<p>持有以太坊 ETF 現在可以讓你像持有債券一樣定期獲得利息支付？本月早些時候，Grayscale 宣佈其 Grayscale Ethereum Staking ETF (ETHE) 已向現有股東分配了在 2025 年 10 月 6 日至 2025 年 12 月 31 日期間獲得的質押獎勵。這標誌着美國首個現貨加密資產交易產品首次向其持有者分配質押獎勵。雖然這對 Web3 原生用户來説似乎是一種常規的鏈上實踐，但在加密金融歷史的背景下，這意味着以太坊的原生獎勵首次被包裝在傳統金融的標準框架內，無疑是一個里程碑。更重要的是，這並不是一個孤立事件。在鏈上數據層面，以太坊的質押率持續上升，離開隊列的驗證者逐漸被吸收，進入隊列的驗證者又在重新積累——一系列變化正在同時發生。這些看似分散的信號共同指向一個更深層次的問題：以太坊是否正在逐漸從一個主要受價格波動驅動的資產演變為一個被長期資本接受並具備穩定回報屬性的 “收益資產”？</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 利潤分配：傳統投資者的 “首次體驗” 質押</strong></h2>
<p>客觀而言，長期以來，以太坊質押更像是一種帶有極客氣息的技術實驗，侷限於 “鏈上世界”。</p>
<p>因為它不僅要求用户具備錢包和私鑰等基本的加密知識，還需要理解驗證者機制、共識規則、鎖定期和懲罰邏輯。儘管以 Lido Finance 為代表的流動性質押（LSD）協議在很大程度上降低了進入門檻，但質押獎勵本身仍主要停留在原生加密的語境中（stETH 和其他包裝代幣）。</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>最終，對於大多數 Web2 投資者而言，這一系統既不直觀也不易於接觸，代表了一個顯著的障礙。現在，這一障礙正通過 ETF 被彌合。根據 Grayscale 的分配計劃，ETHE 持有者將每持有一股獲得 0.083178 美元。這一金額反映了在相應期間內質押和出售股份的收益，分配將在 2026 年 1 月 6 日（分配日期）進行，目標是截至 2026 年 1 月 5 日（記錄日期）持有 ETHE 股份的投資者。簡而言之，收益並非來自商業運營，而是來自網絡安全和共識參與本身。此前，這種收益幾乎僅存在於加密行業，但現在它們被包裝在熟悉的 ETF 財務外殼中。通過美國股票賬户，傳統的 401(k) 或共同基金投資者可以在不接觸私鑰的情況下獲得由以太坊網絡共識產生的原生收益（以美元計）。需要強調的是，這並不意味着以太坊質押已實現完全合規，也不意味着監管機構對 ETF 質押服務給出了統一的解釋。然而，從經濟角度來看，發生了一項關鍵變化：** 非加密原生用户首次間接獲得由以太坊網絡共識產生的原生收益，而無需理解節點、私鑰或鏈上操作。** 從這個角度來看，ETF 收益並不是一個孤立事件，而是以太坊質押進入更廣泛資本市場視野的第一步。</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 也不是一個孤立的案例。21Shares 的以太坊 ETF 也宣佈將向現有股東分配從質押 ETH 中獲得的收益。分配金額為每股 0.010378 美元，相關的除息和支付流程已同時披露。</p>
<p>這無疑是一個偉大的開端，尤其對於像 Grayscale 和 21Shares 這樣的機構，它們在傳統金融和 Web3 中都有影響力。它的示範效應遠遠超出了單一的分紅支付；這無疑將推動以太坊質押和收益分配在機構層面的有效和廣泛採用。這也意味着以太坊 ETF 不再僅僅是跟隨價格波動的影子資產，而是真正的現金生成金融產品。從長遠來看，隨着這一模式的驗證，像 BlackRock 和 Fidelity 這樣的傳統資產管理巨頭可能會效仿，潛在地向以太坊注入數千億美元的長期配置資金。 II. 史上最高的質押比例和 “退出隊列” 的消失 如果 ETF 的回報更多是敍事上的突破，那麼總質押比例和質押隊列的變化更直接反映了資金本身的行為。首先，以太坊的質押比例達到了新的歷史高點。根據 The Block 的數據，目前在以太坊 Beacon Chain 上質押的 ETH 超過 3600 萬，佔網絡流通供應的近 30%，質押市場價值超過 1180 億美元，創下新紀錄。之前流通供應最高比例的紀錄為 29.54%，發生在 2025 年 7 月。從供需角度來看，大量 ETH 被質押意味着它暫時退出了自由市場，表明流通中的 ETH 的一部分正在從高頻交易資產轉變為發揮功能的長期配置資產。換句話説，ETH 不再僅僅是燃料、交換媒介或投機工具，而是承擔起 “生產資料” 的角色——通過質押參與網絡的運作並持續產生回報。同時，驗證者隊列也發生了有趣的變化。截至目前，以太坊 PoS 質押退出隊列幾乎為空，而質押隊列仍在增長（超過 273 萬 ETH）。簡而言之，大量 ETH 目前被鎖定在系統中用於長期投資。與交易不同，質押是一種低流動性、長期配置的方法，強調穩定回報。