Odaily星球日报讯 QCP Capital 最新报告指出，以太坊现货 ETF 交易开启第一周与比特币现货 ETF 首周表现类似，ETH 从 3563 高点回落到 3086 低点。两者出现类似走势的原因如下： 1.灰度 2.5%的高额费用再次继续推动资金外流。迄今为止 8 只以太坊现货 ETF 已净流出 1.78 亿美元，灰度在短短 4 天内流出 11.6 亿美元； 2.尽管灰度推出了最具竞争力的 0.15%费率迷你 ETF（ETH），但净流出仍占主导地位，只有 10%的初始 ETHE 被转换为 ETH； 3.加密市场拉动了经典的“买炒作卖新闻（buy the hype sell the news）”现象。 阻碍 ETF 推出后反弹的原因包括： 1.与 BTC 的数字黄金口号不同，ETH 对传统行业来说可能是一个相当抽象的概念，需要时间来进一步吸收； 2.投资者购买没有质押功能的以太坊现货 ETF 的动机较低。 期权市场方面： 具有讽刺意味的是，比特币本周在期权市场上抢尽风头，而不是 ETH，所有人都在关注特朗普周日在比特币大会上发表的演讲。在上周末经历了“特朗普效应”之后，期权市场预计 7 月 28 日的隐含波动率将达到 85 波动率，几乎是实际波动率的两倍。

Odaily星球日报讯 QCP Capital 最新报告指出，以太坊现货 ETF 交易开启第一周与比特币现货 ETF 首周表现类似，ETH 从 3563 高点回落到 3086 低点。两者出现类似走势的原因如下：1.灰度 2.5%的高额费用再次继续推动资金外流。迄今为止 8 只以太坊现货 ETF 已净流出 1.78 亿美元，灰度在短短 4 天内流出 11.6 亿美元；2.尽管灰度推出了最具竞争力的 0.15%费率迷你 ETF（ETH），但净流出仍占主导地位，只有 10%的初始 ETHE 被转换为 ETH；3.加密市场拉动了经典的“买炒作卖新闻（buy the hype sell the news）”现象。阻碍 ETF 推出后反弹的原因包括：1.与 BTC 的数字黄金口号不同，ETH 对传统行业来说可能是一个相当抽象的概念，需要时间来进一步吸收；2.投资者购买没有质押功能的以太坊现货 ETF 的动机较低。期权市场方面：具有讽刺意味的是，比特币本周在期权市场上抢尽风头，而不是 ETH，所有人都在关注特朗普周日在比特币大会上发表的演讲。在上周末经历了“特朗普效应”之后，期权市场预计 7 月 28 日的隐含波动率将达到 85 波动率，几乎是实际波动率的两倍。

QCP Capital：以太坊现货ETF推出后ETH表现不佳，或受缺乏质押等因素影响

Odaily Planet Daily Report: The latest report from QCP Capital points out that the first week of Ethereum spot ETF trading is similar to the first week of Bitcoin spot ETF performance, with ETH falling from a high of 3563 to a low of 3086. The reasons for the similar trend are as follows:

1. Grayscale's high 2.5% fee continues to drive capital outflows. To date, 8 Ethereum spot ETFs have seen net outflows of $178 million, and Grayscale has seen outflows of $1.16 billion in just 4 days;

2. Although Grayscale has launched the most competitive 0.15% fee mini ETF (ETH), net outflows still dominate, with only 10% of the initial ETHE being converted to ETH;

3. The crypto market has triggered the classic "buy the hype, sell the news" phenomenon.

The reasons hindering the post-launch rebound of the ETF include:

1. Unlike the "digital gold" narrative of BTC, ETH may be a rather abstract concept for traditional industries, and it will take time to further absorb;

2. Investors' motivation to purchase Ethereum spot ETFs without staking functionality is relatively low.

In the options market, ironically, BTC has stolen the limelight this week, not ETH, as everyone is focused on Trump's speech at the Bitcoin conference on Sunday. After experiencing the "Trump effect" last weekend, the options market expects the implied volatility on July 28 to reach 85 volatility, nearly double the actual volatility.

Odaily Odaily News QCP Capital&#39;s latest report pointed out that the first week of Ethereum spot ETF trading was similar to the first week of Bitcoin spot ETF, with ETH falling from a high of 3563 to a low of 3086. The reasons for the similar trends of the two are as follows: 1. Grayscale&#39;s high fee of 2.5% continues to drive capital outflows. So far, 8 Ethereum spot ETFs have had a net outflow of US$178 million, and Grayscale has outflowed US$1.16 billion in just 4 days; 2. Although Grayscale launched the most competitive 0.15% fee mini ETF (ETH), net outflows still dominate, with only 10% of the initial ETHE converted to ETH; 3. The crypto market has driven the classic &quot;buy the hype sell the news&quot; phenomenon. The reasons that hinder the rebound after the launch of the ETF include: 1. Unlike BTC&#39;s digital gold slogan, ETH may be a rather abstract concept for traditional industries and it takes time to further absorb; 2. Investors have a low motivation to buy Ethereum spot ETFs without staking functions. Options Market: Ironically, Bitcoin stole the spotlight in the options market this week, not ETH, as all eyes were on Trump’s speech at the Bitcoin Conference on Sunday. After experiencing the “Trump effect” last weekend, the options market expects the implied volatility on July 28 to reach 85 volatility, almost twice the actual volatility.

QCP Capital: The poor performance of ETH after the launch of the Ethereum spot ETF may be affected by factors such as the lack of staking.

The U.S. second-quarter GDP was strong, but tech stocks continued to face pressure. In the cryptocurrency market, Bitcoin returned above $65,000, with a relatively stable trend. However, due to the continuous outflow of funds from Grayscale (ETHE), ETH once fell below $3,100, with a 24-hour decline of as high as 4.61%.

U.S. GDP is strong, and inflation continues to cool
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Technology stocks continue to be under pressure, Ethereum plummets, why is ETHE in a rush to sell?

Ethereum is about to see two important catalysts: the publication of the staking standard and the next hard fork.

ETF launch led to a short-term decline in ETH, but staking approval and UX upgrades will become long-term catalysts.

Odaily reports that according to Bloomberg ETF senior analyst Eric Balchunas, in terms of offsetting Grayscale's capital outflows, eight Ethereum ETFs are not as strong as nine Bitcoin ETFs, but the good news is that the inflow/trading volume of Ethereum ETFs is still very healthy, and the unlocking intensity of Grayscale's Ethereum ETF ETHE should be weaker than before.