 COIN ETF - GraniteShares

COIN 周收益 ETF - Roundhill

Invesco Galaxy Ethereum ETF

当以太坊向传统金融支付利息时：ETH 是否正在达到一个结构性拐点？