資金願意重新進入質押隊列至少表明一件事：在這個階段，越來越多的參與者願意接受這種長期鎖定的機會成本。如果我們將機構 ETF 回報的分佈、創紀錄的質押比例和質押結構的變化結合在一起，可以看出一個相對明確的趨勢：以太坊質押正在從早期鏈上參與者激勵演變為逐漸被傳統金融系統接受並被長期資本重新評估的 TradFi 結構化收益層。單獨來看，這些因素都不足以構成趨勢判斷，但結合在一起，它們勾勒出了以太坊質押經濟的逐步成熟。 III. 質押市場加速成熟的未來 然而，這並不意味着質押使 ETH 成為 “無風險資產”。相反，隨着參與者結構的變化，質押面臨的風險類型正在轉變。技術風險逐漸被吸收，而結構性風險、流動性風險和理解機制的成本變得更加重要。眾所周知，在上一個監管週期，美國證券交易委員會（SEC）頻繁揮動大棒，對多個與流動性質押相關的項目採取執法行動，包括對 MetaMask/Consensys、Lido/stETH 和 Rocket Pool/rETH 提起未註冊證券指控。這也給以太坊 ETF 的長期發展帶來了不確定性。從實際角度來看，ETF 是否以及如何參與質押，實質上更多是產品流程和合規結構設計的問題，而不是對以太坊網絡本身的否定。隨着越來越多的機構在實踐中探索邊界，市場正在用真實資金進行投票。例如，BitMine 已在以太坊 PoS 中質押超過 100 萬 ETH，達到 103.2 萬 ETH，價值約 32.15 億美元，佔其總 ETH 持有量（414.3 萬 ETH）的四分之一。簡而言之，以太坊質押已經超越了極客社區中的小眾活動。當 ETF 開始分配穩定回報，當長期資金願意等待 45 天進入共識層時，當 30% 的 ETH 被用作安全屏障時，我們見證了以太坊正式建立一個被全球資本市場接受的本土收益系統。理解這一變化本身或許與參與同樣重要。</p>

<p>Grayscale 的以太坊質押 ETF (ETHE) 已開始向股東分配質押獎勵，這標誌着加密金融的一個重要里程碑。這使得傳統投資者能夠在無需理解複雜加密機制的情況下，從以太坊質押中獲得回報。以太坊的質押比例已達到創紀錄的高點，超過 3600 萬 ETH 被質押，這表明以太坊正逐漸轉變為一種有息資產。這一發展可能會導致以太坊質押在傳統金融中的更廣泛採用，可能吸引主要資產管理公司進行大量長期投資</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 現在可以讓你像持有債券一樣定期獲得利息支付？本月早些時候，Grayscale 宣佈其 Grayscale Ethereum Staking ETF (ETHE) 已向現有股東分配了在 2025 年 10 月 6 日至 2025 年 12 月 31 日期間獲得的質押獎勵。這標誌着美國首個現貨加密資產交易產品首次向其持有者分配質押獎勵。雖然這對 Web3 原生用户來説似乎是一種常規的鏈上實踐，但在加密金融歷史的背景下，這意味着以太坊的原生獎勵首次被包裝在傳統金融的標準框架內，無疑是一個里程碑。更重要的是，這並不是一個孤立事件。在鏈上數據層面，以太坊的質押率持續上升，離開隊列的驗證者逐漸被吸收，進入隊列的驗證者又在重新積累——一系列變化正在同時發生。這些看似分散的信號共同指向一個更深層次的問題：以太坊是否正在逐漸從一個主要受價格波動驅動的資產演變為一個被長期資本接受並具備穩定回報屬性的 “收益資產”？</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 利潤分配：傳統投資者的 “首次體驗” 質押</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>客觀而言，長期以來，以太坊質押更像是一種帶有極客氣息的技術實驗，侷限於 “鏈上世界”。</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>因為它不僅要求用户具備錢包和私鑰等基本的加密知識，還需要理解驗證者機制、共識規則、鎖定期和懲罰邏輯。儘管以 Lido Finance 為代表的流動性質押（LSD）協議在很大程度上降低了進入門檻，但質押獎勵本身仍主要停留在原生加密的語境中（stETH 和其他包裝代幣）。</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>最終，對於大多數 Web2 投資者而言，這一系統既不直觀也不易於接觸，代表了一個顯著的障礙。現在，這一障礙正通過 ETF 被彌合。根據 Grayscale 的分配計劃，ETHE 持有者將每持有一股獲得 0.083178 美元。這一金額反映了在相應期間內質押和出售股份的收益，分配將在 2026 年 1 月 6 日（分配日期）進行，目標是截至 2026 年 1 月 5 日（記錄日期）持有 ETHE 股份的投資者。簡而言之，收益並非來自商業運營，而是來自網絡安全和共識參與本身。此前，這種收益幾乎僅存在於加密行業，但現在它們被包裝在熟悉的 ETF 財務外殼中。通過美國股票賬户，傳統的 401(k) 或共同基金投資者可以在不接觸私鑰的情況下獲得由以太坊網絡共識產生的原生收益（以美元計）。需要強調的是，這並不意味着以太坊質押已實現完全合規，也不意味着監管機構對 ETF 質押服務給出了統一的解釋。然而，從經濟角度來看，發生了一項關鍵變化：** 非加密原生用户首次間接獲得由以太坊網絡共識產生的原生收益，而無需理解節點、私鑰或鏈上操作。** 從這個角度來看，ETF 收益並不是一個孤立事件，而是以太坊質押進入更廣泛資本市場視野的第一步。</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 也不是一個孤立的案例。21Shares 的以太坊 ETF 也宣佈將向現有股東分配從質押 ETH 中獲得的收益。分配金額為每股 0.010378 美元，相關的除息和支付流程已同時披露。</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>這無疑是一個偉大的開端，尤其對於像 Grayscale 和 21Shares 這樣的機構，它們在傳統金融和 Web3 中都有影響力。它的示範效應遠遠超出了單一的分紅支付；這無疑將推動以太坊質押和收益分配在機構層面的有效和廣泛採用。這也意味着以太坊 ETF 不再僅僅是跟隨價格波動的影子資產，而是真正的現金生成金融產品。從長遠來看，隨着這一模式的驗證，像 BlackRock 和 Fidelity 這樣的傳統資產管理巨頭可能會效仿，潛在地向以太坊注入數千億美元的長期配置資金。 II. 史上最高的質押比例和 “退出隊列” 的消失 如果 ETF 的回報更多是敍事上的突破，那麼總質押比例和質押隊列的變化更直接反映了資金本身的行為。首先，以太坊的質押比例達到了新的歷史高點。根據 The Block 的數據，目前在以太坊 Beacon Chain 上質押的 ETH 超過 3600 萬，佔網絡流通供應的近 30%，質押市場價值超過 1180 億美元，創下新紀錄。之前流通供應最高比例的紀錄為 29.54%，發生在 2025 年 7 月。從供需角度來看，大量 ETH 被質押意味着它暫時退出了自由市場，表明流通中的 ETH 的一部分正在從高頻交易資產轉變為發揮功能的長期配置資產。換句話説，ETH 不再僅僅是燃料、交換媒介或投機工具，而是承擔起 “生產資料” 的角色——通過質押參與網絡的運作並持續產生回報。同時，驗證者隊列也發生了有趣的變化。截至目前，以太坊 PoS 質押退出隊列幾乎為空，而質押隊列仍在增長（超過 273 萬 ETH）。簡而言之，大量 ETH 目前被鎖定在系統中用於長期投資。與交易不同，質押是一種低流動性、長期配置的方法，強調穩定回報。資金願意重新進入質押隊列至少表明一件事：在這個階段，越來越多的參與者願意接受這種長期鎖定的機會成本。如果我們將機構 ETF 回報的分佈、創紀錄的質押比例和質押結構的變化結合在一起，可以看出一個相對明確的趨勢：以太坊質押正在從早期鏈上參與者激勵演變為逐漸被傳統金融系統接受並被長期資本重新評估的 TradFi 結構化收益層。單獨來看，這些因素都不足以構成趨勢判斷，但結合在一起，它們勾勒出了以太坊質押經濟的逐步成熟。 III. 質押市場加速成熟的未來 然而，這並不意味着質押使 ETH 成為 “無風險資產”。相反，隨着參與者結構的變化，質押面臨的風險類型正在轉變。技術風險逐漸被吸收，而結構性風險、流動性風險和理解機制的成本變得更加重要。眾所周知，在上一個監管週期，美國證券交易委員會（SEC）頻繁揮動大棒，對多個與流動性質押相關的項目採取執法行動，包括對 MetaMask/Consensys、Lido/stETH 和 Rocket Pool/rETH 提起未註冊證券指控。這也給以太坊 ETF 的長期發展帶來了不確定性。從實際角度來看，ETF 是否以及如何參與質押，實質上更多是產品流程和合規結構設計的問題，而不是對以太坊網絡本身的否定。隨着越來越多的機構在實踐中探索邊界，市場正在用真實資金進行投票。例如，BitMine 已在以太坊 PoS 中質押超過 100 萬 ETH，達到 103.2 萬 ETH，價值約 32.15 億美元，佔其總 ETH 持有量（414.3 萬 ETH）的四分之一。簡而言之，以太坊質押已經超越了極客社區中的小眾活動。當 ETF 開始分配穩定回報，當長期資金願意等待 45 天進入共識層時，當 30% 的 ETH 被用作安全屏障時，我們見證了以太坊正式建立一個被全球資本市場接受的本土收益系統。理解這一變化本身或許與參與同樣重要。</p>
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When Ethereum pays interest to TradFi: Is ETH reaching a structural inflection point?

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當以太坊向傳統金融支付利息時：ETH 是否正在達到一個結構性拐點？